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Initial public offerings of foreign companies on stock markets in Europe – an institutional perspective

Author

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  • Cieślik Sylwia

    (Faculty of Economics and Sociology, Department of International Finance and Investment, University of Lodz, Lodz, Poland.)

  • Sosnowski Tomasz

    (Faculty of Economics and Sociology, Department of International Finance and Investment, University of Lodz, Lodz, Poland.)

Abstract

This paper aims to identify the institutional factors that shape the initial public offerings (IPOs) of foreign companies on regulated stock markets in Europe from 2010 to 2022. Using the panel Autoregressive Distributed Lag methodology, this study examines the long- and short-term relationships between institutional factors and the IPO activities of foreign companies. The findings reveal that government spending, the country’s image abroad, GDP, the tax burden, scientists’ associations, health infrastructure, and pension systems significantly influence IPO activity in European stock markets. The study is distinctive in its use of the PEST method to comprehensively analyze a wide range of institutional factors, offering new insights into the determinants of cross-border IPO performance in European stock markets.

Suggested Citation

  • Cieślik Sylwia & Sosnowski Tomasz, 2024. "Initial public offerings of foreign companies on stock markets in Europe – an institutional perspective," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 60(5), pages 391-403.
    • Handle: RePEc:vrs:ijomae:v:60:y:2024:i:5:p:391-403:n:1003
    DOI: 10.2478/ijme-2025-0003
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    Keywords

    European stock market; formal institutions; go public; institutional theory; IPO activity;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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