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Współzależność pomiędzy prywatyzacją a publicznym rynkiem akcji

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  • Kowalski Aleksander

Abstract

The article examines the relationship between privatization and the development of Poland’s capital market during the country’s transition from central planning to a free market. The paper traces the role of privatization in the process of building a capital market and the influence of the capital market on the course of privatization. The analysis is based on some widely known capital market theories, methods of analysis and simple statistical methods including correlation coefficients. As a result of the analysis, the author formulates the following conclusions: first, privatization, accompanied by the necessary legal and institutional regulations, was indispensable for the development of the stock market; second, the capital market had a significant contribution to the effectiveness of privatization processes; third, the government, in its capacity as the seller of shares of privatized enterprises on the capital market, acted no less rationally than private investors.

Suggested Citation

  • Kowalski Aleksander, 2007. "Współzależność pomiędzy prywatyzacją a publicznym rynkiem akcji," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2007(5-6), June.
    • Handle: RePEc:ags:polgne:356506
    DOI: 10.22004/ag.econ.356506
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    References listed on IDEAS

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    1. Hargis, Kent & Ramanlal, Pradipkumar, 1998. "When Does Internationalization Enhance the Development of Domestic Stock Markets?," Journal of Financial Intermediation, Elsevier, vol. 7(3), pages 263-292, July.
    2. Dewenter, Kathryn L & Malatesta, Paul H, 1997. "Public Offerings of State-Owned and Privately-Owned Enterprises: An International Comparison," Journal of Finance, American Finance Association, vol. 52(4), pages 1659-1679, September.
    3. Avanidhar Subrahmanyam & Sheridan Titman, 1999. "The Going‐Public Decision and the Development of Financial Markets," Journal of Finance, American Finance Association, vol. 54(3), pages 1045-1082, June.
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