Skip to main content
SpringerLink
Log in
Book cover

Corporate Governance pp 47–68Cite as

Corporate Governance: Polish Lessons from the Global Financial Crisis

  • Chapter
  • First Online:

Abstract

The current economic crisis, resulting from the credit crunch has had a major impact on the global economy and companies. Both national governments and companies were forced to react in order to avoid significant financial problems. So far the Polish economy has proved to have successfully overcome the crisis experiencing an economic slowdown with a GDP growth of 1.7 % at the end of 2009; however several problems in reagard to corporate governance have surfaced. This chapter discusses the characteristics of the Polish corporate governance system and its shortcomings. The central question refers to the activities undertaken by listed companies and regulators, in particular the direction of corporate governance development. The chapter analyses three corporate governance problems of Polish listed companies which were identified as being due to the global financial crisis. These problems include risk management, majority shareholders practices and liquidity problems. The analysis reveals the dynamics of corporate governance development from the perspective of an economy in transition. The Polish governance system has experienced significant improvement over the last 10 years supported by the EU law harmonisation process and market pressure to comply with the best practice code. However, the control standards remain lower as compared to Western Europe and the US, which proved to be significantly visible during the period of the world financial crisis.

This is a preview of subscription content, log in via an institution.

Chapter
USD   29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD   39.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD   54.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD   54.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Learn about institutional subscriptions

References

  • Allen, F., & Gale, D. (2000). Comparing financial systems. Cambridge: The MIT Press.

    Google Scholar 

  • Aluchna, M. (2007). Mechanizmy corporate governance w spółkach giełdowych [Corporate governance mechanisms in public listed companies]. Warsaw: Warsaw School of Economics Press.

    Google Scholar 

  • Aluchna, M. (2010, August 17–18). Majority shareholders’ practices in the time of crisis case studies from Poland. In Finance and Economics conference. Frankfurt am Main: Lupon Center for Business Research.

    Google Scholar 

  • Anderson, J., Bernstein, D., & Gray, Ch. (2005). Judicial systems in transition economies. Assessing the past, looking to the future. The International Bank for Reconstruction and Development/The World Bank. http://siteresources.worldbank.org/INTECA/Resources/complete.pdf.

  • Balcerowicz, L. (1995). Polskie Reformy Gospodarcze [Economic Reforms in Poland]. Warszawa: Polskie Wydawnictwo Naukowe.

    Google Scholar 

  • Berglöf, E. (2000). Reforming corporate governance: Redirecting the European agenda. In C. Cohen & B. Gavid (Eds.), Corporate governance and globalization. Long range planning issues. Northampton: Edward Elgar.

    Google Scholar 

  • Berglöf, E., & Claessens, S. (2006). Enforcement and good corporate governance in developing countries and transition economies. World Bank Research Observer, 21(1), 123–150.

    Article  Google Scholar 

  • Bornstein, M. (2000). Post-privatization enterprise restructuring (William Davidson Working Paper No. 327). http://eres.bus.umich.edu/docs/workpap-dav/wp327.pdf.

  • Campbell, K., & Jerzemowska, M. (2008, May 14–17). The politics of corporate governance reforms in Poland. EURAM conference, Lublijana.

    Google Scholar 

  • Campbell, K., Jerzemowska, M., & Najman, K. (2006). Wstępna analiza przestrzegania zasad nadzoru korporacyjnego przez spółki notowane na GPW w Warszawie w 2005 r. [Preliminary analysis of the observance of corporate governance principles by companies listed on the Warsaw Stock Exchange in 2005]. In S. Rudolf (Ed.), Tendencje zmian w nadzorze korporacyjnym [Tendencies for change in corporate governance] (pp. 357–372). Łódź: Łódź University Press.

    Google Scholar 

  • Coface Poland. (2010). Report on bankruptcies in 2010. http://www.coface.pl/CofacePortal/PL/pl_PL/pages/home/O_Coface.

  • Coffee, J. C. Jr. (1999). Privatization and corporate governance: The lessons from securities market failure (Working Paper No. 158). Columbia Law School, Center for Law and Economics Studies. http://www2.law.columbia.edu/law-economicstudies/papers/workp158.pdf.

  • Commander, S., Dutz, M., & Stern, N. (1999). Restructuring in transition economies: Ownership, competition and regulation. World Bank. http://www.worldbank.org/research/abcde/washington_11/pdfs/stern.pdf.

  • Domańska, A. (2008). Uprawnienia rady nadzorczej w zakresie kształtowania składu zarządu w spółkach kapitałowych [The supervisory board authority in structuring TMT in listed companies]. In S. Rudolf (Ed.), Rola nadzoru korporacyjnego w kreowaniu wartości przedsiębiorstwa [The role of corporate governance in value creation] (pp. 215–226). Łódź: Łódź University Press.

    Google Scholar 

  • Dzierżanowski, P., & Tamowicz, P. (2002). Ownership and control of Polish listed corporations. http://ssrn.com/paper=386822.

  • Estrin, S. (2000). Competition and corporate governance in transition (William Davidson Working Paper No. 431). http://eres.bus.umich.edu/docs/workpap-dav/wp431.pdf.

  • Euler H. (2009). Programy pobudzania gospodarki – odpowiedź na kryzys o niespotykanej skali. Brak spodziewanych efektów przed końcem 2009 roku [Economy stimulation programs – response to unprecedent crises. No effects expected before the end of 2009]. http://www.eulerhermes.pl/pl/090111_eh_pakiety_pomocowe.pdf/090111_eh_pakiety_pomocowe.pdf.

  • Fama, E., & Jensen, M. (1983). Separation of ownership and control. Journal of Law and Economics, 26, 301–325.

    Article  Google Scholar 

  • Frydman, R. (1998). Is privatization succeeding in Central and Eastern Europe? Economic Reform Today, The Lessons of Privatization, No. 4. www.cipe.org/publications/fs/ert/e18/frydman.htm.

  • Frydman, R., & Rapaczynski, A. (1995). Prywatyzacja w Europie Wschodniej [Privatization in Eastern Europe]. Kraków: Wydawnictwo Znak.

    Google Scholar 

  • Frydman, R., & Rapaczynski, A. (1996). Overview of Volumes 1 and 2. In R. Frydman, Ch. Gray, & A. Rapaczynki (Eds.), Corporate governance in Central Europe and Russia, vol. 1 (pp. 1–19). Central European University Press.

    Google Scholar 

  • Grant Thornton Frąckowiak. (2009). System kontroli i zarządzania ryzykiem – praktyka spółek notowanych na GPW [Control and risk management system – the practice of WSE listed companies]. Grand Horton, Edycja 2008. http://gtfr.pl/images/plik_pobierz/raport_SKW.pdf.

  • Grzybkowski, M., & Wójcik, D. (2006). Internet and corporate governance. http://ssrn.com/abstract=914520.

  • Hall, P., & Soskice, D. (2001). An introduction to Varieties of capitalism. In P. Hall & D. Soskice (Eds.), Varieties of capitalism. The institutional foundations of comparative advantage (pp. 3–24). Oxford: Oxford University Press.

    Google Scholar 

  • Halpern, P. (2000). Systemic perspectives on corporate governance. In S. Cohen & G. Boyd (Eds.), Corporate governance and globalization. Long range planning issues. Northampton: Edward Elgar.

    Google Scholar 

  • Holderness, C., & Sheehan, D. (1988). The role of majority shareholders in publicly held corporations. Journal of Financial Economics, 20, 317–346.

    Article  Google Scholar 

  • Hoskisson, R., Yiu, D., & Kim, H. (2000). Capital and labor market congruence and corporate governance: Effect on Corporate Innovation and Global Competitiveness. In S. Cohen & G. Boyd (Eds.), Corporate governance and globalization. Long range planning issues. Northampton: Edward Elgar.

    Google Scholar 

  • Isaksson, M. (2009). Corporate governance and the financial crisis: Questions and answers. OECD. http://www.oecd.org/document/49/0,3343,en_2649_34813_43063537_1_1_1_1,00.html

  • Karnaszewski, P. (2009, October 10). Pogromcy banków [Bank busters]. Forbes, 10/2009, 54–56. http://www.forbes.pl/artykuly/sekcje/sekcja-strategie/pogromcy-bankow,3248,1.

  • Kirkpatrick, G. (2009). The corporate governance lessons from the financial crisis. OCED. http://www.oecd.org/dataoecd/32/1/42229620.pdf.

  • Kołodko, G., & Nuti, M. (1997). The Polish alternative. Old myths, hard facts and new strategies in the successful transformation of the Polish economy. UNU World Institute for Development Economics Research (UNU/WIDER). http://ssrn.com/abstract=170889.

  • Konings, J. (2001). The effects of foreign direct investment on domestic firms. Economics of Transition, 9, 619–633.

    Article  Google Scholar 

  • Kotyński J. (2009). Polityka gospodarcza polski w integrującej się Europie 2008 – 2009 [Economic policy of Poland in integrating Europe 2008-2009]. Warszawa: Instytut Badań Rynku, Konsumpcji i Koniunktur.

    Google Scholar 

  • Kozarzewski, P. (2003). Corporate governance and secondary privatization in Poland: Legal framework and changes in ownership structure (CASE Network Studies and Analyses No. 263). http://ssrn.com/abstract=1443803.

  • Kozarzewski, P. (2006). Privatization and corporate governance in Poland: Problems and trends (Center for Social and Economic Research (CASE) Working Paper No. 325). http://ssrn.com/abstract=1016055.

  • Krukowska, M. (2007). Spór o lifling praktyk [Debate over best practice lifting]. Forbes, 6, 42–45.

    Google Scholar 

  • Kuchenbeker, J. (2008). Dobre praktyki 2008: Zbiór zasad czy raczej lista pobożnych życzeń [Best practice 2008: A set of principles or wishful thinking]. www.bankier.pl/wiadomosci/print.html?article_id=1747027

  • Lis, K., & Sterniczuk, H. (2003). Koncepcja korporacji a systemu nadzoru korporacyjnego [The concept of a corporation and corporate governance]. Problemy Zarządzania, Warsaw University, 1, 7–33.

    Google Scholar 

  • Mihalyi, P. (1997). Corporate governance during and after privatization: the lessons from Hungary. In E. Rosenbaum, F. Bönker, & H.-J. Wagener (Eds.), Privatisation, corporate governance and the emergence of markets (pp. 139–154). New York: Palgrave Macmillan.

    Google Scholar 

  • Ministry of Economy. (2007). Wpływ akcesji do UE na polski handel zagraniczny [Influence of the EU accession of Polish export]. http://www.berlin.polemb.net/files/gospodarka/Publikacje/Wplyw%20akcesji%20UE.pdf.

  • Morck, R., & Steier, L. (2005). The global history of corporate governance – an introduction (Working Paper No. 11062). National Bureau of Economic Research. www.nber.org/papers/w11062.

  • Murrell, P. (1999). Evolution in economics and in the economic reform of the centrally planned economics. In: Ch. Clauge, G., Rausser (Eds.), The emergence of market economies in Eastern Europe. Blackwell/Cambridge. http://www.bsos.umd.edu/econ/murrell/papers/czep.html.

  • Nellis, J. (2000). Privatization in transition economies: What happened? What comes next? pppue.undp.org/indexAction.cfm?module=Library&action+GetFile&DocumentID=53.

  • Neun, S., & Santerre, R. (1986). Dominant stockownership and profitability. Managerial and Decision Economics, 7, 207–210.

    Article  Google Scholar 

  • Nogalski B., & Dadej, R. (2006). Kodeks dobrych praktyk jako narzędzie budowania zaufania na rynku kapitałowym [The code of best practice as an instrument for process of building confidence on the capital market]. In S. Rudolf (Ed.), Tendencje zmian w nadzorze korporacyjnym [Latest tendencies in corporate governance] (pp. 345–356). Łódź: Wydawnictwo Uniwersytetu Łódzkiego.

    Google Scholar 

  • Olsson, M., & Alasheyeva, J. (2000, May 15–18). Market transparency, ownership concentration and harmonisation of law in some East European accession countries: A critical note. Conference Economic Aspects of European Integration: The Swedish Research Frontier, Mölle.

    Google Scholar 

  • Pajuste, A. (2004, December). What do firms disclose and why? Enforcing corporate governance and transparency in Central and Eastern Europe. Beyond Transition. The Newsletter About Reforming Economies, The World Bank.

    Google Scholar 

  • Pistor, K., & Xu, Ch. (2002). Fiduciary duty in transitional civil law jurisdictions. Lesson from the incomplete law theory. Faculty Lunch Series, Columbia Law School, unpublished presentation.

    Google Scholar 

  • Pistor, K., Raiser, M., & Gelfer, S. (2000). Law and finance in transition economies. Economics of Transition, 8, 325–368.

    Article  Google Scholar 

  • Rudolf, S., Janusz, T., Stos, D., & Urbanek, P. (2002). Efektywny nadzór korporacyjny [Effective corporate governance]. Warszawa: PWE.

    Google Scholar 

  • Sobolewski, L. (2007). Listed on WSE: corporate governance. CEO presentation on seminar organized by Warsaw Stock Exchange and Polish Institute of Directors, Warsaw Stock Exchange, Warsaw.

    Google Scholar 

  • Sofuł, A. (2010). Gorzkie żniwa Bitter harvest. Forbes, 2/2010, 74–76. http://www.forbes.pl/artykuly/sekcje/sekcja-dossier/gorzkie-zniwa,2921,1.

    Google Scholar 

  • Sroka, I. (2006).Investor relations – teoria i praktyka w Polsce i w Unii Europejskiej [Investor relations – theory and practice in Poland and the European Union]. In J. Ostaszewski, M. Zaleska (Eds.), W stronę teorii i praktyki finansów [Theory and practice of finance] (pp. 241–250). Warszawa: Warsaw School of Economics.

    Google Scholar 

  • Stulz, R. M. (1988). Managerial control of voting rights. Financing polices and the market for corporate control, Journal of Financial Economics, 20, 25–54.

    Google Scholar 

  • Svejnar, J. (2001). Transition economies: Performance and challenges (William Davidson Working Paper No. 415). http://eres.bus.umich.edu/docs/workpap-dav/wp415.pdf.

  • Tamowicz, P., & Dzierzanowski, M. (2003). Setting standards of corporate governance: A Polish experience with drafting codes. European Business Organization Law Review, 4, 273–285. http://ssrn.com/abstract=472341.

    Google Scholar 

  • Urbanek, P. (2009). Struktura własności i kontroli w polskich spółkach publicznych w warunkach kryzysu gospodarczego [Ownership and control of Polish listed companies at the times of economic crisis], Nadzór korporacyjny a przedsiębiorstwo, Gdańsk University Working Papers, Gdańsk1, 383–398.

    Google Scholar 

  • Warsaw Stock Exchange. (2005). Best practice in public companies, Warsaw, http://www.corp-gov.gpw.pl/assets/library/english/best2005.pdf

  • Warsaw Stock Exchange. (2009). Dobre praktyki po roku [Best practice after one year of implementation]. http://corp-gov.gpw.pl/assets/library/polish/dobre_praktyki_3.ppt.

  • Word Bank. (2005a). Raport dotyczący przestrzegania norm i kodeksów [Report on the observance of standards and codes, ROSC]. Ocena nadzoru korporacyjnego w kraju [An assessment of corporate governance at home]. Poland: World Bank, http://www.worldbank.org/ifa/rosc_aa_pol_pol.pdf

    Google Scholar 

  • World Bank. (2005b). Contract enforcement and judicial systems in CEEC. http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/ECAEXT/0,,contentMDK:20577447~menuPK:258616~ pagePK:64002643~piPK:64002619~theSitePK:258599,00.html. Accessed 20 Apr 2011.

Download references

Author information

Authors and Affiliations

  1. Department of Management Theory, Warsaw School of Economics, Al. Niepodleglosci 162, Suite 325M, 02-554, Warsaw, Poland

    Maria Aluchna

Authors
  1. Maria Aluchna
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Maria Aluchna .

Editor information

Editors and Affiliations

  1. London Metropolitan University London Metropolitan Business School, London, United Kingdom

    Samuel O Idowu

  2. İktisadi ve İdari Bilimler Fakültesi İşletme Bölümü, Trakya Universitesi, Edirne, Edirne, Turkey

    Kiymet Tunca Çaliyurt

Rights and permissions

Reprints and permissions

Copyright information

© 2014 Springer-Verlag Berlin Heidelberg

About this chapter

Cite this chapter

Aluchna, M. (2014). Corporate Governance: Polish Lessons from the Global Financial Crisis. In: Idowu, S., Çaliyurt, K. (eds) Corporate Governance. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-45167-6_3

Download citation

Publish with us

Policies and ethics

Search

Navigation