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Value relevance of companies' financial statements in Poland

Author

Listed:
  • Marek Gruszczynski
  • Rafal Bilicz
  • Monika Kubik-Kwiatkowska
  • Aleksander Pernach
Abstract
Paper presents three attempts to model the relationship between financial reports of the companies listed on the Warsaw Stock Exchange and their market valuation. Main sections of the paper include: (1) overview of the contemporary issues in the ''value relevance'' studies with reference to the methodology of financial microeconometrics, (2) outcome of the research by M. Kubik-Kwiatkowska on value relevance of annual and quarterly reports, (3) results of the attempts by R. Bilicz on the association between E/P ratio and quarterly accounting data, (4) findings by A. Pernach on the relationship between ROIC or revenue and the market value. All results show that various connections between financials and valuation exist, depending on the approach.

Suggested Citation

  • Marek Gruszczynski & Rafal Bilicz & Monika Kubik-Kwiatkowska & Aleksander Pernach, 2016. "Value relevance of companies' financial statements in Poland," KAE Working Papers 2016-014, Warsaw School of Economics, Collegium of Economic Analysis.
    • Handle: RePEc:sgh:kaewps:2016014
    as

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    File URL: http://kolegia.sgh.waw.pl/pl/KAE/Documents/WorkingPapersKAE/WP_KAE_2016_014.pdf
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    References listed on IDEAS

    as
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    5. Onali, Enrico & Ginesti, Gianluca, 2015. "Sins of Omission in Value Relevance Empirical Studies," MPRA Paper 64265, University Library of Munich, Germany.
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    13. Dobija, Dorota & Klimczak, Karol Marek, 2010. "Development of accounting in Poland: Market efficiency and the value relevance of reported earnings," The International Journal of Accounting, Elsevier, vol. 45(3), pages 356-374, September.
    Full references (including those not matched with items on IDEAS)

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    Keywords

    value relevance of accounting statements; financial microeconometrics; comparative valuation;
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