Detail publikace

Reasons for IPO Implementation: Empirical Evidence from the Polish Capital Market

MELUZÍN, T. ZINECKER, M.

Originální název

Reasons for IPO Implementation: Empirical Evidence from the Polish Capital Market

Typ

článek v časopise ve Web of Science, Jimp

Jazyk

angličtina

Originální abstrakt

This paper examines determinants influencing the decision to go public by enterprises under the conditions in force on the Polish capital market. The intent of this research required to collect primary data. The sample has been divided into two groups. The first group consisted of the entities that have previously executed an initial public offering (IPO), the second one included the entities that considered doing so in the past or are IPO candidates. The survey results can be summarized as follows. First, raising external capital as a reason for IPO received a strong support from the respondents of both groups of companies. Next, more than 50 % of respondents in each group believe that IPO will have a positive effect on its image and publicity. Most of the respondents also believe that IPO will improve the company valuation, strengthen the management's bargaining position in negotiations with providers of external capital, and increase the attractiveness of the company as an employer. Thirdly, the respondents do not see debt reduction as a reason to go public. Low level of support was given to other reasons, which include withdrawal from the venture capital fund, diversification of the existing shareholders' portfolios, and solution to the succession problem. The results of this survey made it possible to formulate new insights as contributions towards a better understanding of corporate financing strategies under the specific conditions of the CEE region.

Klíčová slova

Corporate Finance, Financial Decisions, IPO, Initial Public Offering, Capital Market, Poland

Autoři

MELUZÍN, T.; ZINECKER, M.

Rok RIV

2014

Vydáno

1. 8. 2014

Nakladatel

Kaunas University of Technology

Místo

Kaunas

ISSN

1392-2785

Periodikum

Engineering Economics

Ročník

25

Číslo

3

Stát

Litevská republika

Strany od

294

Strany do

301

Strany počet

8

URL

https://inzeko.ktu.lt/index.php/EE/article/view/3529

Plný text v Digitální knihovně

http://hdl.handle.net/11012/201717

BibTex

@article{BUT108843,
  author="Tomáš {Meluzín} and Marek {Zinecker}",
  title="Reasons for IPO Implementation: Empirical Evidence from the Polish Capital Market",
  journal="Engineering Economics",
  year="2014",
  volume="25",
  number="3",
  pages="294--301",
  doi="10.5755/j01.ee.25.3.3529",
  issn="1392-2785",
  url="https://inzeko.ktu.lt/index.php/EE/article/view/3529"
}