Detail publikace

Macroeconomic Determinants of Going Public: The Evidence from Poland

MELUZÍN, T. ZINECKER, M. LAPINSKA, J.

Originální název

Macroeconomic Determinants of Going Public: The Evidence from Poland

Typ

článek ve sborníku ve WoS nebo Scopus

Jazyk

angličtina

Originální abstrakt

The main objective of this study is to indicate the influence of local macroeconomic factors, consequently GDP growth rates, the reference interest rate, industrial production growth rates, Warsaw Stock Exchange Index (WIG) returns and the volume of private equity investments, on the number and value of capital raised by IPOs in an emerging market, Poland, over the period of 2004 to 2012. Our sample includes only local enterprises that conducted an IPO on the Main Market of the Warsaw Stock Exchange. Financial and privatized companies are excluded from the data processing. The Spearman correlation analysis is used to identify the relations between the macroeconomic (external) determinants and the number of listings and the value of capital raised by IPOs. The data is evaluated at the significance level of 5%. The data is processed in two ways. Firstly, dependent variables (X1 - X4) and explanatory variables (Y1 - Y5) are analysed simultaneously, next, the explanatory variables are lagged by one year. The findings of the simultaneously data analysis can be summarized as follows: A significant difference was found to exist between real GDP growth rates and the number of IPOs and between industrial production growth rates and the number of listings. GDP growth rates have also a significant positive influence on the value of capital raised by IPOs. In addition to that, there exists a statistically significant positive relationship between the industrial production growth rates and median IPO value. Surprisingly, there is just a little empirical evidence that a relationship between explanatory a dependent variables exists when the macroeconomic indicators are lagged by one year. Only the pattern of volatility of WIG index returns lead the median value of capital raised IPOs. The correlation coefficient between real GDP growth rates and median IPO value is even negative when we shift dependent variables relative to the explanatory variables by one year.

Klíčová slova

Initial Public Offerings (IPOs), Macroeconomic Factors, External Determinants, Central and Eastern Europe (CEE), Poland

Autoři

MELUZÍN, T.; ZINECKER, M.; LAPINSKA, J.

Rok RIV

2014

Vydáno

1. 7. 2014

Nakladatel

International Institute of Informatics and Systemics

Místo

Orlando, Florida, USA

ISBN

978-1-941763-04-9

Kniha

The 18th World Multi-Conference on Systemics, Cybernetics and Informatics, Proceedings, Volume I

Edice

I

Číslo edice

1

Strany od

43

Strany do

48

Strany počet

6

BibTex

@inproceedings{BUT109767,
  author="Tomáš {Meluzín} and Marek {Zinecker} and Justyna {Łapińska}",
  title="Macroeconomic Determinants of Going Public: The Evidence from Poland",
  booktitle="The 18th World Multi-Conference on Systemics, Cybernetics and Informatics, Proceedings, Volume I",
  year="2014",
  series="I",
  number="1",
  pages="43--48",
  publisher="International Institute of Informatics and Systemics",
  address="Orlando, Florida, USA",
  isbn="978-1-941763-04-9"
}