The Capital Structure of Listed Companies in Poland
The Capital Structure of Listed Companies in Poland
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波兰上市公司的资本结构
DOI：
10.5089/9781451976342.001.a001
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发表时间：
1997
期刊：
影响因子：
--
通讯作者：
E. Nivorozhkin
中科院分区：
文献类型：
--
作者：
Qaizar Hussain;E. Nivorozhkin
本文考察了波兰上市公司的资本结构，使用公司层面的面板数据来研究杠杆的决定因素。波兰公司的杠杆水平极低，这表明股市正在增长，银行可能不愿向老公司和高风险公司提供贷款。实证研究发现，大型、新成立的外资企业和现金状况良好的企业具有较高的杠杆水平。最后，股东集中度对企业杠杆具有中性甚至有益的影响。所有权的性质可能是这一发现的主要原因。
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.