Forms of Supporting Smes in Accessing the Capital Market

Kordela, Dominika

doi:10.18276/frfu.2017.88/2-04

Cited by 1 publication

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“…In the Polish market, researchers rarely address the topic of company transfers in the context of their performance. Among the exceptions, we may find the study by Kordela (2011), who assessed the capitalization, turnover ratio and return on investment in six-month intervals of five companies that changed their listing floor between 2007 and 2010, and the study by Asyngier (2015) based on 29 companies that changed their listing floor between 2008 and August 2014, which confirmed the occurrence of abnormal positive stock returns before the change of listing market and clearly negative ones after the transfer of listing to the regulated market. Such results were confirmed in a broader sample, i.e.…”

Section: Literature Reviewmentioning

confidence: 91%

Listing switch and financial performance of companies: evidence from the Warsaw Stock Exchange

Podedworna-Tarnowska

2023

CEMJ

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PurposeThe purpose of this article is to present the results of empirical research concerning the identification of the impact of the transfer of companies from the alternative market to the regulated market of the Warsaw Stock Exchange on their operating and net performance.Design/methodology/approachThe study was conducted based on the empirical data of the companies that changed the listing place on the Warsaw Stock Exchange. Data regarding the years before the transfer were collected from the prospectuses of companies prepared mandatorily in connection with the transition to the regulated market. Data regarding the years of the event and subsequent years were obtained from companies' annual reports. As in other studies in the analysis, the operational metrics were used (operating return on sale, operating return on assets, total asset turnover), which was further extended to net profitability ratios (net return on ale, net return on asset, net return on equity). The significance analysis was based on the Student's t-test and Wilcoxon’s test.FindingsThe results show that before the transfer from the alternative market to the regulated market, companies improved financial performance. As a result of the change of listing venues, the results already collapsed in the year of the event. The downward trend continued in the following two years, with a noticeable improvement in the third year after the transfer.Originality/valueThe literature lacks such studies based on the Polish market. To the best knowledge of the author, this is one of the first studies in Poland showing the changes in operating and net performance of companies changing the stock listing venues. The research is based on a large group including all companies that have changed listing venues since the beginning of the alternative market in Poland. The article presents an original empirical result that can be used both by managers and investors in their decisions.

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Section: Literature Reviewmentioning

confidence: 91%

Listing switch and financial performance of companies: evidence from the Warsaw Stock Exchange

Podedworna-Tarnowska

2023

CEMJ

View full text Add to dashboard Cite

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Forms of Supporting Smes in Accessing the Capital Market

Cited by 1 publication

References 1 publication

Listing switch and financial performance of companies: evidence from the Warsaw Stock Exchange

Listing switch and financial performance of companies: evidence from the Warsaw Stock Exchange

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