ハン ホウタツ   FAN Pengda
  笵 鵬達
   所属   立命館アジア太平洋大学  国際経営学部
   職種   助教
言語種別 英語
発行・発表の年月 2019/02
形態種別 論文(学術誌・プロフェショナル誌)
査読 査読あり
標題 Debt retirement at IPO and firm growth
執筆形態 単著
掲載誌名 Journal of Economics and Business Volume 101, January–February 2019, Pages 1-16
概要 This paper examines whether debt retirement at the time of initial public offering (IPO) can stimulate firm growth. Our findings demonstrate that highly leveraged firms tend to use the proceeds of IPOs to repay more existing debt. Then, increased debt capacity and reduced interest burden enable firms to expand their businesses. Firms that retire more debt also present better performance in the long-term. These results indicate that firms that have previously been labeled low-growth firms can achieve high growth in the post-IPO period by conducting debt retirement.
DOI https://doi.org/10.1016/j.jeconbus.2018.08.004
ISSN 0148-6195