Does share capital mater for company performance?

Figures & data

Table 1. Sample characteristics.

		1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	1998–2013
Panel A
Total number of IPOs		51	20	11	7	5	6	36	58	63	81	31	13	34	38	19	23	496
Sample number of IPOs		25	15	9	5	2	5	24	22	25	52	22	9	21	12	4	7	259
Sample number of IPOs to total number of IPOs [%]		49.0	75.0	81.8	71.4	40.0	83.3	66.7	37.9	39.7	64.2	71.0	69.2	61.8	31.6	21.1	30.4	52.2
GDP growth [%]		5.0	4.5	4.3	1.2	1.4	3.9	5.3	3.6	6.2	6.8	5.1	1.6	3.8	4.3	1.9	1.6	74.5
WIG		12,795.6	18,083.6	17,847.6	13,922.2	14,366.7	20,820.1	26,636.2	35,600.8	50,411.8	55,648.5	27,228.6	39,986.0	47,489.9	37,595.4	47,460.6	51,284.3
Panel B
Assets −1 [PLN million]	Mean	44.8	142.5	596.2	43.1	86.1	134.9	130.5	1 044.6	118.9	97.9	496.1	2,719.5	129.7	115.2	312.9	183.3	331.9
	SD	35.9	172.4	1 158.3	33.8	52.8	57.0	212.7	3 134.6	168.5	152.6	1,868.1	7,160.0	146.2	85.6	253.5	123.5	1,736.8
	Median	34.8	52.5	39.4	41.7	86.1	122.0	74.2	52.4	55.9	52.1	29.0	69.9	93.9	96.3	329.3	161.6	54.7
Sales −1 [PLN million]	Mean	91.4	235.8	174.0	47.5	269.4	162.8	107.3	966.3	144.5	118.3	343.6	1,243.6	90.6	98.1	144.0	82.0	253.5
	SD	101.9	260.9	249.5	67.7	299.5	85.1	221.2	2,215.7	256.9	130.9	1,072.9	3,190.0	114.5	88.5	156.8	141.8	961.8
	Median	52.8	78.5	63.1	23.1	269.4	189.3	49.2	77.7	50.0	62.5	26.8	36.5	53.7	69.2	120.7	8.0	54.9

Source: The Author.

Table 2. Variable definitions.

Variable	Definition
Dependent variables
ROA	Return on assets defined as earnings before interests and taxes divided by total assets
ROE	Return on equity defined as net income divided by shareholders’ equity, calculated as the difference between total assets and total liabilities
IP/BV	Issue price to book value of shares
MV/BV	The ratio of market value to the book value of shares
Q-T	Tobin’s Q ratio approximated by using Chung and Pruitt (1994) formula: Approximate Q-T = (MVE + PS + D)/TA, where MVE is the product of a firm’s share price and the number of common stock shares outstanding, PS is the liquidating value of the firm’s outstanding preferred stock, D is the value of short-term liabilities net of short-term assets, plus the book value of the long-term debt, and TA is book value of the total assets.
CAR	Cumulative abnormal return calculated as: ${\mathit{CAR}}_T={\sum }_{t=0}^T\left[\frac{{\sum }_{i=1}^N\left(R_{it}-R_{Bt}\right)}{N}\right]$
BHAR	Buy-and-hold abnormal return calculated as: ${\mathit{BHAR}}_T=\frac{1}{N}{\sum }_{i=1}^N\left[{\prod }_{t=0}^T\left(1+R_{it}\right)-{\prod }_{t=t_i}^T\left(1+R_{Bt}\right)\right]$ where Rit is the return on IPO firm i in month t, RBt is the return on the benchmark portfolio in month t, N is the number of IPO firms, and T is the number of months
Independent variables
ROE	Return on equity
ROS	Return on sales ratio defined as earnings before interests and taxes divided by net sales
S/A	Net sales to total assets ratio
CR	Cash ratio defined as short-term investments divided by current liabilities
E/FA	Shareholders’ equity-to-fixed-assets ratio
D/A	Debt ratio defined as total debt (the sum of current liabilities and long-term liabilities) divided by total assets
SC/E	Share capital to the total shareholders’ equity ratio
Ln Assets	Natural logarithm of total assets
Ln S	Natural logarithm of net sales
Ln NrSh	Natural logarithm of number of shares issued
IP/NP	Isue price to nominal price
Equity growth	Percentage increase in shareholders’ equity calculated as proceeds divided by sharelolders’ equity before new issue
Sector	Sector of the economy. A variable used to control for the sector effect, which is coded as: 1 – architecture; 2 – chemical industry; 3 – energy; 4 – mining and metallurgy; 5 – trade; 6 – information technology; 7 – media and telecommunications; 8 – heavy industry; 9 – light industry; 10 – food industry; 11 – services.
WIG	Warsaw Stock Exchange Index
GDP [%]	GDP growth rate defined as the percentage change in gross domestic product during one year

Source: The Author.

Table 3. Regression analysis of ROA.

	ROAIPO-1	ROA IPO+0	ROA IPO+1	ROA IPO+2	ROA IPO+3	ROA IPO+4	ROA IPO+5	ROA IPO+0	ROA IPO+1	ROA IPO+2	ROA IPO+3	ROA IPO+4	ROA IPO+5
Panel A: Mean value
N	259	259	259	259	252	233	215
Mean	0.127	0.078	0.042	−0.002	0.021	0.029	0.041
Trimmed mean 5%	0.122	0.080	0.052	0.027	0.025	0.030	0.024
SD	0.124	0.094	0.120	0.246	0.244	0.187	0.422
Median	0.104	0.073	0.052	0.033	0.032	0.031	0.031
Panel B: Regression analysis
	Panel B1: Independent variables from each year							Panel B2: Independent variables from the year before IPO
ROS	0.004	0.048	0.050	0.014	0.303***	0.387***	0.214***	0.004	−0.052	−0.011	−0.012	−0.019	−0.034
	(0.959)	(0.436)	(0.402)	(0.780)	(0.000)	(0.000)	(0.001)	(0.959)	(0.470)	(0.886)	(0.866)	(0.795)	(0.665)
S/A	0.090	0.118**	0.092	0.063	0.126**	0.102*	0.372***	0.090	0.121*	0.036	0.017	0.042	−0.013
	(0.132)	(0.047)	(0.125)	(0.197)	(0.013)	(0.090)	(0.000)	(0.132)	(0.052)	(0.575)	(0.791)	(0.516)	(0.846)
CR	−0.123*	−0.189***	−0.112	−0.119**	−0.058	−0.011	0.020	−0.123*	−0.236***	−0.157**	−0.026	0.004	−0.012
	(0.092)	(0.004)	(0.058)	(0.015)	(0.248)	(0.859)	(0.757)	(0.092)	(0.002)	(0.048)	(0.744)	(0.964)	(0.888)
D/A	−0.043	−0.159**	−0.424***	−0.658***	−0.446***	−0.358***	−0.028	−0.043	0.115*	−0.037	−0.152**	−0.066	0.044
	(0.468)	(0.012)	(0.000)	(0.000)	(0.000)	(0.000)	(0.677)	(0.468)	(0.079)	(0.591)	(0.026)	(0.338)	(0.546)
E/FA	0.059	0.014	0.060	−0.113**	0.001	−0.063	0.038	0.059	0.064	0.076	0.050	−0.011	0.011
	(0.366)	(0.823)	(0.299)	(0.038)	(0.978)	(0.362)	(0.644)	(0.366)	(0.348)	(0.281)	(0.476)	(0.882)	(0.888)
SC/E	−0.149**	−0.283***	−0.085	−0.074	−0.116**	−0.117**	−0.045	−0.149**	−0.116*	−0.048	0.019	−0.104	−0.048
	(0.016)	(0.000)	(0.152)	(0.163)	(0.020)	(0.040)	(0.589)	(0.016)	(0.084)	(0.488)	(0.788)	(0.137)	(0.509)
Ln Assets	−0.331***	0.027	0.075	0.187***	0.214***	−0.015	−0.047	−0.331***	−0.064	−0.022	0.103	−0.017	−0.111
	(0.000)	(0.676)	(0.225)	(0.000)	(0.000)	(0.807)	(0.502)	(0.000)	(0.367)	(0.767)	(0.165)	(0.823)	(0.160)
Equity growth [%]		−0.124*	−0.043	−0.014	0.034	−0.059	−0.126*		−0.124	−0.005	0.082	0.078	−0.058
		(0.059)	(0.486)	(0.779)	(0.507)	(0.318)	(0.061)		(0.108)	(0.947)	(0.301)	(0.337)	(0.487)
Sector	0.005	0.025	−0.032	−0.015	−0.017	0.068	0.029	0.005	−0.004	−0.068	−0.075	0.098	0.072
	(0.934)	(0.678)	(0.586)	(0.758)	(0.730)	(0.257)	(0.660)	(0.934)	(0.953)	(0.297)	(0.244)	(0.133)	(0.303)
WIG	−0.033	−0.087	−0.016	0.006	0.132**	0.106*	0.165**	−0.033	0.043	0.049	−0.018	0.147**	0.063
	(0.579)	(0.188)	(0.795)	(0.900)	(0.018)	(0.074)	(0.018)	(0.579)	(0.508)	(0.470)	(0.793)	(0.032)	(0.372)
GDP [%]	0.053	0.195***	0.075	0.055	−0.039	0.059	0.073	0.053	0.084	−0.052	−0.130**	−0.062	−0.098
	(0.380)	(0.003)	(0.235)	(0.263)	(0.469)	(0.303)	(0.287)	(0.380)	(0.181)	(0.425)	(0.046)	(0.350)	(0.155)
R^2	0.167	0.180	0.197	0.450	0.435	0.314	0.220	0.167	0.108	0.035	0.045	0.048	0.029
F	4.980	4.920	5.511	18.347	16.617	9.044	5.088	4.980	2.732	0.812	1.063	1.110	0.610

Panel A reports the mean values of each variable Yt. IPO-1 to IPO + 5 denote the year in relation to IPO, where IPO + 0 is the year of IPO.

The results of the regressions from the model I_A are reported in Panel B1 and from the model II_A in Panel B2.

The constant term is not reported. P-values are reported in parentheses. (*), (**) and (***) indicate that coefficients are significant at the 10, 5 and 1 percent levels of significance, respectively.

Source: The Author.

Table 4. Regression analysis of ROE.

	ROEIPO-1	ROE IPO+0	ROE IPO+1	ROE IPO+2	ROE IPO+3	ROE IPO+4	ROE IPO+5	ROE IPO+0	ROE IPO+1	ROE IPO+2	ROE IPO+3	ROE IPO+4	ROE IPO+5
Panel A: Mean value
N	259	259	257	249	241	224	207
Mean	0.219	0.092	0.020	−0.076	−0.134	−0.098	−0.413
Trimmed mean 5%	0.214	0.101	0.063	0.020	−0.004	0.038	0.019
SD	0.238	0.149	0.432	0.722	1.113	1.450	5.536
Median	0.196	0.100	0.071	0.045	0.043	0.046	0.044
Panel B: Regression analysis
	Panel B1: Independent variables from each year							Panel B2: Independent variables from the year before IPO
ROS	0.033	0.331***	0.863***	−0.119***	0.561***	0.009	0.320***	0.033	−0.012	0.160***	0.030	0.002	−0.007
	(0.625)	(0.000)	(0.000)	(0.008)	(0.000)	(0.770)	(0.000)	(0.625)	(0.855)	(0.000)	(0.690)	(0.979)	(0.934)
S/A	0.078	0.107	0.041	0.034	0.079	0.033	0.186***	0.078	0.122**	0.051	0.029	0.033	0.016
	(0.188)	(0.057)	(0.083)	(0.444)	(0.090)	(0.302)	(0.007)	(0.188)	(0.034)	(0.144)	(0.652)	(0.627)	(0.820)
CR	−0.150**	−0.122**	−0.005	−0.051	−0.089	−0.053	0.018	−0.150**	−0.446***	−0.799***	−0.104	−0.015	0.004
	(0.038)	(0.046)	(0.832)	(0.259)	(0.054)	(0.115)	(0.792)	(0.038)	(0.000)	(0.000)	(0.189)	(0.860)	(0.958)
D/A	0.187***	0.057	−0.052**	−0.221***	−0.195***	−0.051	−0.207***	0.187***	0.152**	−0.148***	−0.204***	−0.025	−0.098
	(0.002)	(0.338)	(0.033)	(0.000)	(0.000)	(0.115)	(0.003)	(0.002)	(0.013)	(0.000)	(0.003)	(0.730)	(0.192)
E/FA	0.085	0.022	0.019	0.011	0.005	0.015	0.044	0.085	0.114	0.282***	0.076	0.046	−0.008
	(0.187)	(0.695)	(0.417)	(0.800)	(0.904)	(0.621)	(0.487)	(0.187)	(0.069)	(0.000)	(0.281)	(0.530)	(0.914)
SC/E	−0.166***	−0.274***	−0.159***	−0.656***	−0.363***	−0.895***	−0.037	−0.166***	−0.077	0.011	−0.056	0.010	−0.035
	(0.006)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.578)	(0.006)	(0.216)	(0.763)	(0.423)	(0.886)	(0.636)
Ln Assets	−0.255***	0.092	0.045	0.073	0.087	−0.024	0.204***	−0.255***	0.018	0.022	0.104	0.092	0.039
	(0.000)	(0.130)	(0.066)	(0.120)	(0.071)	(0.450)	(0.003)	(0.000)	(0.787)	(0.542)	(0.155)	(0.234)	(0.630)
Equity growth [%]		−0.058	−0.025	−0.040	−0.007	−0.006	−0.146**		−0.072	0.001	0.115	0.061	0.083
		(0.349)	(0.318)	(0.376)	(0.878)	(0.841)	(0.030)		(0.298)	(0.980)	(0.142)	(0.465)	(0.323)
Sector	0.008	0.021	0.002	0.023	−0.053	0.068**	0.066	0.008	−0.006	−0.035	−0.131**	−0.028	0.077
	(0.894)	(0.710)	(0.940)	(0.607)	(0.250)	(0.028)	(0.312)	(0.894)	(0.914)	(0.315)	(0.046)	(0.683)	(0.291)
WIG	0.084	0.013	0.060**	−0.021	−0.040	−0.023	−0.055	0.084	0.077	0.073**	−0.029	−0.068	0.071
	(0.153)	(0.840)	(0.015)	(0.653)	(0.424)	(0.454)	(0.417)	(0.153)	(0.188)	(0.039)	(0.656)	(0.322)	(0.326)
GDP [%]	0.052	0.124**	0.015	0.084	0.050	−0.001	−0.071	0.052	0.000	−0.144***	−0.100	0.023	−0.053
	(0.378)	(0.045)	(0.547)	(0.064)	(0.301)	(0.978)	(0.291)	(0.378)	(0.995)	(0.000)	(0.125)	(0.734)	(0.457)
R^2	0.187	0.260	0.875	0.559	0.554	0.826	0.269	0.187	0.237	0.720	0.0.72	0.014	0.024
F	5.690	7.880	155.71	27.296	25.685	90.057	6.368	5.690	6.967	57.334	1.671	0.288	0.468

As in Table 3.

Source: The Author.

Table 5. Regression analysis of the market to book value ratio.

	IP/BVIPO-1	MV/BVIPO+0	MV/BVIPO+1	MV/BVIPO+2	MV/BVIPO+3	MV/BVIPO+4	MV/BVIPO+5	MV/BVIPO+0	MV/BVIPO+1	MV/BVIPO+2	MV/BVIPO+3	MV/BVIPO+4	MV/BVIPO+5
Panel A: Mean value
N	259	259	259	259	252	233	214
Mean	5.964	2.445	1.387	1.830	2.103	1.323	1.882
Trimmed mean 5%	4.806	2.223	1.766	1.671	1.450	1.188	1.247
SD	7.744	1.923	10.810	2.734	9.632	2.933	5.805
Median	3.715	1.938	1.366	1.322	1.194	0.944	1.038
Panel B: Regression analysis
	Panel B1: Independent variables from each year							Panel B2: Independent variables from the year before IPO
ROE	0.290***	0.241***	0.092	−0.274***	−1.059***	−0.180	−0.179**	0.236***	0.018	0.036	−0.078	0.189***	0.019
	(0.000)	(0.000)	(0.187)	(0.002)	(0.000)	(0.141)	(0.015)	(0.000)	(0.793)	(0.598)	(0.267)	(0.008)	(0.809)
S/A	0.013	0.004	0.013	0.015	0.041	−0.007	−0.010	−0.018	−0.029	−0.018	0.033	−0.059	−0.001
	(0.796)	(0.950)	(0.832)	(0.806)	(0.104)	(0.912)	(0.904)	(0.738)	(0.654)	(0.776)	(0.619)	(0.373)	(0.986)
CR	0.036	−0.045	−0.101	−0.033	0.004	−0.043	−0.029	0.100*	0.061	−0.001	−0.041	0.067	−0.047
	(0.499)	(0.471)	(0.120)	(0.629)	(0.860)	(0.453)	(0.691)	(0.092)	(0.385)	(0.988)	(0.568)	(0.357)	(0.557)
D/A	0.251***	0.147**	0.160**	0.121*	−0.051*	0.136**	0.157**	0.129**	0.073	0.143**	0.097	0.087	0.137*
	(0.000)	(0.015)	(0.016)	(0.079)	(0.052)	(0.018)	(0.042)	(0.028)	(0.295)	(0.039)	(0.168)	(0.223)	(0.078)
E/FA	−0.034	0.017	−0.014	−0.053	−0.003	−0.011	−0.021	−0.091	−0.013	−0.028	−0.010	−0.024	0.003
	(0.514)	(0.768)	(0.815)	(0.368)	(0.890)	(0.833)	(0.754)	(0.114)	(0.850)	(0.680)	(0.882)	(0.736)	(0.965)
SC/E	0.428***	0.029	0.009	−0.196**	−0.396***	0.465***	−0.070	0.279***	0.134**	0.172**	−0.034	0.240***	−0.014
	(0.000)	(0.657)	(0.899)	(0.031)	(0.000)	(0.000)	(0.346)	(0.000)	(0.049)	(0.011)	(0.621)	(0.001)	(0.855)
Ln S	−0.138**	−0.206***	−0.191**	−0.074	0.031	0.030	−0.048	−0.020	0.130*	0.002	−0.180**	0.136*	−0.162*
	(0.017)	(0.005)	(0.021)	(0.355)	(0.295)	(0.660)	(0.618)	(0.747)	(0.084)	(0.974)	(0.019)	(0.085)	(0.062)
Ln NrSh	−0.105**	−0.044	−0.086	−0.055	0.040	−0.120**	−0.107	−0.134**	−0.112	−0.042	−0.009	−0.114	0.015
	(0.049)	(0.517)	(0.234)	(0.427)	(0.138)	(0.049)	(0.172)	(0.023)	(0.111)	(0.541)	(0.900)	(0.116)	(0.854)
IP/NP	0.190***	0.199***	0.088	0.050	−0.008	−0.025	−0.015	0.217***	0.075	0.113*	0.069	−0.019	0.021
	(0.000)	(0.001)	(0.144)	(0.407)	(0.724)	(0.634)	(0.824)	(0.000)	(0.260)	(0.088)	(0.313)	(0.785)	(0.781)
Sector	−0.036	0.057	0.030	0.084	0.044*	0.059	0.100	0.058*	0.070	0.122*	0.035	0.016	−0.011
	(0.461)	(0.318)	(0.621)	(0.166)	(0.057)	(0.275)	(0.155)	(0.282)	(0.275)	(0.055)	(0.591)	(0.806)	(0.878)
WIG	0.217***	0.280***	0.373***	0.258***	0.054**	0.143***	0.239***	0.284***	−0.036	−0.105	0.032	−0.106	−0.122
	(0.000)	(0.000)	(0.000)	(0.000)	(0.039)	(0.009)	(0.002)	(0.000)	(0.601)	(0.123)	(0.651)	(0.127)	(0.108)
GDP [%]	0.057	0.054	0.093	0.229***	0.023	0.062	0.203***	−0.113**	0.070	−0.024	−0.086	−0.037	−0.068
	(0.248)	(0.375)	(0.126)	(0.000)	(0.351)	(0.228)	(0.004)	(0.039)	(0.282)	(0.705)	(0.193)	(0.571)	(0.346)
R^2	0.451	0.252	0.215	0.215	0.888	0.468	0.163	0.337	0.059	0.081	0.049	0.117	0.043
F	16.821	6.890	5.560	5.450	149.390	15.385	3.111	10.442	1.292	1.809	1.032	2.427	0.739

Panel A reports the mean values of each variable Yt. IPO-1 to IPO + 5 denote the year in relation to IPO, where IPO + 0 is the year of IPO.

The results of the regressions from the model I_M are reported in Panel B1 and from the model II_M in Panel B2.

The constant term is not reported. P-values are reported in parentheses. (*), (**) and (***) indicate that coefficients are significant at the 10, 5 and 1 percent levels of significance, respectively.

Source: The Author.

Table 6. Regression analysis of the Tobin’s Q ratio.

	Q-T IPO+0	Q-T IPO+1	Q-T IPO+2	Q-T IPO+3	Q-T IPO+4	Q-T IPO+5	Q-T IPO+0	Q-T IPO+1	Q-T IPO+2	Q-T IPO+3	Q-T IPO+4	Q-T IPO+5
Panel A: Mean value
N	259	258	258	251	230	212
Mean	1.293	1.119	1.166	0.962	1.010	1.107
Trimmed mean 5%	1.139	0.927	0.951	0.843	0.732	0.793
SD	1.345	1.380	1.677	3.271	2.247	1.932
Median	0.998	0.776	0.790	0.669	0.557	0.633
Panel B: Regression analysis
	Panel B1: Independent variables from each year						Panel B2: Independent variables from the year before IPO
ROE	0.165**	0.050	−0.005	−0.372***	0.164	−0.100	0.218***	−0.001	0.019	−0.045	−0.078	−0.042
	(0.012)	(0.472)	(0.957)	(0.000)	(0.309)	(0.170)	(0.000)	(0.986)	(0.777)	(0.523)	(0.279)	(0.578)
S/A	0.011	0.055	0.030	0.064	−0.096	−0.091	−0.025	0.003	0.020	0.022	0.040	0.015
	(0.853)	(0.362)	(0.633)	(0.346)	(0.243)	(0.281)	(0.642)	(0.958)	(0.757)	(0.734)	(0.555)	(0.832)
CR	−0.105*	−0.153**	−0.038	−0.027	−0.100	−0.101	0.068	−0.062	−0.100	−0.077	−0.101	−0.102
	(0.096)	(0.017)	(0.581)	(0.676)	(0.181)	(0.166)	(0.241)	(0.352)	(0.150)	(0.286)	(0.171)	(0.187)
D/A	−0.154**	−0.066	−0.114	−0.097	0.072	0.057	−0.117**	−0.059	0.008	−0.032	0.020	0.137*
	(0.011)	(0.307)	(0.103)	(0.170)	(0.335)	(0.453)	(0.043)	(0.377)	(0.906)	(0.647)	(0.780)	(0.071)
E/FA	−0.070	−0.110*	−0.131**	−0.113*	−0.155**	−0.084	−0.122**	−0.079	−0.052	0.002	−0.029	−0.018
	(0.228)	(0.056)	(0.028)	(0.062)	(0.025)	(0.208)	(0.031)	(0.225)	(0.439)	(0.977)	(0.687)	(0.812)
SC/E	0.083	−0.009	0.017	−0.147**	0.166	0.002	0.374***	0.204***	0.039	0.033	−0.094	−0.072
	(0.212)	(0.901)	(0.854)	(0.033)	(0.304)	(0.978)	(0.000)	(0.002)	(0.563)	(0.631)	(0.206)	(0.356)
Ln S	−0.199***	−0.231***	−0.083	−0.021	0.034	0.019	−0.001	−0.137*	−0.198***	−0.101	−0.211***	−0.230***
	(0.006)	(0.005)	(0.303)	(0.790)	(0.701)	(0.847)	(0.983)	(0.056)	(0.008)	(0.184)	(0.009)	(0.007)
Ln NrSh	−0.035	−0.024	−0.034	−0.025	−0.128	−0.150*	−0.116**	0.034	0.113	0.066	0.072	0.043
	(0.607)	(0.735)	(0.627)	(0.730)	(0.104)	(0.056)	(0.045)	(0.613)	(0.104)	(0.350)	(0.330)	(0.579)
IP/NP	0.252***	0.140**	0.107*	0.012	−0.047	−0.013	0.253***	0.220***	0.079	−0.009	−0.003	0.002
	(0.000)	(0.019)	(0.079)	(0.851)	(0.485)	(0.849)	(0.000)	(0.001)	(0.236)	(0.891)	(0.962)	(0.980)
Sector	0.066	0.049	0.023	0.086	0.095	0.134*	0.051	0.005	−0.008	−0.095	0.017	0.069
	(0.250)	(0.414)	(0.703)	(0.166)	(0.178)	(0.056)	(0.337)	(0.941)	(0.903)	(0.147)	(0.801)	(0.331)
WIG	0.261***	0.344***	0.237***	0.174***	0.182**	0.273***	0.272***	−0.045	−0.083	−0.035	0.015	−0.164**
	(0.000)	(0.000)	(0.000)	(0.014)	(0.011)	(0.000)	(0.000)	(0.496)	(0.222)	(0.619)	(0.827)	(0.027)
GDP [%]	0.031	0.087	0.251***	0.116*	0.051	0.261***	−0.141***	−0.156**	−0.142**	−0.152**	−0.202***	−0.164**
	(0.612)	(0.148)	(0.000)	(0.082)	(0.440)	(0.000)	(0.009)	(0.012)	(0.027)	(0.021)	(0.003)	(0.021)
R^2	0.249	0.236	0.195	0.195	0.103	0.179	0.361	0.144	0.079	0.056	0.098	0.098
F	6.811	6.264	4.790	4.554	2.000	3.442	11.600	3.438	1.758	1.188	1.972	1.803

As in Table 3.

Source: The Author.

Table 7. Regression analysis of the CAR and BHAR. Independent variables from the year before IPO.

	CAR IPO+1	CAR IPO+2	CAR IPO+3	CAR IPO+4	CAR IPO+5	BHAR IPO+1	BHAR IPO+2	BHAR IPO+3	BHAR IPO+4	BHAR IPO+5
Panel A: Mean value
N	259	259	258	247	232	259	259	258	247	232
Mean	0.293	0.271	0.237	0.254	0.251	0.125	0.039	−0.033	−0.065	−0.105
Trimmed mean 5%	0.039	0.010	−0.018	−0.061	−0.060	−0.018	−0.088	−0.176	−0.271	−0.329
SD	3.378	3.348	3.429	3.757	3.896	1.143	1.058	1.284	1.620	1.596
Median	0.039	−0.035	−0.030	−0.028	−0.067	−0.072	−0.194	−0.297	−0.394	−0.470
Panel B: Regression analysis
ROE−1	0.020	0.006	0.009	0.019	0.011	0.165**	0.138**	0.138*	0.114	0.092
	(0.774)	(0.933)	(0.895)	(0.791)	(0.877)	(0.017)	(0.049)	(0.050)	(0.114)	(0.212)
S/A−1	0.014	0.020	0.026	0.024	0.021	−0.053	−0.054	−0.044	−0.032	−0.052
	(0.828)	(0.757)	(0.687)	(0.719)	(0.763)	(0.411)	(0.410)	(0.507)	(0.632)	(0.450)
CR−1	−0.077	−0.101	−0.100	−0.102	−0.115	−0.021	0.006	0.010	−0.021	−0.026
	(0.276)	(0.153)	(0.154)	(0.159)	(0.124)	(0.770)	(0.932)	(0.892)	(0.779)	(0.732)
D/A−1	−0.050	−0.046	−0.058	−0.058	−0.056	−0.010	0.014	−0.008	0.060	0.072
	(0.475)	(0.508)	(0.411)	(0.415)	(0.448)	(0.891)	(0.847)	(0.911)	(0.408)	(0.334)
E/FA−1	0.009	0.022	0.026	0.019	0.031	0.014	0.001	0.008	0.020	0.024
	(0.898)	(0.745)	(0.709)	(0.781)	(0.667)	(0.835)	(0.986)	(0.908)	(0.776)	(0.738)
SC/E−1	−0.022	−0.024	−0.031	−0.015	−0.004	0.155**	0.125*	0.025	−0.044	−0.017
	(0.744)	(0.720)	(0.653)	(0.839)	(0.961)	(0.023)	(0.070)	(0.713)	(0.552)	(0.823)
Ln S−1	−0.145*	−0.148*	−0.155**	−0.166**	−0.183**	−0.027	0.070	0.072	0.019	0.036
	(0.057)	(0.051)	(0.041)	(0.034)	(0.023)	(0.718)	(0.359)	(0.346)	(0.813)	(0.651)
Ln NrSh	0.080	0.091	0.103	0.074	0.066	0.028	0.042	0.057	0.005	−0.067
	(0.258)	(0.197)	(0.143)	(0.308)	(0.366)	(0.690)	(0.552)	(0.426)	(0.946)	(0.366)
IP/NP	−0.041	−0.045	−0.053	−0.063	−0.062	−0.033	−0.033	−0.055	−0.066	−0.052
	(0.539)	(0.504)	(0.426)	(0.358)	(0.381)	(0.617)	(0.623)	(0.418)	(0.343)	(0.466)
Sector	−0.063	−0.059	−0.065	−0.072	−0.064	−0.040	0.034	−0.022	−0.004	0.052
	(0.328)	(0.363)	(0.314)	(0.284)	(0.353)	(0.528)	(0.602)	(0.737)	(0.952)	(0.453)
WIG 0	0.060	0.051	0.059	0.052	0.029	0.047	−0.041	0.010	−0.042	0.005
	(0.387)	(0.459)	(0.390)	(0.455)	(0.688)	(0.494)	(0.551)	(0.882)	(0.557)	(0.950)
GDP −1 [%]	−0.078	−0.066	−0.082	−0.084	−0.113	−0.061	−0.030	−0.032	−0.046	−0.126*
	(0.229)	(0.309)	(0.207)	(0.204)	(0.099)	(0.350)	(0.652)	(0.627)	(0.498)	(0.068)
R^2	0.046	0.047	0.058	0.056	0.064	0.057	0.037	0.028	0.028	0.046
F	1.010	1.017	1.258	1.175	1.255	1.262	0.803	0.584	0.555	0.872

Panel A reports the mean values of each variable Y_t. IPO-1 to IPO + 5 denote the year in relation to IPO, where IPO + 0 is the year of IPO.

The results of the regressions from the model II_M are reported in Panel B.

The constant term is not reported. P-values are reported in parentheses. (*), (**) and (***) indicate that coefficients are significant at the 10, 5 and 1 percent levels of significance, respectively.

Source: The Author.

Table 8. 2SLS regressions examining the effect of share capital on the accounting performance measures.

Parameter modified by instruments: SC/E
Instruments: ROS, S/A, CR, D/A, E/FA, NP, SGrowth, Ln Assets, Sector, WIG, GDP [%]
	ROAIPO-1	ROEIPO-1
ROS	0.000	0.000
	(0.723)	(0.951)
S/A	0.002	0.003
	(0.218)	(0.270)
CR	−0.005	−0.012
	(0.158)	(0.072)*
D/A	−0.034	0.184
	(0.356)	(0.010)***
E/FA	0.001	0.002
	(0.578)	(0.361)
SC/E	−0.121	−0.247
	(0.089)*	(0.072)*
Ln Assets	−0.037	−0.060
	(0.000)***	(0.001)***
Sector	0.002	0.004
	(0.387)	(0.383)
WIG	0.000	0.000
	(0.204)	(0.359)
GDP [%]	0.003	0.004
	(0.504)	(0.663)
R^2	0.119	0.131
F	4.066	4.439
Hausman’s test	1.997	2,230
	(0.158)	(0,135)
Sargan test	1.662	0,974
	(0.197)	(0,324)
Weak instrument test: First-stage - statistic	F (2. 247) = 5.275

The table reports the 2SLS results. For independent variables, the values of the “b” coefficients of the model are presented. P-values are reported in parentheses. (*), (**) and (***) indicate that coefficients are significant at the 10, 5 and 1 per cent levels of significance, respectively.

Source: The Author.

Table 9. Regression analysis of the market performance with lagged explanatory variables.

	MV/BVIPO+0	MV/BVIPO+1	MV/BVIPO+2	MV/BVIPO+3	MV/BVIPO+4	MV/BVIPO+5	Q-T IPO+0	Q-T IPO+1	Q-T IPO+2	Q-T IPO+3	Q-T IPO+4	Q-T IPO+5
ROE	0.236***	−0.008	0.113	−0.166**	0.548***	0.197	0.218***	0.163**	0.143*	−0.014	−0.723***	−0.080
	(0.000)	(0.912)	(0.129)	(0.038)	(0.000)	(0.235)	(0.000)	(0.019)	(0.058)	(0.861)	(0.000)	(0.646)
S/A	−0.018	−0.056	0.021	0.028	−0.028	0.017	−0.025	0.039	0.050	0.050	0.017	−0.085
	(0.738)	(0.375)	(0.750)	(0.678)	(0.679)	(0.847)	(0.642)	(0.519)	(0.442)	(0.455)	(0.776)	(0.341)
CR	0.100*	0.096	−0.084	−0.114	−0.042	−0.016	0.068	−0.129*	−0.109	−0.081	−0.087	−0.024
	(0.092)	(0.163)	(0.224)	(0.135)	(0.515)	(0.835)	(0.241)	(0.053)	(0.118)	(0.283)	(0.117)	(0.765)
D/A	0.129**	−0.017	0.107	0.064	0.173**	0.100	−0.117**	−0.077	0.006	−0.060	−0.047	0.093
	(0.028)	(0.801)	(0.126)	(0.396)	(0.017)	(0.201)	(0.043)	(0.226)	(0.930)	(0.421)	(0.449)	(0.248)
E/FA	−0.091	0.045	−0.045	−0.034	−0.018	−0.029	−0.122**	−0.047	−0.132**	−0.152**	−0.086*	−0.124*
	(0.114)	(0.477)	(0.463)	(0.602)	(0.767)	(0.687)	(0.031)	(0.442)	(0.034)	(0.018)	(0.099)	(0.098)
SC/E	0.279***	0.109	−0.099	−0.196**	0.174**	0.307*	0.374***	−0.032	−0.047	−0.094	−0.395***	−0.053
	(0.000)	(0.134)	(0.197)	(0.021)	(0.012)	(0.065)	(0.000)	(0.645)	(0.543)	(0.260)	(0.000)	(0.758)
Ln S	−0.020	0.287***	−0.141	−0.236***	−0.088	0.091	−0.001	−0.358***	−0.229**	−0.150*	−0.025	0.058
	(0.747)	(0.000)	(0.109)	(0.009)	(0.265)	(0.325)	(0.983)	(0.000)	(0.010)	(0.091)	(0.714)	(0.541)
Ln NrSh	−0.134**	−0.198***	0.021	0.106	−0.051	−0.243***	−0.116**	0.159**	0.061	0.025	−0.007	−0.102
	(0.023)	(0.009)	(0.787)	(0.179)	(0.475)	(0.004)	(0.045)	(0.029)	(0.430)	(0.742)	(0.906)	(0.231)
IP/NP	0.217***	0.051	0.008	0.027	−0.023	−0.030	0.253***	0.189**	0.073	0.026	−0.029	−0.043
	(0.000)	(0.450)	(0.895)	(0.682)	(0.711)	(0.665)	(0.000)	(0.004)	(0.259)	(0.697)	(0.583)	(0.547)
Sector	0.058*	0.079	0.084	0.017	0.006	0.152**	0.051	0.007	0.038	0.102	0.121**	0.111
	(0.282)	(0.212)	(0.190)	(0.806)	(0.924)	(0.039)	(0.337)	(0.906)	(0.561)	(0.132)	(0.025)	(0.145)
WIG	0.284***	−0.047	0.237***	0.049	−0.051	0.150**	0.272***	−0.005	0.156**	0.148**	−0.009	0.004
	(0.000)	(0.523)	(0.001)	(0.497)	(0.465)	(0.045)	(0.000)	(0.947)	(0.024)	(0.037)	(0.873)	(0.961)
GDP [%]	−0.113**	0.110	−0.175***	0.048	0.113*	0.072	−0.141***	−0.177***	−0.089	0.055	0.060	0.102
	(0.039)	(0.104)	(0.007)	(0.487)	(0.089)	(0.292)	(0.009)	(0.007)	(0.172)	(0.416)	(0.287)	(0.150)
R^2	0.337	0.094	0.110	0.061	0.242	0.118	0.361	0.164	0.100	0.086	0.448	0.062
F	10.442	2.136	2.514	1.248	5.560	2.143	11.600	4.003	2.567	1.811	13.986	1.051

The table reports the results of the regression: $Y_t=a+{\beta }_1{\mathit{ROE}}_{t-1}{+\beta }_2{\frac{S}{A}}_{t-1}+{\beta }_3{CR}_{t-1}{+\mathrm{}{\beta }_4{\frac{D}{A}}_{t-1}+\mathrm{}{\beta }_5{\frac{E}{FA}}_{t-1}{+\mathrm{}\beta }_6{\frac{SC}{E}}_{t-1}+{\beta }_7{Ln\mathrm{}S}_{t-1}+\mathrm{}{\beta }_8{\mathit{NrSh}}_{t-1}+{{\beta }_9\frac{IP}{NP}+\mathrm{}\beta }_{10}S\mathit{ector}+\beta }_{11}{\mathit{WIG}}_{t-1}+{\beta }_{12}{\mathit{GDP}\left[\mathrm{\%}\right]}_{t-1}+{\epsilon }_{t-1}.$ t is the year relative to IPO (where IPO + 1 is the first year after debut). The constant term is not reported. P-values are reported in parentheses. (*), (**) and (***) indicate that coefficients are significant at the 10, 5 and 1 per cent levels of significance, respectively.

Source: The Author.

Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin's q. Financial Management, 23(3), 70–74. https://doi.org/10.2307/3665623

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