The role of information in creating enterprise value
Wpływ informacji o efektach prowadzonej działalności na wartość rynkową małych i średnich przedsiębiorstw

Summary/Abstract: Purpose - The purpose of this article is to examine whether there is a need to increase transparency of companies in the sector of small and medium-sized enterprises, in the context of creation and valuation of these companies. Design/methodology — Enterprise services from an alternative stock market have been analyzed by means of multivariate regression empirical, in order to confirm or refute the hypothesis: the value of the company depends on the effects of the activities presented in accordance with the requirements of traditional reporting. Findings - Placed hypothesis was rejected. Traditional reporting provides information to investors in a static way, with a long delay, which causes outdated information, and hence the necessity of making risky investment decisions. Orginality/vaule — Reporting non-financial data can lead to long-term growth of the company, which means that the implementation of the concept of management by the value should be preceded by the implementation of appropriate information policy, which, together with the social responsibility of the company is a new model of reporting and investor relations

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