Kapitał pracujący a płynność finansowa przedsiębiorstw notowanych na Giełdzie Papierów Wartościowych w Warszawie. Wyniki badań
Working Capital and Financial Liquidity of Companies Listed on the Warsaw Stock Exchange. Study Results

Summary/Abstract: The paper examines the impact of the leverage, working capital, and cash conversion cycle on financial liquidity. For this aim panel analysis based on data from financial statements of 345 companies listed on the Warsaw Stock Exchange in the years 1998–2016 was used. The obtained results indicate that liquidity significantly depends on the debt ratio and the size of net working capital. In the first case, it is a negative relationship, the second one is positive. In the case of impact of the cash conversion cycle on the liquidity, the established dependencies do not allow for the formulation of unambiguous conclusions.

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