Резюме:

This paper investigates whether the scale and frequency of initial public offerings (IPOs) stimulate stock-market performance in an upper-middle-income transition economy. Using monthly data for 2010 – 2024 and a Vector Error-Correction Model (VECM), we test the long-run and short-run influence of IPO activity on abnormal returns of the Kazakhstan Stock Exchange Index (KASE). Results show that the combined number-volume metric of IPOs exerts a positive and statistically significant impact on abnormal index returns, while global factors (NYSE composite, USD/KZT exchange rate, U.S. federal funds rate and domestic inflation) are insignificant. The findings imply that local supply-side shocks dominate global transmission mechanisms in shaping equity-market dynamics. Policy-makers should therefore keep public-sector privatisation and private-sector listings high on the agenda, streamline disclosure rules and sustain macro-policy credibility to deepen capital-market liquidity.

Ключевые слова: IPOs; emerging markets; stock-market performance; VECM; Kazakhstan

Atirkhan M. ¹ The role of initial public offerings in emerging markets: evidence from Kazakhstan // Международный научно-общественный журнал "DOGMA". – 2025. – № 1(30);
URL: journaldogma.esrae.ru/30-655 (дата обращения: 06.12.2025).

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