The effect of brand diversification on IPO returns: An examination of restaurant IPOs

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dc.authorscopusid53878438900
dc.authorscopusid56326610700
dc.authorscopusid36182088400
dc.contributor.authorOzdemir, O.
dc.contributor.authorErkmen, E.
dc.contributor.authorDemirciftci, T.
dc.date.accessioned2024-07-18T20:16:59Z
dc.date.available2024-07-18T20:16:59Z
dc.date.issued2019
dc.description.abstractThis study examines whether pre-IPO brand diversification is related to IPO returns in the restaurant industry. More precisely, the study examines whether brand-diversified restaurant firms experience a lower underpricing in their IPO relative to non-diversified (focused) restaurant firms. Second, the study investigates whether pre-IPO brand diversification affects long-run returns of restaurant IPOs. The sample of study is 106 restaurant firms that completed an IPO between 1981 and 2015. For primary analyses, t-test and ordinary least square regression are used. Findings of the study reveal that pre-IPO brand diversification is a significant firm attribute for a restaurant firm that goes through an IPO. Brand-diversified restaurant firms’ shares are more accurately priced by the investors, therefore they experience underpricing to a significantly lesser degree than focused restaurant firms. The study finds mixed evidence for the long-run returns. In most part, multivariate analyses suggest that pre-IPO brand diversification does not affect the long-run IPO returns of restaurant firms. © 2019, © 2019 Taylor & Francis.en_US
dc.description.sponsorshipUniversity of Nevada, Las Vegas, UNLVen_US
dc.description.sponsorshipWe would like to acknowledge that this study was supported by the William F. Harrah College of Hospitality at University of Nevada, Las Vegas [ Summer Research Program ]. We thank College of Hospitality at UNLV for their support. We also want to thank Prof. Martin Kenney and Prof. Donald Patton (Kenney & Patton, 2017 ) for sharing their emerging growth IPOs database with us.en_US
dc.description.sponsorshipThis work was supported by the University of Nevada, Las Vegas [William F. Harrah College of Hospitality Summer Research Support]. We would like to acknowledge that this study was supported by the William F. Harrah College of Hospitality at University of Nevada, Las Vegas [Summer Research Program ]. We thank College of Hospitality at UNLV for their support. We also want to thank Prof. Martin Kenney and Prof. Donald Patton (Kenney & Patton, 2017) for sharing their emerging growth IPOs database with us.en_US
dc.identifier.doi10.1080/15378020.2019.1653150
dc.identifier.endpage508en_US
dc.identifier.issn1537-8020
dc.identifier.issue6en_US
dc.identifier.scopus2-s2.0-85070797851en_US
dc.identifier.scopusqualityQ2en_US
dc.identifier.startpage483en_US
dc.identifier.urihttps://doi.org/10.1080/15378020.2019.1653150
dc.identifier.urihttps://hdl.handle.net/11411/6356
dc.identifier.volume22en_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherRoutledgeen_US
dc.relation.ispartofJournal of Foodservice Business Researchen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectİnformation Asymmetryen_US
dc.subjectIpoen_US
dc.subjectReturnsen_US
dc.subjectUnderpricingen_US
dc.titleThe effect of brand diversification on IPO returns: An examination of restaurant IPOsen_US
dc.typeArticleen_US

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