Multidimenzionální přístup k prohlášení v prospektech a IPO výkonnosti

The present research takes a multidimensional view of the impact of the use of initial public offering (IPO) proceeds on IPO performance along with firm characteristics. The selected topic is addressed using the fuzzy-set qualitative comparative analysis (fsQCA) method. The analysis employs methods of fuzzification, minimization, necessity and efficiency analysis for above-average IPO performance using the Quin-McCluskey algorithm. As a result, configurations consistently leading to above-average IPO performance are identified. The configurations consist of firm characteristics including the factors of size, age, and industry type as well as use of proceeds categories including use of proceeds for growth, use of proceeds for financing, use of proceeds for production and use of proceeds for general purposes and the length of the use of proceeds section in the prospectus. The validity of the discovered configurations is conditional based on the presence of firm characteristics, the categories of use of proceeds and the length of the use of proceeds section in the prospectus. Established configurations explain 41.15 % of the occurrences of above-average IPO performance. The findings serve as a basis for managers to streamline the IPO process and contribute to a comprehensive understanding of the factors and their combinations as a bundle leading to above-average IPO performance.