This table reports ordinary-least-squares regression coefficient estimates. The dependent variable is the industryadjusted
change in cash flows to total assets (CF/TA) from Year 1 to Year +1, where CF=EBIT+depreciation
and Year 0 is the year a firm goes IPO. The sample is 133 Thai firms that go IPO during the period 1987– 1993.
Alpha represents the ownership stake (in percent) held by the original owners after the IPO. Alpha2 and Alpha3
represent the quadratic and cubic forms, respectively. Coefficients on Alpha2 and Alpha3 are adjusted by 103 and
105, respectively. Firm Age is the difference between the establishment year and the IPO year, Firm Size is the
natural log of total assets, Capital Expenditure is the change in capital investment from the prior year divided by
total assets, Growth is calculated as the percentage increase of annual sales from the prior year, and Bank Loans is
bank debt divided by total assets. t-statistics are reported in parentheses.
* Statistically significant at the 10% level.
** Statistically significant at the 5% level.
*** Statistically significant at the 1% level.