The Timing of Initial Public Offerings - Non-Numerical Model Based on Qualitative Trends

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F18%3APU128130" target="_blank" >RIV/00216305:26510/18:PU128130 - isvavai.cz</a>

Výsledek na webu

<a href="http://journals.vgtu.lt/index.php/JBEM/article/view/1539" target="_blank" >http://journals.vgtu.lt/index.php/JBEM/article/view/1539</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.3846/jbem.2018.1539" target="_blank" >10.3846/jbem.2018.1539</a>

Jazyk výsledku

angličtina

Název v původním jazyce

The Timing of Initial Public Offerings - Non-Numerical Model Based on Qualitative Trends

Popis výsledku v původním jazyce

The objective of this study is to develop a qualitative model supporting chief financial officers (CFOs) while considering the timing of initial public offerings (IPOs) under conditions of underdeveloped capital markets, where decision making is often made under information shortage. A lack of adequate statistical data in connection with turbulently changing environment suggests that additional research is needed to develop new IPO timing models based not only on statistical analyses. We used a qualitative research approach based on trends, which are increasing, constant or decreasing. Firstly, we identified key variables influencing IPO timing, which have sufficient support in the relevant IPO academic literature, e.g. GDP growth rates, level of compliance, stock market returns, etc. Next, a qualitative model working with 9 variables was developed. The result is represented by 19 scenarios and their qualitative solutions. The transitional graph represents all possible transitions among the 19 scenarios. The main message of the findings presented is what scenarios can occur and what actions might be implemented by CFOs in order to increase the chances of IPO success. We believe that our findings provide valuable implications for local issuers, investment bankers, stock exchanges and macroeconomic policy makers.

Název v anglickém jazyce

The Timing of Initial Public Offerings - Non-Numerical Model Based on Qualitative Trends

Popis výsledku anglicky

The objective of this study is to develop a qualitative model supporting chief financial officers (CFOs) while considering the timing of initial public offerings (IPOs) under conditions of underdeveloped capital markets, where decision making is often made under information shortage. A lack of adequate statistical data in connection with turbulently changing environment suggests that additional research is needed to develop new IPO timing models based not only on statistical analyses. We used a qualitative research approach based on trends, which are increasing, constant or decreasing. Firstly, we identified key variables influencing IPO timing, which have sufficient support in the relevant IPO academic literature, e.g. GDP growth rates, level of compliance, stock market returns, etc. Next, a qualitative model working with 9 variables was developed. The result is represented by 19 scenarios and their qualitative solutions. The transitional graph represents all possible transitions among the 19 scenarios. The main message of the findings presented is what scenarios can occur and what actions might be implemented by CFOs in order to increase the chances of IPO success. We believe that our findings provide valuable implications for local issuers, investment bankers, stock exchanges and macroeconomic policy makers.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach<br>I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2018

Kód důvěrnosti údajů

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

Název periodika

J BUS ECON MANAG

ISSN

1611-1699

e-ISSN

2029-4433

Svazek periodika

19

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

LT - Litevská republika

Počet stran výsledku

17

Strana od-do

63-79

Kód UT WoS článku

000440620100004

EID výsledku v databázi Scopus

2-s2.0-85047100196