Związek wzrostu przedsiębiorstwa z płynnością finansową w kontekście posiadanego potencjału wzrostu na przykładzie spółek notowanych na NewConnect
The Size of Business Versus the Structure of Capital and Assets and Profitability of Construction Companies Listed on the Warsaw Stock Exchange

Summary/Abstract: The of this paper mainly aims to investigate the relationship between the size of business and the structure of assets and capital and profitability and companies’ operations. A statistical characterisation of the empirical distributions of indicators of the structure of companies’ assets and capital is the author’s subtarget. The author investigates an assumed relationship between the size of business (H1) and the structure of assets and capital, and (H2) the size of the business and profitability of business operations. The study focuses on construction companies listed on the Warsaw Stock Exchange, both on the main floor and the NewConnect OTC market, and relies on cross-sectional data for 2011–2014. In order to verify the hypothesis, the author uses correlation analysis. As a result of verification of the first research hypothesis (H1) the author established that that in some cases, depending on the choice of analysed variables and the year, there exists a statistical relationship between the size of operations and the structure of assets and capital. On the other hand, analysis of the second hypothesis (H2) i.e., the hypothesis assuming the existence of a relationship between the size of the operations and profitability, revealed no statistical significance in any of the cases under analysis. In addition, using the Shapiro-Wilk, the author found that the empirical distribution rate of the share of shareholders’ equity to total liabilities and shareholders’ equity as a variable determining overall capital structure is not significantly different from normal distribution in each of the cases under analysis.Purpose – The purpose of the study is to analyze the relationship between liquidity and growth of companies in the context of its potential for growth. Verified hypothesis is: liquidity is associated with the growth of companies with higher growth potential. Research methodology – Panel surveys conducted on a group of non-financial companies listed on NewConnect in the years 2007–2014 and used some of the solutions for the measurement of growth and the potential offered by Danbolt, Hirst and Jones. Result – The result of the research is a statement that liquidity measured by dynamic metrics: the cash conversion cycle and cash flow from operating activities affect the growth of the company in the group of companies with the potential of growth. Originality/value – the choice of liquidity and evaluating its relationship with the growth of companies, and the proof that dynamic measures of financial liquidity are related to growth when a company has the potential to grow

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