Value relevance of companies’ financial statements in Poland

Marek Gruszczyński ,  Rafał Bilicz ,  Monika Kubik-Kwiatkowska ,  Aleksander Pernach 

Warsaw School of Economics (SGH), al. Niepodległości 162, Warszawa, Poland


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.


Auxiliary resources (full texts, presentations, posters, etc.)
  1. FULLTEXT: Value relevance of companies' financial statements in Poland, Zip archive data, at least v2.0 to extract, 0.1MB
  • Legal notice:

    The above materials are subject to Publisher's copyright and the Author(s) intellectual rights. Without limiting Author(s) rights under respective Copyright Transfer Agreement, no part of the above documents may be reproduced, stored in or introduced into a retrieval system, or transmitted in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), or for any purpose, without the express written permission of Pielaszek Research Corporation, the Publisher.
    Express permission from the Author(s) is required to use the above materials for academic purposes, such as lectures or scientific presentations. In such a case, proper references including Author(s) name(s) and URL of this webpage: must be provided.


Related papers
  1. Quantitative methods in accounting research

Presentation: Oral at Current Economic and Social Topics 2015, by Marek Gruszczyński
See On-line Journal of Current Economic and Social Topics 2015

Submitted: 2015-12-12 10:39
Revised:   2016-03-15 20:19