Why Do Companies Stay Private? Determinants for IPO Candidates to Consider in Poland and the Czech Republic

@article{Meluzn2018WhyDC,
  title={Why Do Companies Stay Private? Determinants for IPO Candidates to Consider in Poland and the Czech Republic},
  author={Tom{\'a}{\vs} Meluz{\'i}n and Marek Zinecker and Adam P. Balcerzak and Michał Bernard Pietrzak},
  journal={Eastern European Economics},
  year={2018},
  volume={56},
  pages={471 - 503}
}
We surveyed sixty-five chief financial officers (CFOs) at nonpublic and nonfinancial companies in the Czech Republic and Poland that are considered candidates for an initial public offering (IPO) to document their propensity to decline to launch an IPO and maintain private ownership. First, we found that the main arguments against launching an IPO in both countries involve information disclosure and limitations on decision-making control. Surprisingly, the majority of the managers do not see… 
A Survey of External and Internal Factors Influencing the Cost of Equity: The Case of Czech Companies
The cost of equity is an essential element of a business' financial decision-making process, which is exposed to the influence of a number of internal and external factors. This study intends to
Financial impact analysis of going public at the Warsaw Stock Exchange: Using Fuzzy Set Theory to understand behaviours of mature companies
Abstract In this paper, we intend to contribute evidence in regard to going public financial impact and thus motivation on a sample of mature companies that launched an IPO at the Warsaw Stock
The predictive power of comprehensive income in Polish companies listed on the Warsaw Stock Exchange
Poland is historically classified within the Continental European model of accounting. The aim of the paper is to find the answer to the question of whether the Anglo-Saxon measure of financial
Earnings management in the private equity divestment process on Warsaw Stock Exchange
Research background: Prior studies suggest that companies which go public manage earnings in order to inflate the issue price. However, for private equity funds the use of such activity can be costly
Theory, Evidence, and Policy on Dual-Class Shares: A Country-Specific Response to a Global Debate
Dual-class shares have become one of the most controversial issues in today’s capital markets and corporate governance debates. In the past years, academics, regulators, policymakers and stock
Business angels in the Czech Republic: characteristics and a classification with policy implications
There is a lack of knowledge regarding the profiles of Czech business angels. In this article, we intend to contribute the empirical evidence in regard to identifying a ‘typical’ business angel pro...
Privately held or publicly owned? The role of debt financing
How to cite this paper: Toukan, A. (2021). Privately held or publicly owned? The role of debt financing. Corporate Ownership & Control, 18(2), 124-130. https://doi.org/10.22495/cocv18i2art9 Copyright
Prospects for the Formation of a Global Natural Gas Market: Price Analysis of European, Asian, American Gas Markets
Research background: Natural gas markets are facing an ongoing process of diffusion of natural gas liquefaction (LNG) technology. High mobility and relative ease of LNG use predetermine a huge
Identifying the impact of external environment on business angel activity
We intend to contribute the empirical evidence in regard to identifying the impact of external environment on the activity of business angels in Czechia. Although prior academic studies have argued...

References

SHOWING 1-10 OF 87 REFERENCES
Why Do European Firms Go Public?
We survey chief financial officers (CFOs) from 12 European countries regarding the determinants of going public and exchange listing decisions. Most CFOs identify enhanced visibility and financing
Operating Performance of Privatized Companies in Transition Economies - the Case of Poland, Hungary and the Czech Republic
We examine operating performance of 154 Polish, Hungarian and Czech companies that were fully or partially privatized between January 1990 and December 1998. Overall, our results are different from
Why Do Companies Go Public? An Empirical Analysis
This paper empirically analyzes the determinants of an initial public offering (IPO) and the consequences of this decision on a company's investment and financial policy. We compare both the ex ante
Initial Public Offerings: An Analysis of Theory and Practice
We survey 336 chief financial officers (CFOs) to compare practice to theory in the areas of initial public offering (IPO) motivation, timing, underwriter selection, underpricing, signaling, and the
MACROECONOMIC FACTORS AND INITIAL PUBLIC OFFERINGS (IPOs) IN MALAYSIA
This paper seeks to address the question of whether local macroeconomic variables have any influence on the numbers of IPOs in an emerging market, Malaysia over the period of 1990 to 2008. The
Trends in IPOs: The Evidence from CEE Capital Markets
The purpose of this paper is to investigate IPO developments across five CEE countries between 2003 and 2012. Using a wider range of methods and different data sets we intend to complement the
IPO in Private Equity Finance: Evidence from Poland
Foreign IPO capital market choice: Understanding the institutional fit of corporate governance
TLDR
A comparative institutional perspective is advanced to explain capital market choice by firms making an IPO in a foreign market and suggests foreign IPO firms select a host market where its governance characteristics and third party affiliations fit the host market’s institutional environment.
A Theory of the Going-Public Decision
We address the question: At what stage in its life should a firm go public rather than undertake its projects using private equity financing? In our model a firm may raise external financing either
...
1
2
3
4
5
...