중소기업 IPO 장기성과 결정요인에 관한 실증연구

This study examined changes in the long-term performance of small and medium-sized enterprise (SME) Initial Public Offerings (IPOs) listed on KOSDAQ from 2011 to 2022, focusing on 506 new IPOs. The analysis aimed to secure as recent a sample as possible and explore factors influencing long-term performance. Results from analyzing Initial Public Offerings over a 12-month period using Cumulative Abnormal Returns (CAR) and Buy-and-Hold Abnormal Returns (BHAR) indicate that the long-term performance of IPOs, including initial excess returns, is initially higher than the market but decreases over time. Including initial returns, the BHAR is 40.43% one month after listing and 23.64% after 12 months. However, considering the declining trend, short-term investment returns seem more significant than long-term ones. Therefore, active and timely participation in IPO investments provides an opportunity for investors to achieve higher long-term returns. This study sought to explore the impact of IPO issuance conditions, company-specific factors, and market conditions on long-term performance. The key factor influencing IPO long-term performance was identified as underpricing. The result that higher underpricing leads to better long-term performance aligns with the signaling hypothesis, suggesting underpricing can be a means of conveying a company's quality. Additionally, although limited, the finding that IPOs acquired by reputable investment banks tend to have higher long-term performance supports the signaling hypothesis. Hence, it appears desirable for companies to select reputable underwriters when conducting an IPO.