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This article presents the results of research carried out in 2007–2009 at WarsawSchool of Economics by the Managerial Accounting Department and the Instituteof Econometrics research project No. N113 024 32/2706 Impact of disclosureson investor protection and on competitive position of public listed companies. Thearticle discusses the results of empirical research based on an originally developedPolish Corporate Disclosure Index, PCDI, competitive position and investor protection.