Project detail

Public and Private Equity in CEE countries

Duration: 01.01.2019 — 31.12.2020

Funding resources

Brno University of Technology - Institucionální podpora na rozvoj výzkumné organizace

- whole funder (2018-12-07 - 2020-12-31)

On the project

Although the financial system in Europe is traditionally based on banking sector, there has been an increased interest in both public and private equity including initial public offerings (IPOs) and venture capital over the past three decades. This trend has been becoming a significant exogenous factor which is driven by financial liberalization and globalization of financial markets contributing to the growth of their interdependencies as well as by policymakers. Recent empirical research has identified many determinants that may have significant effects on decisions of enterprises to raise capital via public or private equity in well-developed markets. However, relatively few empirical studies have examined this issue in the Central and East European (CEE) countries. Therefore, in this project we aim to analyse the impact of local and global macroeconomic and institutional factors to go public or to retain private ownership in these countries. Furthermore, we address the issue which firm-specific factors in decision making are considered by both enterprises and investors to document 1) the propensity to launch a public/private equity market and by enterprises 2) the propensity to conduct an investment by institutional and private investors.

Keywords
Public Equity, Private Equity, CEE countries

Mark

2019/1

Default language

English

People responsible

Skalická Martina, Ing. et Ing. Mgr., Ph.D. - fellow researcher
Škapa Stanislav, prof. Ing. et Ing., Ph.D. - fellow researcher
Zinecker Marek, doc. Ing., Ph.D. - fellow researcher
Meluzín Tomáš, prof. Ing., Ph.D. - principal person responsible

Units

Institute of Economics
- (2019-01-01 - 2020-12-31)

Results

SKALICKÁ, M.; ZINECKER, M.; BALCERZAK, A.; MELUZÍN, T. Why Do Companies Go Public? Evidence from the Prague Stock Exchange. Entrepreneurial Business and Economics Review, 2019, vol. 7, no. 1, p. 181-199. ISSN: 2353-8821.
Detail

MOKHOVA, N.; ZINECKER, M. A Survey of External and Internal Factors Influencing the Cost of Equity. Engineering Economics, 2019, vol. 30, no. 2, p. 173-186. ISSN: 1392-2785.
Detail

SKALICKÁ, M.; ZINECKER, M.; PIETRZAK, M.; MELUZÍN, T.; DOHNAL, M. Financial impact analysis of going public at the warsaw stock exchange: Using fuzzy set theory to understand behaviours of mature companies. Management and Marketing, 2019, vol. 14, no. 1, p. 59-79. ISSN: 2069-8887.
Detail

ZINECKER, M. Determinants of International Trade: The Winners and Losers from Trade –Cost-Benefits Analysis in the Context of CEE countries. Málaga, Spain: Universidad de Málaga, Departamento de Estadistica y Econometria, 2019. p. 1-41.
Detail

ZINECKER, M.; SKALICKÁ, M.; BALCERZAK, A.; PIETRZAK, M. Business angels in the Czech Republic: characteristics and a classification with policy implications. EKON ISTRAZ, 2021, vol. 2021, no. 1, p. 1-26. ISSN: 1331-677X.
Detail

NOVOTNÁ, V.; ŠKAPA, S.; MELUZÍN, T. Solving dynamic model of information dissemination in capital markets. Economic Computation and Economic Cybernetics Studies and Research, 2020, vol. 2020, no. 4, p. 119-134. ISSN: 0424-267X.
Detail

MELUZÍN, T.; ZINECKER, M.; BALCERZAK, A.; PIETRZAK, M.; DOUBRAVSKÝ, K. Institutional Settings and their Impact on the IPO Activity: An Exploratory Study Based on Qualitative Modelling. ACTA POLYTECH HUNG, 2021, vol. 18, no. 2, p. 215-234. ISSN: 1785-8860.
Detail

ZINECKER, M.; SKALICKÁ, M.; BALCERZAK, A.; PIETRZAK, M. Identifying the impact of external environment on business angel activity. EKON ISTRAZ, 2021, vol. 2021, no. 1, p. 1-23. ISSN: 1331-677X.
Detail

ZINECKER, M.; PIETRZAK, M.; MELUZÍN, T.; BALCERZAK, A. Interdependencies on the Czech Capital Market in the Context of Accession to the Structures of the European Union. In Proceedings of the International Scientific Conference QUANTITATIVE METHODS IN ECONOMICS Multiple Criteria Decision Making XX. Bratislava/Slovakia: The Slovak Society for Operations Research, Department of Operations Research and Econometrics, Faculty of Economic Informatics, University of Economics in Bratislava, 2020. p. 344-352. ISBN: 978-80-89962-60-0.
Detail

Responsibility: Meluzín Tomáš, prof. Ing., Ph.D.