Efekty kalendarzowe polskich rodzinnych spółek giełdowych
Calendar anomalies among Polish public family companies

Summary/Abstract: Purpose – The purpose of this paper is to identify whether family businesses are different to non-family enterprises in terms of theirs stocks returns on the stock exchange in view of the calendar anomalies occurrence. Design/methodology/approach – Logarithmic and arithmetic, monthly returns on shares of almost 400 companies from the WSE in 2006–2016 were analyzed, then the potential differences between the separated groups were verified by the ANOVA analysis. Findings – The study did not show any significant differences between returns of family and non-family enterprises in the perspective of calendar effects. Originality/value – Family businesses are an important group in the Polish economy, at the same time they have many features that diverse them from other types of enterprises. The analysis is designed to provide to scientific and business communities the information about the potential area of diversity of family businesses, that is, their stocks returns and perceiving of family businesses by investors.

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