Interdependence Between Value Drivers and Value Migration Processes: Evidence from Warsaw Stock Exchange

Michał J. Kowalski () and Łukasz Biliński
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Michał J. Kowalski: Wroclaw University of Technology
Łukasz Biliński: Wroclaw University of Technology

A chapter in Efficiency in Business and Economics, 2018, pp 99-118 from Springer

Abstract: Abstract The impact of enterprise value drivers on value migration processes has not been subjected to extensive and detailed empirical analysis, though the literature strongly indicates connections between them. The article presents the relationships between value migration phases and value drivers, using financial data for the Polish capital market in the years 2001–2014. The aim of the article is to verify whether changes in value drivers are behind value migration processes. The paper shows that companies located in different value migration phases have different value levels of value drivers and that value migration processes are accompanied by changes in the companies’ value factors. Companies’ transition from build-to-destroy or destroy-to-build value migration phases are accompanied by a significant change in value drivers, such as sales dynamics, profitability and fixed assets profitability.

Keywords: Determinants of value based growth; Value drivers; Enterprise value; Value migration (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-319-68285-3_9

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DOI: 10.1007/978-3-319-68285-3_9

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