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Private Equity in Poland and in Other Countries of Central and Eastern Europe – the Present State – and Perspectives – for the Future

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  • Izabela Pruchnicka-Grabias

    () (Warsaw School of Economics,Poland)

Abstract

The author analyses the Private Equity investments in Poland and compares them with Private Equity market in other Central and Eastern Europe countries in 2002 – 2006. It is concluded that this kind of investment as a percentage of Gross Domestic Product is generally low for Central and Eastern Europe countries. What’s more, for Poland it is even lower than the average for the rest of analysed European countries. Besides, it is shown that Poland is the largest market of Private Equity exits in the region. However, it should be emphasised that exits are a normal part of this kind of investment and should be interpreted no other than having achieved a goal defined as completing a project. Generally, data depicted in the paper do not seem optimistic, which requires that the countries make some encourages to attract Private Equity investors, both foreign and most of all domestic ones. Otherwise PE sector in these countries will become marginal, which will not have a good influence on the economy.

Suggested Citation

  • Izabela Pruchnicka-Grabias, 2008. "Private Equity in Poland and in Other Countries of Central and Eastern Europe – the Present State – and Perspectives – for the Future," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 11(30), pages 59-75, (4).
  • Handle: RePEc:rej:journl:v:11:y:2008:i:30:p:59-75
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    References listed on IDEAS

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    1. Rainer Fehn & Thomas Fuchs, 2003. "Capital Market Institutions and Venture Capital: Do They Affect Unemployment and Labour Demand?," CESifo Working Paper Series 898, CESifo Group Munich.
    2. Engel, Dirk & Keilbach, Max, 2007. "Firm-level implications of early stage venture capital investment -- An empirical investigation," Journal of Empirical Finance, Elsevier, vol. 14(2), pages 150-167, March.
    3. Hellmann, Thomas & Puri, Manju, 2000. "The Interaction between Product Market and Financing Strategy: The Role of Venture Capital," Review of Financial Studies, Society for Financial Studies, vol. 13(4), pages 959-984.
    4. Engel, Dirk, 2002. "The Impact of Venture Capital on Firm Growth: An Empirical Investigation," ZEW Discussion Papers 02-02, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    5. Megginson, William L & Weiss, Kathleen A, 1991. " Venture Capitalist Certification in Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(3), pages 879-903, July.
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