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Is there a place for tax incentives for SMEs in the qualitative development of the NewConnect market? (Czy jest miejsce dla bodzcow podatkowych dla przedsiebiorstw z sektora MSP w rozwoju jakosciowym rynku NewConnect?)

Author

Listed:
  • Pawel Sliwinski

    (Uniwersytet Ekonomiczny w Poznaniu, Katedra Finansow Miedzynarodowych)

  • Jacek Krawiec

    (Uniwersytet Ekonomiczny w Poznaniu, Katedra Finansow Miedzynarodowych)

  • Tomasz Nowak

    (Uniwersytet Ekonomiczny w Poznaniu, Katedra Finansow Miedzynarodowych)

Abstract

The aim of the article is to analyze the possibility of the usage of tax incentives in the NewConnect market development process, which should increase access to non-bank financing by companies, and thus increasing their investment potential. The following research hypotheses were positively verified in the article: (i) tax incentives can be an important factor favouring the development of the capital market for SMEs, (ii) tax incentives are already used in different capital markets for SMSs and support their development, (iii) the application of the tax incentives for SMEs capital market would not constitute significant reduction in the state budget’s tax revenues in Poland. The verification of the hypotheses was based on: (i) analysis of conducted surveys among listed and unlisted companies in Poland, (ii) querying information delivered by stock exchanges worldwide regarding the analyzed issue and (iii) statistical analysis of companies’ financial statements of public companies, quoted on the main market of the Warsaw Stock Exchange and on the NewConnect market. The article may initiate a discussion on the possibilities of using tax incentives for SMEs as an instrument to stimulate the qualitative development of the NewConnect towards the market on which innovative and profitable companies will be listed.

Suggested Citation

  • Pawel Sliwinski & Jacek Krawiec & Tomasz Nowak, 2018. "Is there a place for tax incentives for SMEs in the qualitative development of the NewConnect market? (Czy jest miejsce dla bodzcow podatkowych dla przedsiebiorstw z sektora MSP w rozwoju jakosciowym ," Research Reports, University of Warsaw, Faculty of Management, vol. 1(26), pages 23-36.
    • Handle: RePEc:sgm:resrep:v:1:i:26:y:2018:p:23-36
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    File URL: http://www.sim.wz.uw.edu.pl/sites/default/files/artykuly/pawel_sliwinski_jacek_krawiec_tomasz_nowak.pdf
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    References listed on IDEAS

    as
    1. Harwood, Alison & Konidaris, Tanya, 2015. "SME exchanges in emerging market economies : a stocktaking of development practices," Policy Research Working Paper Series 7160, The World Bank.
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    More about this item

    Keywords

    NewConnect; SMEs; capital market; tax incentives;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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