Vol. 14 No. 1 (2026): Business & Management Studies: An International Journal
Articles

The impact of selected macroeconomic indicators on initial public offerings and investor participation: The case of Borsa Istanbul

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  • N. Serap Vurur
N. Serap Vurur
Assoc. Prof. Dr., Afyon Kocatepe University, Afyon, Türkiye

Published 2026-03-25

Keywords

  • Halka Arz, Makroekonomik Faktörler, Binom Regresyon
  • Initial Public Offerings, Macroeconomic Factors, Binomial Regression

How to Cite

The impact of selected macroeconomic indicators on initial public offerings and investor participation: The case of Borsa Istanbul. (2026). Business & Management Studies: An International Journal, 14(1), 469-485. https://doi.org/10.15295/bmij.v14i1.2723

Copyright (c) 2026 N. Serap Vurur

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

How to Cite

The impact of selected macroeconomic indicators on initial public offerings and investor participation: The case of Borsa Istanbul. (2026). Business & Management Studies: An International Journal, 14(1), 469-485. https://doi.org/10.15295/bmij.v14i1.2723

Abstract

Initial public offering (IPO) activities are highly sensitive to macroeconomic conditions. This study investigates the effects of selected macroeconomic indicators on the number of companies going public and the level of investor participation in IPOs in Türkiye. The study analyses the number of companies traded on the Istanbul Stock Exchange (BIST) and the number of investors participating in these IPOs between April 2010 and March 2025 using correlation analysis and negative binomial regression models. The findings show that both IPO offerings and investor participation are closely related to macroeconomic indicators. While stock market trading volume has a positive and statistically significant effect on both variables, the Credit-to-GDP ratio negatively affects the number of companies going public. These results indicate a substitution relationship between bank-based financing and equity financing in Türkiye. Based on these findings, policies to reduce transaction costs, expand the investor base, and strengthen market liquidity and depth are recommended.

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