کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1002408 1377558 2016 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The role of internationalization on the IPO performance of service firms: Examination of initial returns, long-run returns, and survivability
ترجمه فارسی عنوان
نقش بین المللی کردن بر عملکرد IPO شرکتهای خدماتی: بررسی بازده اولیه، بازده بلندمدت و بقا
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی


• We examine the link between internationalization and initial public offering (IPO) performance of service firms.
• Our examination focuses on initial returns, long-run returns, operating performance, and post-IPO survivability.
• Pre-IPO internationalization is negatively related to IPO initial returns.
• 3-year CARs and BAH returns are significantly higher for international service firms.
• Pre-IPO internationalization increases the rate of survival subsequent to an IPO.

This study examines the effect of internationalization on the initial and long-run IPO performance of service firms. The study discusses that pre-IPO internationalization of service firms contributes to the explanation of long-discussed IPO underpricing phenomenon, and underperformance of IPOs in the long-run. Sample of the study includes 1822 IPO issues conducted by US service firms between 1980 and 2009. Findings of the study suggest that international service firms leave less money on table in their IPOs compared to domestic service firms by providing significantly lower first day returns to their investors on their first day of public trading. Moreover, our findings provide evidence that 3-year cumulative abnormal returns and 3-year buy-and-hold returns of international service firms are significantly higher than domestic service firms, and international service firms outperform domestic service firms in both operating return on assets and operating cash flows in the post-IPO period. Lastly, the study documents that survival rate of service firms subsequent to an IPO issue increases with pre-IPO internationalization.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Business Review - Volume 25, Issue 5, October 2016, Pages 997–1009
نویسندگان
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