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An empirical analysis of pre and post initial public offering (ipo) performance

Author: 
Harleytega Williams, Joseph M. Okonkwo, Irinyemi A. Benson and Adetoso Adegoke
Subject Area: 
Social Sciences and Humanities
Abstract: 

This study investigates the impact of pre and post Initial Public Offering (IPO) Performance on selected firms. The data analysis ranges from 1 to 300 observations within a model specification framework on a Multivariate methodology. Two models were formulated to carry out the analysis on an Eview7 statistical package. The objective was to find out the position of the selected firms before and after IPO has been initiated and do a comparative analysis. From the analysis, Model two was seen as the best model to carry out a research of this nature because the independent variables such as age of company, total asset, ownership concentration, CEO stockholdings, average return on capital employed and the industry in which the company operates are regarded as the factors that influences IPO performance. The result shows that all the variables are positive showing a direct relation with IPOR. The coefficient of determination shows 52.9% indicating that the model is good fit and the F-statistics of 54.8558 shows that all the variables in the model are statistically significant. However, the Durbin Watson statistics shows the presence of positive serial correlation. The study therefore recommend that firms should uphold the principles of good corporate governance and also ensure they disclose relevant information to the public in terms of CEO stockholdings in the company so as to build public confidence and to create and maintain good business image.

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