Do Spanish IPO firms fit the Continental European model for going public?

  1. Vicente A. Sanchis 1
  2. José E. Farinós 1
  3. David Conesa 1
  4. Pardo Pérez, Francisca
  1. 1 Universitat de València
    info

    Universitat de València

    Valencia, España

    ROR https://ror.org/043nxc105

Zeitschrift:
Revista española de financiación y contabilidad

ISSN: 0210-2412

Datum der Publikation: 2020

Ausgabe: 49

Nummer: 3

Seiten: 345-369

Art: Artikel

DOI: 10.1080/02102412.2019.1650238 DIALNET GOOGLE SCHOLAR

Andere Publikationen in: Revista española de financiación y contabilidad

Zusammenfassung

Este trabajo analiza los determinantes de la decisión de salir a bolsa en el mercado español de una muestra de empresas no financieras que llevaron a cabo una oferta pública inicial (OPI) de acciones en el período 1997-2013. Para ello, empleamos una serie de características relacionadas con las empresas y el entorno económico y los métodos de regresión logit para obtener el modelo que mejor se ajusta a nuestros datos, utilizando como muestra de control las empresas que podrían haber salido a bolsa en el mismo período, pero optaron por no hacerlo. En España, las empresas que salieron a bolsa se caracterizaron por ser relativamente más grandes y más arriesgadas que las que no lo hicieron. Además, sus OPI se produjeron después de un período de inversión y crecimiento, aunque no parece que tuvieran la intención de reequilibrar su estructura financiera o reducir sus costes financieros. Asimismo, nuestros resultados son robustos a diferentes análisis de sensibilidad. La evidencia obtenida sugiere que las compañías españolas que realizaron una OPI no se ajustan al modelo de Europa continental para salir a bolsa. Por lo tanto, parece que las diferencias entre el modelo europeo continental y el modelo anglosajón se están desvaneciendo.

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Fuente de los datos: Dialnet