Influences on the Tobin's Q. Empirical Study on Companies Listed on Bucharest Stock Exchange and Warsaw Stock Exchange

The study aims, by means of a dynamic panel, to highlight the influence on Tobin's Q ratio of financial indicators of companies listed on the Bucharest Stock Exchange and Warsaw Stock Exchange.Tobin's Q is a modern indicator used to measure the financial performance of listed companies on stock exchanges.The most positive and constant influences on the dependent variable -Tobin's Q were found in the case of ROE, with higher significance for Romanian companies, which was also confirmed by the robustness tests performed.For the Polish companies, Solvency also showed increased significance.The results of the dynamic regression showed a positive and significant influence of past eigenvalues from the immediately preceding period of the Tobin's Q variable on its evolution.Leverage and current liquidity significantly influence the evolution of Tobin's Q ratio, in the case of both groups of companies, the influence being more pronounced for the Romanian ones.The PER variable has no significant influence on Tobin's Q.