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The operating performance of Polish companies changing their stock market
Abstract
The aim of this paper is to examine the operating performance of firms that switch from NewConnect to the main market of the Warsaw Stock Exchange. The hypothesis states that the post-listing operating performance of companies which change the trade venue of their stocks, tends to worsen, although growth in sales improves. Quarterly financial reports of 28 companies were gathered to compute some variables: growth in sales, operating return on assets, operating return on sales, total asset turnover. The variables were calculated before and after moving trading location. The results of non-parametric Wilcoxon test do not confirm the hypothesis. Despite this, it is possible to observe the negative changes in operating performance and improvement of growth in sales after listing changes.
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DOI: http://dx.doi.org/10.17951/h.2015.49.4.649
Date of publication: 2016-01-28 11:03:54
Date of submission: 2015-07-11 12:51:42
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