Inclusive mapping of initial public offerings: a bibliometric and literature review study

Abstract

This study aims to present a review and analysis of initial public offerings (IPOs) literature, both empirical and theoretical, given that IPOs have demonstrated tremendous growth in the past decade. This paper surveys the IPO literature published throughout 1984–2020 using a meta-literature review that involves qualitative and quantitative techniques. Citation analysis (using Herzing’s Publish or Perish and VOS viewer software) and content analysis were used to review and analyse a total of 2777 papers. The findings explain significant elements in the literature, including countries, institutions, journals, authors, articles, and topics. Also presented are the co-authorship network and three research streams: (1) IPO overview and growth, (2) IPO and finance theories, and (3) IPO and stock market behavior. Based on the review and analyses of the IPO literature, this paper developed 15 future research questions to facilitate an extension of the research. Additionally, this paper developed a dual perspective of the present state of IPO research. First, it asserts that IPOs are not limited to only certain countries, jurisdictions, or vintages. Second, there are very few IPO studies available despite IPOs’ significant economic worth. To the best of the authors’ knowledge, this analysis is the first of its kind to present an empirical evaluation of IPOs using inclusive mapping.