Abstract: Purpose – This study examines how market structure characteristics influence Initial Public Offering outcomes and firm performance in Sub-Saharan African capital markets, focusing on short-term and long-term performance effects.
Design/methodology/approach – A panel data regression framework combined with GARCH volatility modelling is employed to examine the relationships between market capitalisation, trading volume, IPO activity, and market performance in Sub-Saharan African countries from 2000 to 2022. Fixed-effects estimation controls for country-specific characteristics...
Keywords: Initial public offerings (IPOs); Frontier capital markets; Ownership structure; Market performance
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