CORPORATE CAPITAL STRUCTURE DILEMMAS IN POLAND

ISBN: 978-83-8030-489-5   136 stron format: B5 oprawa: twarda Rok wydania: 2021

The monograph consists of three chapters. Chapter 1 presents the main theoretical approaches describing the mechanisms of formation of corporate capital structure. Chapter 2 is a review of empirical studies carried out on the Polish companies and worldwide by different authors, presenting the most important conclusions on the formation of corporate capital structure. Chapter 3 presents the results of the study of factors affecting the capital structure of companies listed on the Warsaw Stock Exchange depending on their industry affiliation. The study is based on a sample of companies listed on the Warsaw Stock Exchange in the continuous trading mode in 2002-2015. The analysis takes into account the impact of the following factors on the company debt ratios: profitability, growth opportunities, company size, tangibility of assets and business risk. This set of factors is supplemented by the industry affiliation of companies and macroeconomic factors: GDP growth rate, inflation rate and the term structure of interest rates. After using descriptive statistics to present the analysed dependent and independent variables and the relationships between them the analyses of variance and covariance are conducted. Next, the results of the analysis with the hierarchical multilevel models are presented, describing the influence of selected factors describing the company financial situation on total and long-term debt ratios. The final part of the monograph presents the research findings summary.

SPIS TREŚCI

INTRODUCTION

THEORIES OF CAPITAL STRUCTURE AND CHOICE OF FINANCING SOURCES
1.1. Trade-off theory
1.2. Pecking order theory
1.3. Other capital structure theories

EMPIRICAL STUDIES ON CORPORATE FINANCIAL DECISIONS
2.1. Approaches to capital structure in empirical research
2.2. Review of empirical studies on factors affecting corporate capital structure
2.3. Industry affiliation as a factor affecting corporate capital structure
2.4. Survey results

FACTORS AFFECTING CAPITAL STRUCTURE DECISIONS IN POLISH LISTED COMPANIES
3.1. Study description
3.2. Research methods
3.3. Research findings

Concluding remarks

Appendix

Bibliography

List of tables