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  • The ownership change and IPO firm performance: Evidence from the six emerging markets

    File version
    Accepted Manuscript (AM)
    Author(s)
    Alanazi, Ahmed S.
    Liu, Benjamin
    Griffith University Author(s)
    Liu, Benjamin
    Year published
    2015
    Metadata
    Show full item record
    Abstract
    This paper investigates the financial and operating performance of IPOs made in the Gulf Cooperation Council (GCC) region for the period of 2003 to 2010. The results suggest that IPO firm performance declines after going public after ownerships are altered in IPOs. The deterioration is associated with the firm transition from private into public ownership perhaps due to increasing agency costs. We also find evidence that supports the lack of opportunity theory because the firm’s growth in sales and capital expenditure in the pre-IPO period is much stronger than the post-IPO period. We also find that size of the firm is ...
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    This paper investigates the financial and operating performance of IPOs made in the Gulf Cooperation Council (GCC) region for the period of 2003 to 2010. The results suggest that IPO firm performance declines after going public after ownerships are altered in IPOs. The deterioration is associated with the firm transition from private into public ownership perhaps due to increasing agency costs. We also find evidence that supports the lack of opportunity theory because the firm’s growth in sales and capital expenditure in the pre-IPO period is much stronger than the post-IPO period. We also find that size of the firm is positively significant to IPO firm performance.
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    Journal Title
    Corporate Ownership & Control
    Volume
    12
    Issue
    4
    DOI
    https://doi.org/10.22495/cocv12i4p11
    Copyright Statement
    © 2015 Virtus Interpress. This is the author-manuscript version of this paper. Reproduced in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
    Subject
    Accounting, auditing and accountability
    Banking, finance and investment
    Business systems in context not elsewhere classified
    Publication URI
    http://hdl.handle.net/10072/125144
    Collection
    • Journal articles

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