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Financial Risk in Polish Companies During the Global Economic Crisis of 2007–2008 with Particular Emphasis on Evaluation of the Use of Reserve Debt Capacity (Ryzyko finansowania polskich przedsiebiorstw w latach globalnego kryzysu ze szczegolnym uwzglednieniem oceny wykorzystania rezerwy pojemnosci zadluzeniowej )

Author

Listed:
  • Wiktor Cwynar

    (Wydzial Ekonomii i Logistyki, Wyzsza Szkola Ekonomii i Innowacji w Lublinie)

  • Anna Ostrowska-Dankiewicz

    (Wydzial Zarzadzania, Zaklad Finansow, Bankowosci i Rachunkowosci, Politechnika Rzeszowska)

  • Piotr Oratowski

    (Splentum Sp. z o.o.)

Abstract

The article presents research findings on capital structure and financial risk changes in Polish companies during the global economic crisis of 2007–2008. Authors evaluated financial data for 4188 companies, both listed and unlisted within particular sectors. The whole population of companies was split into two parts based on the average value of the debt ratio calculated for pre-crisis years (2005–2007). The first group was composed of companies with average debt ratio below industry norm expressed in sector mean value of the debt ratio. These companies were assumed to have reserve debt capacity. The second group consisted of companies with average debt ratio above industry norm expressed in sector mean value of the debt ratio. These companies were assumed to have not reserve debt capacity.

Suggested Citation

  • Wiktor Cwynar & Anna Ostrowska-Dankiewicz & Piotr Oratowski, 2015. "Financial Risk in Polish Companies During the Global Economic Crisis of 2007–2008 with Particular Emphasis on Evaluation of the Use of Reserve Debt Capacity (Ryzyko finansowania polskich przedsiebiors," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 13(55), pages 182-196.
    • Handle: RePEc:sgm:pzwzuw:v:13:i:55:y:2015:p:182-196
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    More about this item

    Keywords

    capital structure; debt ratios; financial crisis; debt capacity; financial flexibility;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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