Result Details
Macroeconomic Factors and Initial Public Offerings in Poland
Zinecker Marek, prof. Ing., Ph.D., ÚE (FBM)
Plottová Sylvia, Ing. et Ing., Ph.D., MSc
The CEE countries primary capital markets still seem to be rather poorly developed. The only exception has been represented by Poland. The Warsaw Stock Exchange belongs to the European stock exchanges with the highest number of completed IPOs. The aim of this study is to indicate the influence of macroeconomic factors, consequently GDP growth rates, the reference interest rate, industrial production growth rates, Warsaw Stock Exchange Index (WIG) and the volume of private equity investments on the numbers of IPOs in an emerging market, Poland, over the period of 1992 to 2012. The Spearman correlation analysis is used to identify the relations between the macroeconomic (external) determinants and the number of IPOs. The findings can be summarized as follows: A statistically significant difference was found to exist between firstly the number of IPOs and GDP growth rates and secondly between the number of IPOs and industrial production growth rates. On the other hand, the hypothesis that the reference interest rate have explanatory power for the number of IPOs could not be supported by empirical evidence; neither two other factors, i.e. Warsaw Stock Exchange Index and the volume of private equity investments.
Initial Public Offerings (IPOs), Macroeconomic Factors, External Determinants, Corporate Capital Structure, Central and Eastern Europe (CEE), Poland
@inproceedings{BUT105946,
author="Tomáš {Meluzín} and Marek {Zinecker} and Sylvia {Plottová}",
title="Macroeconomic Factors and Initial Public Offerings in Poland",
booktitle="Mathematical Methods in Finance and Business Administration",
year="2014",
series="WSEAS",
number="1",
pages="132--138",
publisher="WSEAS Press",
address="Athens, GREECE",
isbn="978-960-474-360-5"
}