Abstract:

Using a new quarterly panel of corporate, institutional, and macroeconomic data, we investigate the impact of economic property rights, stock market returns and stock market realized volatility as well as macroeconomic controls on corporate profitability and investment capacities for a sample of 238 firms quoted on the Warsaw Stock Exchange between 2007–2015. The obtained results indicated that both economic property rights and equity market realized volatility impacted firm profits and investment capacities in a negative fashion. Furthermore, we identified detrimental effects of domestic economic growth and global crisis, both of which dwarfed the beneficial effects of firm size and stock returns in the period under consideration. Given Polish public companies limited international engagement, they were isolated from long-term interest rate changes in the euro area. On the other hand, the domestic banking sector and foreign direct investment flows appear to have mitigated Polish firms’ business performance and growth.

摘要：

使用新的公司，机构和宏观经济数据季度面板，我们调查了238家样本企业的经济产权，股票市场收益和股票市场已实现的波动以及宏观经济控制对公司获利能力和投资能力的影响。 2007年至2015年之间的华沙证券交易所。所得结果表明，经济产权和股票市场实现的波动都对公司的利润和投资能力产生了负面影响。此外，我们确定了国内经济增长和全球危机的不利影响，这两者都使所考虑的时期内公司规模和股票回报的有利影响相形见war。鉴于波兰上市公司的国际参与度有限，它们与欧元区的长期利率变化无关。另一方面，国内银行业和外国直接投资的流动似乎削弱了波兰公司的业务绩效和增长。