Determinants of Reluctance to Initial Public Offering in Cameroonian Financial Market


  • Simplice Gaël Tonmo Université de Dschang
  • Melissa Grace Tchapda Woumkep
  • Pierre Ghislain Tchoffo Tioyem
  • Glwadys Pinta Mefenza



initial public offering, financial market, linear regression, limited company.


The main objective of this study was to identify the specific characteristics of companies in Cameroon and to highlight the factors that explain their reluctance to be listed on the stock market. Thus, in order to build the state of the art appropriate to this objective, we had to follow three lines of investigation: the theories related to the listing of firms on the stock market, their specific characteristics, and the cross-fertilization of these two fields. On the basis of the literature, four explanatory hypotheses were deduced: they are related to the shareholding structure of firms, to the financial characteristics, to the size of the firm and to the socio-demographic characteristics of the managers. To test these hypotheses, a survey was conducted among 40 SAs in the city of Douala. The data was processed with the SPSS 20 software and we used flat sorting, cross-sorting, pearson correlation test as well as linear regression. This methodology allowed us to obtain the results according to which the family and filial character and the size of the company are mainly the factors of reluctance of the listing on the stock exchange on the one hand, and the behavioral factors of the company managers, in particular the level of education and the experience on the other hand.


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How to Cite

Tonmo, S. G., Tchapda Woumkep, M. G. ., Pierre Ghislain Tchoffo Tioyem, & Pinta Mefenza, G. (2021). Determinants of Reluctance to Initial Public Offering in Cameroonian Financial Market. International Journal of Finance & Banking Studies (2147-4486), 10(4), 115–126.