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Determining Factors Behind Companies Delisting Decision

Student: Aleksandra Shchukina

Supervisor: Elena Rogova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

This bachelor thesis is an empirical study of factors behind companies delisting decision. The main goal of this research is to identify the determinants of delisting. The analysis is build considering the existing literature and the collected data sample. The data sample consists of 586 companies, about 15% of which are the voluntarily delisted from the Alternative Investment Market over the period of 2013 and 2019. To test the hypothesis the Logit model and the Cox Proportional Hazard model were applied. The study includes three main parts. First of all, the theoretical substantiations of the issue are given, and hypotheses are built. The second part consist of methodology description and the third part presents the obtained results. This research may be helpful to firms in the UK market due to its growth to undertake the right strategy and make a decision, considering their data, on whether they need to list or delist. Also, it is helpful for investors and hedge funds because recognition of determinants behind delisting decision has the potential of helping to build a beneficial (profit-maximizing) scheme.

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