IDEAS home Printed from https://ideas.repec.org/a/ers/journl/vxviiiy2015i2p117-134.html
   My bibliography  Save this article

Influence of Globalization on the Regional Capital Markets and Consequences; Evidence from Warsaw Stock Exchange

Author

Listed:
  • Sofya Glavina

Abstract

The Warsaw Stock Exchange (WSE) is one of the newcomers on the European stock market and at the same time is one of the fast developing stock exchanges in Europe. The development of WSE could be an example of successful development of a national stock exchange into a regional in a relatively short period of time. This article provides analysis of the main trends of development of the WSE through its history to show how globalization influenced regional stock exchanges and to determine key factors that affected its successful development. The WSE is one of the most popular stock exchanges in the Central and Eastern Europe (CEE). Two main lists: Main List and NewConnect are characterized by types of investors, trading turnover and number of companies listed. The article provides quantitative and qualitative analysis of the official reports and analytical papers of key audit and consulting experts that cover both lists of the exchange. The article provides comparison of WSE key performance parameters with major European stock exchanges through 2001 - 2014 and shows those main characteristics of the stock exchange that were mostly influenced by the globalization. Further, the paper shows main consequences of globalization affecting regional stock exchanges. Collected information and results are presented both in tables and in graphical formats.

Suggested Citation

  • Sofya Glavina, 2015. "Influence of Globalization on the Regional Capital Markets and Consequences; Evidence from Warsaw Stock Exchange," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 117-134.
    • Handle: RePEc:ers:journl:v:xviii:y:2015:i:2:p:117-134
    as

    Download full text from publisher

    File URL: http://www.ersj.eu/repec/ers/papers/15_2_p7.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Eleftherios Thalassinos & Konstantinos Liapis & John E. Thalassinos, 2011. "The Regulation Framework for the Banking Sector: The EMU, European Banks and Rating Agencies before and during the Recent Financial and Debt Crisis," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 1(39), pages 250-279.
    2. Joanna Lizińska & Leszek Czapiewski, 2014. "Performance of Polish IPO Firms: Size and Profitability Effect," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 53-71.
    3. Rafał Sieradzki, 2013. "Does it pay to invest in IPOs? Evidence from the Warsaw Stock Exchange," NBP Working Papers 139, Narodowy Bank Polski.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Agrianti Komalasari, 2017. "Implementation the International Financial Reporting Standards as a Moderating Variable of the Relationship of Corporate Governance with Earnings Management," European Research Studies Journal, European Research Studies Journal, vol. 0(3A), pages 259-277.
    2. E.A. Posnaya & I.G. Vorobyova & E.M. Sokolova & M.P. Leonova, 2017. "The Role of Human Factors in the Bank Capital Evaluation Framework," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 148-154.
    3. Aleksey V. Bogoviz & Yulia V. Ragulina & Vadim I. Erusalimsky & Yulia G. Tyurina & Elena V. Popova, 2017. "Evaluation of Economic Effectiveness of the State Purchases System: Criteria and Priorities," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 548-555.
    4. Victor Ivanovich Tkach & Sergey Nikolaevich Shchemelev, 2017. "Development of Digital (Engineering) Entity's Capital Management Frameworks," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 326-332.
    5. Andrei V. Vlasov, 2017. "The Evolution of E-Money," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 215-224.
    6. Rustam Effendi, 2017. "Influence on Local Government Performance: Budget Participatory, Budget Control and Organizational Structure Working Procedures of Dysfunctional Behavior," European Research Studies Journal, European Research Studies Journal, vol. 0(3A), pages 580-593.
    7. G.A. Batischeva & M.Y. Denisov & I.V. Rybchinskaya & M.B. Stryukov, 2017. "Influence of Social and Economic Development of the Region on the Functioning of the Regional Banking System," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 490-499.
    8. Tatyana A. Skvortsova & Yuriy A. Kolesnikov & Tatyana A. Mosienko & Nikolay G. Romanenko, 2017. "The Formation of Authorized Capital in Economic Organizations," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 369-378.
    9. M.A. Surzhikov & A.A. Sycheva, 2017. "Process Approach to Modeling of National and Global Securities Market Operation," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 84-91.
    10. Zulfi Diane Zaini, 2017. "The Function of Financial Services Authority (FSA) in Dispute Settlement Banking Customers in Indonesia," European Research Studies Journal, European Research Studies Journal, vol. 0(3A), pages 69-81.
    11. Albekov Adam Umarovich & Vovchenko Natalia Gennadyevna & Andreeva Olga Vladimirovna & Sichev Roman Alexandrovich, 2017. "Block Chain and Financial Controlling in the System of Technological Provision of Large Corporations," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 3-12.
    12. P. Purwanto & Jillian Agustin, 2017. "Financial Performance towards Value of Firms in Basic and Chemicals Industry," European Research Studies Journal, European Research Studies Journal, vol. 0(2A), pages 443-460.
    13. Asep Risman & Ubud Salim & Sumiati Sumiati & Nur Khusniyah Indrawati, 2017. "Commodity Prices, Exchange Rates and Investment on Firm's Value Mediated by Business Risk: A Case from Indonesian Stock Exchange," European Research Studies Journal, European Research Studies Journal, vol. 0(3A), pages 511-524.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Polona Peterle & Ales S. Berk, 2016. "IPO Cycles in Central and Eastern Europe: What Factors Drive these Cycles?," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 66(2), pages 113-139, April.
    2. Tomas Meluzin & Marek Zinecker, 2016. "Trends In Ipos: The Evidence From Cee Capital Markets," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 11(2), pages 327-341, June.
    3. Konstantinos J. Liapis, 2018. "Managing NPEs Under Financial Crisis Conditions: A Synthetic Quick Approach," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 688-713.
    4. Kao, Lanfeng & Chen, Anlin, 2020. "How a pre-IPO audit committee improves IPO pricing efficiency in an economy with little value uncertainty and information asymmetry," Journal of Banking & Finance, Elsevier, vol. 110(C).
    5. Emmanouil Karakostas, 2023. "The Macroeconomic Determinants of the Stock Market Index Performance: The Case of DAX Index," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(3), pages 21-38.
    6. Małachowski Paweł & Gadowska-dos Santos Dominika, 2021. "What Determines the Success of an IPO? Analysis of IPO Underpricing on the Warsaw Stock Exchange," Central European Economic Journal, Sciendo, vol. 8(55), pages 1-14, January.
    7. Itsaso Barrainkua & Marcela Espinosa-Pike, 2015. "Cultural and Socio-Economic Restrictions for the Adoption of the IESBA Code of Ethics for Professional Accountants in the European Countries," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 3-24.
    8. Pawel Perz, 2017. "The Activity of Family Businesses and the Phenomenon of Underpricing of Their Shares in IPOs in Poland in the Years 2013–2015 (Aktywnosc firm rodzinnych i zjawisko niedowartosciowania ich akcji w pier," Research Reports, University of Warsaw, Faculty of Management, vol. 1(23), pages 153-161.
    9. Joanna Lizińska & Leszek Czapiewski, 2018. "Towards Economic Corporate Sustainability in Reporting: What Does Earnings Management around Equity Offerings Mean for Long-Term Performance?," Sustainability, MDPI, vol. 10(12), pages 1-23, November.
    10. Konstantinos Liapis & Eleftherios Thalassinos, 2013. "A Comparative Analysis for the Accounting Reporting of “Employee Benefits†between IFRS and other Accounting Standards: A Case Study for the Biggest Listed Entities in Greece," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 91-116.
    11. Sheena Chhabra & Ravi Kiran, 2022. "Impact of information on winners' curse and long run performance of initial public offerings," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 975-992, January.
    12. Eugenia Iancu & Mihaela Tulvinschi, 2013. "The Role of the Accounting and Audit Standards in the Globalization Process," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 83-96.
    13. Stefka Iankova, 2013. "Success and Failure Factors of the Mergers and Acquisitions Performance: Evidence from Bulgaria," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 79-90.
    14. Podedworna-Tarnowska Dorota & Kaszyński Daniel, 2022. "Stock returns and liquidity after listing switch on the Warsaw Stock Exchange," Economics and Business Review, Sciendo, vol. 8(4), pages 111-135, December.
    15. Lizińska Joanna & Czapiewski Leszek, 2019. "Long-Term Equity Performance in Poland – Searching for Answers with the Calendar-Time Portfolio Approach," Folia Oeconomica Stetinensia, Sciendo, vol. 19(1), pages 43-55, June.
    16. Konstantinos Liapis & Antonios Rovolis & Christos Galanos & Eleftherios Thalassinos, 2013. "The Clusters of Economic Similarities between EU Countries: A View Under Recent Financial and Debt Crisis," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 41-66.
    17. Katarzyna Predkiewicz & Marek Pauka & Paweł Predkiewicz, 2021. "IPO Success of High-Technology Companies," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 799-816.

    More about this item

    Keywords

    Warsaw Stock Exchange; WSE; Main List; New Connect; Regional Stock Exchange; Stock Exchange; Globalization;
    All these keywords.

    JEL classification:

    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • F01 - International Economics - - General - - - Global Outlook
    • F30 - International Economics - - International Finance - - - General
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ers:journl:v:xviii:y:2015:i:2:p:117-134. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marios Agiomavritis (email available below). General contact details of provider: https://ersj.eu/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.