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Aladağ, H and Işık, Z (2019) Design and construction risks in BOT type mega transportation projects. Engineering, Construction and Architectural Management, 26(10), 2223–42.

Almarri, K, Aljarman, M and Boussabaine, H (2019) Emerging contractual and legal risks from the application of building information modelling. Engineering, Construction and Architectural Management, 26(10), 2307–25.

Cajzek, R and KlanÅ¡ek, U (2019) Cost optimization of project schedules under constrained resources and alternative production processes by mixed-integer nonlinear programming. Engineering, Construction and Architectural Management, 26(10), 2474–508.

Derakhshanfar, H, Ochoa, J J, Kirytopoulos, K, Mayer, W and Tam, V W (2019) Construction delay risk taxonomy, associations and regional contexts. Engineering, Construction and Architectural Management, 26(10), 2364–88.

Fang, Y and Ng, S T (2019) Genetic algorithm for determining the construction logistics of precast components. Engineering, Construction and Architectural Management, 26(10), 2289–306.

Jin, H, Liu, S, Liu, C and Udawatta, N (2019) Optimizing the concession period of PPP projects for fair allocation of financial risk. Engineering, Construction and Architectural Management, 26(10), 2347–63.

Kumar Singla, H (2019) A comparative analysis of long-term performance of construction and non-construction IPOs in India. Engineering, Construction and Architectural Management, 26(10), 2447–73.

  • Type: Journal Article
  • Keywords: Construction; Novel model; Approach;
  • ISBN/ISSN: 0969-9988
  • URL: https://doi.org/10.1108/ECAM-01-2019-0009
  • Abstract:
    The purpose of this paper is to analyze the long-term performance of construction sector initial public offers (IPO) made in India during 2006–2015. The study aims to compare the performance of the construction sector IPOs with the non-construction sector IPOs and finds the determinants of long-term performance of construction sector IPO with a time horizon of three years. The study also attempts to find out, if the long-term IPO underpricing that has been discussed in the literature, really exists or it is a myth. Design/methodology/approach The study uses data of IPOs listed on National stock exchange during 2006–2015. In total, 281 IPOs are considered for the study, among which 44 are construction sector IPOs. IPOs anniversary performance of three successive years is calculated from the date of listing, and a random effect panel regression model with clustered robust estimates using the maximum likelihood method is performed to find out the determinants of IPO performance. The data are also tested for multicollinearity, stationarity and heteroscedasticity to ensure the robustness of results. Findings The results show that in the long-run construction sector IPOs outperform the non-construction sector IPOs, though the performance is below average when compared to market returns. The IPO underpricing is a myth, and IPO underperformance is a reality in India. The performance of construction sector IPOs is driven positively by market return, size of the firm and negatively by liquidity of the firm. Originality/value The paper is the first attempt to analyze the performance of construction sector IPOs, and compare it with non-construction sector IPOs. The study uses a random effect panel regression model with robust estimates using the maximum likelihood method to ensure the robustness of results. This is the first time the performance of IPOs is studied with a panel data approach.

Kunieda, Y, Codinhoto, R and Emmitt, S (2019) Increasing the efficiency and efficacy of demolition through computerised 4D simulation. Engineering, Construction and Architectural Management, 26(10), 2186–205.

Kwofie, T E, Aigbavboa, C O and Machethe, S O (2019) Nature of communication performance in non-traditional procurements in South Africa. Engineering, Construction and Architectural Management, 26(10), 2264–88.

Lau, C H, Mesthrige, J W, Lam, P T and Javed, A A (2019) The challenges of adopting new engineering contract: a Hong Kong study. Engineering, Construction and Architectural Management, 26(10), 2389–409.

Loosemore, M, Sunindijo, R Y, Lestari, F, Kusminanti, Y and Widanarko, B (2019) Comparing the safety climate of the Indonesian and Australian construction industries. Engineering, Construction and Architectural Management, 26(10), 2206–22.

Oyewobi, L O, Oke, A E, Adeneye, T D and Jimoh, R A (2019) Influence of organizational commitment on work–life balance and organizational performance of female construction professionals. Engineering, Construction and Architectural Management, 26(10), 2243–63.

Qayoom, A and H.W. Hadikusumo, B (2019) Multilevel safety culture affecting organization safety performance: a system dynamic approach. Engineering, Construction and Architectural Management, 26(10), 2326–46.

Sinesilassie, E G, Tripathi, K K, Tabish, S Z S and Jha, K N (2019) Modeling success factors for public construction projects with the SEM approach: engineer’s perspective. Engineering, Construction and Architectural Management, 26(10), 2410–31.

Whang, S, Park, K S and Kim, S (2019) Critical success factors for implementing integrated construction project delivery. Engineering, Construction and Architectural Management, 26(10), 2432–46.

Xiong, B, Newton, S, Li, V, Skitmore, M and Xia, B (2019) Hybrid approach to reducing estimating overfitting and collinearity. Engineering, Construction and Architectural Management, 26(10), 2170–85.