Budowanie i transfer wartości w spółkach notowanych na Giełdzie Papierów Wartościowych w Warszawie – ujęcie sektorowe
Value building and value transfer in companies listed on the Warsaw Stock Exchange – sectoral approach

Summary/Abstract: The aim of the study is to measure the results of value creation process in companies listed on the Warsaw Stock Exchange using sectoral approach. The article attempts to answer the question, whether these companies grouped by sectors create value, or transfer it to the owners, and whether there is a correlation between the results of value building and value transfer phase. The results of the study show that companies listed on the Warsaw Stock Exchange rather did not build corporate value. The analysis of the value transfer metrics indicates a large variation of results with the year 2011 being the worst. The analysis of correlation between the results of the value building process and the value transfer shows statistically significant moderate or high correlation in all years of the analyzed period, only in the wholesale trade sector. In other sectors, this relationship was variable and mostly statistically insignifigant.

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