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dc.contributor.authorÖzdemir, Özgür
dc.contributor.authorUpneja, A.
dc.date.accessioned2016-06-30T12:33:32Z
dc.date.available2016-06-30T12:33:32Z
dc.date.issued2016
dc.identifier.issn0969-5931
dc.identifier.urihttp://hdl.handle.net/10679/4204
dc.identifier.urihttp://www.sciencedirect.com/science/article/pii/S0969593116300099
dc.descriptionDue to copyright restrictions, the access to the full text of this article is only available via subscription.
dc.description.abstractThis study examines the effect of internationalization on the initial and long-run IPO performance of service firms. The study discusses that pre-IPO internationalization of service firms contributes to the explanation of long-discussed IPO underpricing phenomenon, and underperformance of IPOs in the long-run. Sample of the study includes 1822 IPO issues conducted by US service firms between 1980 and 2009. Findings of the study suggest that international service firms leave less money on table in their IPOs compared to domestic service firms by providing significantly lower first day returns to their investors on their first day of public trading. Moreover, our findings provide evidence that 3-year cumulative abnormal returns and 3-year buy-and-hold returns of international service firms are significantly higher than domestic service firms, and international service firms outperform domestic service firms in both operating return on assets and operating cash flows in the post-IPO period. Lastly, the study documents that survival rate of service firms subsequent to an IPO issue increases with pre-IPO internationalization.
dc.language.isoengen_US
dc.publisherElsevier
dc.relation.ispartofInternational Business Review
dc.rightsrestrictedAccess
dc.titleThe role of internationalization on the IPO performance of service firms: Examination of initial returns, long-run returns, and survivabilityen_US
dc.typeArticleen_US
dc.peerreviewedyes
dc.publicationstatuspublisheden_US
dc.contributor.departmentÖzyeğin University
dc.contributor.authorID(ORCID & YÖK ID 124876) Özdemir, Özgür
dc.contributor.ozuauthorÖzdemir, Özgür
dc.identifier.wosWOS:000381531000001
dc.identifier.doi10.1016/j.ibusrev.2016.01.009
dc.subject.keywordsIPO
dc.subject.keywordsInternationalization
dc.subject.keywordsService firms
dc.subject.keywordsPerformance
dc.subject.keywordsReturns
dc.subject.keywordsUnderpricing
dc.subject.keywordsInformation asymmetry
dc.identifier.scopusSCOPUS:2-s2.0-84955107379
dc.contributor.authorMale1


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