IPO Initial Public Offering Research Papers (original) (raw)

2025, Journal of Academic Research in Economics

This study empirically investigated the long-run performance of share prices post-initial public offerings and its determinants in the Nigerian Exchange (NGX). A sample of 36 Initial Public Offerings (IPO) issuing observations over the period 2004 to 2014 was used. Employing the standard event market adjusted buy-and-hold-abnormal-returns (BHARs) estimation approach to find out the long-run performance of IPOs, and descriptive statistics, correlation analysis, pooled OLS and multivariate panel regression technique to investigate the determinants of IPOs' long-run performance, the results revealed a positive and significant long-run share price performance of IPOs during the period, thus, outperforming the market benchmark, the Nigerian Exchange All Share Index. This implies that investors who bought shares on the IPO listing day, who nevertheless may be earning negative returns in the short-run, up to 12 months (1 year) from the listing date, earned positive market-adjusted return thereafter. The multivariate panel regression results for the determinants of long-run performance of IPOs reveal, that initial return, IPO volatility, firm's size, firm's age, IPO size and market capitalization are significant determinants of IPOs' long-run performance. The impact of market volatility is however found to be negative and weak. Against the backdrop of these findings, we recommend sound financial and investment management policies that will enhance the long-run performance of IPOs in the Nigerian stock market. In particular, policies to enhance market capitalization, firm's size, initial return of IPOs and IPO size should be put in place, while those that will reduce the volatility of the market and IPO volatility in order to create market stability are imperative. These should be supported with optimal regulatory framework and institutional mechanisms to enhance the operations of the stock market as well as a stable macroeconomic and political environment.

2025, U-JET

Tujuan penelitaian ini adalah untuk mengetahui 1) apakah ada peningkatan yang signifikan pada kemampuan siswa dalam menulis teks deskriptif dengan menggunakan teknik clustering, dan 2) kesulitan apa saja yang dihadapi oleh siswa dalam menggunakan teknik clustering. Tes yang digunakan adalah tes menulis teks deskriptif dan kuisioner. Metode dalam penelitian ini adalah One Group Pre-test Post-test Design. Desain penelitian menggunakan satu kelas sebagai kelas eksperimen yang mendapatkan dua kali perlakuan menggunakan teknik Clustering. Sampel yang digunakan adalah 25 siswa/i kelas VIII K SMPN 22 Bandar Lampung. Data penelitian dikumpulkan melalui pre-test, post-test dan kuisioner. Data dianalisis dari hasil pre-test, post-test, dan kuisioner menggunakan SPSS 16.0. Hasil penelitian menunjukan bahwa terdapat perbedaan yang signifikan secara statistik antara pre-test dan post-test setelah penerapan teknik clustering dengan nilai signifikansi 0.05. Selanjutnya, kebanyakan siswa mengalami kesulitan dalam penggunaan kata sifat dan mengembangkan topik utama pada saat menggunakan teknik clustering untuk menulis paragraf deskriptifnya. Hal ini menunjukkan bahwa teknik clustering memfasilitasi siswa untuk meningkatkan kemampuan menulis mereka.

2025, International Asia Of Law and Money Laundering (IAML)

Investment is placing capital or funds in an asset that is expected to provide results or increase in value in the future. Every investment applies the law the higher the return offered, the higher the risk that must be borne by the investor. So the investor could have suffered losses even more than it could have lost all its capital. Among the various investment instruments, gold precious metal is an investment option with a safe category, as an alternative to investing in the midst of a global crisis.

2025, Revista de Educação e Pesquisa em Contabilidade

Prime Hospitality Group (PHG) is a family-owned company, which was founded 17 years ago by Mr. Milton Albuquerque, with hotels and resorts scattered in different regions of Brazil. Recently, the company decided to go public in BM&FBOVESPA. Conducting an IPO, however, requires many changes in the company's structure. These changes generate costs and change the view of family members and different stakeholders involved in the process. This case proposes an assessment of the impact caused by the implementation of a corporate governance mechanism after the completion of an IPO of a family-run company.

2025, Revista de Educação e Pesquisa em Contabilidade

2025, Accounting and Auditing Review

The rotation and tenure of audit partners are crucial factors for large corporations, as they significantly affect the quality of financial reporting. This study is among the first to provide empirical evidence on the relationship between audit partner tenure and audit quality. The research aims to explore this relationship while examining the moderating role of switching audit firms.
Methods
The current research was conducted within the unique context of Iran, focusing on evaluating the turnover of audit firm partners. To measure this turnover effectively, the study employs the research model developed by Giper et al. (2021). By applying this model in the Iranian context, the research aims to uncover insights specific to regulations that influence audit partner rotation. This model provides a structured framework for analyzing the relationships between partner tenure, audit quality, and financial reporting outcomes. The study examined companies listed on the Tehran Stock Exchange. A total of 136 companies were selected as the sample for the period from 2013 to 2021, yielding 1,224 observations. The data was analyzed using the panel data method.

2025, Contemporary Journal of Applied Sciences (CJAS)

This study provides an in-depth examination of
the consulting services offered by Head Quest
HR Solutions LLP; a leading HR consulting firm
based in Ahmedabad. The objective of the study
is to examine the range of services provided, the
technologies used, and the efficiency of these
services
in
improving
organizational
performance. The study combines quantitative
information from structured customer surveys
with qualitative data from semi-structured
interviews with key stakeholders, through the
use of mixed methods methodology. This
approach enhances employee engagement, talent
management, and overall organizational
development. The study provides suggestions for
improving the efficiency and effectiveness of
consulting services in addition to providing
practical insights on best practices in HR
consulting

2025, Belau Seun K

Wealth transfer of seasoned equity offering (SEO) firms remain largely understudied despite the enormous work on SEOs. This study examines the likelihood of wealth transfer among SEO issuers. The study uses panel data of 24 firms listed on the Nigerian Exchange Ltd (NGX) that raised SEOs between 2010 and 2022 and data were analyzed using a logit regression model. The descriptive result shows low capital expenditure growth; high issue proceeds; and high earnings per share with little paid as dividend. The study finds that controlling ownership, book-to-market ratio and discount are negatively significantly related to equity issuance while group affiliation and issue proceeds are positively significantly related to equity issuance. The study concludes that there is wealth transfer among firms that raise SEO in Nigeria.

2025, Financial Research Journal

Objective
This study aims to create a comprehensive stock price prediction model for the Tehran Stock Exchange by employing both fuzzy Delphi and interpretive structural modeling techniques. The research is innovative in that it incorporates all relevant factors from technical, fundamental, macroeconomic, and sentiment perspectives for stock price forecasting. This integration is facilitated through mathematical hierarchical modeling to pinpoint the most significant and responsive criteria for predicting stock prices.
Methods
Initially, due to potential uncertainties in expert responses, the fuzzy Delphi method was employed. Data analysis identified 54 stock price prediction criteria extracted from the literature. These were presented in two stages to experts and investors in the Tehran Stock Exchange industry as well as university professors. Accordingly, 15 criteria were selected as the most significant and influential, including five technical indicators: exponential moving average, price channel, relative strength, on-balance volume, and price. Additionally, the exchange rate from the macroeconomic component; trading volume from the behavioral component; price-to-earnings ratio, operating profit margin, gross profit margin, sales growth rate, dividend per share, earnings per share, and purchase per share from the fundamental component were chosen. Subsequently, using interpretive structural modeling, the relationships among them were examined and a hierarchical model was established. Interpretive structural modeling aids in determining the sequence and purpose of complexinterrelationships among elements within a system.

2025, The AI-Induced Disclosure Pressure Model and Empirical Evidence from Management Discussion and Analysis )MD&A( Reporting

This study introduces a new theoretical framework proposing that artificial intelligence (AI) is fundamentally transforming how MD&A disclosures are written. Our AI-Induced Disclosure Pressure Model is supported by two empirical components. First, comparing our AI-based analysis of 108 MD&A reports from 27 S&P 100 firms (2021-2024) with Li's (2008) foundational work, we find similar relationships between tone and performance: negative and uncertainty tones are associated with lower profitability. However, unlike Li, we also find a negative relationship between positive tone and performance, suggesting that markets have adapted to strategic tone management. Second, fixed-effects regressions reveal that, once firm and year effects are controlled for, only uncertainty tone remains significantly associated with weaker fundamentals. This pattern indicates that firms have internalized the presence of algorithmic readers, maintaining upbeat language while inadvertently signaling poor performance through elevated uncertainty markers. The theoretical implication is critical: AI is no longer merely parsing disclosures post hoc, but actively reshaping how corporate narratives are crafted ex ante. This marks a shift from the overt obfuscation of the past to a subtler equilibrium, where firms write for both humans and algorithms, knowing that tone itself may now carry regulatory, reputational, and financial consequences.

2025, The AI-Induced Disclosure Pressure Model and Empirical Evidence from Management Discussion and Analysis )MD&A( Reporting

2025

Turismo -Contratto di viaggio -Ausiliario dell'intermediario -Prescrizione e decadenza -Inopponibilità al turista. Turismo -Contratto di viaggio -Termine per la presentazione del reclamo -Natura di decadenza -Insussistenza. Turismo -Contratto di viaggio -Responsabilità dell'intermediario e dell'organizzatore -Differenze. RIASSUNTO DEI FATTI -Il 16 gennaio 2012 il sig. Fonda, per il proprio viaggio di nozze, acquistò presso l'agenzia di viaggi Alpha Studio un pacchetto denominato «Crociera Star Clippers, itinerario: crociera mediterranea», da effettuarsi nel successivo mese di agosto, al prezzo di euro 10.395. Avendo riscontrato durante la crociera numerose divergenze tra la qualità dei servizi promessi e quella dei servizi effettivamente resi, il sig. Fonda, tornato dal viaggio, provvide a contestare all'Alpha Studio tali carenze, chiedendo il risarcimento del danno da vacanza rovinata quantificato nella metà del prezzo corrisposto. L'agenzia di viaggi si difese dichiarando di avere semplicemente svolto un'opera di intermediazione e chiamando in causa la Gioco Viaggi, supposta organizzatrice del viaggio. Quest'ultima sostenne di avere svolto, a sua volta, attività di intermediazione fra l'Alpha Studio e la Star Clippers, organizzatrice della crociera. La responsabilità dell'intermediario e dell'organizzatore in caso difformità degli standard qualitativi della crociera venduta. . Decadenza e prescrizione -3. La natura dell'inadempimento e la responsabilità di organizzatore ed intermediario -4. Riflessioni sull'inadempimento da difformità degli standard. 1. Premessa -La decisione in rassegna rigetta le domande risarcitorie di due turisti che lamentavano una serie di disagi riconducibili alla diffor-

2025

Investasi jangka panjang merupakan aktivitas penanaman dana ke dalam suatu instrumen atau aset tertentu dengan maksud memperoleh keuntungan dalam kurun waktu yang panjang, biasanya lebih dari lima tahun. Strategi ini dianggap sebagai... more

2025

SOMMARIO: 1. Premessa-2. Noleggio per "finalità di crociera"-3. Noleggio a viaggio e applicabilità della disciplina del trasporto passeggeri-4. La "ano-malia" della locazione con skipper-5. Prassi operativa e... more

2025

The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. Evidence on... more

2025, Library Progress International

This research aims to ascertain and examine the elements that impact investors' choices to invest in Initial Public Offerings (IPOs). The objective is to assess the way the motivation for investing in IPOs differs depending on investors' level of expertise in the stock market. likewise, the research aims to establish the correlation between the anticipated gains from initial public offering (IPO) investments and the investors' degree of expertise. With a review of these aspects, the study will provide valuable knowledge on the conduct and anticipations of various investor categories. This will enhance knowledge of the dynamics of IPO investments and give guidance to both individual investors and regulators. Design / Methodologies: This study employs an exploratory mixed-methods approach, integrating quantitative and qualitative research methodologies to thoroughly investigate the factors that influence decisions to invest in Initial Public Offerings

2025, Alzahra university

The quality and sustainability of profitability are critical drivers of increased returns for shareholders. However, it is the quality of auditing that can curb managers' opportunistic behavior, mitigate agency problems between shareholders and managers, and contribute to the stabilization of profitability. Higher-quality audits can influence the level of discretionary accruals applied by management, as well as the quality and accuracy of reported earnings. This study aimed to examine the effect of audit quality on the precision and sensitivity characteristics of earnings in companies listed on the Tehran Stock Exchange. The analysis covers 10 years from 2012 to 2022 and utilizes data from 105 companies. The research hypotheses were tested using multiple regression with the estimated generalized least squares (EGLS) method, applied to panel data. The results revealed that, among various audit quality criteria, the size of the audit firm, auditor industry specialization, auditor tenure, and auditor independence enhance the accuracy and sensitivity of earnings. However, no significant relationship was found between audit fees and the accuracy or sensitivity of earnings. By improving audit quality and reducing agency costs, auditors can enhance the overall quality of audits, the quality of earnings, and their precision and sensitivity.

2025, Research in International Business and Finance

Underpricing of Initial Public Offerings (IPOs) is one of the most widely studied anomalies in the literature on financial economics. This paper examines the short-run IPO performance in an emerging market by using the data of 148 IPOs listed on the Colombo Stock Exchange (CSE) from 1991 to 2017. We found that IPOs on average were underpriced by 47% and that 32 IPOs were overpriced by approximately 17% -18%. The stepwise multiple regression results showed that offer risk, investor sentiment, firm size, market volatility prior to the IPOs, the time lag between IPO issue date and CSE listing date, and hot-issue periods have a significant relationship with IPO returns. The outcomes are hence consistent with the prediction of ex-ante uncertainty, windows of opportunity and the investor sentiment hypotheses. Overall, the results indicate that in Sri Lanka, underpricing accounts for a greater percentage of the IPOs than overpricing.

2025, Social Science Research Network

meetings. We thank Chris James, Roni Michaely, Donghang Zhang, and especially Tim Loughran and Maureen O'Hara for comments, and Kenneth French for supplying factor returns. The authors maintain a more extensive bibliography of IPO-related work at . This website further contains links to many IPO-related sites and some reasonably up-to-date information on aggregate IPO activity and IPO working papers. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research.

2025, Journal of Service, Innovation and Sustainable Development

This bibliometric analysis offers a complete perspective of the research landscape in green finance and banking performance with a dataset of 84 articles from the Scopus database covering the period from 2014 to 2024. The study emphasizes the growing significance of themes such as green finance, ESG (Environmental, Social, and Governance) integration, and financial performance that shows a global transition towards more sustainable financial practices. Key findings reveal that China and European nations are leading contributors to this field, with significant international collaborations enhancing the research's impact. The thematic analysis identifies central topics like sustainable finance and emerging issues such as carbon emissions and renewable energy that indicate an increasing focus on integrating environmental sustainability into financial systems. By mapping current trends, this research also provides strategic insights for future studies, advocating for interdisciplinary approaches and international cooperation to align financial practices with sustainability goals.

2025, LASU Postgraduate School Journal (LPSJ)

The Nigerian capital market plays a pivotal role in the nation's economic development, offering businesses access to capital and providing investors with opportunities for wealth creation. At the core of this system are the regulatory frameworks that govern the public offering of securities. These frameworks are built on several key legal and institutional components. Among the most significant legal frameworks are the Investment and Securities Act (ISA) 2007 and the Companies and Allied Matters Act (CAMA) 2020, both of which set the foundation for public offerings in Nigeria. This Study aims to provide a comprehensive appraisal of the legal and institutional frameworks for public offering in Nigeria, identify its inefficiencies and gaps, and recommend measures to address them. This study also conducts a comparative analysis of the legal frameworks in the United States and the United Kingdom to identify international best practices that Nigeria can adopt. To achieve this aim and objective, the study adopts a doctrinal method of research, which involves employing primary and secondary sources of materials, such as statutes, cases, textbooks, journals, articles, and others. This research finds that for a country's economy to develop and thrive, it requires a well-regulated capital market. However, while these laws provide a solid foundation for the operation of the Nigerian capital market, there are notable gaps that affect the efficiency and transparency of public offerings at the Nigerian capital market. The regulatory framework is critical to the Nigerian capital market's evolution and its contribution to economic development. While the existing legal and institutional mechanisms are robust, they still fall short in addressing some identified challenges and implementing the required reforms that will enhance efficiency, adaptability, and investor confidence in the Nigerian capital market.

2025

The purpose of this research is to find out whether or not there is an improvement in learning recount text through clustering technique toward students" writing skill. The method which was used in this research was Classroom Action Research. It was conducted on March until April 2011 at SMPN 2 Tarumajaya and it involved thirty students at the second grade as the respondents. This research was also conducted in three cycles and each of them consisted planning, acting, observing, and reflecting. The instruments that were used in this research were questionnaire, observation sheets, and writing test. The test including pre-test and post test. Based on the results of this research, the implementation of clustering technique in teaching recount text has shown an improvement. In the result of posttest 3, the writer gained 22 students or 73.3% who passed KKM. On the other hand, the students" responses towards clustering technique were positive, the mean of pre questionnaire was 38.33 and the mean of post questionnaire was 88.00, the gained improvement was 49.67%. In short, students" responses to learn were generally positive. Based on these findings, it could be concluded that the implementation of clustering technique could improve students" writing ability of grade VIII-2 of SMPN 2 Tarumajaya Bekasi. viii ABSTRAK Abd. Salam. 106014000361. Using Clustering Technique to Improve Students' Writing of Recount Text (A Classroom Action Research at SMPN 2 Tarumajaya, Bekasi).

2025, Halka Arz Sonrası Faaliyet Performansı: Borsa İstanbul Halka Arzlarından Yeni Kanıtlar

Öz Bu çalışma, 2005-2019 yıllarında halka açılan seçilmiş 83 Borsa İstanbul firmasının halka arz sonrası faaliyet performansını incelemektedir. Çalışma ayrıca, halka arz aracılık türüne göre ve halka arz yöntemine göre şirketlerin halka arz sonrası faaliyet performanslarını karşılaştırmaktadır. Bunların yanı sıra çalışma, faaliyet performansını etkileyen şirkete özgü faktörler ve makroekonomik faktörleri de analiz etmektedir. Tek değişkenli analizlerde Mann Whitney U Testi ve Wilcoxon İşaretli Sıralar Testi uygulanmıştır. Çok değişkenli analizde panel veri ekonometrik modeli kullanılmıştır. Çalışma sonucunda halka arz şirketlerinin performanslarında düşüş tespit edilmiştir. En iyi gayret aracılığı ve bakiyeyi yüklenim aracılığıyla halka açılan şirketlerin performansları arasında anlamlı farklılık yoktur. Ortak satışıyla halka açılan şirketlerin performansı sermaye artışı yaparak halka açılan şirketlere göre daha iyidir. Ayrıca, şirkete özgü değişkenlerden aktif büyüklük ile makroekonomik değişkenlerden tüketici fiyat endeksi faaliyet performansını anlamlı şekilde etkilemektedir. Çalışmanın, halka arz yöntemine ve aracılık türüne göre faaliyet performansının karşılaştırılması ile makroekonomik faktörlerin etkisinin araştırılması konusunda literatüre katkı sağlaması beklenmektedir.

2025, Shanlax International Journal of Management/Shanlax international journal of management

The pricing of IPO's in the short-term has been analyzed by several theoretical and empirical studies referring to the world's major stock markets. Studies have also observed that IPOs cause increase in price considerably on the first day of trading and provide huge returns to investors who buy at the initial offer price and sell immediately in the secondary market. This research presents the results of the analysis related to the short-term performance of the Indian IPOs under study. Event study methodology is used to analyze the short term performance of IPOs from January 2016 to December 2022 issued in Bombay Stock Exchange (BSE), India. The average positive return on the listing day is 18.5 percent which indicates that the IPOs are underpriced.

2025, Journal of Insurance Issues

Abstract: This paper examines whether the underpricing of IPOs exists in a regulated industry such as insurance, which is the largest state-regulated industry in the United States. Our results find significant evidence of a joint effect... more

2025

telności wekslowych w procesie cywilnym -aż po skomplikowaną materię egzekucji sądowej praw z weksla. Część trzecia monografii zawiera szereg artykułów dotyczących różnych aspektów problematyki papierów wartościowych na polskim rynku kapitałowym, odbudowanym z nicości prawa PRL w latach 90-tych XX wieku. Znajdziemy tu wypowiedzi poświęcone min. prawu akcyjnemu II RP; funkcjom Giełdy Papierów Wartościowych S.A. w Warszawie; nadzorowi nad giełdą i rynkiem papierów wartościowych; różnym aspektom dematerializacji papierów wartościowych -aż po analizę bonów skarbowych jako instrumentów rynku pieniężnego oraz zastaw na prawach z akcji zdematerializowanych itp. Poglądy oraz stanowiska merytoryczne Autorów poszczególnych rozdziałów niniejszego opracowania są wyrazem ich indywidualnych przekonań. Rolą redaktorów opracowania była w głównej mierze troska o stworzenie możliwie klarownego obrazu ewolucji instytucji polskiego prawa papierów wartościowych od czasów II Rzeczypospolitej, aż po lata drugiej dekady XXI wieku. Czy nasze zamierzenia okazały się trudem chociaż trochę owocnym, pozostawiamy życzliwej ocenie Szanownych Państwa Czytelników. Lublin kwiecień-październik 2016 r.

2025, Splint International Journal of Professionals

The study aimed to identify factors influencing investment decisions in an Initial Public Offering (IPO) through a survey that considered 154 respondents, focusing on demographics, stock market experience, annual earnings, media reports, grey market premium prices, and company reputation. Most of the respondents were young, male, highly educated, and mainly from Mumbai, with varied job status and earnings. The findings revealed that stock market knowledge and annual earnings had little influence on IPO investment decisions, whereas media coverage and grey market premium prices were significant. Surprisingly, company reputation alone did not significantly impact decisions. The study underscores the importance of transparent practices and effective media strategies for businesses preparing for an IPO, as accurate media reporting and understanding grey market premiums can enhance market sentiment and attract more investors.

2025

Indonesia is one of the developing countries who are actively carried out their development. In the development of the national economy, a country requires financing either from the government or the community. Acceptance of the government to build a national economy gained through taxes and other admission. One of the sources government use are the community investment through bank, other financial institutions and capital markets. Capital Market in Indonesia is one of the essential elements and benchmarks of the country's economy. One of the characteristics in advanced industrial countries and new industries is the presence of capital markets growth and development. With the growth in the Capital Market, there are so many problems that occurred such as embezzlement, fraud, misuse of funds, and misuse from the irresponsible Market Intermediary. With the problems that occurred, the victim of these problem is the investor who investing their funds in Indonesian Capital Market. Lo...

2025, Journal of Corporate Finance

Using a sample of 1,593 US firms that go public between 1990 and 2007, we find that VC-backed IPOs experience less financial distress risk post-offering than do comparable non-VC-backed IPOs. After controlling for endogeneity, we find this is related to the screening done by VC-investors, who select firms with lower risk of financial distress and by VCs reducing risks when they finance portfolio firms. We find companies backed by more reputable VCs exhibit higher levels of financial distress risk even when they show superior operating performance, due to their highly levered capital structure and investment in relatively illiquid assets.

2025

The typical method of going public has traditionally been an initial public offering (IPO), whereby a company works with an underwriter syndication to establish a price at which shares will be offered to the public before listing them. The purpose of this paper, however, is to evaluate whether IPOs are truly the best method for taking a company public.

2025, PROSEDING SEMINAR NASIONAL AKUNTANSI

The purpose of this research is to examine the effect of corporate governance and board demography on risk disclosure with firm size, profitability, leverage, and liquidity as variable control. Object and sample of this research is bank that listed in Indonesian Stock Exchange in 2013-2015. Analysis is to conducted using multiple linear regression test to know the effect.From the analysis, it can be seen that: corporate governance, education, and firm size have positive and significant effect on risk disclosure. Other variable are tenure, gender, diversity, profitability, leverage, and liquidity has no significant effect to risk disclosure.

2024, Alzahra University

Understanding the preferences of startups for external financing through debt or equity can help entrepreneurs, investors, and policy makers to offer startups the most appropriate financing options. Based on this degree of importance, in previous studies under the title of determining factors of capital structure, various variables affecting the method of external financing (debt or equity) of companies have been widely investigated. There are two major gaps in these studies. Firstly, in these studies, the variable of the company's strategy has not been paid attention to, and secondly, the studies have not paid much attention to start-up companies. In this study, the effect of entrepreneurial orientation of start-up managers as a set of characteristics including innovation, risk acceptance and leadership along with other variables related to the company and founders on the method of external capital financing has been investigated. The data of this research was collected using a questionnaire that was distributed among startups in Tehran and Tabriz in 2023 to 2024, and Tobit method and STATA software were used for data analysis. The findings of the research based on data collected from 110 start-up companies show that startups with entrepreneurial orientation are not more inclined to any of the external financing methods and the relationship of this variable with both debt financing and equity financing variables is negative. Also, the results show that with the increase of industry risk perceived by managers, the negative effect of entrepreneurial orientation on external financing ratios decreases.

2024, SSRN Electronic Journal

We examine the impact of international venture capital investors on private firm success spanning 81 countries over the years 1995-2010. The data examined indicate that, relative to deals in which the investor base is purely domestic, private firms that have an international investor base have a higher probability of exiting via an initial public offering (IPO) and higher IPO proceeds. The evidence is consistent with the view that while the benefits of internationalization may be difficult and costly to manage, for those firms that succeed in managing crossborder coordination costs, there is potential value for an IPO firm. The benefits relative to the costs of internationalizing the investor base for private firms sold in acquisitions, by contrast, are much less pronounced.

2024, Nepalese Journal of Insurance and Social Security

Purpose: Health insurance serves as a lifeline with the prospect of financial security in the face of an insurance system, thinking that accidents in human life can occur at any time. This study analyzes the elements that influence people’s decisions to obtain health insurance coverage in Nepal.
Design/methodology/approach: It used descriptive and causal research design based on primary data collected from 385 prospective insurance consumers. It employed correlation and multiple regression analysis to conclude.
Findings: Findings show that there was a significant relationship between mental accounting, pricing, premium, brand trust, and risk perception with individuals’ insurance purchase decisions. Brand trust was revealed as the most powerful predictor, followed by mental accounting.
Conclusion: The study concluded that financial concerns are important; trust in the insurance companies and consumers’ mental accounting of health-related expenses have a greater influence on purchasing behavior.
Implications: This study emphasizes the importance of brand trust and mental accounting in health insurance decisions in Nepal. The findings support efforts to improve financial security and achieve universal health coverage.

2024, International Company and Commercial Law Review

In cases of misrepresentation, the mandatory disclosure of information by publicly listed companies is a legal obligation designed to enable informed investment decisions, uphold market integrity, and support broader societal goals. Currently, misrepresentation is governed by arts 89 and 163 of the Securities Law of the People’s Republic of China 2019 (PRC Securities Law 2019), which applies a tort law approach. Aggrieved investors may pursue private legal action, exemplifying a contractual accountability paradigm where market participants are expected to fulfil their roles. However, investors often face challenges, such as burdensome proof requirements, which limit the effectiveness of private actions even after the removal of administrative preconditions. In this context, intervention by the China Securities Regulatory Commission (CSRC) and institutions like the China Securities Investor Services Center Co Ltd (CSISC) is critical to ease the burden on investors. Administrative measures like “buybacks” and “advanced compensation” reinforce the system’s administrative tone. The 2023 revision of the Company Law of the People’s Republic of China (PRC Company Law 2023), which aims to strengthen individual liabilities, retains the tort-based logic of the PRC Securities Law 2019, failing to shift fully to a contractual paradigm. This paper recommends future revisions focus on clarifying the distinct roles of the PRC Securities Law 2019 and PRC Company Law 2023 in creating a “regulatory-contracting mixed paradigm” for accountability. Greater involvement of market professionals in misrepresentation cases would streamline compensation for primary market investors and mitigate future risks.

2024, COMPANY LAWYER

The COVID-19 pandemic has accelerated the growth of digital economy and fintech companies, as more people tend to use online or APP-based financial services. This article discusses the regulation of fintech businesses during the pandemic, by using Ant Group as an example, when Chinese regulators aim to eliminate the regulatory arbitrage and prevent excessive financial risks.

2024, International Company and Commercial Law Review

This article discusses and analyses the latest capital markets law reform in China, which involves the launch of the star market (sci-tech innovation board) at the Shanghai Stock Exchange as well as the introduction of the “registration-based” IPO regime to replace the previous “approval-based” system. The article considers whether laws can be used as a useful and transformative tool to create deep and liquid capital markets and to promote technological developments.

2024, Cogent Business & Management

Contemporary management accounting practices (CMAPs) are critical to business performance worldwide. This study examines the association between management decisions (MDs) and organizational efficacy (OE), specifically the mediating role of CMAPs. The study utilizes survey data collected from 387 Nepalese manufacturing companies (NMCs). Using structural equation modeling (SEM) and path analysis (PA), this study investigated the mediating role of CMAPs in the relationship between MDs
and OE within NMCs. Surprisingly, results revealed that CMAPs did not serve as significant mediators (β = 0.001, p > 0.05) in this association. Although the study focused on NMCs and used a single survey approach, the findings point to possible improvements in OE when MDs are effectively integrated into a more comprehensive organizational strategy. The study provides new insights for Nepalese businesses, emphasizing the significance of seamlessly integrating MDs, CMAPs, and OE into holistic strategy planning. This study provides the groundwork for future research into management practices, adding to our understanding of strategic decision-making in emerging economies.

2024

This article examines major areas of inquiry related to entrepreneurial capabilities, motivations, and the acquisition of resources to launch and grow women-owned businesses

2024, Cornell Hotel and Restaurant Administration Quarterly

2024

Research question/issue: We explore the following question: How do initial public offering (IPO) investors value the existence of prior shared experience (PSE) between the CEO and the board of threshold ventures? Research findings/insights: Building on the resource provision role of the board, signaling, and the dynamics of decision making within teams literatures, our results show that extensive PSE between the CEO and the board is detrimental to IPO valuation because it augments the perceived risk of overconfidence and myopic decisions sending negative signals to investors. Yet, the industry diversity of that PSE and the level of industry ambiguity mitigate such negative signaling effects. Theoretical/academic implications: We make three main contributions to the literature. First, we make a specific contribution by advancing that extensive PSE between the CEO and the board is detrimental for IPO value, unless it is mitigated by the diversity of such PSEs across different industries. Our results therefore highlight boundaries within which previously accepted findings about the positive relationship between PSE and new venture performance do not hold. Second, we enrich our understanding of the relationship between board design and industry conditions by showing that investors perceive differently the extensiveness of PSE between the CEO and the board depending on the degree of industry ambiguity. Overall, we move beyond prior research on signaling, which has tended to focus on primary intended and costly signals, exploring signals with potential negative effects at IPO. Practitioner/Policy Implications: Our research has practical implications for ambitious entrepreneurial ventures trying to achieve high growth by going public in their early stages of development. Board compositions may commonly be transformed ahead of IPOs to send a signal to the potential investors about their effectiveness in meeting the strategic challenges of being in the public arena. Our findings suggest that entrepreneurs, pre-IPO investors, and their advisors may need to adopt a finegrained approach to constructing effective boards at an early stage.

2024, Journal of Defense Economics and Sustainable Development

Understanding capital market behavior is crucial for making the better investment decisions, as well as making the better decision from a policymaking perspective. Therefore, the aim of this article is to investigate the impact of fundamental and behavioral factors on the Tehran Stock Exchange index. For this purpose, the fluctuations of the Tehran Exchange Dividend Price Index (TEDPIX) were modeled using Generalized Auto-Regressive Conditional Heteroscedasticity. Thereafter, a regression model included fundamental and behavioral variables such as: gross domestic product, interest rate; inflation rate; exchange rate; Liquidity; return on assets (ROA) of the market; variance of return on equity (as macroeconomic and corporate fundamental variables) and the ratio of the total number of shares traded over the period over the number of shares outstanding for the period (considered here as a proxy for herd behavior) to examine the return fluctuations of TEDPIX. The methodology employed for estimating the regression model was autoregressive distributed lags. Furthermore, the data for this purpose was based on the quarterly data between 2014: q2 to 2023: q3.
The results obtained indicate that the fluctuations of returns are caused by both fundamental variables and behavioral variables. In the short term, all variables under investigation, except the variance of the return on equity, have a statistically significant effect on the behavior of the capital market. On the other hand, in the long term, the market behavior is affected by gross domestic product, inflation, liquidity, ROA, and herd behavior.

2024

This study examines accounting standard ASR 118 mandating the reporting of fair values of investment securities. Using a unique setting, the United States public venture capital industry, we test whether ASR 118 would be important to investors, or whether relevance would come at the expense of representational faithfulness. We examine the relevance and representational faithfulness of manager- reported fair value estimates and find that fair value estimates do provide relevant information incremental to historical cost as evidenced by its effect on share value. We also find that fair value estimates are representationally faithful, based on comparing fair value estimates provided during the last year before the exit to actual cash realized exit price.

2024, Investment Management and Financial Innovations

The Indian IPO market showcased resilience during the global stock market downturn in 2022, emerging as a notable bright spot in regions such as Europe, the Middle East, India, and Africa. As the bullish rally of 2022 persists, Indian stock markets remain enticing for foreign institutional investors in 2023. A resurgence in IPO activity is anticipated,
driven by increasing momentum and larger deals that are poised to overcome the constraints of subdued global sentiments and liquidity pressures, addressing the challenges posed by these factors. The study offers insights into factors influencing IPO subscriptions, capitalizing on the context of heightened stock market volatility and optimistic trends in the Indian stock market. A total of 132 IPOs listed on the Indian stock market between April 2019 and March 2023 were analyzed in this study. Multiple Linear Regression was used to assess the strength of the association between several factors outlined in the literature, and the overall subscription. Among the ten variables investigated in the study, it was observed that three variables under the external factors, specifically Grey Market Premium, IPO Rating, and Broker Recommendations,
exerted a significant influence on the overall subscription. While other factors such as allocation proportion and issue attributes, were found to have no discernible influence on the overall subscription. The results indicate that the Indian IPO market demonstrates a prevalence of speculative behavior and a stronger reliance on expert recommendations, rather than being primarily driven by IPO characteristics.

2024

Tujuan penelitian ini adalah menguji perbedaan kinerja saham perusahaan keuangan dan non keuangan berdasarkan short-term underpricing dan long-term underperformance. Periode penelitian yang digunakan adalah 2005-2016. Penelitian ini tergolong dalam jenis penelitian kuantitatif dengan analisis data sekunder. Metode penelitian menggunakan metode komparatif. Populasi dalam penelitian ini adalah perusahaan keuangan dan non keuangan yang melakukan IPO di Bursa Efek Indonesia periode 2005-2016. Teknik pengambilan sampel menggunakan purposive sampling. Teknik analisis data menggunakan uji beda parametrik independent sample t-test dan uji beda non parametrik mann-whitney u test. Hasil penelitian menunjukkan bahwa tidak terdapat perbedaan kinerja saham perusahaan keuangan dan non keuangan berdasarkan short-term underpricing. Namun dalam pengujian berdasarkan long-term underperformance, hasil penelitian menunjukkan bahwa terdapat perbedaan kinerja saham perusahaan keuangan dan non keuangan be...

2024

Companies that have conducted an IPO will have many shareholders (investors). After conducting the IPO the Company will usually issue new shares. Investors who have entered the company have the right to buy new shares to be issued by the company in advance, rather than new investors. The rights granted to old investors are called rights issues. In 2017 PT Airline Reasuransi Indonesia Tbk. conducts rights issue to its shareholders. Investors are granted Pre-emptive Rights (HMETD). The main problem is whether the right issue will be carried out by PT Airline Reasuransi Indonesia Tbk. is in accordance with law number 8 of 1995 and other juridical regulations or not. And also whether the implementation of the right issue in Indonesia or that carried out by PT Airline Reasuransi Indonesia Tbk as stated above in the view of Islamic law. The research was conducted by means of literature by studying and examining written legal materials related to research material. This type of research is...

2024, Alzahra university

The purpose of this study is to investigate the effect of managerial myopia on corporate social responsibility (CSR) and also the moderating effect of investors' behavioral biases (emotional behavior, investor myopia and herding behavior) on the relationship between managerial myopia and corporate social responsibility. By reducing research and development and marketing activities, short-sighted managers sacrifice long-term profitability for short-term gains. Since social obligations usually have long-term benefits; Managerial myopia may affect corporate social performance. Furthermore, since management decisions are influenced by investor behavior, investors' behavioral biases are expected to influence the relationship between managerial myopia and corporate social responsibility. The research hypotheses were tested for a sample of 143 companies admitted to the Tehran Stock Exchange during the years 1391 to 1400 using a multivariate regression model, considering the fixed effects of year and industry. The results show that managerial short-sightedness has a negative effect on the corporate social responsibility score, and the behavioral patterns of investors, including emotional behavior, market short-sightedness, and herding behavior strengthen this negative relationship.