Przepływy pieniężne z działalności operacyjnej spółek giełdowych a cena rynkowa akcji
Operating cash flow of firms listed on stock exchange and the price of stocks

Summary/Abstract: The aim of the study is to verify the relationship between changes in the amount of operating cash flow and changes in stock market value. It was hypothesized that positive changes in operating cash flow cause the increase in stock price, whereas negative changes cause the decrease. The analysis was conducted on firms listed on the Warsaw Stock Exchange, representing the manufacturing sector. The period scope covers: December 2004 to June 2006 and December 2008 to June 2010. The correlation analysis was conducted by means of linear Pearson ratio. The findings of the research show that there is no strong statistical correlation between changes in operating cash flow and changes in stock price. This leads to the conclusion that the hypothesis cannot be positively verified.

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