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2023 | z. 188 Współczesne zarządzanie = Contemporary management | 621--633
Tytuł artykułu

Post-IPO Innovative Firm Performance

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
Purpose: The aim of the work was to present the impact of IPO on the innovation and economic results of companies debuting on the Warsaw Stock Exchange.

Design/methodology/approach: The aim of the work was achieved by analyzing the literature and conducting research on companies debuting on the WSE. Descriptive statistics, the Shapiro-Wilk normality test and the Student's t-test or Wilcoxon test were used for the study.

Findings: The obtained results confirm that IPO has a negative impact on the economic results of companies debuting on the WSE. It is noted that innovative activities by companies mitigate the negative effect of IPO.

Originality/value: The presented problem is of great practical importance. The research results may prove useful for people managing enterprises and responsible for shaping the innovative activities of enterprises and the methods of financing tchem.(original abstract)
Twórcy
  • Maria Curie-Sklodowska University in Lublin
Bibliografia
  • 1. Aggarwal, V.A., Hsu, D.H. (2014). Entrepreneurial exits and innovation. Management Science, 60(4), 867-887.
  • 2. Ahmad Zaluki, N.A. (2005). The performance of Malaysian initial public offerings and earnings management. University of Stirling.
  • 3. Bernstein, S. (2015). Does going public affect innovation? The Journal of Finance, 70(4), 1365-1403.
  • 4. Boubakri, N., Cosset, J.C. (1998). The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries. The Journal of Finance, 53(3), 1081-1110.
  • 5. Chalarat, A. (2018). Pre-IPO and Post-IPO firm performance: Evidence from Thai Listed Companies. Prince of Songkla University.
  • 6. Chemmanur, T.J., Gupta, M., Simonyan, K. (2020). Top Management Team Quality and Innovation in Venture-Backed Private Firms and IPO Market Rewards to Innovative Activity. Entrepreneurship Theory and Practice, 46(4), 920-951.
  • 7. Dambra, M., Gustafson, M. (2021). Do the burdens to being public affect the investment and innovation of newly public firms? Management Science, 67(1), 594-616.
  • 8. Darrough, M., Rangan, S. (2005). Do insiders manipulate earnings when they sell their shares in an initial public offering? Journal of Accounting Research, 43(1), 1-33.
  • 9. Feldman, N.E., Kawano, L., Patel, E., Rao, N., Stevens, M., & Edgerton, J. (2019). The Long and the Short of It: Do Public and Private Firms Invest Differently? Finance and Economics Discussion Series, 68, 1-50.
  • 10. Ferreira, D., Manso, G., Silva, A.C. (2014). Incentives to innovate and the decision to go public or private. The Review of Financial Studies, 27(1), 256-300.
  • 11. Gryko, J.M. (2008). Czynniki kształtujące zarządzanie płynnością finansową w przedsiębiorstwach innowacyjnych. Zeszyty Naukowe/Akademia Ekonomiczna w Poznaniu, 106, 156-166.
  • 12. Jiang, W. (2019). Measuring Firm Innovation and its Relationship with IPO and M&A Activities. University of Pennsylvania.
  • 13. Kao, J.L., Wu, D., Yang, Z. (2009). Regulations, earnings management, and post-IPO performance: The Chinese evidence. Journal of Banking & Finance, 33(1), 63-76.
  • 14. Larrain, B., Phillips, G.M., Sertsios, G., Urzúa, I.F. (2021). The Effects of Going Public on Firm Performance and Strategy: Evidence from International IPOs. NBER Working Paper Series, 29219, 1-64.
  • 15. Lerner, P.B. (2011). The asteroid cometh: Whether IPO 'underpricing'is being exploited by hedge funds. Journal of Derivatives & Hedge Funds, 17(1), 34-41.
  • 16. Mhagama, F.L., Topak, M.S. (2019). The Relationship Between Initial Public Offering and Firm Performance: A Research on Borsa Istanbul (BIST). İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi, 6, 82-93.
  • 17. Shen, H., Zheng, S., Xiong, H., Tang, W., Dou, J., Silverman, H. (2021). Stock market mispricing and firm innovation based on path analysis. Economic Modelling, 95, 330-343.
  • 18. Sosnowski, T. (2013). Dyferencjacja strategii dezinwestycji funduszy private equity metodą pierwszej oferty publicznej. Acta Universitatis Lodziensis, Folia Oeconomica, 278, 97-113.
  • 19. Spiegel, M., Tookes, H. (2020). Why does an IPO affect rival firms? The Review of Financial Studies, 33(7), 3205-3249.
  • 20. Tseng, C., Tseng, C.C. (2016). Strategy for increasing innovation at post-IPO firms. International Journal of Entrepreneurship, 20, 84-99.
  • 21. Wang, Y., Lv, L., Xia, S. (2022). Initial public offering, corporate innovation and total factor productivity: Evidence from China. Accounting & Finance, 62(5), 4629-4917.
  • 22. Wies, S., & Moorman, C. (2015). Going public: How stock market listing changes firm innovation behavior. Journal of Marketing Research, 52(5), 694-709.
  • 23. Wies, S., Moorman, C., Chandy, R.K. (2023). Innovation imprinting: Why some firms beat the post-ipo innovation slump. Journal of Marketing, 87(2), 232-252.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171683106

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