Title: Polish corporate governance – the case of small and medium sized companies

Authors: Maria Aluchna, Izabela Koladkiewicz

Addresses: Department of Management Theory, Warsaw School of Economics, Al. Niepodleglosci 164, Suite 1102, 02–554 Warsaw, Poland. ' Management Studies Center, Kozminski University, ul. Jagiellonska 59, Warsaw, Poland

Abstract: This paper identifies the corporate governance characteristics of small and medium companies in Poland. Since Polish SME derive from various origins and deliver different characteristics, therefore three main forms of companies are analysed. The research identifies the corporate governance characteristic for medium companies listed on Warsaw Stock Exchange and the alternative market of WSE called NewConnect, the privately held companies and family businesses. Although all these three forms differ in terms of main characteristics, size and regulatory framework, they seem to share the general challenges of their governance structure referring mostly of significant ownership concentration, charismatic founder-manager (entrepreneurial, leader), passive board and lack of or very weak succession policies.

Keywords: corporate governance; Poland; SMEs; ownership; leadership; regulation; small and medium-sized enterprises; governance structure.

DOI: 10.1504/IJBAAF.2010.033498

International Journal of Banking, Accounting and Finance, 2010 Vol.2 No.3, pp.218 - 235

Published online: 02 Jun 2010 *

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