Determinants of Initial Public Oferings: The Case of Poland (Factores determinantes de una opción pública de venta (OPV): el caso de Polonia)

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F14%3APU112389" target="_blank" >RIV/00216305:26510/14:PU112389 - isvavai.cz</a>

Výsledek na webu

<a href="https://www.upo.es/revistas/index.php/RevMetCuant/article/view/2202" target="_blank" >https://www.upo.es/revistas/index.php/RevMetCuant/article/view/2202</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Determinants of Initial Public Oferings: The Case of Poland (Factores determinantes de una opción pública de venta (OPV): el caso de Polonia)

Popis výsledku v původním jazyce

The main objective of this study is to indicate the influence of local macroeconomic factors, 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 initial public offerings (IPOs) in an emerging market, Poland, over the period of 2004 to 2012. Our sample includes 218 local enterprises that conducted an IPO on the Main Market of the Warsaw Stock Exchange. Financial and privatised companies are excluded from the data processing. As follows from the previous studies, the situation in the year preceding the companys initial public offering is crucial. Therefore, we used a model with one-year delay for all the explanatory variables in relation to the dependent variable (i.e. number of new listing). The model estimation was performed with the Ordinary Least Squares method. The main conclusion of our model is that the GDP growth has a significant impact on the number of new issues. This result implies that the business cycle has a direct impact on the IPO activity in the Polish capital market. The next conclusion is that the attractiveness of a capital market for investors measured by annual index returns appears to be an important factor for going public activities. Surprisingly, the model could confirm that other macroeconomic and capital market factors have had no explanatory power for IPO numbers in Poland between 2004 and 2012. El objetivo principal del presente estudio consiste en demostrar la influencia de factores macroeconómicos locales tales como, la tasa de crecimiento del Producto Interior Bruto (PIB), la tasa de interés anual de referencia, la tasa de crecimiento de la producción industrial, el retorno de la inversión del Mercado de Valores de Varsovia (GPW) y el volumen de inversiones de capital privado, en el número de Ofertas Públicas de Venta (OPV) en un Mercado emergente como el de Polonia en el periodo 2004-2

Název v anglickém jazyce

Determinants of Initial Public Oferings: The Case of Poland (Factores determinantes de una opción pública de venta (OPV): el caso de Polonia)

Popis výsledku anglicky

The main objective of this study is to indicate the influence of local macroeconomic factors, 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 initial public offerings (IPOs) in an emerging market, Poland, over the period of 2004 to 2012. Our sample includes 218 local enterprises that conducted an IPO on the Main Market of the Warsaw Stock Exchange. Financial and privatised companies are excluded from the data processing. As follows from the previous studies, the situation in the year preceding the companys initial public offering is crucial. Therefore, we used a model with one-year delay for all the explanatory variables in relation to the dependent variable (i.e. number of new listing). The model estimation was performed with the Ordinary Least Squares method. The main conclusion of our model is that the GDP growth has a significant impact on the number of new issues. This result implies that the business cycle has a direct impact on the IPO activity in the Polish capital market. The next conclusion is that the attractiveness of a capital market for investors measured by annual index returns appears to be an important factor for going public activities. Surprisingly, the model could confirm that other macroeconomic and capital market factors have had no explanatory power for IPO numbers in Poland between 2004 and 2012. El objetivo principal del presente estudio consiste en demostrar la influencia de factores macroeconómicos locales tales como, la tasa de crecimiento del Producto Interior Bruto (PIB), la tasa de interés anual de referencia, la tasa de crecimiento de la producción industrial, el retorno de la inversión del Mercado de Valores de Varsovia (GPW) y el volumen de inversiones de capital privado, en el número de Ofertas Públicas de Venta (OPV) en un Mercado emergente como el de Polonia en el periodo 2004-2

Druh

J_SC - Článek v periodiku v databázi SCOPUS

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

Revista de Metodos Cuantitativos para la Economia y la Empresa

ISSN

1886-516X

e-ISSN

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Svazek periodika

18 (2014)

Číslo periodika v rámci svazku

December

Stát vydavatele periodika

ES - Španělské království

Počet stran výsledku

18

Strana od-do

5-17

Kód UT WoS článku

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EID výsledku v databázi Scopus

2-s2.0-84920952588