Abstract
This paper explores the relationship between the sources of initial public offering (IPO) shares and withdrawal decision. Findings reveal that the amount of primary share does not have a direct relationship to the withdrawal decision. Furthermore, we analyze the relationship of the sources of secondary share and withdrawal decision making. The secondary share by the venture capitals positively relates to the withdrawal decision in any market condition. This is natural because the venture capitals usually cut off the relationship with the issuer firms. Moreover, the amount of secondary share by CEOs positively links with the withdrawal decision only during the IPO bubble period. These results imply that the preference for the IPO withdrawal decision differs by the secondary share seller, and that characteristics of the CEOs changes by the market timing.
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