Purpose

This study aims to outline the research field of initial public offerings (IPOs) pricing and performance by combining bibliometric analysis with a systematic literature review process.

Design/methodology/approach

The study uses over three decades of IPO publication records (1989–2020) from Scopus and Web of Science databases. An analysis of keyword co-occurrence and bibliometric coupling was used to gain insights into the evolution of IPO literature.

Findings

The study categorized the IPO research field into four primary clusters: IPO pricing and short-run behaviour, IPO performance and influence of intermediaries, venture capital financing and top management and political affiliations and litigation risks. The results offer a framework for delineating research advancements at different stages of IPOs and illustrate the growing interest of researchers in IPOs in recent years. The study identified future research potential in the areas of corporate governance, earning management and investor sentiments related to IPO performance. Similarly, the study highlighted the opportunity to test multiple theoretical frameworks on alternative investment platforms (SME IPO platforms) operating under distinct regulatory environments.

Originality/value

To the best of the authors’ knowledge, this paper represents the first instance of using both bibliometric and systematic review to quantitatively and qualitatively review the articles published in the area of IPO pricing and performance from 1989 to 2020.

中文翻译：

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首次公开募股的定价和绩效：未来研究方向

目的

本研究旨在通过将文献计量分析与系统文献综述过程相结合，概述首次公开募股（IPO）定价和绩效的研究领域。

设计/方法论/途径

该研究使用了 Scopus 和 Web of Science 数据库中三十多年的 IPO 出版记录（1989 年至 2020 年）。通过对关键词共现和文献计量耦合的分析，深入了解 IPO 文献的演变。

发现

该研究将IPO研究领域分为四个主要类别：IPO定价和短期行为、IPO绩效和中介机构的影响、风险资本融资以及高层管理人员和政治背景以及诉讼风险。研究结果为描绘IPO不同阶段的研究进展提供了一个框架，并说明了近年来研究人员对IPO日益增长的兴趣。该研究确定了公司治理、盈余管理和与 IPO 业绩相关的投资者情绪等领域的未来研究潜力。同样，该研究强调了在不同监管环境下运行的另类投资平台（中小企业 IPO 平台）上测试多种理论框架的机会。

原创性/价值

据作者所知，本文是首次使用文献计量和系统综述对 19​​89 年至 2020 年 IPO 定价和绩效领域发表的文章进行定量和定性审查。