engleski

Financial and operating performance of IPO firms in an emerging market: evidence from Croatia

This paper investigates financial and operating performance of all IPOs issued on the Zagreb Stock Exchange (ZSE) in Croatia between 2005 and 2009, because in period of global financial crisis from 2009 till 2015 no IPOs were issued. The paper researches changes in firm’s operating and financial performance around the IPO date, with the focus on the effects of first day post- listing share turnover, return on equity in year prior to listing and in year after the listing are examined. The main contribution of the paper lies in providing the evidence on attributes of IPO firms in Croatia, as a case of bank oriented economy with an emerging capital market.

initial public offerings (IPOs), firm’s performance, emerging market, Croatia

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