Sustainable IPO Proceeds' Disclosure and Survival of Companies

We examine the sustainable disclosure of IPO proceeds on 423 companies' survival in the Malaysian market from 2000 to 2014. Using survival analysis, we find that the companies' survival can be predicted by the proportion of IPO proceeds and their time frame, with debt repayment being the critical driver of companies' survival. We provide empirical support for securities regulators to include strategic use and timeframe of the utilization of IPO proceeds in their information disclosure requirements to protect investors' interests and improve companies' post-IPO survival.