The DOI matches its Crossref record; 22 of the 24 references it cites were found in a registry or an index.
Does Stock Listing Affect Value Creation and Profitability? Evidence from European Listed and Unlisted Companies
Open accessAbstract
In this paper we have studied the issue of whether the stock listing decision impacts firms’ performance and value. In detail, we compared listed and unlisted companies located in countries belonging to the Stoxx Europe 600 in a 3-year time horizon (2015-2017). Companies are grouped in sector in order to ensure a greater comparability of data. As variable representative of performance we used the return on equity while for value creation we chosen the ROE-ke differential. Using the statistical t-test we ascertain the comparability of values. Results of our study demonstrated that unlisted companies have greater profitability and generate higher value than listed peers. In particular, given the significance level at 1% resulting from the t-test for the difference between the means, profitability and value created are higher for unlisted companies compared to the listed especially for the Thecnology, Telecommunication and Industrials sectors.
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Citations
Cites
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Cited by
Sorted by citations
Lansdell, P., Botha, I., & Marx, B. (2025) · Journal of Risk and Financial Management · doi:10.3390/jrfm18040194 · Cited by 4
Value creation in European unlisted companies: evidence from the energy sector
Intrisano, C., Micheli, A. P., Calce, A. M., & Cafolla, E. (2023) · Research Journal of Finance and Accounting · doi:10.7176/rjfa/14-20-09 · Cited by 1
Self-citationSchemes of arrangement and corporate exit: A South African perspective
Lansdell, P. A., Botha, I., & Marx, B. (2026) · South African Journal of Economic and Management Sciences · doi:10.4102/sajems.v29i1.6483
“While underpricing may attract initial investor interest and stimulate early market momentum (Intrisano et al. 2020), it can also introduce long-term vulnerabilities (Demers & Joost 2007).”
Ibekwe, I., Nhantumbo, S., & Siliya, P. (2026) · International Journal of Economics Finance and Management Sciences · doi:10.11648/j.ijefm.20261403.13
Metadata
- Authors
- Intrisano, C., Micheli, A. P., & Calce, A. M.
- Affiliations
- Università degli studi di Cassino e del Lazio Meridionale (IT)
- Corresponding author
- Calce, Anna Maria
- Venue
- International Journal of Economics and Finance
- Published
- 2020-10-28
- Volume
- 12
- Issue
- 11
- Pages
- 130
- ISSN
- 1916-971X (ISSN-L)
- 1916-9728
- OpenAlex
- W3097505160
- Cited by
- 4
- References
- 24
- Citations by year
- 2026: 2 · 2025: 1 · 2023: 1
- FWCI
- 0.47
- Type
- journal article
- Language
- en
- Open access
- diamond
- doi.org
- Locations
- International Journal of Economics and Finance (publishedVersion, cc-by)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
- Social Sciences › Business, Management and Accounting › Strategy and Management › Financial Reporting and Valuation Research
- Social Sciences › Business, Management and Accounting › Accounting › Financial Analysis and Corporate Governance
- Keywords
- stock market listing, initial public offerings, value creation, profitability, listed vs unlisted companies, return on equity, cost of equity, STOXX Europe 600, firm performance, technology industry, telecommunications industry, manufacturing industry
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