The main purpose of the paper is to analyse the impact of the financial result of listed joint stock companies on Zagreb Stock Exchange on shares' market price and to determine the direction and size of statistical relationship between these two variables. The regulatory framework of financial reporting in the Republic of Croatia is presented in theoretical part of the paper, which includes relevant regulations of the Company Law and Capital Market Act, but also International Accounting Standards 32 and 33. IAS 33 is significant because it regulates the methodology of calculating earnings per share, which are one of the units of analysis. The empirical part of the paper consists of three chapters, while data from balance sheets of ten listed companies regarding capital and reserves and some parts of the statement of changes in equity, as well as the analysis of shares traded and market prices of shares of the chosen companies on Zagreb Stock Exchange are shown in two chapters. The units of analysis were extracted from the mentioned data and were included in the empirical research, that is, the analysis with the methods of descriptive and inferential statistics. Finally, the first hypotheses which assumes that there is positive statistical relationship between financial result measured by earnings per share and prices of shares included in Zagreb Stock Exchange index Crobex, was confirmed by all except one company. While verifying the second hypotheses which assumes the existence of positive statistical relationship between price-earnings ratio and the value of shares traded on Zagreb Stock Exchange, it was found that it is confirmed partially.