INNOWACJE JAKO CZYNNIK EFEKTYWNOŚCI GOSPODAROWANIA I BUDOWY WARTOŚCI RYNKOWEJ POLSKICH SPÓŁEK PUBLICZNYCH
INNOVATION AS A FACTOR OF FINANCIAL PERFORMANCE AND MARKET VALUE IN POLISH LISTED COMPANIES

Summary/Abstract: The paper investigates financial performance and market value of Polish listed innovative companies between the years 2009–2012. The study, using a non-parametric independent-samples Kruskal-Wallis test and Median test, shows that the distribution and the medians of ROE, ROA, profit margin, P/E and P/BV are different across categories of listed innovative companies in compared to other listed companies. The obtained results may suggest that the innovation have positive impact on return on equity, assets and profit margin. However better effectiveness is not always reflected in the market value. What is more managers of companies that implemented R&D to increase its market value should focus on breakthrough innovation and improving the quality and dissemination speed of R&D activity information for shareholders.

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