Determinants for the Decision of Delisting Companies from Stock Exchange: A Case Study of Tunisia, Egypt and Morocco
Abstract
The Initial Public Offering (IPO) is considered a crucial step for a company, but its success is not guaranteed. This article aims to study the explanatory factors behind the delisting of a publicly traded company. To accomplish this, we have chosen a representative sample of 5 Tunisian companies, 5 Moroccan companies, and 10 Egyptian companies that were all delisted from the stock exchange between 2012 and 2021. Drawing on agency theory and signaling theory, we seek to identify the determinants that influence companies' delisting decisions. Three main findings are highlighted. This decision is positively influenced by: i) company-specific characteristics; ii) governance mechanisms; and iii) market situation. A theoretical and empirical approach is adopted to address this issue.
References
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[9] Bhabra, H.S., Pettway, R.H. (2003). IPO prospectus information and subsequent performance. Financial Review, 38 (3): 369-397. DOI: 10.1111/1540-6288.00051
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[11] Chancharat, N., Krishnamurti, C., & Tian, G. (2012). Board structure and survival of new Economy IPO firms. Corporate Governance: An International Review 20 (2): 144-163. DOI: https://doi.org/10.1111/j.1467-8683.2011.00906.x
[12] Chaplinsky, S., & Ramchand, L. (2012). What drives delistings of foreign firms from U.S. Exchanges? Journal of International Financial Markets, Institutions and Money, 22(5): 1126–1148. DOI:10.1016/j.intfin.2012.06.003
[13] Charitou, A., Lambertides, N., & Trigeorgis, L. (2007). Earnings Behaviour of Financially Distressed Firms: The Role of Institutional Ownership. Abacus, 43(3): 271–296. DOI: 10.1111/j.1467-6281.2007.00230.x
[14] Christopher Maladjian & Rim El Khoury (2014). Determinants of the Dividend Policy: An Empirical Study on the Lebanese Listed Banks. International Journal of Economics and Finance; 6(4): 240-256. DOI:10.5539/ijef.v6n4p240
[15] Chung, K. H., & Zhang, H. (2011). Corporate governance and institutional ownership. Journal of Financial and Quantitative Analysis, 46(1): 247– 273. DOI: https://doi.org/10.1017/S0022109010000682
[16] Croci, E., & Del Giudice, A. (2014). Delistings, controlling shareholders and firm performance in Europe. European Financial Management, 20 (2): 374-405. DOI: 10.1111/j.1468-036X.2011.00640.x
[17] Dalton, D., Daily, C., Johnson, J., & Ellstrand, A. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal 42(6): 674- 686. DOI: https://doi.org/10.2307/256988
[18] Demers, E., & Joos, P. (2007). IPO failure risk. Journal of Accounting Research, 45 (2): 333-371. DOI:https://doi.org/10.1111/j.1475-679X.2007.00236.x
[19] Dialdin O. & Elsaudi M. (2010). Dividend policy in Saudi Arabia. The International Journal of Business and Finance Research, 4(1): 99-113. DOI: 10.3390/jrfm16080350
[20] Doidge, C., Karolyi, G. A., & Stulz, R. M. (2010). Why Do Foreign Firms Leave U.S. Equity Markets? The Journal of Finance, 65(4): 1507–1553. DOI: https://dx.doi.org/10.2139/ssrn.1415782
[21] Duha Al-Kuwari (2009). Determinants of the Dividend Policy of Companies Listed on Emerging Stock Exchanges: The Case of the Gulf Cooperation Council (GCC) Countries. Global Economy & Finance Journal, 2(2): 38-63. Available at: https://ssrn.com/abstract=1793150
[22] Fama, E.F., & Jensen, M.C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2): 301-325. DOI: https://dx.doi.org/10.2139/ssrn.94034
[23] Farman Ali Khan Nawaz Ahmad (2017). Determinants of Dividend Payout: An Empirical Study of Pharmaceutical Companies of Pakistan Stock Exchange (PSX). Journal of Financial Studies and Research, 7(3): 1-16. DOI: https://doi.org/10.5171/2017.538821
[24] Ferreira, M.A., & Matos, P. (2008). The colors of investors‟ money: The role of institutional investors around the world. Journal of Financial Economics, 88 (3): 499-533. DOI: https://dx.doi.org/10.2139/ssrn.885777
[25] Finkelstein, S., & D'Aveni, R.A. (1994). CEO duality as a double-edged sword: how boards of directors balance entrenchment avoidance and unity of command. The Academy of Management Journal, 37(5): 1079-1108. DOI: https://doi.org/10.2307/256667
[26] Fischer, H.M., & Pollock, T.G. (2004). Effects of social capital and power on surviving transformational change: The case of Initial Public Offerings. The Academy of Management Journal, 47 (4): 463-481. DOI:https://doi.org/10.2307/20159597
[27] Fungáčová, Z., & Hanousek, J. (2011). Determinants of Firm Delisting on the Prague Stock Exchange. Prague Economic Papers, 20(4): 348-365. DOI: 10.18267/j.pep.404
[28] Geranio, M., & Zanotti, G. (2010). Equity markets do not fit all: An analysis of public-to-private deals in Continental Europe. European Financial Management, 18 (5): 867-895. DOI: 10.1111/j.1468-036X.2010.00556.x
[29] Hadfi Bilel (2020). Does entrenchment of managers affect entrepreneurial dividend decision and investor sentiment? Asia Pacific Journal of Innovation and Entrepreneurship, 14(3): 275-288. DOI:https://doi.org/10.1108/APJIE-10-2019-0072
[30] Hadfi Bilel (2024). Can Dividend Announcement Predict Abnormal Returns? Tunisia Evidence. Global Studies on Economics and Finance (GSEF). Volume 1, 2(4): 5-15. DOI: https://doi.org/10.58396/gsef010205
[31] Hadfi Bilel and Mondher Kouki (2020). Catering theory and dividend policy: a study of Mena region. Corporate Ownership & Control, 17(4): 86-99. DOI: 10.22495/cocv17i4art7
[32] Hadfi Bilel & Mondher Kouki (2021). What can explain catering of dividend? Environment information and investor sentiment. Journal of Economics and Finance, 45(4). DOI: 10.1007/s12197-021-09540-0
[33] Hamdouni Amina (2015). Dividend policy and corporate governance in Saudi stock market: Outcome model or substitute model? Corporate Ownership & Control, 12(2): 74-91. DOI: https://doi.org/10.22495/cocv12i2p7
[34] Hananeh Shahteimoori Ardestani, Siti Zaleha Abdul Rasid, Rohaida Basiruddin, & Mohammad ghorban Mehri (2013). Dividend Payout Policy, Investment Opportunity and Corporate Financing in the Industrial Products Sector of Malaysia. Journal of Applied Finance & Banking, 3(1): 123-136. DOI:http://dx.doi.org/10.21511/bbs.14(2).2019.03
[35] Haniffa, R., & Hudaib, M. (2006). Corporate governance structure and performance on Malaysian listed companies. Journal of Business Finance and Accounting, 33 (7): 1034-1062. DOI:https://doi.org/10.1111/j.1468-5957.2006.00594.x
[36] Hu, G., Lin, J.-C., Wong, O., & Yu, M. (2018). Why have many U.S.-listed Chinese firms announced delisting recently? Global Finance Journal, 41(C): 13-31. DOI: 10.1016/j.gfj.2018.10.002
[37] Hughes, P.J. (1986). Signalling by direct disclosure under asymmetric information. Journal of Accounting and Economics 8 (2): 119-142. DOI: https://doi.org/10.1016/0165-4101(86)90014-5
[38] Ibrahim Elsiddig Ahmed (2014). The Impact of Liquidity on the Dividends Policy. International Business Research, 6(2): 1-12. DOI: http://dx.doi.org/10.21511/bbs.14(2).2019.03
[39] Ines Khammassi & Kamel Naoui (2019). Credit risk and bank opacity: a comparative study of conventional and Islamic banks. American Journal of Finance and Accounting, 6(2): 56-76. DOI:https://doi.org/10.1504/AJFA.2019.104192
[40] Ines khammassi, & Khoutem Ben Jedidia (2018). Do Islamic banking standards convey more financial transparency than conventional banking ones? Turkish Journal of Islamic Economics, 5(1): 109-132. DOI:dx.doi.org/10.26414/tujise.2018.5.1.109-132
[41] Ines Khammassi, Talel Boufateh, & Kamel Naoui (2020). Do stress tests reduce liquidity risk opacity? American Journal of Finance and Accounting, 6(2): 135-158. DOI: 10.1504/AJFA.2020.10032527
[42] Jasim Al-Ajmi & Hameeda Abo Hussain (2011). Corporate dividends decisions: evidence from Saudi Arabia. The Journal of Risk Finance, 12 (1): 41- 56. DOI: 10.1108/15265941111100067
[43] Jensen, M.C. (1986). Agency costs of free cash-flow, corporate finance and takeovers. American Economic Review, 76: 323-329. DOI: https://www.jstor.org/stable/1818789
[44] Jensen, M.C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48 (3): 831- 880. DOI: https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
[45] Jensen, M.C., & Meckling, W.H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4). DOI: https://dx.doi.org/10.2139/ssrn.94043
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Published
2024-12-30
How to Cite
BILEL, Hadfi; KHAMMASSI, Ines.
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, [S.l.], v. 15, n. 4, p. 909 - 927, dec. 2024.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/8683>. Date accessed: 06 jan. 2025.
doi: https://doi.org/10.14505/tpref.v15.4(32).10.
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