Analiza porównawcza znaczenia wyników finansowych i przepływów pieniężnych dla wartości rynkowej w polskim sektorze bankowym
The Relevance of Earnings and Cash Flows for Market Value in the Polish Banking Sector. Comparative Analysis

Summary/Abstract: The paper compares the relevance of earnings and cash flows for market value in the Polish banking sector. The study used linear regression analysis based on the data from separate and consolidated financial statements of 18 domesticallybased commercial banks listed on the Warsaw Stock Exchange over the period 1998-2013. The results indicate that net earnings reported by the examined banks are more value-relevant than both net cash flows and cash flows to equity.

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