Interdependence between value drivers and value migration processes : evidence from Warsaw Stock Exchange

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.