The Timing of Initial Public Offerings - Non-Numerical Model Based on Qualitative Trends

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dc.contributor.authorMeluzín, Tomášcs
dc.contributor.authorZinecker, Marekcs
dc.contributor.authorBalcerzak, Adam Przemyslawcs
dc.contributor.authorPietrzak, Michał Bernardcs
dc.contributor.authorDoubravský, Karelcs
dc.contributor.authorDohnal, Mirkocs
dc.coverage.issue1cs
dc.coverage.volume19cs
dc.date.accessioned2020-10-29T10:05:37Z
dc.date.available2020-10-29T10:05:37Z
dc.date.issued2018-04-30cs
dc.description.abstractThe 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.en
dc.formattextcs
dc.format.extent63-79cs
dc.format.mimetypeapplication/pdfcs
dc.identifier.citationJ BUS ECON MANAG. 2018, vol. 19, issue 1, p. 63-79.en
dc.identifier.doi10.3846/jbem.2018.1539cs
dc.identifier.issn1611-1699cs
dc.identifier.other148094cs
dc.identifier.urihttp://hdl.handle.net/11012/195259
dc.language.isoencs
dc.publisherVilnius Gediminas Technical Universitycs
dc.relation.ispartofJ BUS ECON MANAGcs
dc.relation.urihttps://journals.vgtu.lt/index.php/JBEM/article/view/1539cs
dc.rightsCreative Commons Attribution 4.0 Internationalcs
dc.rights.accessopenAccesscs
dc.rights.sherpahttp://www.sherpa.ac.uk/romeo/issn/1611-1699/cs
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/cs
dc.subjectinitial public offeringen
dc.subjectIPOen
dc.subjecttimingen
dc.subjectdeterminantsen
dc.subjectmacroeconomicsen
dc.subjectmicroeconomicsen
dc.subjectheuristicsen
dc.subjectqualitativeen
dc.subjectscenarioen
dc.subjecttransitionen
dc.titleThe Timing of Initial Public Offerings - Non-Numerical Model Based on Qualitative Trendsen
dc.type.driverarticleen
dc.type.statusPeer-revieweden
dc.type.versionpublishedVersionen
sync.item.dbidVAV-148094en
sync.item.dbtypeVAVen
sync.item.insts2020.10.29 11:05:37en
sync.item.modts2020.10.06 16:14:58en
thesis.grantorVysoké učení technické v Brně. Fakulta podnikatelská. Ústav ekonomikycs
thesis.grantorVysoké učení technické v Brně. Fakulta podnikatelská. Ústav informatikycs
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