Przedsiębiorstwa turystyczne na rynkach kapitałowych o różnym stopniu konsolidacji – analiza porównawcza

Abstract

The purpose of this study was to determine the relationship between capital market consolidation and tourism enterprises capital rising. Three consolidation levels have been specified – high, medium and low. Current data from 21 stock exchanges, members of World Federation of Exchanges and Federation of European Securities Exchanges have been analysed. Descriptive statistics methods have been employed. On average more tourism companies are listed on highly consolidated stock exchanges. Moreover these are the biggest enterprises. The higher size diversity is observed on stock exchanges with smaller consolidation level. Research concentrated only on main markets passing over alternative ones. Paper offers only a static view neglecting phenomenon changes over time. Paper fulfils important research gap concerning tourism enterprises’ listings on stock exchanges with different consolidation stages.