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| Format: | Artículo científico |
| Language: | en |
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Universidad Pablo de Olavide
2014
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| Online Access: | https://www.redalyc.org/articulo.oa?id=233132797002 |
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Table of Contents:
- Determinants of Initial Public Offerings: The Case of Poland Tomáš Meluzín Marek Zinecker Justyna Łapińska Economía y Finanzas Poland going public determinants Corporate Finance Initial Public Offering (IPO) The main objective of this study is to indicate the inuence of local macroeconomicfactors, consequently GDP growth rates, the reference interest rate,industrial production growth rates, Warsaw Stock Exchange Index (WIG)returns and the volume of private equity investments, on the number of initialpublic oferings (IPOs) in an emerging market, Poland, over the periodof 2004 to 2012. Our sample includes 218 local enterprises that conductedan IPO on the Main Market of the Warsaw Stock Exchange. Financial andprivatized companies are excluded from the data processing. As follows fromthe previous studies, the situation in the year preceding the companys initialpublic ofering is crucial. Therefore, we used a model with one-year delay forall the explanatory variables in relation to the dependent variable (i.e. numberof new listing). The model estimation was performed with the OrdinaryLeast Squares method. The main conclusion of our model is that the GDPgrowth has a signifcant impact on the number of new issues. This resultimplies that the business cycle has a direct impact on the IPO activity inthe Polish capital market. The next conclusion is that the attractiveness ofa capital market for investors measured by annual index returns appears tobe an important factor for going public activities. Surprisingly, the modelcould conform that other macroeconomic and capital market factors havehad no explanatory power for IPO numbers in Poland between 2004 and2012. 2014 artículo científico 1886-516X https://www.redalyc.org/articulo.oa?id=233132797002 en http://www.redalyc.org/revista.oa?id=2331 Revista de Métodos Cuantitativos para la Economía y la Empresa application/pdf Universidad Pablo de Olavide Revista de Métodos Cuantitativos para la Economía y la Empresa (España) Vol.18