Publication detail

Macroeconomic Determinants of IPO Activity in Poland between 1993 and 2013

KOVANDOVÁ, S. ZINECKER, M.

Original Title

Macroeconomic Determinants of IPO Activity in Poland between 1993 and 2013

Type

journal article - other

Language

English

Original Abstract

The scientific aim of this article is to explore external factors that may influence the decision of enterprises to go public in the Polish capital market and thus to enlarge the current IPO literature with an analysis the following issue: What are the key local macroeconomic determinants of going public on the market in question? The number of variables used in this paper is greater than those considered in previous Polish IPO studies. Moreover, we focus on IPO activities between 1993 and 2012 and thus extend the existing time-series. Descriptive statistics are used to analyse capital market and IPO developments and the Spearman correlation analysis identifies the relations between macroeconomic determinants and the IPO numbers. The data were evaluated at the significance level of α=5%. The entire statistical evaluation was performed by Statistica.CZ, Version 12. The results of the correlation analysis can be summarized as follows. First of all, the hypothesis that the business cycle and stock index returns have explanatory power for the number of IPOs could not be supported by empirical evidence. On the other hand, we found empirical support that the reference interest rate affected the IPO numbers. The hypothesis that the reference interest rate has explanatory power for IPO numbers in the Polish capital market could be supported by empirical evidence. On the other hand we could not confirm any significant lagged effects concerning the relationship between other explanatory variables and the dependent variable. Therefore, our results suggest only a partial consistency with the theory and findings of previous Polish IPO studies.

Keywords

Corporate Finance, Capital Markets, IPO, Czech Republic, Poland

Authors

KOVANDOVÁ, S.; ZINECKER, M.

RIV year

2015

Released

2. 10. 2015

Publisher

Brno University of Technology, Faculty of Business and Management

Location

Brno

ISBN

1802-8527

Periodical

TRENDY EKONOMIKY A MANAGEMENTU

Year of study

IX

Number

23

State

Czech Republic

Pages from

24

Pages to

31

Pages count

8

BibTex

@article{BUT117939,
  author="Sylvia {Plottová} and Marek {Zinecker}",
  title="Macroeconomic Determinants of IPO Activity in Poland between 1993 and 2013",
  journal="TRENDY EKONOMIKY A MANAGEMENTU",
  year="2015",
  volume="IX",
  number="23",
  pages="24--31",
  issn="1802-8527"
}