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Factors Affecting Companies’ Decision About Voluntary Delisting from the Stock Market

Student: Fedor Bazolin

Supervisor: Dmitry Tikhomirov

Faculty: Faculty of Economic Sciences

Educational Programme: Corporate Finance (Master)

Final Grade: 8

Year of Graduation: 2020

In the second half of the 20th century, one of the most popular methods of attracting financing was the initial public offering (IPO). However, with the increase in the number of IPOs, the reverse process became more common, when the company voluntarily left the exchange and carried out the delisting procedure. This study analyses groups of factors that could potentially influence the decision of management of Russian companies to conduct voluntary delisting from Russian and foreign exchanges from January 2006 to April 2020. The study helped to determine the profile of a company that could potentially leave an exchange. An empirical analysis suggests that an increase in the financial visibility of a company, its size and the level of idiosyncratic risk reduces the likelihood of voluntary delisting. In contrast to studies that were based on a sample of developed countries, it was proved that unsatisfactory financial performance of russian companies does not increase the probability of delisting.

Full text (added May 31, 2020)

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