Analiza porównawcza znaczenia wyników finansowych i przepływów pieniężnych dla wartości rynkowej w polskim sektorze bankowym

Main Article Content

Piotr Bolibok

Abstract

The paper compares the relevance of earnings and cash flows for market valuein the Polish banking sector. The study used linear regression analysis based onthe data from separate and consolidated financial statements of 18 domesticallybasedcommercial banks listed on the Warsaw Stock Exchange over the period1998–2013. The results indicate that net earnings reported by the examined banksare more value-relevant than both net cash flows and cash flows to equity.

Downloads

Download data is not yet available.

Article Details

How to Cite
Bolibok, P. (2015). Analiza porównawcza znaczenia wyników finansowych i przepływów pieniężnych dla wartości rynkowej w polskim sektorze bankowym. Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia I Prace, 2(3), 51–62. https://doi.org/10.33119/KKESSiP.2015.2.3.4
Section
Articles

References

Abuzayed B., Molyneux P., Al-Fayoumi N., Market value, book value and earnings: is bankefficiency a missing link?, “Managerial Finance” 2009, No. 35 (2).
Agostino M., Drago D., Silipo D. B., The value relevance of IFRS in the European bankingindustry, “Review of Quantitative Finance and Accounting” 2011, No. 36 (3).
Akbar S., Shah S., Stark A., The value relevance of cash flows, current accruals, and non-currentaccruals in the UK, “International Review of Financial Analysis” 2011, No. 20 (5).
Ball R., Brown P., An empirical evaluation of accounting income numbers, “Journal of AccountingResearch” 1968, No. 6 (2).
Bankowość. Podręcznik akademicki, red. W. L. Jaworski, Z. Zawadzka, Poltext, Warszawa 2011.
Barth M., Beaver W., Hand J., Landsman W., Accruals, cash flows and equity values, “Reviewof Accounting Studies” 1999, No. 3 (3–4).
Bolibok P., Application of the Ohlson model for testing the value relevance of accountingdata in Polish banking sector, “Zeszyty Naukowe Uniwersytetu Szczecińskiego” nr 802,“Finanse, Rynki Finansowe, Ubezpieczenia” 2014, nr 65.
Bolibok P., The impact of IFRS on the value relevance of accounting data of banks listed on theWarsaw Stock Exchange, “Copernican Journal of Finance & Accounting” 2014, No. 3 (1).
Dechow P., Accounting earnings and cash flows as measures of firm performance. The roleof accounting accruals, “Journal of Accounting and Economics” 1994, No. 18 (1).
Dimitropoulos P. E., Asteriou D., Koumanakos E., The relevance of earnings and cash flowsin a heavily regulated industry: Evidence from the Greek banking sector, “Advancesin Accounting” 2010, No. 26.
Dobija D., Klimczak K. M., Development of accounting in Poland: Market efficiency andthe value relevance of reported earnings, “The International Journal of Accounting”2010, No. 45.
Gao Z., Li W., O’Hanlon J., The informativeness of US banks’ statements of cash flows, “LancasterUniversity Management School Working Paper” 2015.
http://site.securities.com/cgi-bin/comp_profiles/94dec/PL/comp_profiles.html, dostęp7.07.2014.
http://bossa.pl/notowania/metastock/, dostęp 15.01.2015.
Jiang B., An empirical study on information content of accounting earnings and cash flow,“Journal of Modern Accounting and Auditing” 2009, No. 5 (7).
Klimczak K. M., Market reaction to mandatory IFRS adoption: Evidence from Poland,“Accountingand Management Information Systems” 2011, No. 10 (2).
Kohlbeck M., Warfield T. D., Unrecorded intangible assets: Abnormal earnings and valuation,“Accounting Horizons” 2007, No. 21 (1).
Lo K., The effects of scale differences on inferences in accounting research: coefficient estimates,tests of incremental association, and relative value relevance, “University of BritishColumbia Working Paper” 2005.
Ryan S., Tucker J., Zarowin P., Classification and market pricing of the cash flows and accrualson trading positions, “The Accounting Review” 2006, No. 81 (2).
Subramanyam K. R., Venkatachalam M., Earnings, cash flows, and ex post intrinsic valueof equity, “The Accounting Review” 2007, No. 82.
Tjhoa E., Hermawan A. A., Informativeness of earnings and cash flows: Evidence in Indonesia,Malaysia, and Thailand banking industry, “University of Indonesia WorkingPaper” 2014.