Disclosure Requirements and their Assessment by SMEs Traded on Alternative Markets in Poland (NewConnect) and Germany (m:access)

• Autorzy: Paweł Śliwiński , Sonia Woźniak
• Języki publikacji: EN

Abstrakty

EN

Motivation: Financial access limitations are a main barrier to the development of SMEs. One of the methods of bridging the capital gap is SME access to the stock markets, in particular to an alternative market (MTF). Compared to regulated markets, MTFs offer more liberal entry conditions and in many cases prior to MAR implementation they proposed more liberal disclosure requirements. Aim: The aim of the article is to analyze the disclosure requirements resulting from MAR directive and to test their perception by issuers listed on the alternative markets in Poland (NewConnect) and Germany (m:access). The research focused on the assessment of difficulties in performing disclosure requirements and checking whether there is a difference in perceiving the scale of difficulties in fulfilling disclosure duties in both countries. Results: Analysed markets are subject to MAR, so as a rule, there are no differences in the reporting requirements. There is, however, a difference in perceiving them in both countries. The analysis of German issuers shows that, unlike Polish companies, most of them defined their disclosure obligations as simple. This may result from higher knowledge of the regulations than in Poland. The opinion on disclosure requirements by NewConnect issuers had an impact on the amount of time and human resources devoted to disclosure obligations. The research has also shown that issuers in both markets generally assess well the cooperation with authorized advisers who help them, inter alia, in disclosure obligations. (original abstract)

Słowa kluczowe

EN

Small business; Information disclosure

PL

Małe i średnie przedsiębiorstwa; Jawność informacji

• Czasopismo: Ekonomia i Prawo
• Rocznik: 2022
• Tom: 21
• Numer: nr 1
• Strony: 255--270

Twórcy

autor

Paweł Śliwiński

• Poznań University of Economics and Business, Poland

autor

Sonia Woźniak

• Poznań University of Economics and Business, Poland

Bibliografia

• Akerlof, G.A. (1970). The market for lemons: quality uncertainty and the market mechanism. Quarterly Journal of Economics, 84(3), 488-500. https://doi.org/10.2307/1879431.
• Bhattacharya, N., Desai, H., & Venkataraman, K. (2013). Does earnings quality affect information asymmetry: evidence from trading costs. Contemporary Accounting Research, 30(2), 482-516. https://doi.org/10.1111/j.1911-3846.2012.01161.x.
• Coase, R.H. (1960). The problem of social cost. The Journal of Law and Economics, 3, 1-44. https://doi.org/10.1086/466560.
• Commission Regulation (EC) No 364/2004 of 25 February 2004 amending Regulation (EC) No 70/2001 as regards the extension of its scope to include aid for research and development (OJ L 63, 28.2.2004).
• Cressy, R. (2012). Funding gaps. In D. Cumming (Ed.), The Oxford handbook of entrepreneurial finance. Oxford University Press. https://doi.org/10.1093/oxfordhb/9780195391244.013.0010.
• Easley, D., & O'Hara, M. (2004). Information and the cost of capital. Journal of Finance, 59(4), 1553-1583. https://doi.org/10.1111/j.1540-6261.2004.00672.x.
• Ferrarini, G. (2004). The European market abuse directive. Common Market Law Review, 41(3), 711-741.
• FESE. (2020). What are exchanges. Retrieved 10.12.2020 from https://fese.eu/about-exchanges.
• Geschäftsbedingungen für den Freiverkehr an der Börse München: Stand: 3 Januar 2018. Retrieved 10.12.2020 from https://www.boerse-muenchen.de/MediaLibrary/4af8d61d-05eb-4d42-b2ae-bdbcc65c5a36/180103_Gesch%C3%A4ftsbedingungen%20Freiverkehr.pdf.
• Glaeser, E., & Shleifer, A. (2003). The rise of the regulatory state. Journal of Economic Literature, 41(2), 401-425. https://doi.org/10.1257/jel.41.2.401.
• Hansen, J.L., & Moalem, D. (2009). The MAD disclosure regime and the twofold notion of inside information: the available solution. Capital Markets Law Journal, 4(3), 323-340. https://doi.org/10.1093/cmlj/kmp012.
• Harper, S.C. (2005). Extraordinary entrepreneurship: the professional's guide to starting an exceptional enterprise. Wiley. https://doi.org/10.1002/9781119197997.
• Harwood, A., & Konidaris, T. (2015). SME exchanges in emerging market economies: a stocktaking of development practices. Policy Research Working Paper, 7160. https://doi.org/10.1596/1813-9450-7160.
• Kasner, K. (2011). Luka kapitałowa przeszkodą w realizacji innowacyjnych przedsięwzięć. In T. Baczko (Ed.), Raport o innowacyjności gospodarki Polski w 2010 roku (pp. 177-180). Instytut Nauk Ekonomicznych Polskiej Akademii Nauk.
• La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2006). What works in securities laws. Journal of Finance, 61(1), 1-32. https://doi.org/10.1111/j.1540-6261.2006.00828.x.
• Macey, J. (1994). Administrative agency obsolescence and interest group formation: a case study of the SEC at sixty. Cardozo Law Review, 15, 909-949.
• NewConnect. (2020). Alternative trading system rules. Retrieved 10.12.2020 from https://newconnect.pl/regulations.
• Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173, 12.6.2014).
• Romano, R. (2001). The need for competition in international securities regulation. Theoretical Inquiries in Law, 2(2), 1-179. https://doi.org/10.2202/1565-3404.1029.
• Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355-374. https://doi.org/10.2307/1882010.
• Stiglitz, J.E. (2004). Information and the change in the paradigm in economics. The American Economist, 48(1), 17-49. https://doi.org/10.1257/00028280260136363.
• Wilson, N., Wright, M., & Kacer, M. (2018). The equity gap and knowledge-based firms. Journal of Corporate Finance, 50, 626-649. https://doi.org/10.1016/j.jcorpfin.2017.12.008.
• WSE. (2017). Informacja poufna: przeszłość vs teraźniejszość: czyli co zmieniło Rozporządzenie MAR. Retrieved 10.12.2020 from https://www.knf.gov.pl/knf/pl/komponenty/img/Szkolenie%20MAR_KNF_poufna_55712.pdf

Identyfikatory

DOI

https://doi.org/10.12775/EiP.2022.014