Abstract:

The growing presence of institutional investors on the Warsaw Stock Exchange has raised interest in their role in shaping corporate governance and firm value. While global literature offers extensive empirical evidence on the impact of institutional ownership, particularly in developed markets, research on the Polish capital market remains relatively scarce and fragmented. This article presents a comprehensive literature review on the influence of institutional investors on the governance structures and market performance of publicly traded companies in Poland. The paper discusses both international findings and empirical studies focused on the Warsaw Stock Exchange, highlighting methodological approaches, key results, and identified limitations. Special attention is given to the forms of institutional activism observed in the Polish context, including participation in shareholder meetings, proposal submissions, behind-the-scenes negotiations, and public interventions. The review indicates that institutional investors in Poland tend to engage selectively, and their influence is often moderated by ownership concentration, regulatory barriers, and reputational risks. Despite structural constraints, the available evidence suggests that institutional presence can contribute to improved monitoring, enhanced board composition, and increased shareholder value—although the magnitude and mechanisms of this impact remain heterogeneous and context-dependent.