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Post–Initial Public Offering Operating Performance and Its Determinants: Initial Public Offering Characteristics and Corporate Governance Practices

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  • Evren Arik
  • Elif Mutlu

Abstract

We examine the post–initial public offering (IPO) operating performance of firms going public in Borsa Istanbul. Covering the period 2007–13 and 102 IPO firms, we find that operating performance indicators except cash flows from operations over total assets decline following the IPOs relative to the pre-IPO year, confirming the previous research, albeit to a lesser extent than in the previous studies. We document that number of intermediaries and intermediation type act as determinants of post-IPO performance measures. We also find evidence suggesting the role of firm-specific corporate governance practices in the post-IPO operating performance.

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  • Evren Arik & Elif Mutlu, 2015. "Post–Initial Public Offering Operating Performance and Its Determinants: Initial Public Offering Characteristics and Corporate Governance Practices," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 51(S2), pages 62-83, March.
    • Handle: RePEc:mes:emfitr:v:51:y:2015:i:s2:p:s62-s83
    DOI: 10.1080/1540496X.2014.998943
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    Cited by:

    1. Laokulrach Marisa, 2019. "Operating performance of SMEs in Thailand after going public," Management & Marketing, Sciendo, vol. 14(1), pages 1-13, March.

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