Koniunkturalne i sektorowe uwarunkowania kreacji wartości dla akcjonariuszy
Economy-related and sector conditions for the creation of value for shareholders

Summary/Abstract: This study aims to determine to what extent the crisis in the financial market and changes in economy trends and differentiation between sectors affect the creation of value for shareholders (exemplified by companies quoted on the Warsaw Stock Exchange). In terms of the criterion of a rate of return from the sector sub-index, the fuel and media sector are conspicuous. The relation of a market price to the book value of shares achieved the highest level in the media and food sectors, as well as in civil engineering and telecommunication. The highest rate of dividend was demonstrated by telecommunication and food industry. The enumerated sectors showed a high capacity to create the value, mainly in the period of a favourable trend in the stock exchange, while they demonstrated lower destruction of value than other sectors during its deterioration.

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