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The Capital Structure of Listed Companies in Poland

Author

Listed:
  • Mr. Qaizar Hussain
  • Eugeniy Nivorozhkin

Abstract

This paper examines the capital structure of listed firms in Poland, using firm-level panel data to study the determinants of leverage. Polish firms had extremely low leverage levels, suggesting a growing stock market and a potential reluctance of banks to grant loans to old and risky firms. The empirical exercise finds that large, new, foreign-owned firms, and firms with strong cash positions have higher levels of leverage. Finally, shareholder concentration has a neutral or even a beneficial influence on firm leverage. The nature of ownership may be primarily responsible for this finding.

Suggested Citation

  • Mr. Qaizar Hussain & Eugeniy Nivorozhkin, 1997. "The Capital Structure of Listed Companies in Poland," IMF Working Papers 1997/175, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/175
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    Citations

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    Cited by:

    1. Eugene Nivorozhkin, 2004. "The Dynamics of Capital Structure in Transition Economies," Economic Change and Restructuring, Springer, vol. 37(1), pages 25-45, March.
    2. repec:rze:efinan:v:9:y:2012:i:1:p:35-43 is not listed on IDEAS
    3. Joanna Tyrowicz, 2007. "Blame No One ?Investment Decisions of the Polish Stock-Listed Companies," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 50(4), pages 391-410.
    4. Nivorozhkin, Eugene, 2004. "Financing choices of firms in EU accession countiries," BOFIT Discussion Papers 6/2004, Bank of Finland, Institute for Economies in Transition.
    5. Mohammad M. Omran & John Pointon, 2009. "Capital structure and firm characteristics: an empirical analysis from Egypt," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 8(4), pages 454-474, October.
    6. Nivorozhkin, Eugene, 2005. "Financing choices of firms in EU accession countries," Emerging Markets Review, Elsevier, vol. 6(2), pages 138-169, June.
    7. Nivorozhkin, Eugene, 2003. "The dynamics of capital structure in transition economies," BOFIT Discussion Papers 2/2003, Bank of Finland, Institute for Economies in Transition.
    8. R.T.A. de Haas & H.M.M. Peeters, 2004. "Firms' Dynamic Adjustment to Target Capital Structures in Transition Economies," Finance 0405014, University Library of Munich, Germany.
    9. Kinga Niemczak, 2013. "Corporate Debt And Crisis Severity In Europe," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 9(1), pages 35-43, May.
    10. Nhung, Lai Thi Phuong & Okuda, Hidenobu, 2015. "Effects of state ownership on companies’ capital structure and profitability: Estimation analysis before and after the Lehman shock," Journal of Asian Economics, Elsevier, vol. 38(C), pages 64-78.
    11. repec:zbw:bofitp:2003_002 is not listed on IDEAS
    12. Andrzej Cwynar & Wiktor Cwynar & Robert Dankiewicz, 2016. "Studies of firm capital structure determinants in Poland: an integrative review," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 11(4), pages 1-22, March.
    13. Kinga Mazur, 2007. "The Determinants of Capital Structure Choice: Evidence from Polish Companies," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 13(4), pages 495-514, November.
    14. Volkhart Vincentz, 2002. "Entwicklungen und Tendenzen der Finanzsysteme in Osteuropa," Working Papers 237, Leibniz Institut für Ost- und Südosteuropaforschung (Institute for East and Southeast European Studies).
    15. Okuda, Hidenobu & Nhung, Lai Thi Phuong, 2011. "Fundraising Behaviors of Listed Companies in Vietnam: An Estimation of the Influence of Government Ownership," CEI Working Paper Series 2010-15, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    16. Simonovska, Ana & Gjosevski, Dragan & Campos, Monica, 2012. "Capital Structure And Financial Performance Of Agricultural Companies – Evidences From The Macedonian Agricultural Sector In Transition," 132nd Seminar, October 25-27, 2012, Skopje, Republic of Macedonia 139501, European Association of Agricultural Economists.
    17. repec:kap:iaecre:v:13:y:2007:i:4:p:495-514 is not listed on IDEAS
    18. Michał Bernardelli & Leszek Mosiejko, 2019. "Analysis of the capital structure of companies traded on the Warsaw Stock Exchange in terms of the pecking order theory," Collegium of Economic Analysis Annals, Warsaw School of Economics, Collegium of Economic Analysis, issue 55, pages 25-40.
    19. repec:zbw:bofitp:2004_006 is not listed on IDEAS
    20. Köke, Jens & Salem, Tanja, 2000. "Corporate finance and restructuring: evidence from Central and Eastern Europe," ZEW Discussion Papers 00-21, ZEW - Leibniz Centre for European Economic Research.
    21. Eugene NIVOROZHKIN, 2002. "Capital Structures In Emerging Stock Markets: The Case Of Hungary," The Developing Economies, Institute of Developing Economies, vol. 40(2), pages 166-187, June.

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