Table 2 Descriptive statistics
Variables | 1998–2019 | Pre-IFRS | Post-IFRS | Pre–Post (diff.) |
|---|---|---|---|---|
Panel A: Firm-level variable and IPO characteristics | ||||
Avg. ownership sold (%) | 30.8 | 26.5 | 33.7 | 4.30*** (2.66) |
Offer price | 2.329 | 1.276 | 3.059 | 1.738*** (3.97) |
Total proceeds ($) | 12,559,655,364 | 3,695,050,840 | 8,900,604,524 |  −  |
Capital increase/total proceeds | 65.3 | 71.6 | 61.0 |  − 10.6* (1.81) |
Avg. total assets | 145,085,163 | 64,111,477 | 209,957,830 |  −  |
Avg. firm age | 18.0 | 19.4 | 17.1 | 2.30 (2.10) |
ROA | 0.16 | 0.24 | 0.11 |  − 0.13 (1.17) |
Debt/Equity | 3.17 | 2.60 | 3.57 | 0.97 (0.75) |
Panel B: Market and investor characteristics | ||||
BIST100 returns | 0.048 | 0.173 |  − 0.039 |  − 0.212 (0.69) |
Volatility | 0.020 | 0.028 | 0.014 |  − 0.014*** (13.76) |
Frequency of bull markets | 104 | 46 | 58 | 12 |
Hot issue years | 1998, 2000, 2010 | 1998, 2000 | 2010 |  −  |
Number of institutional investors | 147 | 56 | 91 | 35 |
Panel C: Prestige and institutional governance measures | ||||
Prestigious underwriter | 50 | 30 | 20 |  − 10 |
Voice and accountability |  − 0.242 |  − 0.300 |  − 0.198 | 0.102*** (3.51) |
Political stability |  − 0.947 |  − 0.892 |  − 0.991 |  − 0.099*** (2.73) |
Governance effectiveness | 0.141 |  − 0.069 | 0.305 | 0.374*** (19.89) |
Regulatory quality | 0.295 | 0.232 | 0.345 | 0.113*** (7.40) |
Control of corruption |  − 0.104 |  − 0.267 | 0.023 | 0.290*** (18.32) |
Rule of law |  − 0.35 |  − 0.040 |  − 0.031 | 0.009 (0.62) |