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Journal articles on the topic 'IPO firms'

Author: Grafiati

Published: 10 December 2022

Last updated: 31 July 2025

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1

Edwards, Alexander, Michelle Hutchens, and Sonja Olhoft Rego. "The Pricing and Performance of Supercharged IPOs." Accounting Review 94, no. 4 (2018): 245–73. http://dx.doi.org/10.2308/accr-52304.

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ABSTRACT This study examines a new form of initial public offerings, “supercharged” IPOs, where a firm-organized pre-IPO as a pass-through entity undergoes a series of transactions that steps-up the adjusted tax basis of the IPO firm's assets. This step-up imposes tax liabilities on pre-IPO owners, but also creates significant future tax benefits for the firm; the average anticipated deferred tax asset is $486 million ($13 per share) for our sample of supercharged IPO firms. Pursuant to tax receivable agreements, supercharged IPO firms pay a large portion of these tax benefits to pre-IPO owner

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Li, Wei, Yajing Li, and Hongquan Zhu. "Government Intervention in IPO—Evidence on the Exemption from IPO Regulatory Requirements in China." Journal of International Accounting Research 15, no. 2 (2016): 79–96. http://dx.doi.org/10.2308/jiar-51499.

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ABSTRACT This study examines whether and how the Chinese central government's intervention in the IPO process, in terms of the State Council's granting the discretionary exemption to help IPO firms circumvent its own regulation on the three-year operation requirement, is related to the quality of IPO firms and investor protection. The results show that the State Council grants the exemption to IPO firms with relatively better operating performance in both the pre-IPO and the post-IPO periods. Although the financial information of exempt IPO firms for the pre-IPO period is pro forma, investors

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3

Sun, Jialu. "The Impact of Chairman's Education on IPO Price Underpricing -- Regulation of corporate P/E ratio." BCP Business & Management 47 (July 10, 2023): 223–39. http://dx.doi.org/10.54691/bcpbm.v47i.5194.

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Based on behavioral finance theory, we empirically test the effect of the chairman's education on IPO price underpricing and analyze the moderating role played by the firm's P/E ratio. The results show that the chairman's education is significantly and positively related to IPO price underpricing, while the increase in the P/E ratio significantly mitigates the positive effect of the chairman's education on IPO price underpricing. Further study shows that the positive effect of the chairman's education on IPO price underpricing is more significant in stocks with low turnover rate, while the inc

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Andrews, Alice O., and Theresa M. Welbourne. "The People/Performance Balance in IPO Firms: The Effect of the Chief Executive Officer's Financial Orientation." Entrepreneurship Theory and Practice 25, no. 1 (2000): 93–106. http://dx.doi.org/10.1177/104225870002500108.

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Welbourne and Andrews (1996) studied IPO firms and found that Tobin's Q, at the time of the IPO, was lower for firms that they coded as having higher levels of human resource value (HR Value). However, those same firms were more likely to survive five years after the IPO. Given that finding, this study examines one factor that may influence the firm's choice between maximizing short-term financial performance (doing well at the IPO) or long-term performance (maximizing HR value). Using the theory of upper echelons (Hambrick & Mason, 1984), we show that the decision on how to balance these

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Mun, Sung Gyun, and SooCheong (Shawn) Jang. "Restaurant firms’ IPO motivations and post-IPO performances." International Journal of Contemporary Hospitality Management 31, no. 9 (2019): 3484–502. http://dx.doi.org/10.1108/ijchm-08-2018-0677.

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Purpose This study aims to identify why restaurant firms go public (IPO) despite high financing costs and which factors make firms stay public for the long term after an IPO. Also, this study aimed to link and compare restaurant firms’ pre- and post-IPO accounting information and how IPO proceeds were used. Design/methodology/approach This study used random-effects regression analysis with a number of dependent variables for a sample of 1,347 unbalanced panel data. In addition, logistic regression analyses were used to identify why restaurant firms were delisted within short periods after goin

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Yang, Songling, Mengwei Liu, Hemei Li, Juncheng Li, and Qiuyue Zhang. "Earnings Management for Second-time IPOs: Evidence from China." Applied Economics and Finance 8, no. 3 (2021): 22. http://dx.doi.org/10.11114/aef.v8i3.5245.

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In China’s IPO market, firms that fail in their first IPO application make considerable adjustments before making their second IPO application. Examining firms that applied for IPOs during 2004-2018, we find that failed IPO applicant firms “package” themselves to obtain approval of the China Securities Regulatory Commission (CSRC) by reducing accrual earnings management and increasing real earnings management. In addition, after a successful second IPO application, these firms relax their vigilance vis-à-vis the CSRC and increase both accrual and real earnings management. This pre-IPO “packagi

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Yi, Heein, Sangsoo Kim, and Seunghun Han. "Choice between Acquisition and Joint Venture Based on Financial Statement Comparability." Sustainability 13, no. 11 (2021): 6218. http://dx.doi.org/10.3390/su13116218.

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This study examined the relationship between target firms’ financial statement comparability and bidder firms’ boundary decisions. The study used initial public offering (IPO) firms as target firms to test the impact of asymmetric information and signaling on investing bidder firms’ boundary decisions, such as joint ventures or acquisitions. In the IPO market, as an experimental setting, bidder firms are unfamiliar with issuing firms because they have little information about them prior to the IPO. This study argues that IPO firms with higher accounting comparability show lower information asy

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8

Djerbi, Chiraz, and Jarboui Anis. "Boards, retained ownership and failure risk of French IPO firms." Corporate Governance 15, no. 1 (2015): 108–21. http://dx.doi.org/10.1108/cg-10-2013-0115.

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Purpose – This paper aims to investigate the relationship between corporate governance structures of French initial public offering (IPO) firms and the likelihood of failure and involuntary delisting from the stock exchange in the long run. Design/methodology/approach – A matched-pairs research design was used and 36 delisted IPO firms were compared to an equal number of control IPO firms matched in terms of time, size and industry. Conditional logistic regression analyses were performed, and it was found that corporate governance structures in delisted IPO firms were relatively weak compared

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9

Jeon, Jin Q. "Spillover Effects of Analyst Coverage on IPO Firms." Korean Journal of Financial Studies 50, no. 5 (2021): 473–96. http://dx.doi.org/10.26845/kjfs.2021.10.50.5.473.

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This study investigates the effect of analysts’ recommendations and earnings forecasts for newly listed firms in the same industry. IPO underpricing is significantly lower as the number of firms whose investment recommendations are upgraded increases, supporting the contagion effect hypothesis that a high affinity for the industry has a positive effect on the IPO offer price. However, as the number of listed firms with higher earnings forecasts increases, IPO underpricing is higher, which supports the competitive effect hypothesis that the profit growth of competitors negatively affects IPO fi

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10

Suherman, Danni Winadi, and Gatot Nazir Ahmad. "The effect of corporate performance on the stocks in the companies doing IPO." Journal of Economics, Business and Accountancy Ventura 19, no. 1 (2016): 125. http://dx.doi.org/10.14414/jebav.v19i1.532.

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This study tries to (1)to examine the difference of corporate social performance (CSP) between the old IPO firms and the new IPO firms, and (2)to investigate the influence of corporate social performance (CSP) on stock return. Corporate social performance (CSP) is measured using NH approach and stock return is measured using cumulative abnormal returns (CAR) and holding-period returns (HPR). The sample covers 75 IPO firms listed on the Indonesia Stock Exchange between 2011 and April 2015. Our study employs independent sample test and ordinary least square (OLS) regression to analyze the resear

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Ndubizu, Gordian A. "Do Cross-Border Listing Firms Manage Earnings or Seize a Window of Opportunity?" Accounting Review 82, no. 4 (2007): 1009–30. http://dx.doi.org/10.2308/accr.2007.82.4.1009.

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Firms raising new equity capital at cross-listing (IPO) and those crosslisting existing home-country public shares (non-IPO) benefit from earnings that are high when they cross-list on U.S. stock exchanges. IPO firms have greater benefits than non-IPO firms because they receive cash infusion at listing. I find that performance (ROA) and cash flows peak at cross-listing period for all cross-border firms. Using a matched-firm research design to control for industry and performance, the results suggest that both IPO and non-IPO firms time cross-listing when performance is peaking (seize a window

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McConaughy, Daniel L., Manjeet S. Dhatt, and Yong H. Kim. "Agency Costs, Market Discipline and Market Timing: Evidence from Post-IPO Operating Performance." Entrepreneurship Theory and Practice 20, no. 2 (1996): 43–58. http://dx.doi.org/10.1177/104225879602000205.

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We compare ninety-nine 1985 IPO firms with a matched sample of “seasoned” firms. The IPO firms were more efficient and profitable, yet exhibited declining market-to-book-equity ratios over the 1985-1992 period. However, we observe no significant trend toward lower efficiency or profitability among the IPO firms. In fact, we observe a significant improvement in operating efficiency five to six years after the IPO. Post-IPO evidence suggests that (1) agency costs do not Increase; (2) the markets discipline entrepreneurs with incentives to maintain pre-IPO performance; and (3) poor stock performa

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Bao, Ben-Hsien, Richard Chung, Yanjun Niu, and Steven Wei. "Real and accrual earnings management around IPOs: US evidence." Corporate Ownership and Control 10, no. 3 (2013): 76–94. http://dx.doi.org/10.22495/cocv10i3art7.

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This study examines the presence of real activities manipulation (REM) of IPO firms utilizing the cross-sectional regressions on each industry-year (Roychowdhury, 2006). The real activities examined in this paper include sales manipulation, reduction of discretionary expenses and overproduction. We show that IPO firms have significantly negative abnormal cash flows from operations and significantly positive abnormal production costs in the IPO year. The findings suggest that IPO firms not only manipulate accruals to inflate reported earnings, but also engage in real activities manipulation. We

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Alidarous, Manal. "Can the Presence of Big 4 Auditors in IPO Prospectus Reduce Failure Risk?" Journal of Risk and Financial Management 17, no. 6 (2024): 234. http://dx.doi.org/10.3390/jrfm17060234.

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This paper addresses a void in the research on auditing and initial public offering (IPO) failure by investigating the impact of the Big 4 auditing firms on the likelihood of an IPO failure. This research is the first comprehensive analysis of more than 33,000 global IPOs that either failed or were successful between 1995 and 2019 across a wide range of nations with vastly different regulatory, cultural, and economic settings. A cross-sectional probit regression model is utilized to investigate the influence of hiring the Big 4 auditing firms on IPO failure, building upon prior studies on IPO

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Jain, Bharat A., and Yingying Shao. "Family ownership, governance choices and post-ipo performance." Corporate Ownership and Control 14, no. 4 (2017): 216–26. http://dx.doi.org/10.22495/cocv14i4c1art4.

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The purpose of this study is to evaluate the extent governance choices at the time of going public differ for family versus non family firms. In addition, the short and long-run performance of family and non-family firms after their initial public offering (IPO) is examined. The results indicate significant differences between family versus non-family firms on governance choices at the time of their IPO related to dual class structures, board composition, board size, and board leadership structure. Additionally, the results suggest that investors assign a lower valuation at IPO to family firms

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Heryan, Yosi Dwi, and Zaenal Alim Adiwijaya. "ANALISIS PENGARUH KUALITAS AUDIT DAN UKURAN PERUSAHAAN TERHADAP MANAJEMEN LABA." Jurnal Akuntansi Indonesia 2, no. 1 (2016): 65. http://dx.doi.org/10.30659/jai.2.1.65-71.

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The purpose of this research is to investigate and get empirical about auditor big four, auditor industry specialist, and size in the earning management limit by the firms audited for IPO firms. Earning management on this research is use discretionary accrual. Audit quality on this research is used by auditor big four and auditor industry specialist. Size on this research is measured by total assets. The object of this research is non finance firms which do IPO (Initial Public Offerings) in Indonesia. It used 47 Indonesia IPO firms from 2008-2011. The method of data collection is purposive sam

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Chintya, Nadia Marcha, Nadya Theodora, Vania Evelyn, and Adrian Teja. "Short-Term and Long-Term Effect of Firms’ IPO on Competitors’ Performance." Journal of Finance and Accounting Research 2, no. 1 (2020): 1. http://dx.doi.org/10.32350/jfar/0201/05.

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This study provides empirical evidence on the short term and the long term effects of initial public offering (IPOs) by firms, on their competitor firms’ performance in Indonesia. We perform short-run and long-run event studies and cross sectional regressions over the period 2010 to 2017 and find that both IPO firms and their competitors experience positive stock returns in the short-run and in the long-run. We find that IPO firms’ stock performance is relatively stable in the long-run that enables the competitor firms’ stock returns to catch up with IPO firms’ stock performance. We find negat

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Ozdemir, Ozgur, and Murat Kizildag. "Does franchising matter on IPO performance?" International Journal of Contemporary Hospitality Management 29, no. 10 (2017): 2535–55. http://dx.doi.org/10.1108/ijchm-11-2015-0662.

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Purpose This paper has two main purposes. First, this paper aims to examine whether pre-initial public offering (IPO) franchising activity of issuing firms is priced in the financial markets and results in pricing differential between franchising and non-franchising firms at the time of IPO. Second, the paper aims to find out whether firms with pre-IPO franchising achieve better post-IPO stock performance compared to non-franchising firms. Design/methodology/approach To test research hypotheses, empirical models were developed and tested through ordinary least square regression analysis. Sever

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Chen, Xinyuan, Jun Huang, Xu Li, and Tianshu Zhang. "Corporate Governance and Resource Allocation Efficiency: Evidence from IPO Regulation in China." Journal of International Accounting Research 17, no. 3 (2018): 43–67. http://dx.doi.org/10.2308/jiar-52104.

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ABSTRACT As a requisite to issuing initial public offerings (IPOs), Chinese companies must obtain approval from the China Securities Regulatory Commission (CSRC). Using a sample of Chinese firms that applied for IPOs between 2006 and 2011, we examine the influence of corporate governance on the IPO application process and firms' post-IPO performance. We find that firms with more outside directors, smaller boards, and more balanced ownership among large shareholders are more likely to pass the IPO screening. Along similar lines, controlling shareholder ownership is negatively related to the suc

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Alhadab, Mohammad M. "Real and Accrual Earnings Management around Initial Public Offerings in Jordan." International Business Research 11, no. 1 (2017): 204. http://dx.doi.org/10.5539/ibr.v11n1p204.

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This study examines whether Initial Public Offering (IPO) firms in Jordan utilize real activities and accruals accounting during the offering year to manipulate income. To date the current study is the first to examine real activities and accrual earnings management that undertaken by IPO firms in Jordan. Using a Jordanian sample of 41 IPO firms over the period between 2000 and 2011, this study provides new evidence to the literature that IPO firms in Jordan utilize real activities and accruals accounting to inflate net income that is reported during the offering year. In particular, the findi

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Purayil, Priyesh Valiya, and Jijo Lukose P.J. "Ownership dilution and earnings management: evidence from Indian IPOs." Managerial Finance 46, no. 3 (2019): 344–59. http://dx.doi.org/10.1108/mf-02-2019-0068.

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Purpose Prior research on earnings management largely assumes that newly public firms manage earnings opportunistically around IPOs. However, only a few studies have empirically examined the real motives behind newly public firms’ earnings management. The purpose of this paper is to examine the impact of ownership dilution on earnings management among IPO firms. The authors chose the setting of security offerings in an emerging market, which is characterised by unique ownership structure, to examine the possible incentive of owners or pre-IPO shareholders to engage in earnings management. Desi

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Gumanti, Tatang Ary, Ari Sita Nastiti, and Ayu Retsi Lestari. "Good corporate governance and earnings management in Indonesian initial public offerings." Corporate Ownership and Control 13, no. 4 (2016): 558–65. http://dx.doi.org/10.22495/cocv13i4c4p5.

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This study investigates the relationship between corporate governance mechanisms and earnings management (as measured by discretionary current accruals) for Indonesian IPO firms. Previous studies have mainly focused on an examination of the effect of corporate governance on the earnings management of publicly traded firms, whilst this study examines newly listed firms. It employs a modified Jones model to measure earnings management as developed by Tykvova (2006). The hypothesis predicts that Indonesian IPO firms with good corporate governance will engage in less earnings management in the per

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Hossain, Md Sajib, and Muhammad Saifuddin Khan. "POST‐IPO OPERATING PERFORMANCE IN BANGLADESH." International Journal of Accounting & Finance Review 7, no. 1 (2021): 1–16. http://dx.doi.org/10.46281/ijafr.v7i1.1149.

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This study attempts to investigate the change in the operating performance of firms as they go from private to public ownership. Using the data of all the non-financial firms, which floated initial public offerings (IPOs) from 2008 to 2015, this study finds that there is a significant decline in operating performance as measured by ROA, asset turnover, ROS, and OCFTA after the IPO and the decline continues for next two to three years with the highest deterioration of operating performance being observed in the immediate next year of IPO. Moreover, when the study uses age, debt ratio, sales, ca

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Ivanov, Stoyu I. "The performance of IPOs excluding the jump." Studies in Economics and Finance 35, no. 2 (2018): 273–86. http://dx.doi.org/10.1108/sef-11-2016-0264.

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PurposeThis paper aims to examine performance of firms with a negative second-day return after the Initial Public Offering (IPO) relative to stocks with a positive second-day return after the IPO. Loughran and Ritter (1995) document that firms which have done an IPO or an SEO underperform similar firms over three- and five-year investment horizons. Loughran and Ritter (2002) also document that firms that go public “leave money on the table”, with this amount being almost twice as large as the fees paid to the investment banks.Design/methodology/approachThe study’s null hypothesis is that stock

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Alidarous, Manal, and Fouad Jamaani. "The Concurrent Effects of IFRS Mandate and Formal Institutional Quality on the Aftermarket Performance of IPO Firms in Emerging Countries." International Journal of Financial Research 12, no. 3 (2021): 320. http://dx.doi.org/10.5430/ijfr.v12n3p320.

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This paper provides the first empirical investigation seeking to find whether International Financial Reporting Standards (IFRS) mandate, changes in the quality of formal institutions, or, the concurrent effect of these two elements can explain the ongoing phenomenon of the aftermarket performance difference of Initial Public Offerings (IPO) firms. We perceive little awareness of the concurrent effect of IFRS mandate and the quality of formal institutions in emerging countries, although these nations account for more than half of the IFRS mandating countries. We employ numerous Difference-in-D

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Naoko, Matsuda, and Matsuo Yutaka. "Governing board interlocks: As an indicator of an IPO." Corporate Board role duties and composition 12, no. 3 (2016): 14–24. http://dx.doi.org/10.22495/cbv12i3art2.

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Using comprehensive data of Japanese firms, including small-sized and unlisted firms, this paper empirically analyzes how a governing board composition impacts initial public offerings (IPOs). The results show that board size, interlocks with other firms, and interlocks with other listed firms are all positively related to the probability of an IPO. They imply that a firm’s intention to conduct an IPO can be estimated by the size and interlocks, and that knowledge diffusion of an IPO occurs among firms.

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Davidson III, Wallace N., Amani Khaled Bouresli, and Manohar Singh. "Agency costs, ownership structure, and corporate governance in pre-and post-IPO firms." Corporate Ownership and Control 3, no. 3 (2006): 88–95. http://dx.doi.org/10.22495/cocv3i3p7.

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Following the approach in Ang, Cole, and Lin (2000), we estimate the impact of CEO ownership on agency costs in pre-IPO firms and again in the post-IPO period when they have become publicly traded companies. We find that CEO ownership is large in both the pre and post-IPO firms. Greater CEO ownership is associated with lower agency costs both before and after the IPO, and CEO ownership in these firms seems to dominate all other agency control mechanisms. Board composition and involvement by venture capital firms does not appear to mitigate agency costs.

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JOHNSON, WILLIAM C., and JEFFREY E. SOHL. "INITIAL PUBLIC OFFERINGS AND PRE-IPO SHAREHOLDERS: ANGELS VERSUS VENTURE CAPITALISTS." Journal of Developmental Entrepreneurship 17, no. 04 (2012): 1250022. http://dx.doi.org/10.1142/s1084946712500227.

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At the time of an initial public offering, shares in a firm are typically held by venture capitalists, insiders, corporate investors and angel investors. We examine the role of angel investors in the IPO process. We find that angel investors provide equity capital in industries venture capitalists are less likely to serve and that shareholders in angel backed IPO firms are more likely to sell their shares at the time of the offering. Where venture capital backed IPO firms have higher underpricing, angel backed IPO firms do not, implying that angels may be the preferred investors for early-stag

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Amir, Rafique, Umer Quddoos Muhammad, Khadim Irfan, and Tariq Muhammad. "Financial and Operating Performance of Initial Public Offerings in Pakistan." iRASD Journal of Economics (JOE) 2, no. 1 (2020): 35–42. https://doi.org/10.52131/joe.2020.0101.0014.

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Abstract This study examines the relationship between prior IPO demands and post-IPO financial and operating performance of firms listed in the Pakistan Stock Exchange. A sample of 51 listed firms, covering a period of ten years, is examined. Predominantly, the investors' demand has been analyzed from two perspectives including oversubscription (a high demand from investors as compared to shares offered by firms) and under subscription (a low demand from investors as compared to shares offered by the firm). Multiple regression analysis has been applied, where the findings revealed that inv

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Hairston, Stephanie A., Ji Yu, and Zenghui Liu. "Does Manager Ability Influence Prospectus Earnings Quality and IPO Underpricing?" Accounting and Finance Research 8, no. 1 (2018): 1. http://dx.doi.org/10.5430/afr.v8n1p1.

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Prior literature suggests that manager ability influences several factors, including financial reporting quality, key to the bargaining power of an issuing firm during their initial public offering (IPO). However, we also know that high ability managers are better able to engage in and conceal opportunistic behavior which may dampen any positive effects their abilities have in the IPO process. Given the conflicting affect that managerial ability may have on financial reporting and firm performance in the IPO setting, we examine the impact of manager ability on prospectus earnings quality and I

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An, Le Thuy Ngoc, Yoshiyuki Matsuura, Mohammad Ali Tareq, Nurhayati Md Issa, and Norliza Che-Yahya. "Impact of Patent Signal on Firm’s Performance at IPO: An Empirical Analysis of Japanese Firms." Economies 11, no. 4 (2023): 101. http://dx.doi.org/10.3390/economies11040101.

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This study investigates whether patents can be a useful signaling tool for the IPO performances among high- and low-tech firms. Literature has provided a wealth of evidence confirming a significant relationship between patent signal and capital-raising success for US and EU venture capital-backed firms and start-ups in specific industries. Therefore, this paper focuses on the IPO firms from a more risk-averse market, Japan, to fill in the gaps in the literature, examining the signaling effect of patent applications prior to initial public offering (IPO) to the amount raised at IPO. Moreover, w

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Ngoc An, Le Thuy, Yoshiyuki Matsuura, Norliza Che Yahya, and Nguyen Huu Phuc. "Patent Signals of IPO Performance: Evidence from High- and Low-Tech Industries in Japan." Asian Journal of Technology Management (AJTM) 15, no. 1 (2022): 21–39. http://dx.doi.org/10.12695/ajtm.2022.15.1.2.

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Abstract: Prior studies pointed to evidence that startups and venture capital (VC) companies tended to use different measures to provide signals to outsiders. This study adds to those previous insights by focusing on established firms’ patenting behaviors and their effect on the amount of money raised at the initial public offering (IPO). Since technology intensity may differ considerably between high and low-tech companies, our main interest in this paper lies on whether the significance of pre-IPO patenting activities as a predictor of IPO performance also varies between these two industry c

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Shen, Fong-Yi, and Yeong-Jia Goo. "The IPO initial returns-aftermarket risk question revisited: evidence from firms in Taiwan." Investment Management and Financial Innovations 16, no. 2 (2019): 14–24. http://dx.doi.org/10.21511/imfi.16(2).2019.02.

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The purpose of this study is to utilize the Three Stage Least Squares (3SLS) of the simultaneous equation estimation approach to revisit the possible cross relationship between IPO initial returns and aftermarket risk. A structural form equation system of IPO initial returns and aftermarket risk equations is estimated first to obtain the structural form coefficients. The analytically derived reduced form coefficients are then calculated to analyze the net effects of each exogenous variable on two endogenous variables. Major findings of this study are as follows. First, the signs of net effects

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Kim, Jang-Chul, Sharif Mazumder, and Pritam Saha. "Environmental Risk Concern and Short-Term IPO Performance of Green Stocks During the COVID-19 Crisis Period." Journal of Risk and Financial Management 18, no. 3 (2025): 157. https://doi.org/10.3390/jrfm18030157.

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This study examines the effect of firms’ greenness on IPO underpricing and subsequent short-term performance during the COVID-19 crisis period. Using 173 U.S. IPOs, we find that IPO underpricing is more pronounced for brown firms (i.e., firms have higher carbon footprints or operate in pollution-intensive industries) than for green firms (i.e., firms are engaged in environmentally sustainable practices). However, when we account for the exogenous change in environmental concerns, we find that an increase in environmental concerns causes lower initial day returns for brown firms. Later, we exam

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Chipeta, C. "Post IPO dynamics of capital structure on the Johannesburg Stock Exchange." South African Journal of Business Management 47, no. 2 (2016): 23–31. http://dx.doi.org/10.4102/sajbm.v47i2.57.

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This paper examines the dynamics of capital structure for firms engaging in initial public offerings (IPOs) on the Johannesburg Stock Exchange (JSE). Censored Tobit regressions are used to model capital structure targeting behaviour. The findings suggest evidence of targeting behaviour consistent with the static trade off theory of capital structure. On average, IPO firms adjust towards the capital structure target at a faster pace than seasoned firms; IPO firms take, on average, 0.77 years to cover half the financing gap, whereas seasoned firms take an average of 2.65 years. In the first year

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Artiach, Tracy C., Gerry Gallery, and Kimberley J. Pick. "A chronological review of the Australian litigation risk environment surrounding IPO earnings forecasts." Pacific Accounting Review 30, no. 2 (2018): 168–86. http://dx.doi.org/10.1108/par-11-2016-0105.

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Purpose This paper aims to provide a chronological review of changes in the institutional setting regulating Australian initial public offering (IPO) firms’ earnings forecasts over the period from 1994 to 2012. The changing forecasting environment covers both IPO firms’ prospectus earnings forecasts and post-listing updates to those forecasts. Design/methodology/approach This historical analysis reviews the changes in corporate regulation and enforcement, Australian Securities Exchange listing requirements and the outcomes of securities class actions (SCA) that affect IPO firms’ earnings forec

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Setia-Atmaja, Lukas, and Yane Chandera. "Impact of family ownership, management, and generations on IPO underpricing and long-run performance." Investment Management and Financial Innovations 18, no. 4 (2021): 266–79. http://dx.doi.org/10.21511/imfi.18(4).2021.23.

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This paper examines the impact of family ownership, management, and generations on IPO underpricing and the long-run performance of publicly listed firms in Indonesia from 2004 to 2015. This study is based on agency theory, which discusses the relationship between shareholders and management, as well as controlling and non-controlling shareholders. Study results show that IPO underpricing was 28% higher for family firms than non-family firms. Among family firms, a family member’s presence as a Chief Executive Officer (CEO) significantly reduced the level of IPO underpricing. A negative relatio

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Long, Hai, Xiaochen Lin, and Yu Chen. "Why the Operating Performance of Post-IPO Firms Decreases: Evidence from China." Journal of Risk and Financial Management 14, no. 9 (2021): 424. http://dx.doi.org/10.3390/jrfm14090424.

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Based on a database of 200 listed firms from the Growth Enterprise Market of China, this paper employs regression models to investigate the significance of IPO capital expenditure to firms’ operating performance. It suggests that a vast majority of pre-IPO money is spent on business development to promote operating performance in order to meet IPO requirements. After the IPO, most of the money is transferred to equity investments in order to increase the firms’ market value quickly, which leads to operating performance decline and deterioration.

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Alhadab, Mohammad. "IPO underpricing and audit quality: Evidence from the alternative investment market in the UK." Corporate Board role duties and composition 12, no. 2 (2016): 104–10. http://dx.doi.org/10.22495/cbv12i2c1art5.

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This paper aims to investigate the relationship between audit quality and IPO underpricing for IPO firms that went public on the Alternative Investment Market (AIM) of the London Stock Exchange in the UK. Prior research has examined this relationship; however, there has been no work investigates this relation for IPO firms that went public on the AIM market. Based on a sample of 413 IPOs, the findings of the current study reassure prior literature that high quality auditors are associated with a lower level of IPO underpricing. The findings show that high quality audit firms help to reduce the

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Choi, Sung-Hwan, and Kyung-Soon Kim. "Effects of Investment Competition Rate by Investor Type on Short- and Long-term Stock Returns in the Korean IPO Market." Korean Journal of Financial Studies 53, no. 1 (2024): 103–48. http://dx.doi.org/10.26845/kjfs.2024.02.53.1.103.

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This study empirically investigates whether the investment competition rate by investor type (institutional demand prediction competition rate, general public offering competition rate, and employee stock subscription rate) in the Korean IPO market is informative in predicting future stock prices after IPO. The results of analyzing the IPO sample from 2001 to 2021 are as follows. First, we find that firms with a high competition rate for institutional demand forecasting have more efficient public offering prices and an increased external monitoring effect, reducing long-term underperformance a

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Spiegel, Matthew, and Heather Tookes. "Why Does an IPO Affect Rival Firms?" Review of Financial Studies 33, no. 7 (2019): 3205–49. http://dx.doi.org/10.1093/rfs/hhz081.

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Abstract IPO firms’ rivals tend to experience performance declines following an IPO in the industry. Why? We estimate a dynamic structural oligopoly model to distinguish between alternative theories that can explain an industry’s evolution post-IPO. We find that most changes in rivals’ performance are due to industry trends that also drive IPOs. However, we also find some “competitive” IPOs where the IPO enhances the IPO firm’s performance at the expense of competitors. These findings help reconcile prior evidence of average performance reductions of both IPO firms and their rivals with well-k

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Lee, Youngjoo. "The Impact of Corporate Governance Mechanisms on the Commitment of Managers in an IPO Setting: Evidence from Korean Small and Venture Firms." Sustainability 14, no. 2 (2022): 730. http://dx.doi.org/10.3390/su14020730.

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Managers’ commitment and dedication crucially affect the sustainable growth of firms. When private companies first offer their shares to the public in an initial public offering (IPO), an IPO lockup is one way of revealing managers’ commitments. IPO lockups are agreements that promise not to sell the shares retained by pre-IPO shareholders for a specified period in the market after the IPO. This paper investigates the impact of corporate governance mechanisms on the length of the lockup period. The paper’s sample consists of IPO firms that have gone public in Korea’s KOSDAQ market, which is a

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Basu, Sudipta, Jagan Krishnan, Jong Eun Lee, and Yinqi Zhang. "Economic Determinants and Consequences of the Proactive Disclosure of Internal Control Weaknesses and Remediation Progress in IPOs." AUDITING: A Journal of Practice & Theory 37, no. 4 (2017): 1–24. http://dx.doi.org/10.2308/ajpt-51876.

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SUMMARY This study investigates (1) why some IPO firms proactively disclose internal control weaknesses (ICWs) and remediation progress in their prospectuses before going public, despite being exempt from the requirements of Sections 302 and 404 of the Sarbanes-Oxley Act at the time of IPO, and (2) the association of such disclosures with IPO underpricing (i.e., the first-day return). We find that IPO firms that proactively disclose ICWs and remediation progress have higher litigation risk, are audited by industry specialist auditors, and are more likely to have audit committees prior to the I

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Dobridge, Christine, Rebecca Lester, and Andrew Whitten. "IPOs and Corporate Taxes." Finance and Economics Discussion Series 2021, no. 058 (2021): 1–75. http://dx.doi.org/10.17016/feds.2021.058.

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How does going public affect firms’ tax obligations and tax planning? Using a panel of U.S. corporate tax return data from 1994 to 2018, we compare tax payments for firms that completed an IPO with those that filed for an IPO but later withdrew and remained private. We find that in the years immediately following IPO completion, firms have a higher probability of paying taxes and pay more U.S. tax. The effects occur regardless of tax status in the pre-IPO period and are not explained by statutory limitations imposed on the use of pre-IPO losses. Higher income reported for financial reporting p

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Firth, Michael, Yue Li, and Steven Shuye Wang. "Valuing IPOs Using Price-Earnings Multiples Disclosed by IPO Firms in an Emerging Capital Market." Review of Pacific Basin Financial Markets and Policies 11, no. 03 (2008): 429–63. http://dx.doi.org/10.1142/s0219091508001428.

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Existing studies show that markets use comparable firm multiples to price IPOs. This study explores IPO valuations in an emerging market where reliable comparable price multiples may not be readily available, or cannot be reliably identified. In particular, we examine the value relevance of price-earnings multiples disclosed by managers in IPO prospectuses in China. Using a sample of IPOs from 1992 to 2002, we find that price-earnings multiples disclosed by IPO firms provide significant power in explaining price formation in this emerging market. We also find that price-earnings multiples disc

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Rafique, Amir, Muhammad Umer Quddoos, Irfan Khadim, and Muhammad Tariq. "Financial and Operating Performance of Initial Public Offerings in Pakistan." iRASD Journal of Economics 2, no. 1 (2020): 35–42. http://dx.doi.org/10.52131/joe.2020.0101.0014.

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This study examines the relationship between prior IPO demands and post-IPO financial and operating performance of ﬁrms listed in the Pakistan Stock Exchange. A sample of 51 listed firms, covering a period of ten years, is examined. Predominantly, the investors' demand has been analyzed from two perspectives including oversubscription (a high demand from investors as compared to shares offered by firms) and under subscription (a low demand from investors as compared to shares offered by the firm). Multiple regression analysis has been applied, where the findings revealed that investors demand

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Domenichelli, Oscar, and Camilla Mazzoli. "Reconciling Socioemotional Wealth with Financial Wealth in Family Firm IPOs." International Journal of Economics and Finance 16, no. 7 (2024): 73. http://dx.doi.org/10.5539/ijef.v16n7p73.

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The aim of this paper is to shed light on whether initial public offering (IPO) share pricing as a strategic decision in family firms going public is impacted by socioemotional wealth (SEW). Previous literature maintained that family firms accept higher costs in terms of IPO underpricing (UP) than nonfamily firms to preserve their SEW, yet disregarding the incomplete information that UP provides. The authors contribute to existing literature on family-firm effect on the IPO pricing by embedding the primary market pricing perspective in the UP analysis. This study documents that family firms do

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Muzatko, Steven R., Karla M. Johnstone, Brian W. Mayhew, and Larry E. Rittenberg. "An Empirical Investigation of IPO Underpricing and the Change to the LLP Organization of Audit Firms." AUDITING: A Journal of Practice & Theory 23, no. 1 (2004): 53–67. http://dx.doi.org/10.2308/aud.2004.23.1.53.

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This paper examines the relationship between the 1994 change in audit firm legal structure from general partnerships to limited liability partnerships (LLPs) on underpricing in the initial public offering (IPO) market. The change in legal structure of audit firms reduces an audit firm's wealth at risk from litigation damages and reduces the incentives for intrafirm monitoring by partners within an audit firm. Prior research suggests that underpricing protects underwriters from litigation damages, and that the level of underpricing varies inversely with both the amount of implicit insurance pro

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Kalgo, Sani Hussaini, Hairul Suhaimi Nahar, and Bany Ariffin Amin Noordin. "The impact of initial public offering (IPO) attributes, firm-level characteristics and ownership on Malaysian IPO firms’ earnings management." Asian Academy of Management Journal of Accounting and Finance 18, no. 1 (2022): 235–62. http://dx.doi.org/10.21315/aamjaf2022.18.1.10.

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The paper investigates Malaysian Initial Public Offering (IPO) firms’ financial reporting behaviour from the specific perspective of their earnings management (EM) practices covering both real (REM) and accrual (AEM) techniques. It further examines the impact of unique IPO attributes, firm level characteristics and ownership structure on both EM practices contemporaneously. Using the established and commonly used EM models to measure both AEM and REM for IPO firms from 2002 to 2013, the results indicate that IPO firms engage in both EM strategies around the corporate event. It also shows that

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Carbone, Emmadonata, and Riccardo Vigano. "IPO Timing in Family and Non-Family Firms: Investigating the CEO’s Characteristics Role." International Journal of Business and Management 18, no. 3 (2023): 78. http://dx.doi.org/10.5539/ijbm.v18n3p78.

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The aim of the paper is to investigate the influence of the family nature of the firm on the time to going public and, overcoming the dichotomy between family and non-family firms, addressing the family firms heterogeneity in terms of CEO characteristics. Grounding our regression analyses on a sample of IPO firms went public in Italy from 2000 to 2020, our paper offers theoretical contributions and has practical implications. Findings demonstrate the existence of a positive relationship between family firm status and IPO timing, corroborating previous research claiming that the family influenc

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