“Kreowanie wyników” jako czynnik niedowartościowania ceny akcji spółek IPO na przykładzie GPW w Warszawie

• Authors: Cieślik Rafał

Title variants

EN

“Earnings Management” as a Factor for Underpricing Initial Public Offerings: Evidence from the Warsaw Stock Exchange

• Languages of publication: PL EN

Abstracts

PL

W artykule podjęto próbę oceny zależności pomiędzy „jakością zysku” a efektem niedowartościowania ceny emisyjnej akcji spółek IPO. Badaniem objęto dane zawarte w sprawozdaniach finansowych jednostek, które dokonały pierwszej oferty publicznej poprzez wejście na GPW w Warszawie w latach 2008–2011. W celu oceny jakości zysku wykorzystano podejście oparte na pomiarze intencjonalnych różnic memoriałowych. Wyniki przeprowadzonego badania są zgodne z teoretycznymi założeniami oraz z rezultatami innych opracowań i wykazały, iż w ramach polskiego rynku kapitałowego jakość informacji finansowej jest istotnym czynnikiem uzasadniającym efekt niedowartościowania akcji w procesie IPO.

EN

The paper undertakes the assessment of the relationship between “earnings quality” and the underpricing effect in initial public offerings (IPO). The research encompasses data found in the financial statements of companies making their IPO on the Warsaw Stock Exchange over the years 2008–2011. The approach used to assess earnings quality was the measurement of abnormal accruals. The results of this research are consistent with other studies. They demonstrate that on the Polish capital market the “quality” of financial information is a significant factor behind the underpricing of shares in the IPO process.

Keywords

PL

jakość zysku; kreowania wyniku finansowego manipulacje księgowe; różnice memoriałowe; IPO; niedowartościowanie akcji spółek IPO

EN

earnings quality; earnings management; accounting manipulations; accruals; IPO; underpricing

• Publisher: Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
• Journal: Problemy Zarządzania
• Year: 2016
• Issue: 4/2016 (63), t.1
• Pages: 103 - 112

Dates

published

2016-11-30

Contributors

author

Cieślik Rafał

• University of Warsaw, Faculty of Management

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Identifiers

ISSN

1644-9584

DOI

10.7172/1644-9584.63.7