| dc.contributor.author | Sosnowski, Tomasz | |
| dc.date.accessioned | 2017-09-18T10:17:25Z | |
| dc.date.available | 2017-09-18T10:17:25Z | |
| dc.date.issued | 2017 | |
| dc.identifier.issn | 0208-6018 | |
| dc.identifier.uri | http://hdl.handle.net/11089/22602 | |
| dc.description.abstract | This paper investigates empirically the links between the specific solutions of corporate governance in portfolio companies of private equity funds and the duration of divestment process after the first listing of company’s shares on the stock market. Using a sample of 41 IPOs from Warsaw Stock Exchange between 2005 and 2015 I find that the pre‑IPO set up corporate governance significantly affects the time of the private equity funds’ full exits. I find evidence that the higher share of private equity funds in the total number of votes at the general meeting of the company’s shareholders before the IPO negatively impacts the chance of the full exit occurrence. However, the data reveal that the syndication and previous experience of private equity fund in IPO exits are important factors affecting the probability of the investment’s end. | en_GB |
| dc.description.abstract | W opracowaniu zaprezentowano rezultaty prac badawczych zorientowanych na poszukiwanie i ocenę zależności między przyjęciem określonych rozwiązań w zakresie ładu korporacyjnego w spółkach portfelowych funduszy private equity a czasem upływającym od wprowadzenia akcji spółki do publicznego obrotu po raz pierwszy do realizacji pełnego wyjścia z inwestycji przez fundusz. Wyniki badań wskazują, iż wyższemu udziałowi funduszy private equity w ogólnej liczbie głosów na walnym zgromadzeniu wspólników danej spółki przed przeprowadzeniem pierwszej oferty publicznej towarzyszy wydłużenie czasu realizacji pełnego wyjścia z inwestycji. Ponadto stosowanie konsorcjów inwestycyjnych, jak i wcześniejsze doświadczenie funduszu w realizacji dezinwestycji za pośrednictwem rynku giełdowego mogą być uznane za istotne predyktory hazardu realizacji całkowitego wyjścia z inwestycji. Badania empiryczne objęły 41 spółek portfelowych funduszy private equity, których akcje w procesie dezinwestycji zostały wprowadzone po raz pierwszy do publicznego obrotu na GPW w Warszawie w latach 2005–2015. | pl_PL |
| dc.language.iso | en | en_GB |
| dc.publisher | Wydawnictwo Uniwersytetu Łódzkiego | en_GB |
| dc.relation.ispartofseries | Acta Universitatis Lodziensis. Folia Oeconomica;328 | |
| dc.subject | divestment | en_GB |
| dc.subject | initial public offering | en_GB |
| dc.subject | IPO | en_GB |
| dc.subject | private equity | en_GB |
| dc.subject | full exit | en_GB |
| dc.subject | dezinwestycja | pl_PL |
| dc.subject | pierwsza oferta publiczna | pl_PL |
| dc.subject | fundusze private equity | pl_PL |
| dc.subject | pełne wyjście z inwestycji | pl_PL |
| dc.title | Corporate Governance and the Time to Full Exit in the Private Equity Divestment Process on Warsaw Stock Exchange | en_GB |
| dc.title.alternative | Nadzór korporacyjny a czas realizacji pełnego wyjścia z inwestycji funduszy Private Equity na Giełdzie Papierów Wartościowych w Warszawie | pl_PL |
| dc.type | Article | en_GB |
| dc.rights.holder | © Copyright by Authors, Łódź 2017; © Copyright for this edition by Uniwersytet Łódzki, Łódź 2017 | en_GB |
| dc.page.number | [23]-38 | |
| dc.contributor.authorAffiliation | University of Lodz, Faculty of Economics and Sociology, Department of Business Analysis and Strategy | |
| dc.identifier.eissn | 2353-7663 | |
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| dc.contributor.authorEmail | tomasz.sosnowski@uni.lodz.pl | |
| dc.identifier.doi | 10.18778/0208-6018.328.02 | |
| dc.relation.volume | 2 | en_GB |
| dc.subject.jel | G11 | |
| dc.subject.jel | G24 | |
| dc.subject.jel | G32 | |
