Does share capital mater for company performance?

Tadeusz Dudycz

Economic Research-Ekonomska Istraživanja, 2022, vol. 35, issue 1, 3035-3059

Abstract: This article examines the impact of share capital on companies’ performance as well as the effect of accounting information on companies’ market performance and the impact of pre-IPO information on the predictive power of companies' performance after an initial public offering (IPO). The research was conducted on a sample of IPO companies debuting on the Warsaw Stock Exchange. It shows that a large percentage of share capital in equity reduces capital flexibility but can also be a signal to improve companies' market performance. It also shows that after an IPO, the market's information efficiency diminishes, which means, among other things, that pre-IPO accounting information has a negligible impact on the companies’ market performance after the IPO.

Date: 2022
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DOI: 10.1080/1331677X.2021.1985575

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