Reasons for IPO Implementation: Empirical Evidence from the Polish Capital Market

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F14%3APU110017" target="_blank" >RIV/00216305:26510/14:PU110017 - isvavai.cz</a>

Výsledek na webu

<a href="http://dx.doi.org/10.5755/j01.ee.25.3.3529" target="_blank" >http://dx.doi.org/10.5755/j01.ee.25.3.3529</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.5755/j01.ee.25.3.3529" target="_blank" >10.5755/j01.ee.25.3.3529</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Reasons for IPO Implementation: Empirical Evidence from the Polish Capital Market

Popis výsledku v původním jazyce

This paper examines determinants influencing the decision to go public by enterprises under the conditions in force on the Polish capital market. The intent of this research required to collect primary data. The sample has been divided into two groups. The first group consisted of the entities that have previously executed an initial public offering (IPO), the second one included the entities that considered doing so in the past or are IPO candidates. The survey results can be summarized as follows. First, raising external capital as a reason for IPO received a strong support from the respondents of both groups of companies. Next, more than 50 % of respondents in each group believe that IPO will have a positive effect on its image and publicity. Most of the respondents also believe that IPO will improve the company valuation, strengthen the management's bargaining position in negotiations with providers of external capital, and increase the attractiveness of the company as an employer. Thirdly, the respondents do not see debt reduction as a reason to go public. Low level of support was given to other reasons, which include withdrawal from the venture capital fund, diversification of the existing shareholders' portfolios, and solution to the succession problem. The results of this survey made it possible to formulate new insights as contributions towards a better understanding of corporate financing strategies under the specific conditions of the CEE region.

Název v anglickém jazyce

Reasons for IPO Implementation: Empirical Evidence from the Polish Capital Market

Popis výsledku anglicky

This paper examines determinants influencing the decision to go public by enterprises under the conditions in force on the Polish capital market. The intent of this research required to collect primary data. The sample has been divided into two groups. The first group consisted of the entities that have previously executed an initial public offering (IPO), the second one included the entities that considered doing so in the past or are IPO candidates. The survey results can be summarized as follows. First, raising external capital as a reason for IPO received a strong support from the respondents of both groups of companies. Next, more than 50 % of respondents in each group believe that IPO will have a positive effect on its image and publicity. Most of the respondents also believe that IPO will improve the company valuation, strengthen the management's bargaining position in negotiations with providers of external capital, and increase the attractiveness of the company as an employer. Thirdly, the respondents do not see debt reduction as a reason to go public. Low level of support was given to other reasons, which include withdrawal from the venture capital fund, diversification of the existing shareholders' portfolios, and solution to the succession problem. The results of this survey made it possible to formulate new insights as contributions towards a better understanding of corporate financing strategies under the specific conditions of the CEE region.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50602 - Public administration

Projekt

<a href="/cs/project/GA13-38047S" target="_blank" >GA13-38047S: Strategie IPO ? specifické přístupy v regionu CEE</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2014

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Engineering Economics

ISSN

1392-2785

e-ISSN

2029-5839

Svazek periodika

25

Číslo periodika v rámci svazku

3

Stát vydavatele periodika

LT - Litevská republika

Počet stran výsledku

8

Strana od-do

294-301

Kód UT WoS článku

000346121500005

EID výsledku v databázi Scopus

2-s2.0-84921873053