The strategy of going public plays a relevant role in business growth. Macroeconomic conditions are decisive for initial public offerings (IPOs). In this study, we analyzed the impact of macroeconomic factors on IPOs in the Brazilian stock market, considering the period from 2007 to 2018. We used autoregressive distributed lag (ARDL) models to analyze the existence of cointegration between the variables and the long-run effects. The estimated models considered the effects on the proceeds or the number of IPO, which can be related to interest rates, stock market returns, economic activity, and economic uncertainty. Our results indicate that economic activity and uncertainty have long-run effects on both the proceeds and the number of IPOs. There is also evidence that the interest rate has a long-run relationship with the IPO proceeds. In addition, we tested the causal relationships between macroeconomic factors and the IPO variables. For this purpose, we adopted a Granger causality test. We highlight that uncertainty precedes the IPO proceeds. Expectations about macroeconomic conditions are relevant for the decision to go public. Our evidence can provide guidance for stakeholders and policymakers.

上市战略在业务增长中发挥着重要作用。宏观经济条件对首次公开募股 (IPO) 具有决定性作用。在本研究中，我们分析了宏观经济因素对巴西股市 IPO 的影响，考虑了 2007 年至 2018 年期间。我们使用自回归分布滞后 (ARDL) 模型来分析变量与长期变量之间是否存在协整关系。效果。估计模型考虑了对收益或 IPO 数量的影响，这可能与利率、股市回报、经济活动和经济不确定性有关。我们的结果表明，经济活动和不确定性对收益和 IPO 数量都有长期影响。也有证据表明利率与 IPO 收益有着长期的关系。此外，我们检验了宏观经济因素与 IPO 变量之间的因果关系。为此，我们采用了格兰杰因果检验。我们强调 IPO 收益之前的不确定性。对宏观经济状况的预期与上市决定相关。我们的证据可以为利益相关者和政策制定者提供指导。