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Research of the New Connect market enterprises economic situation. Methodology and test revision of suggesting models


  • Maria Sierpinska

    () (Katedra Ekonomiki i Organizacji Przedsiebiorstw, Wydzial Zarzadzania, Uniwersytet Ekonomiczny, Poland)

  • Piotr Szczepankowski

    () (Wyzsza Szkola Finansow i Zarzadzania, Poland)


The new stock market called New Connect began on Warsaw Stock Exchange on 30 August 2007. It is a kind of Polish alternative stock investment market. It was designed first of all for not very large companies, young, innovative, being in preliminary phase of their economic development, but which have large capital needed to finance their growth and investment opportunities. Taking into account the specific economic situation of these enterprises as well as the goals of buying by them the capital on the stock market, it is necessary to find for them correct growth and efficiency ratios, which will present their development degree. The analysis of the economic situation of New Connect companies has to be the alternative method for analyzing their market value, described separately by the stock market index. The measures of growth, development and efficiency of these enterprises have to turn on fundamental financial results of their economic activity. It gives a chance to analyze the companies’ strengths and weaknesses, and their value drivers. The paper presents proposals of several different growth and efficiency ratios for the New Connect Stock Market enterprises. Additionally it shows the proposed construction and the selection of partial variables. The paper also describes the results of the empirical verification of proposed models. On the basis of empirical verification results, the synthetic coefficient of the growth and efficiency analysis is proposed for the New Connect Market companies.

Suggested Citation

  • Maria Sierpinska & Piotr Szczepankowski, 2008. "Research of the New Connect market enterprises economic situation. Methodology and test revision of suggesting models," Operations Research and Decisions, Wroclaw University of Technology, Institute of Organization and Management, vol. 3, pages 89-105.
  • Handle: RePEc:wut:journl:v:3:y:2008:p:89-105

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    References listed on IDEAS

    1. Sanjeev Bhojraj, 2002. "Who Is My Peer? A Valuation-Based Approach to the Selection of Comparable Firms," Journal of Accounting Research, Wiley Blackwell, vol. 40(2), pages 407-439, May.
    2. Kaplan, Steven N & Ruback, Richard S, 1995. " The Valuation of Cash Flow Forecasts: An Empirical Analysis," Journal of Finance, American Finance Association, vol. 50(4), pages 1059-1093, September.
    3. repec:bla:joares:v:30:y:1992:i:1:p:94-108 is not listed on IDEAS
    4. Fernandez, Pablo, 2002. "Valuation Methods and Shareholder Value Creation," Elsevier Monographs, Elsevier, edition 1, number 9780122538414.
    5. Jing Liu, 2002. "Equity Valuation Using Multiples," Journal of Accounting Research, Wiley Blackwell, vol. 40(1), pages 135-172, March.
    6. Kim, Moonchul & Ritter, Jay R., 1999. "Valuing IPOs," Journal of Financial Economics, Elsevier, vol. 53(3), pages 409-437, September.
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