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Stock prices and their fluctuations are analyzed by investors and analytics due to the possibility of achievement the capital earnings. Many variables can affect development of the stock prices; the main categories are macroeconomic factors, industrial variables, and company characteristics. This paper is focused on company characteristics that reflect success of business activities of individual companies. The object of the paper is to investigate the existence of a relationship between selected financial ratios and stock prices of selected manufacturing companies listed on the Prague Stock Exchange and the Polish Stock Exchange. The semi-annual data is analyzed over the 2006 – 2017 period. The long-term relationship between the selected financial ratios and stock prices is examined by using the Johansen cointegration test. The existence of short-term cointegration linkages is analyzed using the Vector Error Correction Model (VECM). The findings show that there are sporadic relationships between the stock prices and financial ratios. It seems that investors could be interested in macroeconomic factors, industry variables or they do not have a relevant education to evaluate the financial information.

THE RELATIONSHIP BETWEEN THE STOCK PRICES AND FINANCIAL RATIOS: EVIDENCE FROM THE PRAGUE STOCK EXCHANGE AND THE POLISH STOCK EXCHANGE