How does uncertainty impact IPO activity? International evidence

Demir, Ender; García-Gómez, Conrado Diego; Díez-Esteban, José María; Farinha, Jorge Bento

dc.title	How does uncertainty impact IPO activity? International evidence	en
dc.contributor.author	Demir, Ender
dc.contributor.author	García-Gómez, Conrado Diego
dc.contributor.author	Díez-Esteban, José María
dc.contributor.author	Farinha, Jorge Bento
dc.relation.ispartof	Finance Research Letters
dc.identifier.issn	1544-6123 Scopus Sources, Sherpa/RoMEO, JCR
dc.identifier.issn	1544-6131 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued	2023
utb.relation.volume	58
dc.type	article
dc.language.iso	en
dc.publisher	Elsevier Ltd
dc.identifier.doi	10.1016/j.frl.2023.104517
dc.relation.uri	https://doi.org/10.1016/j.frl.2023.104517
dc.relation.uri	https://www.sciencedirect.com/science/article/pii/S1544612323008899
dc.relation.uri	https://www.sciencedirect.com/science/article/pii/S1544612323008899/pdfft?md5=ea17196c0ca6b2206e1a65174ccf1372&pid=1-s2.0-S1544612323008899-main.pdf
dc.subject	world uncertainty index	en
dc.subject	IPO activity	en
dc.subject	IPO proceeds	en
dc.subject	institutional quality	en
dc.description.abstract	This paper examines the impact of economic uncertainty on IPO activity in 52 countries. Using a dataset of 70,760 IPOs from 1990 to 2021, we find that economic uncertainty (proxied by the World Uncertainty Index) has a negative effect on IPO activity (both IPO count and proceeds). Additionally, we show that a country's institutional quality, characterized using the World Governance Indicators, alleviates the negative effect of uncertainty on IPO activity. These findings are robust to alternative model specifications. Relevant policy implications are also provided.	en
utb.faculty	Faculty of Management and Economics
dc.identifier.uri	http://hdl.handle.net/10563/1011718
utb.identifier.obdid	43884990
utb.identifier.scopus	2-s2.0-85173781324
utb.identifier.wok	001098491700001
utb.source	j-scopus
dc.date.accessioned	2023-12-05T11:36:34Z
dc.date.available	2023-12-05T11:36:34Z
dc.description.sponsorship	Ministry of Science, Innovation, (PID2020-114797GB-I00); Fundação para a Ciência e a Tecnologia, FCT, (UIDB/04105/2020)
utb.ou	Department of Business Administration
utb.contributor.internalauthor	Demir, Ender
utb.fulltext.sponsorship	This research has been financed by Spanish Public Funds through the Ministry of Science, Innovation in the framework of the project PID2020-114797GB-I00 and Portuguese Public Funds through FCT - Fundação para a Ciência e a Tecnologia, I.P., in the framework of the project UIDB/04105/2020.
utb.wos.affiliation	[Demir, Ender] Reykjavik Univ, Sch Social Sci, Dept Business Adm, Reykjavik, Iceland; [Demir, Ender] Tomas Bata Univ Zlin, Fac Management & Econ, Dept Business Adm, Zlin, Czech Republic; [Garcia-Gomez, Conrado Diego] Univ Valladolid, Dept Financial Econ & Accounting, Duques de Soria Campus,Calle Univ S-N, Soria 42004, Spain; [Garcia-Gomez, Conrado Diego] Univ Porto, Ctr Econ & Finance CEF UP, Porto, Portugal; [Diez-Esteban, Jose Maria] Univ Burgos, Dept Econ & Business Adm, Pza Infanta Elena, Burgos 09001, Spain; [Farinha, Jorge Bento] Univ Porto, Fac Econ, Rua Roberto Frias, P-4200464 Porto, Portugal; [Farinha, Jorge Bento] Univ Porto, Ctr Econ & Finance CEF UP, Rua Roberto Frias, P-4200464 Porto, Portugal
utb.scopus.affiliation	Department of Business Administration, School of Social Sciences, Reykjavik University, Reykjavik, Iceland; Department of Business Administration, Faculty of Management and Economics, Tomas Bata University in Zlin, Zlin, Czech Republic; Department of Financial Economics and Accounting, University of Valladolid, Duques de Soria Campus, Calle Universidad s/n, Soria, 42004, Spain; Center for Economics and Finance (CEF-UP), University of Porto, Porto, Portugal; Department of Economics and Business Administration, University of Burgos, Pza, Burgos, Infanta Elena, 09001, Spain; Faculty of Economics and Center for Economics and Finance (CEF-UP), University of Porto, Rua Roberto Frias, Porto, 4200-464, Portugal
utb.fulltext.projects	PID2020-114797GB-I00
utb.fulltext.projects	UIDB/04105/2020