Skip to main content
Have a personal or library account? Click to login
Determinants of Voluntary Delisting in Post-Transition Markets: Evidence from Poland Cover

Determinants of Voluntary Delisting in Post-Transition Markets: Evidence from Poland

Open Access
|Jul 2026

References

  1. Adamska, A., Dąbrowski, T. J., & Grygiel-Tomaszewska, A. (2016). Socially Responsible Investment in Post-Communist and Developed European Countries. Revue d’études comparatives Est-Ouest, 47(3), 7–43. https://doi.org/10.4074/S0338059916003016
  2. Asker, J., Farre-Mensa, J., & Ljungqvist, A. (2015). Corporate Investment and Stock Market Listing: A Puzzle? The Review of Financial Studies, 28(2), 342–390. https://doi.org/10.1093/rfs/hhu077
  3. Ater, K. D. (2017). Market Timing and Capital Structure: A Critical Literature Review. Research Journal of Finance and Accounting, 8(6), 81–94. https://www.iiste.org/Journals/index.php/RJFA/article/view/36303/37302
  4. Azevedo, A., Çolak, G., El Kalak, I., & Tunaru, R. (2024). The Timing of Voluntary Delisting. Journal of Financial Economics, 155, 103832. https://doi.org/10.1016/j.jfineco.2024.103832
  5. Batnini, F. (2015). IPO Waves: How Market Performances Influence the Market Timing of IPO? The Journal of Applied Business Research, 31(5), 1679–1692. https://doi.org/10.19030/jabr.v31i5.9382
  6. Baxamusa, M., & Jalal, A. (2023). The Decline in Stock Exchange Listed Firms. The Quarterly Review of Economics and Finance, 90, 295–317. https://doi.org/10.1016/j.qref.2022.10.009
  7. Bessler, W., Beyenbach, J., Rapp, M. S., & Vendrasco, M. (2019). Securities Market Reforms and Market Segments for IPOs: An Analysis of Listing and Delisting Decisions in Germany. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3288663
  8. Bilel, H., & Khammassi, I. (2024). Determinants for the Decision of Delisting Companies From Stock Exchange: A Case Study of Tunisia, Egypt and Morocco. Theoretical and Practical Research in Economic Fields, 15(4), 909–927. https://doi.org/10.14505/tpref.v15.4(32)0.10
  9. Botha, I., Lansdell, P. A., & Marx, B. (2025). The Hidden Forces Behind Delisting: Non-Financial and Macroeconomic Determinants [Preprint]. Retrieved October 12, 2025, from Preprints.org: https://www.preprints.org/manuscript/202502.1101/v1
  10. Bregneberg, M., & Jensen, P. C. (2018). Determinants of Private Equity-Backed Delistings [Master’s thesis, Copenhagen Business School]. Retrieved October 12, 2025, from CBS Research Portal: https://research-api.cbs.dk/ws/portalfiles/portal/59787759/440156_Determinants_of_Private_Equity_Backed_Delistings_Marc_Bregneberg_and_Peter_Christian_Jensen.pdf
  11. Broz, T., Barbić, T., & Palić, P. (2018). Developing a Financial Conditions Index for a Post-Transition Country: The Case of Croatia. Post-Communist Economies, 30(4), 549–564. https://doi.org/10.1080/14631377.2018.1442035
  12. Carpentier, C., & Suret, J. M. (2011). The Survival and Success of Canadian Penny Stock IPOs. Small Business Economics, 36(1), 101–121. https://doi.org/10.1007/s11187-009-9190-x
  13. Chang, X., Chen, Y., & Dasgupta, S. (2019). Macroeconomic Conditions, Financial Constraints, and Firms’ Financing Decisions. Journal of Banking & Finance, 101, 242–255. https://doi.org/10.1016/j.jbankfin.2018.10.016
  14. Chou, T. K., Cheng, J. C., & Chien, C. C. (2011). How Useful is Venture Capital Prestige? Evidence From IPO Survivability. Small Business Economics, 40(4), 843–863. https://doi.org/10.1007/s11187-011-9389-5
  15. Çolak, G., Durnev, A., & Qian, Y. (2017). Political Uncertainty and IPO Activity: Evidence from U.S. Gubernatorial Elections. Journal of Financial and Quantitative Analysis, 52(6), 2523–2564. https://doi.org/10.2139/ssrn.2281269
  16. Çolak, G., Yung, C., & Wang, W. (2008). Cycles in the IPO Market. Journal of Financial Economics, 89(1), 192–208. https://doi.org/10.1016/j.jfineco.2007.06.007
  17. DeAngelo, H., DeAngelo, L., & Rice, E. M. (1984). Going Private: Minority Freezouts and Stockholder Wealth. The Journal of Law and Economics, 27(2), 367–401. https://www.jstor.org/stable/725581
  18. Demers, E., & Joos, P. (2007). IPO Failure Risk. Journal of Accounting Research, 45(2), 333–371. https://doi.org/10.1111/j.1475-679X.2007.00236.x
  19. Dodig, A. (2020). Relationship Between Macroeconomic Indicators and Capital Markets Performance in Selected Southeastern European Countries. Zagreb International Review of Economics and Business, 23(2), 55–88. https://doi.org/10.2478/zireb-2020-0014
  20. Doidge, C., Karolyi, G. A., & Stulz, R. M. (2017). The U.S. Listing Gap. Journal of Financial Economics, 123(3), 464–487. https://doi.org/10.1016/j.jfineco.2016.12.002
  21. Fernando, C. S., Krishnamurthy, S., & Spindt, P. A. (2004). Are Share Price Levels Informative? Evidence From the Ownership, Pricing, Turnover and Performance of IPO Firms. Journal of Financial Markets, 7(4), 377–406. https://doi.org/10.1016/j.finmar.2004.01.001
  22. Fîrcescu, B. (2012). Crises Effects on Financial System Structure in Some Post-Communist Countries. Procedia – Social and Behavioral Sciences, 58, 444–453. https://doi.org/10.1016/j.sbspro.2012.09.1021
  23. Gemra, K., & Rogowski, W. (2020). Premia w wezwaniach na akcje na rynku kapitałowym w Polsce [Premiums in share tender offers on the Polish capital market]. Kwartalnik Nauk o Przedsiębiorstwie, 55(2), 54–63. https://doi.org/10.33119/KNoP.2020.55.2.5
  24. Ikenberry, D., Lakonishok, J., & Vermaelen, T. (1995). Market Underreaction to Open Market Share Repurchases. Journal of Financial Economics, 39(2–3), 181–208. https://doi.org/10.1016/0304-405X(95)00826-Z
  25. Jankowska, B., Bartosik-Purgat, M., & Olejnik, I. (2021). The Reverse Transfer of Knowledge in MNEs: The Perspective of Foreign Subsidiaries in a Post-Transition Country. Journal of Intellectual Capital, 22(6), 1082–1105. https://doi.org/10.1108/JIC-07-2020-0247
  26. Kang, S. M. (2017). Voluntary Delisting in Korea: Causes and Impact on Company Performance. The Journal of Applied Business Research, 33(2), 391–408. https://doi.org/10.19030/jabr.v33i2.9912
  27. Kim, W., & Weisbach, M. S. (2008). Motivations for Public Equity Offers: An International Perspective. Journal of Financial Economics, 87(2), 281–307. https://doi.org/10.1016/j.jfineco.2006.09.010
  28. Konno, Y., & Itoh, Y. (2017). Why do Listed Companies Delist Themselves Voluntarily? Journal of Financial Management of Property and Construction, 23(2), 152–169. https://doi.org/10.1108/JFMPC-02-2017-0006
  29. Krastiņš, E., & Pētersons, M. (2017). Determinants of Delisting: The Case of European Stock Exchanges. SSE Riga Student Research Papers, 6(193). https://www.sseriga.edu/sites/default/files/2018-08/6Paper_Krastins_Petersons.pdf
  30. Lansdell, P. A., Botha, I., & Marx, B. (2025). Unmasking Delistings: A Multifactorial Analysis of Financial, Non-Financial, and Macroeconomic Variables. Journal of Risk and Financial Management, 18(4), 194. https://doi.org/10.3390/jrfm18040194
  31. Latinovic, M., & Milosevic, N. (2019). Income Inequality and Credit Expansion in Post-Communist Countries. Post-Communist Economies, 31(1), 106–122. https://doi.org/10.1080/14631377.2018.1443247
  32. Lattanzio, G., Megginson, W. L., & Sanati, A. (2023). Dissecting the Listing Gap: Mergers, Private Equity, or Regulation? Journal of Financial Markets, 65, 100836. https://doi.org/10.1016/j.finmar.2023.100836
  33. Lerner, J., Shane, H., & Tsai, A. (2003). Do Equity Financing Cycles Matter? Evidence From Biotechnology Alliances. Journal of Financial Economics, 67(3), 411–446. https://doi.org/10.1016/S0304-405X(02)00256-8
  34. Leuz, C., Triantis, A., & Wang, T. Y. (2008). Why Do Firms go Dark? Causes and Economic Consequences of Voluntary SEC Deregistrations. Journal of Accounting and Economics, 45(2–3), 181–208. https://doi.org/10.2139/ssrn.592421
  35. Lowry, M. (2003). Why Does IPO Volume Fluctuate so Much? Journal of Financial Economics, 67(1), 3–40. https://doi.org/10.1016/S0304-405X(02)00230-1
  36. Łukasik, G. (1998). Polityka pozyskania kapitału przez przedsiębiorstwa w warunkach rozwoju rynku finansowego [Capital Acquisition Policy of Enterprises Under Financial Market Development] (p. 207). Prace Naukowe Akademii Ekonomicznej w Katowicach. Katowice: Wydawnictwo Akademii Ekonomicznej im. Karola Adamieckiego.
  37. Makrominas, M., & Yiannoulis, Y. (2021). IPO Determinants of Delisting Risk: Lessons from the Athens Stock Exchange. Accounting Forum, 45(3), 287–311. https://doi.org/10.1080/01559982.2021.1885253
  38. Makuvaza, L., Chamboko, R., Guvuriro, S., & Coetzee, J. (2025). The Role of Intermediate Financial Distress Events and Business Cycles in Stock Market Delisting: Evidence from the Johannesburg Stock Exchange. Cogent Economics & Finance, 13(1), 2476098. https://doi.org/10.1080/23322039.2025.2476098
  39. Margaritis, D., & Psillaki, M. (2010). Capital Structure, Equity Ownership and Firm Performance. Journal of Banking & Finance, 34(3), 621–632. https://doi.org/10.1016/j.jbankfin.2009.08.023
  40. Marosi, A., & Massoud, N. (2007). Why Do Firms Go Dark? The Journal of Financial and Quantitative Analysis, 42(2), 421–442. https://www.jstor.org/stable/27647303
  41. Martinez, I., & Serve, S. (2017). Reasons for Delisting and Consequences: A Literature Review and Research Agenda. Journal of Economic Surveys, 31(3), 733–770. https://doi.org/10.1111/joes.12170
  42. Mayur, M., & Kumar, M. (2013). Determinants of Going-Public Decision in an Emerging Market: Evidence from India. Vikalpa: The Journal for Decision Makers, 38(1), 65–86. https://doi.org/10.1177/0256090920130106
  43. Mehmood, W., Mohd-Rashid, R., & Ong, C. Z. (2021). Factors Driving IPO Variability: Evidence From Pakistan Stock Exchange. Journal of Economics, Finance and Administrative Science, 26(52), 300–316. https://doi.org/10.1108/JEFAS-04-2021-0036
  44. Morgenstern, M., Nealis, P., & Kleinman, K. (2004). Going Private: A Reasoned Response to Sarbanes-Oxley. Paper presented at the 3rd Annual Government–Business Forum on Small Business Capital Formation. Retrieved from https://www.sec.gov/info/smallbus/pnealis.pdf
  45. Muyeche, D., Murape, C., & Mungwini, N. (2014). Firm Financial Performance Prior to Delisting: A Case Study of Interfresh Holdings Limited and the Zimbabwe Stock Exchange. International Journal of Development Research, 4(3), 736–740. https://www.journalijdr.com/sites/default/files/issue-pdf/1577.pdf
  46. Nguyen, Q., Heui-Yeong Kim, M., & Suardi, S. (2025). Navigating Corporate Governance and Involuntary Delisting in Frontier Markets: A Nuanced Perspective From Vietnam. Applied Economics. Advance online publication. https://doi.org/10.1080/00036846.2025.2483477
  47. Pagano, M., Panetta, F., & Zingales, L. (1998). Why Do Companies Go Public? An Empirical Analysis. The Journal of Finance, 53(1), 27–64. https://doi.org/10.1111/0022-1082.25448
  48. Pour, E. K., & Lasfer, M. (2013). Why Do Companies Delist Voluntarily From the Stock Market? Journal of Banking & Finance, 37(12), 4850–4860. https://doi.org/10.1016/j.jbankfin.2013.08.022
  49. Ritter, J. R., & Welch, I. (2002). A Review of IPO Activity, Pricing, and Allocations. The Journal of Finance, 57(4), 1795–1828. https://doi.org/10.1111/1540-6261.00478
  50. Riyath, M. I. M., & Dayaratne, D. A. I. (2025). Why Do Companies Go Public in Sri Lanka? A Mixed-Method Approach. Qualitative Research in Financial Markets, 17(2), 229–250. https://doi.org/10.1108/QRFM-06-2023-0141
  51. Sokołowska, E. (2012). Rentowność kapitału własnego przedsiębiorstw niefinansowych przy wykorzystaniu piramidy du Ponta [Return on Equity of Non-Financial Enterprises Using the Du Pont Pyramid]. Kwartalnik Nauk o Przedsiębiorstwie, 25(4), 46–59.
  52. Taggart, R. A. (1977). A Model of Corporate Financing Decisions. The Journal of Finance, 32(5), 1467–1484. https://doi.org/10.1111/j.1540-6261.1977.tb03346.x
  53. Tutino, M., Panetta, I. C., & Laghi, E. (2013). Key Factors in Delisting Process in Italy: Empirical Evidence. GSTF Journal on Business Review, 2(4), 218–223. https://dl6.globalstf.org/index.php/gbr/article/view/201
  54. Ustawa z dnia 29 lipca 2005 r. o ofercie publicznej i warunkach wprowadzania instrumentów finansowych do zorganizowanego systemu obrotu oraz o spółkach publicznych [Act of 29 July 2005 on Public Offering, Conditions for Introducing Financial Instruments to an Organised Trading System, and on Public Companies], Dz.U.2025.592 t.j. (Poland). Retrieved October 20, 2025, from https://isap.sejm.gov.pl/isap.nsf/DocDetails.xsp?id=WDU20051539
  55. Yang, C. Y., & Sheu, H. J. (2006). Managerial Ownership Structure and IPO Survivability. Journal of Management and Governance, 10(1), 59–75. https://doi.org/10.1007/s10997-005-3552-9
  56. Yin, R. K. (2018). Case Study Research and Applications: Design and Methods (6th ed.). Thousand Oaks, CA: SAGE Publications.
DOI: https://doi.org/10.2478/ceej-2026-0014 | Journal eISSN: 2543-6821 | Journal ISSN: 2544-9001
Language: English
Page range: 244 - 262
Submitted on: Dec 8, 2025
Accepted on: May 27, 2026
Published on: Jul 8, 2026
In partnership with: Paradigm Publishing Services

© 2026 Zofia Guździoł, Marcin Bielicki, published by Faculty of Economic Sciences, University of Warsaw
This work is licensed under the Creative Commons Attribution 4.0 License.