THE IMPACT OF GOING PUBLIC DECISION ON COMPANY PERFORMANCE EVIDENCE FROM PAKISTAN

http://dx.doi.org/10.31703/gssr.2020(V-III).17      10.31703/gssr.2020(V-III).17      Published : Sep 3
Authored by : Ihtesham Khan , Sikandar Shah , Wisal Ahmad

17 Pages : 156-165

References

  • Agyemang, B., & Agalega, E. (2014). Altman's Z-Score Performance Assessment of Corporate Organizations in Ghana. Africa Development and Resource Research Institute Journal, 6(2), 14-29.
  • Ahmad, Z., & Mei, L. S. (2005). Operating performance of initial public offerings in Malaysia. Capital Markets Review, 13(1&2), 21-32.
  • Ahsan, A. M. (2012). Can ROE be used to predict portfolio performance? Economics, Management, and Financial Markets, 7(2), 132-148.
  • Ak, B. K., Dechow, P. M., Sun, Y., & Wang, A. Y. (2013). The use of financial ratio models to help investors predict and interpret significant corporate events. Australian journal of management, 38(3), 553-598.
  • Alanazi, A., Liu, B., & Forster, J. (2011). Saudi Arabian IPOs and privatized firms profitability. Review of Middle East Economics and Finance, 7(1), 67-90.
  • Borghesi, R., & Pencek, T. (2013). Predicting first-year returns of health care IPOs. Borghesi, Richard and Tom Pencek, 877-884.
  • Braun, M., & Larrain, B. (2005). Finance and the business cycle: international, inter-industry evidence. The Journal of Finance, 60(3), 1097-1128.
  • Chen, L., & Novy-Marx, R. (2011). An alternative three-factor model. Available at SSRN 1418117.
  • Cheng, T., & Renucci, A. (2013). Long-run performance of IPO stocks: Is the end of the lockup period crucial. In.
  • Cho, M. H. (1998). Ownership structure, investment, and the corporate value: an empirical analysis. Journal of financial economics, 47(1), 103-121.
  • Choi, S. D., Lee, I., & Megginson, W. (2010). Do privatization ipos outperform in the long run? Financial Management, 39(1), 153-185.
  • Clementi, G. L. (2002). IPOs and the growth of firms.
  • Danielson, M. G., Heck, J. L., & Shaffer, D. (2008). Shareholder theory-how opponents and proponents both get it wrong. Journal of Applied Finance (Formerly Financial Practice and Education), 18(2).
  • Donaldson, G. (1961). Corporate Debt Capacity, Graduate School of Business Administration. In: Harvard University Press.
  • Dunne, T., Roberts, M. J., & Samuelson, L. (1989). The growth and failure of US manufacturing plants. The Quarterly Journal of Economics, 104(4), 671-698.
  • Evans, D. S. (1987). The relationship between firm growth, size, and age: Estimates for 100 manufacturing industries. The journal of industrial economics, 567-581.
  • Farooq, K., AKBAR, S., & ALIM, K. (2018). Impact of Firm Characteristics on IPO's Short Run Performance: Evidence from Pakistan.
  • Gleason, K. C., Jain, R., & Rosenthal, L. (2006). Alternatives for going public: Evidence from reverse takeovers, self-underwritten IPOs, and traditional IPOs.
  • Gujarati, D. N. (2009). Basic econometrics: Tata McGraw-Hill Education.
  • Hall, B. H. (1986). The relationship between firm size and firm growth in the US manufacturing sector. In: National Bureau of Economic Research Cambridge, Mass., USA.
  • Ibbotson, R. G., & Ritter, J. R. (1995). Initial public offerings. Handbooks in operations research and management science, 9, 993-1016.
  • Jain, B. A., & Kini, O. (1994). The post-issue operating performance of IPO firms. The Journal of Finance, 49(5), 1699-1726.
  • Javid, A. Y., & Malik, H. (2016). Performance and capital structure of IPOs in Pakistan from 2000 to 2015. Financial Innovation, 2(1), 14.
  • Kim, W., & Weisbach, M. (2005). Do firms go public to raise capital? Lewis-Beck, M. (1995). Data analysis: An introduction: Sage
  • Loughran, T., & Ritter, J. R. (1995). The new issues puzzle. The Journal of Finance, 50(1), 23-51.
  • Loughran, T., & Ritter, J. R. (1997). The operating performance of firms conducting seasoned equity offerings. The Journal of Finance, 52(5), 1823-1850.
  • Mello, A. S., & Parsons, J. E. (1998). Going public and the ownership structure of the firm. Journal of financial economics, 49(1), 79-109.
  • Miller, E. M. (1977). Risk, uncertainty, and divergence of opinion. The Journal of Finance, 32(4), 1151- 1168.
  • Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
  • Pagano, M., Panetta, F., & Zingales, L. (1998). Why do companies go public? An empirical analysis. The Journal of Finance, 53(1), 27-64.
  • Ritter, J. R. (1991). The long-run performance of initial public offerings. The Journal of Finance, 46(1), 3-27.
  • Salinger, M. A. (1984). Tobin's q, unionization, and the concentration-profits relationship. the Rand journal of Economics, 15(2), 159-170.
  • SF Ho, C., Hamzah, R. A., & Shariza, R. A. (2011). Pre-ipo characteristics and post-ipo operating performance in Malaysia. Business Management Quarterly Review, 2(1), 54-64.
  • Valarmathi, S., Jossy, C., & Babu, A. (2018). Pre IPO and Post Ipo Operating Performance Evaluation on Indian Select Companies. Asian Journal of Management, 9(1), 127-132.
  • Wang, C. (2005). Ownership and operating performance of Chinese IPOs. Journal of Banking & Finance, 29(7), 1835-1856.
  • Wang, Z. (2013). Do the Investment and Return-on-Equity Factors Proxy for Economic Risks? Financial Management, 42(1), 183-209.
  • Wernerfelt, B., & Montgomery, C. A. (1988). Tobin's q and the importance of focus in firm performance. The American Economic Review, 246-250.

References

  • Agyemang, B., & Agalega, E. (2014). Altman's Z-Score Performance Assessment of Corporate Organizations in Ghana. Africa Development and Resource Research Institute Journal, 6(2), 14-29.
  • Ahmad, Z., & Mei, L. S. (2005). Operating performance of initial public offerings in Malaysia. Capital Markets Review, 13(1&2), 21-32.
  • Ahsan, A. M. (2012). Can ROE be used to predict portfolio performance? Economics, Management, and Financial Markets, 7(2), 132-148.
  • Ak, B. K., Dechow, P. M., Sun, Y., & Wang, A. Y. (2013). The use of financial ratio models to help investors predict and interpret significant corporate events. Australian journal of management, 38(3), 553-598.
  • Alanazi, A., Liu, B., & Forster, J. (2011). Saudi Arabian IPOs and privatized firms profitability. Review of Middle East Economics and Finance, 7(1), 67-90.
  • Borghesi, R., & Pencek, T. (2013). Predicting first-year returns of health care IPOs. Borghesi, Richard and Tom Pencek, 877-884.
  • Braun, M., & Larrain, B. (2005). Finance and the business cycle: international, inter-industry evidence. The Journal of Finance, 60(3), 1097-1128.
  • Chen, L., & Novy-Marx, R. (2011). An alternative three-factor model. Available at SSRN 1418117.
  • Cheng, T., & Renucci, A. (2013). Long-run performance of IPO stocks: Is the end of the lockup period crucial. In.
  • Cho, M. H. (1998). Ownership structure, investment, and the corporate value: an empirical analysis. Journal of financial economics, 47(1), 103-121.
  • Choi, S. D., Lee, I., & Megginson, W. (2010). Do privatization ipos outperform in the long run? Financial Management, 39(1), 153-185.
  • Clementi, G. L. (2002). IPOs and the growth of firms.
  • Danielson, M. G., Heck, J. L., & Shaffer, D. (2008). Shareholder theory-how opponents and proponents both get it wrong. Journal of Applied Finance (Formerly Financial Practice and Education), 18(2).
  • Donaldson, G. (1961). Corporate Debt Capacity, Graduate School of Business Administration. In: Harvard University Press.
  • Dunne, T., Roberts, M. J., & Samuelson, L. (1989). The growth and failure of US manufacturing plants. The Quarterly Journal of Economics, 104(4), 671-698.
  • Evans, D. S. (1987). The relationship between firm growth, size, and age: Estimates for 100 manufacturing industries. The journal of industrial economics, 567-581.
  • Farooq, K., AKBAR, S., & ALIM, K. (2018). Impact of Firm Characteristics on IPO's Short Run Performance: Evidence from Pakistan.
  • Gleason, K. C., Jain, R., & Rosenthal, L. (2006). Alternatives for going public: Evidence from reverse takeovers, self-underwritten IPOs, and traditional IPOs.
  • Gujarati, D. N. (2009). Basic econometrics: Tata McGraw-Hill Education.
  • Hall, B. H. (1986). The relationship between firm size and firm growth in the US manufacturing sector. In: National Bureau of Economic Research Cambridge, Mass., USA.
  • Ibbotson, R. G., & Ritter, J. R. (1995). Initial public offerings. Handbooks in operations research and management science, 9, 993-1016.
  • Jain, B. A., & Kini, O. (1994). The post-issue operating performance of IPO firms. The Journal of Finance, 49(5), 1699-1726.
  • Javid, A. Y., & Malik, H. (2016). Performance and capital structure of IPOs in Pakistan from 2000 to 2015. Financial Innovation, 2(1), 14.
  • Kim, W., & Weisbach, M. (2005). Do firms go public to raise capital? Lewis-Beck, M. (1995). Data analysis: An introduction: Sage
  • Loughran, T., & Ritter, J. R. (1995). The new issues puzzle. The Journal of Finance, 50(1), 23-51.
  • Loughran, T., & Ritter, J. R. (1997). The operating performance of firms conducting seasoned equity offerings. The Journal of Finance, 52(5), 1823-1850.
  • Mello, A. S., & Parsons, J. E. (1998). Going public and the ownership structure of the firm. Journal of financial economics, 49(1), 79-109.
  • Miller, E. M. (1977). Risk, uncertainty, and divergence of opinion. The Journal of Finance, 32(4), 1151- 1168.
  • Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
  • Pagano, M., Panetta, F., & Zingales, L. (1998). Why do companies go public? An empirical analysis. The Journal of Finance, 53(1), 27-64.
  • Ritter, J. R. (1991). The long-run performance of initial public offerings. The Journal of Finance, 46(1), 3-27.
  • Salinger, M. A. (1984). Tobin's q, unionization, and the concentration-profits relationship. the Rand journal of Economics, 15(2), 159-170.
  • SF Ho, C., Hamzah, R. A., & Shariza, R. A. (2011). Pre-ipo characteristics and post-ipo operating performance in Malaysia. Business Management Quarterly Review, 2(1), 54-64.
  • Valarmathi, S., Jossy, C., & Babu, A. (2018). Pre IPO and Post Ipo Operating Performance Evaluation on Indian Select Companies. Asian Journal of Management, 9(1), 127-132.
  • Wang, C. (2005). Ownership and operating performance of Chinese IPOs. Journal of Banking & Finance, 29(7), 1835-1856.
  • Wang, Z. (2013). Do the Investment and Return-on-Equity Factors Proxy for Economic Risks? Financial Management, 42(1), 183-209.
  • Wernerfelt, B., & Montgomery, C. A. (1988). Tobin's q and the importance of focus in firm performance. The American Economic Review, 246-250.

Cite this article

APA

    APA : Khan, I., Shah, S., & Ahmad, W. (2020). The Impact of Going Public Decision on Company Performance: Evidence from Pakistan. Global Social Sciences Review, V(III), 156-165. https://doi.org/10.31703/gssr.2020(V-III).17

CHICAGO

    CHICAGO : Khan, Ihtesham, Sikandar Shah, and Wisal Ahmad. 2020. "The Impact of Going Public Decision on Company Performance: Evidence from Pakistan." Global Social Sciences Review, V (III): 156-165 doi: 10.31703/gssr.2020(V-III).17

HARVARD

    HARVARD : KHAN, I., SHAH, S. & AHMAD, W. 2020. The Impact of Going Public Decision on Company Performance: Evidence from Pakistan. Global Social Sciences Review, V, 156-165.

MHRA

    MHRA : Khan, Ihtesham, Sikandar Shah, and Wisal Ahmad. 2020. "The Impact of Going Public Decision on Company Performance: Evidence from Pakistan." Global Social Sciences Review, V: 156-165

MLA

    MLA : Khan, Ihtesham, Sikandar Shah, and Wisal Ahmad. "The Impact of Going Public Decision on Company Performance: Evidence from Pakistan." Global Social Sciences Review, V.III (2020): 156-165 Print.

OXFORD

    OXFORD : Khan, Ihtesham, Shah, Sikandar, and Ahmad, Wisal (2020), "The Impact of Going Public Decision on Company Performance: Evidence from Pakistan", Global Social Sciences Review, V (III), 156-165

TURABIAN

    TURABIAN : Khan, Ihtesham, Sikandar Shah, and Wisal Ahmad. "The Impact of Going Public Decision on Company Performance: Evidence from Pakistan." Global Social Sciences Review V, no. III (2020): 156-165. https://doi.org/10.31703/gssr.2020(V-III).17