| Abstrakt: |
The present study aims to investigate the influence of ownership structure on initial public offering (IPO) underpricing within the context of the Istanbul Stock Exchange (ISE) in Turkey, an emerging market. The present study provides evidence from an emerging market (the ISE) and a civil law country (Turkey) which possess different characteristics than the developed markets and common law countries that have been extensively investigated by the majority of the existing studies in the IPO underpricing literature. The findings of the study, as a whole, can be interpreted to conclude that the relationship between ownership structure and underpricing, if there is one, is weak. The results may be interpreted as a reflection of Turkey being a civil law country where the focus on the stock market and the corporate control provided by the stock market is quite negligible. As a result, the IPO does not act as a means of change in the control mechanisms of firms, hence control and monitoring concerns do not influence the level of underpricing. [ABSTRACT FROM AUTHOR] |
