Joanna Małecka

Regulation of the Warsaw Stock Exchange: History and Operating Rules

The aim of this article is to present the principles of the operation of the Warsaw Stock Exchange (WSE), which is the most important institution of the capital market in Poland. The article is an attempt to explore the history and structure of the exchange and its investment possibilities in order to understand the number of existing security features which make cooperation with this institution—with appropriate assumptions and diversification—an activity providing profits to potential investors who are aware of its operating rules. This topic deserves a historical outline because of the socialist past and the current status of the WSE, now called the most dynamically growing capital market in Central and Eastern Europe.

The Private Equity Market in Poland and in Central and Eastern Europe: Selected Aspects

The political transformation that took place in Poland only 25 years ago allowed a re-launch and development of the most important capital market institution – the stock exchange. Today, the Warsaw Stock Exchange is the largest in Central and Eastern Europe, being among top European trading floors in terms of the number of new listings. Investors choose Poland to invest their capital both because it is the biggest economy in this region and precisely because of its developed capital market and stable and modern banking sector as well as visible activities of institutions supporting entrepreneurship. Marked growth rates of macroeconomic indicators and economic stability so far have directly influenced Poland’s attractiveness, encouraging investors to operate in the private equity market as well. Poland and countries of Central and Eastern Europe are emerging markets that are still catching up with Western Europe. The results presented in the article are based on source data from annual reports and publications that have been produced and made available by capital market institutions and from the authors’ own research on Polish entrepreneurship. The scope and volume of private equity financing in Central and Eastern Europe and in Poland are characterised by means of analyses, charts and comparisons, highlighting the importance and leading role of Poland as a country that is the first choice for private equity investors in this region.

Economi C Activity and Social Determi Nants Versus Entrepreneurship in Smes - Selected Aspects

Entrepreneurship is a vital element of development of today’s economies. Its main objective is to undertake actions intended to ensure that economic resources of individual companies are coordinated in a pragmatic and productive manner. Entrepreneurship may be considered in two respects: (1) processes – activities aimed at forming and building a new company in certain conditions, with a view to generating profits, or (2) a set of traits and personalities – describing a particular human behaviour and action focused on innovation, ability to accept changes, spot opportunities, and take risks. Regardless of the multitude of definitions in the related literature, there is no doubt that in most cases the combination of these two economic and social components determines possible business success. Poles more and more frequently perceive the opportunities offered through the establishment of own business. Up to 63% of the public at large holds this view, placing Poland at the forefront among the European Union countries in this regard. The article attempts to examine the socio-economic determinants of respondents which affect Poles’ willingness to set up their own businesses.

Alternative Securities Markets in Poland and the United Kingdom

Designed for smaller, dynamically growing and innovative companies, the NewConnect market offers not only an opportunity to raise capital for development, but also prospects for a company to emerge on the public market. In terms of the number of listed companies, it is the second largest European alternative market, just after the UK AIM. Considering its total capitalization, however, it ranks ninth. This article attempts to present the development of both markets, comparing the initial nine years of operation of each of them in order to show the position and determine the future development of the Polish capital market, in particular NewConnect, established for small and medium-sized enterprises, the number of which in Poland corresponds to half the EU average.