http://dx.doi.org/10.31703/ger.2020(V-II).05
10.31703/ger.2020(V-II).05
Published : Jun 2020
Impact of Macroeconomics Factors and Political Regimes on Fluctuation in Number of IPOs in Pakistan
The aim of the study is to determine the factors that fluctuate the numbers of IPOs (NIPOs) issued in Pakistan from 1992 to 2017. Firstly, the study examined the impact of macroeconomic factors such as GDP, Consumer Price Index (CPI), market return, Industrial production index, market volatility, and political stability on the NIPOs. Secondly, the study determined the impact of political regimes (i.e. democratic regime and military regime) on the NIPOs. The censored Tobit regression model is used to determine the relationship between dependent and independent variables. The study found that economic growth positively influences the NIPOs over time in Pakistan; however, market returns, inflation negatively affected the NIPOs. The study further found the number of IPOs shows an overwhelming increase in the military regime, contrary to the democratic regime.
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IPOs Cycle, Capital Demand Hypothesis, Political Regimes, Pakistan
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(1) Fazli Raheem
MS Scholar, Institute of Business Studies and Leadership, Abdul Wali Khan University Mardan, KP, Pakistan.
(2) Shehzad Khan
Assistant Professor, Institute of Business Studies and Leadership, Abdul Wali Khan University Mardan, KP, Pakistan.
(3) Muhammad Faizan Malik
Assistant Professor, Institute of Business Studies and Leadership, Abdul Wali Khan University Mardan, KP, Pakistan.
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Cite this article
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APA : Raheem, F., Khan, S., & Malik, M. F. (2020). Impact of Macroeconomics Factors and Political Regimes on Fluctuation in Number of IPOs in Pakistan. Global Economics Review, V(II), 60-74. https://doi.org/10.31703/ger.2020(V-II).05
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CHICAGO : Raheem, Fazli, Shehzad Khan, and Muhammad Faizan Malik. 2020. "Impact of Macroeconomics Factors and Political Regimes on Fluctuation in Number of IPOs in Pakistan." Global Economics Review, V (II): 60-74 doi: 10.31703/ger.2020(V-II).05
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HARVARD : RAHEEM, F., KHAN, S. & MALIK, M. F. 2020. Impact of Macroeconomics Factors and Political Regimes on Fluctuation in Number of IPOs in Pakistan. Global Economics Review, V, 60-74.
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MHRA : Raheem, Fazli, Shehzad Khan, and Muhammad Faizan Malik. 2020. "Impact of Macroeconomics Factors and Political Regimes on Fluctuation in Number of IPOs in Pakistan." Global Economics Review, V: 60-74
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MLA : Raheem, Fazli, Shehzad Khan, and Muhammad Faizan Malik. "Impact of Macroeconomics Factors and Political Regimes on Fluctuation in Number of IPOs in Pakistan." Global Economics Review, V.II (2020): 60-74 Print.
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OXFORD : Raheem, Fazli, Khan, Shehzad, and Malik, Muhammad Faizan (2020), "Impact of Macroeconomics Factors and Political Regimes on Fluctuation in Number of IPOs in Pakistan", Global Economics Review, V (II), 60-74
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TURABIAN : Raheem, Fazli, Shehzad Khan, and Muhammad Faizan Malik. "Impact of Macroeconomics Factors and Political Regimes on Fluctuation in Number of IPOs in Pakistan." Global Economics Review V, no. II (2020): 60-74. https://doi.org/10.31703/ger.2020(V-II).05