OS MÉRITOS DE ENTRAR EM UM JOGO PERDIDO: MOTIVAÇÕES POR TRÁS DO REGISTRO DE UM IPO ESTRANGEIRO IMPROVÁVEL
Barra lateral del artículo
Contenido principal del artículo
Resumen
Este estudo aborda a temática das motivações por trás da busca por IPOs estrangeiros com baixa probabilidade de sucesso. O objetivo principal é entender as razões que motivam empresas a optarem por iniciar processos de IPO que aparentam ser infrutíferos. A metodologia empregada consiste em um estudo de caso detalhado, analisando dados de uma empresa que registrou e posteriormente retirou seu pedido de IPO. Esta análise inclui a avaliação do momento de mercado e a documentação relacionada ao processo. Os resultados revelam que, embora conscientes da baixa probabilidade de sucesso na listagem, os gestores investiram minimamente no processo de IPO, utilizando-o estrategicamente para melhorar a posição de mercado da empresa. Isso foi alcançado através da aquisição de outras empresas, contratação de executivos de alto nível, aprimoramento da governança corporativa, alteração de práticas internas e expansão da base de clientes. Concluímos que essas ações foram primariamente impulsionadas pela teoria do sinal, com o objetivo de capitalizar as melhorias percebidas no valor de mercado associadas ao processo de IPO. O estudo apresenta novas proposições teóricas que podem abrir novos caminhos para pesquisas futuras sobre comportamento corporativo em envolvimentos com IPO.
Detalles del artículo
Esta obra está bajo una licencia internacional Creative Commons Atribución 4.0.
Copyright (c). Boletim de Coyuntura (BOCA)
Este obra está bajo una licencia de Creative Commons Reconocimiento 4.0 Internacional.
Citas
ALLEN, F.; FAULHABER, G. “Signaling by Underpricing in the IPO Market”. Journal of Financial Economics, vol. 23, 1989.
AMIN, M. et al. “Signaling value of top management team: Evidence from Chinese initial public offerings on US markets”. Chinese Management Studies, vol. 13, n. 3, 2019b.
AMIN, M.; WU, J.; HAQUE, M. Z. “The impact of corporate political connections and executive’s international experience on Chinese firms’ initial public offerings in the USA”. Journal of Entrepreneurship in Emerging Economies, vol. 12, n. 3, 2020.
ANDERSON, C. W.; HUANG, J. “Institutional investment in IPOs and post-IPO M&A activity”. Journal of Empirical Finance, vol. 41, 2017.
BANTI, C. et al. “Liability of Foreignness in Global Stock Markets: Liquidity Dynamics of Foreign IPOs in the US”. Research Gate [2017]. Disponível em: . Acesso em: 23/03/2024.
BELL, G. et al. “Foreign IPO survival: An examination of institutional and governance factors”. Advances in International Management, vol. 29, 2016.
BELL, G. et al. “The liability of foreignness in capital markets: Sources and remedies”. Journal of International Business Studies, vol. 43, n. 2, 2012.
BELL, R. G. et al. “Corporate governance and configuration research: The case of foreign IPOS listing in London”. Research in the Sociology of Organizations. vol. 38, 2013
BELL, R. G. et al. “Strategic and institutional effects on foreign IPO performance: Examining the impact of country of origin, corporate governance, and host country effects”. Journal of Business Venturing, vol. 27, n. 2, 2012.
BELL, R. G.; MOORE, C. B.; AL-SHAMMARI, H. A. “Country of origin and foreign IPO legitimacy: Understanding the role of geographic scope and insider ownership”. Entrepreneurship: Theory and Practice, vol. 32, n. 1, 2008.
BIG4 ACCOUNTING FIRMS. “KPMG Clients”. Big4 Accounting Firms [2020] Disponível em: . Acesso em: 23/03/2024.
BLASS, A.; YAFEH, Y. “Vagabond Shoes Longing to Stray: Why Foreign Firms List in the United States”. Journal of Banking and Finance, vol. 25, n. 3, 2001.
BOEH, K. K.; DUNBAR, C. G. “Raising capital after IPO withdrawal”. Journal of Corporate Finance, vol. 69, n. 1, 2021.
BRASIL. Diário Oficial da União – 30/09/2020. Brasília: Planalto, 2020. Disponível em: . Acesso em: 07/04/2024.
BRUNER, R. et al. “Coming to America: IPOs from emerging market issuers”. Emerging Markets Review, vol. 7, n. 3, 2006.
CAGLIO, C.; HANLEY, K. W.; MARIETTA-WESTBERG, J. “Going public abroad”. Journal of Corporate Finance, vol. 41, 2016.
CAI, K.; ZHU, H. “Cultural distance and foreign IPO underpricing variations”. Journal of Multinational Financial Management, vol. 29, 2015.
CAI, K.; ZHU, H. “Does going public in the U.S. facilitate corporate innovation of foreign firms?” North American Journal of Economics and Finance, vol. 52, 2020.
CERTO, S. T.; HOLCOMB, T. R.; HOLMES, R. M. “IPO research in management and entrepreneurship: Moving the agenda forward”. Journal of Management, vol. 35, n. 6, 2009.
CHEMMANUR, T. J.; FULGHIERI, P. “A Theory of the Going-Public Decision”. The Review of Financial Studies, vol. 12, n. 2, 1999.
DENZIN, N. K.; LINCOLN, Y. S. Handbook of qualitative research. Thousand Oaks: SAGE, 1994.
DING, Y.; NOWAK, E.; ZHANG, H. “Foreign vs. domestic listing: An entrepreneurial decision”. Journal of Business Venturing, vol. 25, n. 2, 2010.
DOIDGE, C.; KAROLYI, G. A.; STULZ, R. M. “Why are foreign firms listed in the U.S. worth more?” Journal of Financial Economics, vol. 71, n. 2, 2004.
DUNBAR, C. G.; FOERSTER, S. R. “Second time lucky? Withdrawn IPOs that return to the market”. Journal of Financial Economics, vol. 87, n. 3, 2008.
EISENHARDT, K. M. “Agency Theory: An Assessment and Review”. The Academy of Management Review, vol. 14, n. 1, 1989.
ELO, S.; KYNGÄS, H. “The qualitative content analysis process”. Journal of Advanced Nursing, vol. 62, n. 1, 2008.
FENG, Q. et al. “A Narrative on Overseas Listings by Chinese Firms”. The Singapore Economic Review, vol. 00, no. 0, 2024.
FRANCIS, B. B. et al. “The signaling hypothesis revisited: Evidence from foreign IPOs”. Journal of Financial and Quantitative Analysis, vol. 45, n. 1, 2010.
FRENCH, K.; POTERBA. J. “Investor Diversification and International Equity Markets”. NBER Working Papers, v. 3609, 1991.
GIBBERT, M.; RUIGROK, W.; WICKI, B. “What passes as a rigorous case study?” Strategic Management Journal, vol. 29, n. 13, 2008.
GO, P. et al. “Are your growth strategies resilient enough for the future?”. EY Global IPO Trends Report [2021]. Disponível em: . Acesso em: 16/03/2024.
GULLAPALLI, R.; KNYAZEVA, A. “Foreign issuers in emerging growth company IPOs”. Journal of Multinational Financial Management, vol. 54, 2020.
HAIL, L.; LEUZ, C. “Cost of capital effects and changes in growth expectations around U.S. cross-listings”. Journal of Financial Economics, vol. 93, n. 3, 2009.
HAMAN, J.; LU, W.; NAIDU, D. “Earnings management in the post‐IPO years and their impact on the long‐run stock performance of foreign versus domestic IPO firms”. Accounting and Finance, n. 1, 2024.
HELBING, P. “A review on IPO withdrawal”. International Review of Financial Analysis, vol. 62, 2019.
HURSTI, J.; MAULA, M. V. J. “Acquiring financial resources from foreign equity capital markets: An examination of factors influencing foreign initial public offerings”. Journal of Business Venturing, vol. 22, n. 6, 2007.
INVESTOPEDIA. “The Big 4 Accounting Firms: An Overview”. Investopedia [2022]. Disponível em: . Acesso em: 23/02/2024.
INVESTOPEDIA. “Why Are the Cayman Islands Considered a Tax Haven?”. Investopedia [2023]. Disponível em: . Acesso em: 23/02/2024.
JAGANNATHAN, M.; STEPHENS, C. P.; WEISBACH, M. S. “Financial Flexibility and The Choice Between Dividends and Stock Repurchases”. Journal of Financial Economics, vol. 57, 1999.
JAIN, B. A.; KINI, O. “On investment banker monitoring in the new issues market”. Journal of Banking and Finance, vol. 23, n. 1, 1999.
JHAWAR, P.; SEAL, J. K. “Political Uncertainty and Initial Public Offerings: A Literature Review”. International Journal of Financial Studies, vol. 11, n. 2, 2023.
KAROLYI, G. A. “Why Do Companies List Shares Abroad?: A Survey of the Evidence and Its Managerial Implications”. Financial Markets, Institutions and Instruments, vol. 7, n. 1, 1998.
KPMG. “About”. KPMG [2022]. Disponível em: . Acesso em: 07/05/2024.
LANG, M. H.; LINS, K. V; MILLER, D. P. “ADRs, Analysts, and Accuracy: Does Cross Listing in the United States Improve a Firm’s Information Environment and Increase Market Value?” Source: Journal of Accounting Research, vol. 41, n. 2, 2003.
LEE, S. Y.; KO, E. J. “Effects of founder CEO duality and board size on foreign IPOs’ survival in US markets”. Corporate Governance: The International Journal of Business in Society, vol. 22, n. 5, 2022.
LI, W.; BRUTON, G. D.; FILATOTCHEV, I. “Mitigating the dual liability of newness and foreignness in capital markets: The role of returnee independent directors”. Journal of World Business, vol. 51, n. 5, 2016.
LI, Y.; VERTINSKY, I. B.; LI, J. “National distances, international experience, and venture capital investment performance”. Journal of Business Venturing, vol. 29, n. 4, 2014.
LIAN, Q.; WANG, Q. “Does the Market Incorporate Previous IPO Withdrawals When Pricing Second-Time IPOs?” Research Gate [2009]. Disponível em: . Acesso em: 23/03/2024.
LIU, X.; RITTER, J. R. “Local underwriter oligopolies and IPO underpricing”. Journal of Financial Economics, vol. 102, n. 3, 2011.
LIU, Y. “Research on the influence of venture capital on the internationalization development of science and technology enterprises”. Financial Engineering and Risk Management, vol. 6, no. 9, 2023.
LU, J. “Going Public Abroad: An Alternative Strategy for Enjoying the Benefits of Financial Openness”. Research Gate [2009]. Disponível em: . Acesso em: 23/03/2024.
MACKINTOSH, P. “A Record Year for IPOs in 2021”. NASDAQ [2022]. Disponível em: . Acesso em: 23/03/2024.
MARI, A. “Brazil Tech Round-Up: Cabify Ends Operations, Locaweb Makes Its Largest Acquisition, PicPay Readies IPO”. Forbes [2021]. Disponível em: . Acesso em: 23/03/2024.
MOORE, C. et al. “Institutions and foreign IPO firms: The effects of “Home” and “Host” country institutions on performance”. Entrepreneurship: Theory and Practice, vol. 34, n. 3, 2010.
OKOLLA, M. “PicPay acquires BX Blue to enter the consigned credit market in Brazil”. LatamList [2023]. Disponível em: . Acesso em: 23/03/2024.
PAYNE, G. T. et al. “Signaling organizational virtue: An examination of virtue rhetoric, country-level corruption, and performance of foreign IPOs from emerging and developed economies”. Strategic Entrepreneurship Journal, vol. 7, n. 3, 2013.
PURKAYASTHA, A.; KUMAR, V. “Internationalization through foreign listing: A review and future research agenda”. Journal of World Business, vol. 56, n. 3, 2021.
REESE, W. A.; WEISBACH, M. S. “Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings”. Journal of Financial Economics, vol. 66, n. 1, 2002.
RITTER, J. “Initial Public Offerings: Foreign Companies Going Public in the U.S., 1980-2021”. Warrington College of Business [2022]. Disponível em: . Acesso em: 23/03/2024.
RITTER, J. “The Long‐Run Performance of initial Public Offerings”. The Journal of Finance, vol. 46, n. 1, 1991.
RITTER, J. R. “The Long‐Run Performance of initial Public Offerings”. The Journal of Finance, vol. 46, n. 1, 1991.
SANCHEZ-MARIN, G.; SAMUEL BAIXAULI-SOLER, J. “CEO reputation and top management team compensation”. Management Decision, vol. 52, n. 3, 2014.
TUPPER, C. H. “Crisis Conditions and Performance of IPO Firms: Impact of Founder-CEOs and Foreign Listings”. The Journal of Applied Management and Entrepreneurship, vol. 21, n. 1, 2016.
TUPPER, C. H. et al. “Capital market liability of foreignness of IPO firms”. Journal of World Business, vol. 53, n. 4, 2018.
WAEYENBERG, S.; HENS, L. “Overcoming institutional distance: Expansion to base-of-the-pyramid markets”. Journal of Business Research, vol. 65, n. 12, 2012.
WRIGT, J. R. “Fintechs: PicPay muda presiidente e prentende oferecer novos serviços”. Jornal Contabil [2020]. Disponível em: . Acesso em: 21/-2/2024.
WU, C. “Country risk and valuation of US-listed foreign IPOs”. Managerial Finance, vol. 38, n. 10, 2012.
YIN, R. K. Case Study Research: Design and Methods. Thousand Oaks: Sage Publications, 2008.
YU, J.; WANG, H.-M.; FENG, B. “Follow Me Going Out: Cross-Border Investment of Domestic Venture Capital and Overseas Listing of Portfolio Companies”. Complex, vol. 2023, n. 1, 2023.
ZHANG, J.; YU, H. “Venture Capitalists’ Experience and Foreign IPOs: Evidence from China”. Entrepreneurship: Theory and Practice, vol. 41, n. 5, 2017.
ZIDER, B. “How Venture Capital Works”. Harvard Business Review, vol. 76, 1998.