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Motivation: The NweConnect market is intended for small, innovative and dynamically developing companies, especially in the so-called new economy. A debut on this market is one of the possible strategies for raising capital by a small and medium-sized entrepreneur. In times of economic downturn and limited supply of capital on the capital market, only the most credible have a chance to raise capital on the alternative market. Aim: recognition of the actual nature of companies listed on the alternative market in Poland, with particular emphasis on the voivodeships of Eastern Poland. It was assumed that mainly young, innovative and fast-growing companies are listed on the NewConnect market. The analysis was based on a review of domestic and foreign literature and on the estimated linear econometric model. Results: Most companies on the NewConnect market are not characterized by rapid development, short period of entering the market and a high level of innovation. There are also companies from industries where the level of innovation was not a key element of activity from the beginning. In addition, the changes that have taken place (i.e. from market entry to the current situation, 2007–2022) are not favourable. While at the beginning of their activity (since 2007) listed companies were characterized by a relatively high level of innovation, now (2022) this level is decreasing. This justifies the need for further research on the development of the NewConnect market as a source of financing for small and medium-sized enterprises. [ABSTRACT FROM AUTHOR]

RESEARCH OBJECTIVE: Small and medium-sized businesses are constantly driving economic prosperity. The SME sector accounts for the overwhelming majority of enterprises, i.e., 99.8%, both in Poland and in the EU as a whole. The aim of the paper is to clarify the importance of the key role of knowledge management (KM) in the financial management of small and medium-sized listed companies, especially in terms of investment decisions. THE RESEARCH PROBLEM AND METHODS: The research method used in this article will be the analysis of stock market data describing the not very satisfying financial conditions of small and medium-sized listed companies in times of broad economic crises, which mainly include the pandemic period and the military conflict in Ukraine. On the basis of selected financial data, an econometric model was created to help explain the mechanism of changes occurring in the financial conditions of the listed business entities. THE PROCESS OF ARGUMENTATION: A literature review confirming the important role of knowledge management, including the Balanced Scorecard (BSC) methodology, in the assessment of the financial situation of joint-stock companies forms the basis of this research. The current state of the global economy is leading to a dangerous situation in which it is becoming increasingly difficult to maintain a secure financial cushion. RESEARCH RESULTS: Estimation of an econometric model is expected to confirm the research hypothesis that KM plays a key role in the financial management of small and medium-sized listed companies, and especially in their investment decisions regarding the use of innovative methods such as BSC. CONCLUSIONS, INNOVATIONS, AND RECOMMENDATIONS: The article explains the key role of KM in the financial management of small and medium-sized listed companies during crises. The results of the estimated model can serve the more effective management of SMEs listed on NewConnect and other alternative trading floors around the world. [ABSTRACT FROM AUTHOR]

The aim of the article is to assess the role of ESG assumptions in dealing with complex crises that are both economic and financial in nature. The research problem is excessive fluctuations in the quotations of the WIG-ESG index, which includes listed companies characterized by adherence to the principles of socially responsible business. An attempt will be made to verify the research hypothesis, which assumes a positive impact of selected stock market indicators on the stabilization of quotations of the analyzed index. The research method will be the estimation of an econometric model built from dependent variable Y describing changes in the quotations of the WIG-ESG index and six independent variables describing selected stock market indicators exerting a greater or lesser influence on the changes in the quotations included in the monthly time interval in the research period January 2014-November 2023. It is concluded that the relationship between stock market capitalization and the value of equity estimated at the end of the last quarter is the basis for stabilizing the quotations of the index. [ABSTRACT FROM AUTHOR]

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