Influence of Selected Internal Factors on the Outputs of the Financial-Sector Companies Traded on the Warsaw Stock Exchange

Financial-sector companies differ significantly from other enterprises in terms of the business activity carried out, which mainly consists in provision of financial services and consultancy with regard to financial products. Financial institutions, similarly to other companies, issue shares that are traded on the stock exchange in order to obtain additional capital. The purpose of the paper is to indicate which financial ratios significantly affect the rates of return of the shares issued by the financial institutions analyzed. The empirical analysis involves financial institutions operating on the Warsaw Stock Exchange in the years 2000–2018. The source data adopted for the analysis result from financial statements that are compliant with the applicable regulations regarding financial reporting, in particular with the International Financial Reporting Standards. Financial reports constitute the basis for analyses and evaluations of the activity of a given financial institution as well as are the source of relevant information that is used by depositors and investors in decision-making processes. The results of the unbalanced panel estimation, carried out using appropriate diagnostic tests, indicated a financial ratio, such as return on assets, that proved to be significant. Moreover, effects were indicated that are specific for particular sectors. The banking sector should be analyzed separately from other financial-sector companies.