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?)

Pawel Sliwinski (), Jacek Krawiec and Tomasz Nowak
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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

Research Reports, 2018, vol. 1, issue 26, 23-36

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.

Keywords: NewConnect; SMEs; capital market; tax incentives (search for similar items in EconPapers)
JEL-codes: G24 H25 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:sgm:resrep:v:1:i:26:y:2018:p:23-36

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