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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" }