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KOVANDOVÁ, S. ZINECKER, M.
Originální název
Macroeconomic Determinants of IPO Activity in Poland between 1993 and 2013
Typ
článek v časopise - ostatní, Jost
Jazyk
angličtina
Originální abstrakt
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.
Klíčová slova
Corporate Finance, Capital Markets, IPO, Czech Republic, Poland
Autoři
KOVANDOVÁ, S.; ZINECKER, M.
Rok RIV
2015
Vydáno
2. 10. 2015
Nakladatel
Brno University of Technology, Faculty of Business and Management
Místo
Brno
ISSN
1802-8527
Periodikum
TRENDY EKONOMIKY A MANAGEMENTU
Ročník
IX
Číslo
23
Stát
Česká republika
Strany od
24
Strany do
31
Strany počet
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" }