financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2023-27-6-54-66finance-2511Research ArticleФИНАНСОВЫЕ РЫНКИFINANCIAL MARKETSВлияние репутации андеррайтера на результаты первого публичного размещения акций компаний малого бизнесаEffect of Underwriter’s Reputation on Performance of small business IPOshttps://orcid.org/0000-0002-2770-2251СивачП.SiwachP.

Парвин Сивач — научный сотрудник, PhD, доцент

Кундли

Пенджаб

Parveen Siwach — Research Scholar, PhD, Assist. Prof.

Kundli

Punjab

siwach.parveen23@gmail.comhttps://orcid.org/0000-0001-5299-7701КумарП. Р.KumarP. R.

Прасант Р. Кумар — PhD, доцент

Кундли

Хайдарабад

Prasanth R. Kumar — PhD, Assoc. Prof.

Kundli

Hyderabad

prasanth@uohyd.ac.inhttps://orcid.org/0000-0002-5601-8432ГуптаВ.GuptaV.

Викас Гупта — PhD, доцент

Сонипат

Vikas Gupta — PhD, Assist. Prof.

Sonipat

vgupta@jgu.edu.inНациональный институт предпринимательства и управления пищевыми технологиями ; Университет АмитиИндияNational Institute of Food Technology Entrepreneurship and Management ; Amity UniversityIndiaНациональный институт предпринимательства и менеджмента в области пищевых технологий ; Университет ХайдарабадаИндияNational Institute of Food Technology Entrepreneurship and Management ; University of HyderabadIndiaГлобальный университет имени О. П. ДжиндалаИндияO. P. Jindal Global UniversityIndia2023271220232765466Copyright © Сивач П., Кумар П., Гупта В., 20232023Сивач П., Кумар П., Гупта В.Siwach P., Kumar P., Gupta V.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/2511

Цель исследования — определить влияние репутации андеррайтера на формирование краткосрочного и долгосрочного успеха IPO малых предприятий. Используются данные по IPO с 2012 по 2020 г., три репутационных прокси и методология событийного времени для анализа эффективности компании через скорректированную на рынок избыточную доходность, кумулятивную аномальную доходность и доходность от покупки и удержания. Аналогичным образом для смягчения общих предрасположенностей авторы используют методологию календарного времени, трехфакторную модель Фамы-Френча и четырехфакторную модель Кархарта с группами с высокой и низкой репутацией. Исследование показало значительное положительное влияние репутации андеррайтеров на доходность первого дня и долгосрочные показатели. В целом результаты свидетельствуют о том, что в долгосрочной перспективе IPO индийских малых и средних предприятий характеризуются избыточной эффективностью в отношении репутационных сигналов. Напротив, метод календарного времени и многофакторная модель свидетельствуют о низкой долгосрочной эффективности IPO МСП. Насколько известно авторам, это первое исследование, в котором изучается влияние репутации андеррайтеров на результаты деятельности компании с использованием нескольких репутационных показателей с применением методологии календарного времени и многофакторной модели на индийской площадке IPO МСП.

The purpose of the study is to determine the impact of the underwriter’s reputation on shaping the short- and long-term IPO success of small businesses. The paper uses IPO data from 2012 to 2020, three reputable proxy and event-time methodologies to analyze the company’s performance through market-adjusted excess returns, cumulative abnormal returns and buy & hold returns. Similarly, to mitigate common predispositions, use the calendar-time methodology, Fama-French three-factor model and Carhart four-factor model with high and low reputational groups. The study revealed a significant positive impact of underwriters’ reputations on first-day returns and long-term performance. Overall, the results indicate that, in the longterm, IPOs of Indian small and medium-sized enterprises are over efficient with regard to reputation signals. On the contrary, the calendar-time method and multifactor model indicate the low long-term IPO effectiveness of the SME. According to the authors’ conclusion, this is the first study to assess the impact of underwriter reputation on business performance using several reputation indicators, the calendar time methodology, and the multi-factor model on the ICP’s Indian IPO platform.

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The authors declare that there are no conflicts of interest present.