An initial public offering of shares is a global equity instrument of the stock market, which is used as the most effective way to raise capital for solving the strategic tasks of growth and development of the company. This tool is applicable both in international and national financial markets. The purpose of this study is to analyze the practice of attracting investment by the corporate sector of Belarus, Kazakhstan and Russia for 1996—2018. The article analyzes the current state of the global capital market, the size of capitalization of global stock exchanges and the primary public offering market. The degree of development of practice and the effectiveness of using the IPO tool is shown, significant country differences are revealed. The importance of this tool during privatization on market conditions and its relevance for the development of the institutional infrastructure of national stock markets and the integrated financial market of the EAEU member states are noted. The most significant advantages of IPO as a financial instrument for implementing state economic policy are identified.
Kazakhstan's financial market, being relatively small in size, does not have the ability to compensate for the needs of economic entities for financing development through market mechanisms. Therefore, a decision support tool is needed to ensure continued growth. The solution was to use a fuzzy cognitive map and a method for constructing indicators of the system's sustainable development which included a set of three types of subsystem: economic, financial institutions, and financial markets. The sample, containing data from between 1993 and 2018, uses 31 indicators of the economic development of Kazakhstan to reflect the ability of the system to develop in terms of depth, accessibility, efficiency, stability, integration, innovation, and cognitive approach of the economic agents. The current state of the financial market for the period up to 2025 indicates initial shallow depth and slow progress requiring increased investment, GDP growth and reduced inflation to stimulate its development.
IJBG proposes and fosters discussion on various aspects of business and globalisation, including the physical environment and poverty.
Objectives:The objectives of IJBG are to establish an effective channel of communication between policy makers, government agencies, academic and research institutions and persons concerned with the complex role of business and globalisation. The international dimension is emphasised in order to overcome cultural and national barriers and to meet the needs of accelerating technological and ecological change and changes in the global economy.
Readership:IJBG provides a vehicle to help academics, researchers, policy makers, managers and entrepreneurs, working in business, to disseminate information and to learn from each other's work.
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