Annals of Business Administrative Science
Online ISSN : 1347-4456
Print ISSN : 1347-4464
ISSN-L : 1347-4456
Hot market (Abenomics) impact on the time to IPO
Takeyasu IchikohjiKoji NakanoMasamichi Ogami
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JOURNAL OPEN ACCESS

2022 Volume 21 Issue 2 Pages 47-60

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Abstract

This study examines how the performance of startups during the time period up to their initial public offering (IPO) is affected by the macro environment, a topic that has not been given much consideration to date. Taking the end of 2012 (the beginning of Abenomics), when Japan’s economic environment shifted to a hot market, as the transition point, we analyzed companies that did IPOs in terms of such variables as the target market, the attributes of the companies in the sample (type of entrepreneurship), and the date of their actual establishment. We found that for those companies operating in an economically favorable environment, the average time period from startup to IPO was relatively long. This could be because an economically favorable environment and improved business conditions spurred startups that had been implementing a wait-and-see attitude. We have some reservations about using “time to IPO” naively as a performance indicator, and caution should be exercised when using it.

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© 2022 Takeyasu Ichikohji, Koji Nakano, and Masamichi Ogami. This is an Open Access article distributed under the terms of the Creative Commons Attribution License CC BY 4.0 (Attribution 4.0 International) license. The CC BY 4.0 license permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited.

This article is licensed under a Creative Commons [Attribution 4.0 International] license.
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