Research into Determinants Influencing IPO Decisions on the Polish Capital Market (Determinanten der Entscheidung für eine Börseneinführung unter den Bedingungen des polnischen Kapitalmarktes – Ergebnisse einer empirischen Untersuchung)

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F14%3APU112383" target="_blank" >RIV/00216305:26510/14:PU112383 - isvavai.cz</a>

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Research into Determinants Influencing IPO Decisions on the Polish Capital Market (Determinanten der Entscheidung für eine Börseneinführung unter den Bedingungen des polnischen Kapitalmarktes – Ergebnisse einer empirischen Untersuchung)

Popis výsledku v původním jazyce

This paper examines the determinants influencing the decision to go public by enterprises under the conditions in force on the Polish capital market. It also compares empirical data with contemporary theoretical models of this issue formulated in previous studies under the conditions on developed capital markets. This article presents the first sample study of decisions to go public taken by Polish enterprises. The results of this empirical survey can be summarised as follows. First, enterprises consider raising external equity for investment projects as the main reason for conducting IPO. Second, regarding the timing of IPOs, companies primarily take into account their current need for capital. Third, underpricing is perceived by respondents as a reward to investors for the risk they assume in buying IPO shares. Fourth, the enterprises view excellent economic results as the most positive signal for investors in the pre-IPO stage and the managements commitment not to sell its equity stake in the company for a certain period after the IPO. Finally, regarding the disadvantages of going public, the results show that when making IPO-related decisions, enterprises took into account its cost effectiveness and the time-consuming nature of the process of going public. The findings of this article are consistent with previous studies on the same issue. However, the respondents input also indicates that there is a need to formulate new insights as a contribution towards a better understanding of corporate financing strategies, particularly under the specific conditions of the CEE region. Der vorliegende Beitrag präsentiert Ergebnisse einer empirischen Untersuchung, deren Ziel in der Identifizierung von Determinanten der Entscheidung für eine Börseneinführung unter den Bedingungen des polnischen Kapitalmarktes bestand. Die im Rahmen der Untersuchung erhobenen Daten werden ferner mit den bestehenden theoretischen Ansätzen verglichen, die zu dieser Fragestellung unter den Bedin

Název v anglickém jazyce

Research into Determinants Influencing IPO Decisions on the Polish Capital Market (Determinanten der Entscheidung für eine Börseneinführung unter den Bedingungen des polnischen Kapitalmarktes – Ergebnisse einer empirischen Untersuchung)

Popis výsledku anglicky

This paper examines the determinants influencing the decision to go public by enterprises under the conditions in force on the Polish capital market. It also compares empirical data with contemporary theoretical models of this issue formulated in previous studies under the conditions on developed capital markets. This article presents the first sample study of decisions to go public taken by Polish enterprises. The results of this empirical survey can be summarised as follows. First, enterprises consider raising external equity for investment projects as the main reason for conducting IPO. Second, regarding the timing of IPOs, companies primarily take into account their current need for capital. Third, underpricing is perceived by respondents as a reward to investors for the risk they assume in buying IPO shares. Fourth, the enterprises view excellent economic results as the most positive signal for investors in the pre-IPO stage and the managements commitment not to sell its equity stake in the company for a certain period after the IPO. Finally, regarding the disadvantages of going public, the results show that when making IPO-related decisions, enterprises took into account its cost effectiveness and the time-consuming nature of the process of going public. The findings of this article are consistent with previous studies on the same issue. However, the respondents input also indicates that there is a need to formulate new insights as a contribution towards a better understanding of corporate financing strategies, particularly under the specific conditions of the CEE region. Der vorliegende Beitrag präsentiert Ergebnisse einer empirischen Untersuchung, deren Ziel in der Identifizierung von Determinanten der Entscheidung für eine Börseneinführung unter den Bedingungen des polnischen Kapitalmarktes bestand. Die im Rahmen der Untersuchung erhobenen Daten werden ferner mit den bestehenden theoretischen Ansätzen verglichen, die zu dieser Fragestellung unter den Bedin

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

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OECD FORD obor

50201 - Economic Theory

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

BETRIEBSWIRTSCHAFTLICHE FORSCHUNG UND PRAXIS

ISSN

0340-5370

e-ISSN

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Svazek periodika

66

Číslo periodika v rámci svazku

6

Stát vydavatele periodika

DE - Spolková republika Německo

Počet stran výsledku

20

Strana od-do

652-671

Kód UT WoS článku

000349425500005

EID výsledku v databázi Scopus

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