The expectancy disconfirmation model was applied to measure satisfaction on the performances of management change during processes of initial Public Offerings for Over-The-Counter (below to abbreviate ”OTC”) company. This paper intended to examine satisfaction levels of the management toward business management performances after stock listed on OTC, to identity latent factors in 25 attributes for measuring performances of management change, and also to find the major key factor influencing on overall satisfaction The Focus-group interview was adopted to construct 25 measuring attributes, and the single key informant was adopted to collect data. This study found that the management of OTC companies revealed positive attitude toward overall satisfaction levels. The attitudes that received the most satisfaction levels were ”to promote reputation of company”, ”to improve image of company” and ”to collect funds”, but the one that received the least satisfaction levels was ”stock price.” Finally, the major key factor determining overall satisfaction was identified as ”to improve financial performances.”