Sprawozdanie zarządu z działalności jednostki notowanej na wybranych rynkach zorganizowanych jako przejaw narracji w rachunkowości
The Board’s Report on the Activity of a Company Listed on Selected Organized Markets as an Expression of Narration in Accounting

Author(s): Małgorzata Winter
Subject(s): Business Economy / Management, Financial Markets
Published by: Wydawnictwa Uniwersytetu Warszawskiego
Keywords: board’s report; main market; NewConnect; narration
Summary/Abstract: The entry of a company whose securities are traded on the alternative market into the main trading floor entails a significant increase of information obligations. Providing information by companies to their business environment is a specific narrative constructed as part of reporting obligations. The purpose of this article to make a comparative analysis of the content and quality of the Board’s report on the activity of a company listed on NewConnect and on the Main Market of the Warsaw Stock Exchange. The author argues that the entry into the main market results in an increase of the quality of the report and at the same time it is a manifestation of shaping the company’s image within its narrative. Two main methods were used to attain the pursued goal and to prove the thesis: studies of relevant literature, including the analysis of legal regulations, and an empirical study of the reports on the activity of the issuers – the Board’s reports. The analysis of the legal regulations proved that the Board’s report in the case of a company listed on the regulated market must contain more information than the Board’s report concerning a company listed on NewConnect. The empirical study proved that for companies listed on NewConnect, the Board’s reports are characterized by informational minimum, while the entry into the main trading floor determines not only a higher information content of such a report but also an increase in the carefulness of its preparation.

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