Why Do Companies Stay Private? Determinants for IPO Candidates to Consider in Poland and the Czech Republic

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F18%3APU129594" target="_blank" >RIV/00216305:26510/18:PU129594 - isvavai.cz</a>

Výsledek na webu

<a href="https://www.tandfonline.com/doi/full/10.1080/00128775.2018.1496795" target="_blank" >https://www.tandfonline.com/doi/full/10.1080/00128775.2018.1496795</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1080/00128775.2018.1496795" target="_blank" >10.1080/00128775.2018.1496795</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Why Do Companies Stay Private? Determinants for IPO Candidates to Consider in Poland and the Czech Republic

Popis výsledku v původním jazyce

We surveyed sixty-five chief financial officers (CFOs) at nonpublic and nonfinancial companies in the Czech Republic and Poland that are considered candidates for an initial public offering (IPO) to document their propensity to decline to launch an IPO and maintain private ownership. First, we found that the main arguments against launching an IPO in both countries involve information disclosure and limitations on decision-making control. Surprisingly, the majority of the managers do not see the capital market as a source of cheaper and more flexible financing compared to bank loans and other sources. In terms of exogenous factors, Polish CFOs are opportunistic with regard to the timing of an IPO. They view “the window of opportunity” in terms of overall business and industry conditions as significantly more important than do their Czech counterparts. Czech CFOs rank IPOrelated demands on time and costs as the main obstacle to going public. Finally, Czech CFOs agree that a lack of confidence in the capital market is their major concern more frequently than do their Polish peers.

Název v anglickém jazyce

Why Do Companies Stay Private? Determinants for IPO Candidates to Consider in Poland and the Czech Republic

Popis výsledku anglicky

We surveyed sixty-five chief financial officers (CFOs) at nonpublic and nonfinancial companies in the Czech Republic and Poland that are considered candidates for an initial public offering (IPO) to document their propensity to decline to launch an IPO and maintain private ownership. First, we found that the main arguments against launching an IPO in both countries involve information disclosure and limitations on decision-making control. Surprisingly, the majority of the managers do not see the capital market as a source of cheaper and more flexible financing compared to bank loans and other sources. In terms of exogenous factors, Polish CFOs are opportunistic with regard to the timing of an IPO. They view “the window of opportunity” in terms of overall business and industry conditions as significantly more important than do their Czech counterparts. Czech CFOs rank IPOrelated demands on time and costs as the main obstacle to going public. Finally, Czech CFOs agree that a lack of confidence in the capital market is their major concern more frequently than do their Polish peers.

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

EASTERN EUROPEAN ECONOMICS

ISSN

0012-8775

e-ISSN

1557-9298

Svazek periodika

56

Číslo periodika v rámci svazku

6

Stát vydavatele periodika

US - Spojené státy americké

Počet stran výsledku

33

Strana od-do

471-503

Kód UT WoS článku

000447920600001

EID výsledku v databázi Scopus

2-s2.0-85052063728