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Factores determinantes de la salida a bolsa en España

Author

Listed:
  • Joaquín Farinos

    (Universitat de València)

  • Vicente Sanchis

    (Universitat de València)

Abstract

Though the going public decision has been addressed by several theories, empirical research is particularly scarce to European countries. This is the first research in the Spanish market that investigates ex ante and ex post characteristics of IPO firms, using a large database of private held firms that potentially may go public. Some of our results are consistent with previous studies. Our evidence suggests that firms that go public are young firms with large capital expenditures previously to the IPO. However, a firm's need to finance activity is not the main motive to go public, but to achieve the proper conditions to rebalance firm's economic and financial structure. Our results are consistent with the portfolio rebalancing motive and the hypothesis of windows of opportunity to go public. Aunque la decisión de salir a bolsa ha sido abordada desde diferentes teorías, la investigación empírica sobre esta cuestión es escasa en los mercados de la Europa continental. En España éste es el primer trabajo que realiza una investigación tanto ex ante como ex post de esta decisión empleando para ello una amplia base de datos de empresas que potencialmente podrían salir a bolsa mediante una oferta pública de títulos (OPI). Nuestros resultados son, en parte, consistentes con la evidencia obtenida en otros países de nuestro entorno. La evidencia que obtenemos sugiere que las empresas que deciden salir a bolsa son empresas jóvenes que han realizado una intensa inversión en activo fijo previamente a la OPI y que no buscarían con su salida a bolsa la obtención directa de recursos para financiar su actividad sino, por el contrario, propiciar las condiciones para poder reequilibrar su estructura económica y financiera. Nuestra evidencia empírica está de acuerdo con los motivos de reequilibrar la cartera de los propietarios y la hipótesis de las ventanas de oportunidad.

Suggested Citation

  • Joaquín Farinos & Vicente Sanchis, 2009. "Factores determinantes de la salida a bolsa en España," Working Papers. Serie EC 2009-03, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2009-03
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    More about this item

    Keywords

    Decisión de salir a bolsa; oferta pública inicial going public decision; initial public offering;

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • 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

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