Abstract
This paper assesses whether listing on the Bucharest Stock Exchange (BVB) enhances capital accessibility and performance for Romanian small and medium-sized enterprises (SMEs). We examine three companies that went public on BVB's AeRO market between 2020 and 2021- Safetech Innovations (cybersecurity), MAM Bricolaj (home-improvement retail), and 2Performant (digital marketing)-using a three-point panel centred on each IPO: one fiscal year before the IPO, the IPO year, and the first few fiscal years following the IPO. Drawing solely on public information (prospectuses, annual and interim reports, current reports) and exchange communications, we track changes in income and profit around the listing event and interpret the patterns through established SME finance theories. Three findings emerge. First, listing is associated with top-line expansion across all three firms in the year after the IPO. Second, profitability responses vary by sector: the technology name with scalable revenue (Safetech) shows clear post-IPO profit improvements. At the same time, the retailer (MAM) experiences margin compression and the digital platform (2Performant) records a post-IPO loss despite revenue growth. Third, these trajectories are consistent with pecking-order and credit-rationing mechanisms, as well as with the view that market design and governance discipline matter for how SME IPOs translate into performance. Policy implications follow for supervisors, the exchange, and SME managers.
Cuvinte cheie
IPO
Financing SMEs
Stock Exchange Evolution
Stock Exchange Case Study
Istoric articol
Publicat
01.02.2026
Informații autori
Citare recomandată
Cornel Panait, Camelia Vlădescu, Georgeta-Mădălina Meghișan-Toma (2026). The Role of the Bucharest Stock Exchange in Financing SMEs: Post-IPO Evolution. Journal of Economic Sciences, 1(1), 210–219. https://doi.org/10.65631/jes.1.2026.20
Referințe bibliografice
[1] Álvarez-Otero, S., Sarabia, J. M., & Requejo, C. (2022). A European empirical study of institutional differences in IPO performance. Journal of Risk and Financial Management, 16(1), 8.
[2] Bellia, M., Busato, F., Pelizzon, L., & Subrahmanyam, M. (2025). Market liquidity and competition among designated market makers. Management Science. Advance online publication.
[3] Bellia, M., Pelizzon, L., & Subrahmanyam, M. (2025). Do designated market makers provide liquidity during stress? Journal of Financial Markets, 100, 101035.
[4] Boulton, T. J., Smart, S. B., & Zutter, C. J. (2022). Economic policy uncertainty and international IPO underpricing. Journal of International Financial Markets, Institutions & Money, 79, 101584.
[5] Catană, Ș., Grădinaru, C., & Zainea, L. N. (2020). How were banks involved in supporting Romanian SMEs during the COVID-19 pandemic? Annals of the “Constantin Brâncuși” University of Târgu Jiu, Economy Series, (5), 1–5.
[6] Ecobici, L. M. (2021). Analysis of the evolution of performance of companies in the hotels and restaurants sector listed on the Bucharest Stock Exchange. Annals of the “Constantin Brâncuși” University of Târgu Jiu, Economy Series, (6), 83–97.
[7] Hurduzeu, G., Musetescu, R. C., & Meghişan, G. M. (2015). Financial market reaction to changes in the volatilities of CDS returns. Romanian Journal of Economic Forecasting, 18(3), 152–165.
[8] Istrate, C. (2025). Evolutions in the financial reporting quality: A comparative analysis of Romanian companies listed on the Bucharest Stock Exchange. International Journal of Financial Studies, 13(3), 149.
[9] Lefebvre, V., Ronteau, S., & Li, Y. (2023). The growth process of IPO firms. Journal of Innovation & Knowledge, 8(1), 100385.
[10] Marcu, N., & Meghişan, G.-M. (2011). The need for public debt management in the context of sustainable development within the European Union. In European Integration – New Challenges (pp. 365–371). Oradea: University of Oradea.
[11] Marcu, N., & Meghişan, G.-M. (2012). Characteristics of the economic-financial crisis in Europe. Romanian Statistical Review, 60(3), 18–30.
[12] Matek, P. P., Posedel, P., & Vidas-Bubalo, M. (2024). The impact of designated marketmakers on liquidity in frontier markets. Zbornik radova Ekonomskog fakulteta u Rijeci, 42(1), 95–121.
[13] Morales-Solis, J. C., Santillan-Salas, C. F., & López-Cabarcos, M. Á. (2023). CEO’s industry experience and emerging-market SME performance. Journal of Innovation & Knowledge, 8(3), 100324.
[14] Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221*.
[15] Preda Buzgurescu, O. L. (2018). The sectoral differences between the financial performance of the Romanian companies. Annals of the “Constantin Brâncuși” University of Târgu Jiu, Economy Series, (3), 1–15.
[16] Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review, 71(3), 393–410.
[17] Văsut, C. P. (2021). The impact of the COVID-19 pandemic on the Romanian capital market. Annals of the “Constantin Brâncuși” University of Târgu Jiu, Economy Series, (1), 283–310.
[18] Safetech Innovations S.A. Annual report 2020, 2021, 2022, 2023, 2024. Bucharest Stock Exchange (BVB): Issuer Filings.
[19] MAM Bricolaj S.A. Annual report 2020, 2021, 2022, 2023, 2024 [Annual report 2020]. Bucharest Stock Exchange (BVB): Issuer Filings.
[20] 2Performant Network S.A. Annual report 2019, 2020, 2021, 2022, 2023, 2024. Bucharest Stock Exchange (BVB): Issuer Filings.