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Theoretical background: The liquidity – profitability relationship is widely analysed in the literature. The surveys are based on different ratios, and different results as far as the sign of this relationship is concerned. The theory says that liquidity affects profitability but there are some findings suggesting that this relationship is reversed, namely profitability affects liquidity. Purpose of the article: The purpose of this paper is to compare the main and alternative markets of the Warsaw Stock Exchange according to the mutual influence of financial liquidity and profitability. The companies listed on those two markets are in a different stage of development and it is expected that the direction of the mutual impact of liquidity and profitability will be opposite. Research methods: The Granger causality test is applied for the data representing the financial liquidity and profitability ratios. Main findings: It was found that the mutual impact of liquidity and profitability is not opposite and profitability has a greater influence on financial liquidity in case of both markets which means that although the companies listed on the main and alternative WSE markets differ with regard to the stage of development, their management goals are the same.

Liquidity – Profitability Relationship Analysed with the Granger Causality Test on the Example of the Warsaw Stock Exchange