| Abstract [eng] |
The main purpose of this master thesis is to determine the motives that encourage the companies to implement IPO and to evaluate the change of efficiency after IPO as well to point out the main factors which can impact the change of efficiency. The work consists of three main parts: the theoretical analysis of scientific literature, the research methodology as well as its empirical results, conclusion and recommendations. Literature analysis reviews the motives to become public and its risks. The literature analysis shows the negative change in efficiency and profitability after IPO using data envelopment analysis, super-efficiency and Wilcoxon methods by evaluating the main factors which consists of net income, operating costs, total asset, earnings per share, ROA and ROE. It was carried out that the main motive for companies to go public on various stock exchanges is to raise capital for further development of the companies. Although, the management often underestimate increased costs during IPO process which leads to decrease in technical efficiency and profitability. The main purpose of the research was to evaluate the change of efficiency of companies listed in NASDAQ OMX Baltic stock exchange by using data envelopment analysis and super-efficiency methods. The second focus was to assess factors which can impact the change of efficiency by using regression analysis. The results of the research were statistically processed with the MaxDEA, EMS and SPSS programmes. It was determined that the closer indicator is to 1, the higher efficiency of the company is. The performed research revealed that the efficiency of most companies decreases after IPO compared to period before IPO. The change of efficiency is related to change of operating costs, companies age, income change, macroeconomic environment and limited IPO pricing efficiency. The conclusions and recommendations summarize the main concepts of literature analysis as well as results of the situation analysis and empirical research. |
