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

In: Efficiency in Business and Economics

Author

Listed:
  • Michał J. Kowalski

    (Wroclaw University of Technology)

  • Łukasz Biliński

    (Wroclaw University of Technology)

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.

Suggested Citation

  • Michał J. Kowalski & Łukasz Biliński, 2018. "Interdependence Between Value Drivers and Value Migration Processes: Evidence from Warsaw Stock Exchange," Springer Proceedings in Business and Economics, in: Tadeusz Dudycz & Grażyna Osbert-Pociecha & Bogumiła Brycz (ed.), Efficiency in Business and Economics, pages 99-118, Springer.
    • Handle: RePEc:spr:prbchp:978-3-319-68285-3_9
    DOI: 10.1007/978-3-319-68285-3_9
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    Cited by:

    1. Kowalski Michał J. & Kazak Jan K., 2020. "Value-Based Management for Real Estate Developers’ Activities," Real Estate Management and Valuation, Sciendo, vol. 28(4), pages 48-62, December.

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