Variable(s)

Operationalization

Dependent Variable

Listing Gain (Lg)

Binary dichotomous variable which takes a nominal value 1 if the IPO issuing company has listing gain based on Equation (1) and 0 otherwise.

Independent Variables

Gender Diversity (D_WD)

Gender diversity on board is measured by presence/absence of woman director(s) on board. It is transformed into a dichotomous variable which takes value 1 if woman director(s) is present on board or 0 otherwise.

Nature of Board Leadership (ID_chairperson)

It is a dichotomous variable which takes the value 1 if the chairperson of board is an independent director and 0 otherwise.

Board Independence (D_AboveAvgNED)

Board independence is measured by number of non-executive directors (NED) on board. It is transformed into a dichotomous variable which takes the value 1 if number of NED in a firm is greater than the average number of NED in sample and value 0 otherwise.

Risk Factors (log_Risk)

Natural log of total number of risk factors stated in final prospectus of firms, which includes both internal and external risk factors.

Underwriters’ Reputation (D_UnderwriterRep)

It is a dichotomous variable which takes the value 1 if the underwriter of the issue is amongst top 5 underwriters and value 0 otherwise.

Auditors’ Reputation (D_AuditorRep)

It is a dichotomous variable which takes the value 1 if statutory auditor of the issue is amongst top 5 auditors and value 0 otherwise.

Post-Issue Promoters’ Ownership (Decreased_PromOwnership)

Total percentage decrease in promoters’ ownership post public offering.