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

Central European Management Journal, 2023-11, Vol.31 (4), p.479-494 [Peer Reviewed Journal]

Dorota Podedworna-Tarnowska. This work is published under http://creativecommons.org/licences/by/4.0/legalcode (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2658-0845 ;ISSN: 2450-7814 ;EISSN: 2658-2430 ;EISSN: 2450-8829 ;DOI: 10.1108/CEMJ-09-2022-0118

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  • Title:
    Listing switch and financial performance of companies: evidence from the Warsaw Stock Exchange
  • Author: Podedworna-Tarnowska, Dorota
  • Subjects: Alternatives ; Annual reports ; Assets ; Companies ; Corporate profits ; Equity ; Financial performance ; Going public ; Initial public offerings ; Institutional investments ; New stock market listings ; Profitability ; Securities markets ; Small business ; Stock exchanges ; Stock market indexes ; Stockholders ; Success
  • Is Part Of: Central European Management Journal, 2023-11, Vol.31 (4), p.479-494
  • Description: Purpose The 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/approach The 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. Findings The 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/value The 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.
  • Publisher: Warsaw: Emerald Group Publishing Limited
  • Language: English
  • Identifier: ISSN: 2658-0845
    ISSN: 2450-7814
    EISSN: 2658-2430
    EISSN: 2450-8829
    DOI: 10.1108/CEMJ-09-2022-0118
  • Source: Open Access: DOAJ Directory of Open Access Journals
    Alma/SFX Local Collection
    Coronavirus Research Database
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