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The Post-Initial Public Offering (IPO) Operating Performance: Further Evidence from Borsa Istanbul IPOs

Author

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  • Cengiz Önder
  • Ali Osman Gürbüz

Abstract

This study aims to examine the post-IPO operating performance of 83 selected Borsa Istanbul firms that went public between 2005 and 2019. The study also compares the post-IPO operating performance of firms according to underwriting type and IPO method. Besides, the study analyzes firm-specific factors and macroeconomic factors affecting the operating performance of IPO firms. Mann Whitney U Test and Wilcoxon Signed Rank Test were applied in univariate analysis. In multivariate analysis, a panel data econometric model was used. This study found that firms’ operating performance declined after going public. There is no significant difference in operating performance between the commitment type of IPOs and the best effort type of IPOs. Share sales type of IPOs perform better than capital increase type of IPOs. Asset size as a firm-specific variable and consumer price index as a macroeconomic variable significantly affect operating performance. The study aims to enrich the literature by comparing the operating performance of firms based on the IPO method and the underwriting type, and by examining the influence of macroeconomic factors on performance.

Suggested Citation

  • Cengiz Önder & Ali Osman Gürbüz, 2024. "The Post-Initial Public Offering (IPO) Operating Performance: Further Evidence from Borsa Istanbul IPOs," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 9(1), pages 159-182.
    • Handle: RePEc:ahs:journl:v:9:y:2024:i:1:p:159-182
    DOI: 10.30784/epfad.1400168
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    More about this item

    Keywords

    Halka Arz; Borsa İstanbul; Sermaye Yapısı Finansal Tablolar;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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