PL EN


2014 | 198 cz 2 | 86-94
Article title

Cele emisji akcji w pierwszej ofercie publicznej w okresie 2008-2013

Content
Title variants
EN
The Goals of Issuance Shares in the Initial Public Offering in 2008-2013
Languages of publication
PL
Abstracts
EN
The subject of the paper is to analyze the goals within the Initial Public Offering (IPO) at Warsaw Stock Exchange. The analysis aims to determine the impact of the economic slowdown on the structure of planned expenditures from the resources gained through the first public share issuance. On the basis of the subject literature the hypothesis was assumed as follows: in the analyzed period the goals of shares issuance change, i.e., along with the economic downturn the financial resources are gained mainly to finance the organic development, to a lesser extent, however, they are used to finance mergers and acquisitions. The empirical research focused on analyzing the goals of shares issuance in prospectuses of 35 Polish industrial companies which in the analyzed period performed the first share issuance at WSE in Warsaw. The research findings allow to draw the conclusion that in the investigated period financing property investment and net working capital are the main directions for planning the use of resources from share issuance. One may also point at two years characterized by relatively high GDP dynamic, when a vast majority of resources was meant to finance the external development.
Year
Volume
Pages
86-94
Physical description
Contributors
References
  • de Albornoz B.G., Pope P.F.: The Determinants of the Going Public Decision: Evidence from the U.K. WP-AD 2004-22, http://www.ivie.es/downloads/docs/wpasad/ wpasad-2004-22.pdf.
  • Kasprzak-Czelej A.: Giełdowy rynek akcji a gospodarka. Ujęcie funkcyjne. Difin, Warszawa 2012.
  • Łukasik A.: Polityka pozyskania kapitału przez przedsiębiorstwa w warunkach rozwoju rynku finansowego. Wydawnictwo AE w Katowicach, Katowice 1998.
  • Manikowski A., Tarapata Z.: Ocena projektów gospodarczych. Modele i metody. Część I. Difin, Warszawa 2001.
  • Mayur M., Kumar M.: Determinants of Going-Public Decision in an Emerging Market: Evidence from India. "VIKALPA' 2013, Vol. 38, No. 1, January-March.
  • Perepeczo A.: Fale fuzji i przejęć w latach 1990-2009 a kryzys finansowy. "Zeszyty Naukowe Uniwersytetu Szczecińskiego" 2010, nr 646.
  • Witryna internetowa Giełdy Papierów Wartościowych w Warszawie, http://www.gpw.pl.
  • Witryna internetowa Głównego Urzędu Statystycznego, http://www.stat.gov.pl.
Document Type
Publication order reference
Identifiers
ISSN
2083-8611
YADDA identifier
bwmeta1.element.desklight-578ab59d-36f6-418d-bd01-0fea5850845c
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