Abstract:

Theoretical background: When making decisions regarding the purchase of shares, investors take into account various factors. A crisis situation should increase the importance of the current financial parameters generated by the company in terms of investment-related decisions made by stock exchange investors. Positive financial results achieved by enterprises should improve market indicators, while negative financial results should affect the deterioration of market indicators. Purpose of the article: The purpose of the article is to examine the hypothesis whether, during the COVID-19 crisis, the financial parameters of companies listed on WSE, for which the crisis was an opportunity (all companies in the IT industry listed on WSE), had a significant impact on market indicators of these companies. Research methods: The statistical method is used in the article – it examines the correlation of financial results (net profit indicators: ROE, ROA) and market results (share price, share price to book value ratio) of companies listed on WSE for companies operating in the sector for which the crisis was an opportunity (companies from the IT sector) and companies from the banking sector. The correlation of selected financial and market indicators of companies from the IT sector (a total of 27) and companies from the banking sector (12) was examined. The method of regression and correlation analysis as well as the analysis of the p parameter were used. Main findings: The research shows that for most of the analysed entities listed on WSE, there is no statistically significant relation between financial parameters and their market parameters. When making investment-related decisions, stock exchange investors are only slightly guided by the financial results achieved by the analysed stock exchange companies – this applies to companies operating in the IT sector and the banking sector.