DISCLOSURE QUALITY ON THE POLISH ALTERNATIVE INVESTMENT MARKET NEWCONNECT
Keywords:
voluntary disclosure quality, annual report, firm performance, alternative investment market.
Abstract:
The scope of our research was to examine the relationship between disclosure quality and firms’ characteristics of the issuers listed on the Polish alternative investment market NewConnect. On the basis of the sample of 200 issuers, we demonstrated that disclosure quality is only significantly and positively correlated with the firm’s size and provided no evidence for relation among disclosure quality, debt ratio and issuers’ listed history. Our findings support the low level of investors’ relation. Issuers are not willing to help the investors to understand the reasons for such performance and refuse to give a complex picture of companies’ goals, strategic success factors, investments’ plan and risk management particulars. These results are consistent with our observations and we indicate the low level of issuers’ corporate governance, which is characteristic for the first stage of market development, as the main reason: issuers are still learning disclosing obligations, investors adopt passive behaviour and financial investors have low significance as market participants.
CITATION:
IEEE format
D. Fijałkowska, M. Muszyński, M. Pauka, “DISCLOSURE QUALITY ON THE POLISH ALTERNATIVE INVESTMENT MARKET NEWCONNECT,” in FINIZ 2014 - The Role of Financial Reporting in Corporate Governance, Belgrade, Singidunum University, Serbia, 2014, pp. 8-12. doi: 10.15308/finiz-2014-8-12
APA format
Fijałkowska, D., Muszyński, M., Pauka, M. (2014). DISCLOSURE QUALITY ON THE POLISH ALTERNATIVE INVESTMENT MARKET NEWCONNECT. Paper presented at FINIZ 2014 - The Role of Financial Reporting in Corporate Governance. doi:10.15308/finiz-2014-8-12
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