Record Details

The timing of initial public offerings – non-numerical model based on qualitative trends

The Journal of Business Economics and Management

View Archive Info
 
 
Field Value
 
Title The timing of initial public offerings – non-numerical model based on qualitative trends
 
Creator Meluzín, Tomáš
Zinecker, Marek
Balcerzak, Adam P.
Doubravský, Karel
Pietrzak, Michał B.
Dohnal, Mirko
 
Description The objective of this study is to develop a qualitative model supporting chief financial officers (CFOs) while considering the timing of initial public offerings (IPOs) under conditions of underdeveloped capital markets, where decision making is often made under information shortage. A lack of adequate statistical data in connection with turbulently changing environment suggests that additional research is needed to develop new IPO timing models based not only on statistical analyses. We used a qualitative research approach based on trends, which are increasing, constant or decreasing. Firstly, we identified key variables influencing IPO timing, which have sufficient support in the relevant IPO academic literature, e.g. GDP growth rates, level of compliance, stock market returns, etc. Next, a qualitative model working with 9 variables was developed. The result is represented by 19 scenarios and their qualitative solutions. The transitional graph represents all possible transitions among the 19 scenarios. The main message of the findings presented is what scenarios can occur and what actions might be implemented by CFOs in order to increase the chances of IPO success. We believe that our findings provide valuable implications for local issuers, investment bankers, stock exchanges and macroeconomic policy makers.
 
Publisher VGTU Press Technika
 
Date 2018-04-30
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier https://journals.vgtu.lt/index.php/JBEM/article/view/1539
10.3846/jbem.2018.1539
 
Source Journal of Business Economics and Management; Vol 19 No 1 (2018); 63-79
2029-4433
1611-1699
 
Language eng
 
Relation https://journals.vgtu.lt/index.php/JBEM/article/view/1539/1206
 
Rights Copyright (c) 2018 Vilnius Gediminas Technical University (VGTU) Press
http://creativecommons.org/licenses/by/4.0