Title: Operating performance of initial public offerings: empirical evidence from Oman

Authors: S. Ananda; Roslin Lazarus

Addresses: Postgraduate Studies, Research and Innovation Department, College of Banking and Financial Studies, Muscat, Sultanate of Oman ' Undergraduate Studies Department, College of Banking and Financial Studies, Muscat, Sultanate of Oman

Abstract: This study tried to examine the operating performance of companies as they moved from private to public on Muscat Stock Exchange between 2007 and 2018. Three regression models were developed to measure the association between the three dependent variables (return on equity, return on sales and return on assets) of the operating performance of IPO companies and the ten independent variables. Regression model results revealed that there exists a significant impact of more than one identified independent variable on sample companies operating performance. The paired sample results revealed no significant difference in the operating performance of sample companies during the pre- and post-IPO periods. The findings of this study contribute a new insight for the literature in the Middle East region to understand the factors influencing the operating performance of companies as they move from private to public. The findings may be useful to policymakers, decision-makers, investors, and researchers.

Keywords: IPOs; initial public offerings; operating performance; ownership retention; MSX; Muscat Stock Exchange; Oman.

DOI: 10.1504/IJAAPE.2024.135568

International Journal of Accounting, Auditing and Performance Evaluation, 2024 Vol.20 No.1/2, pp.206 - 224

Received: 04 Apr 2022
Received in revised form: 09 Nov 2022
Accepted: 30 Jan 2023
Published online: 18 Dec 2023 *

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