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How To Raise Equity Capital? A Case Of Polish Companies


  • Joanna Błach

    () (Faculty of Finance & Insurance University of Economics in Katowice Katowice, Poland")


The strategies of raising equity capital available to the Polish companies were studied, both in the theoretical and empirical dimension. According to the law regulations three strategies of raising equity capital were distinguished and characterized: the retaining profit strategy, the strategy based on the hybrid securities and the strategy using the issue of new shares. The empirical researches were conducted based on the aggregated data illustrating the practical application of the distinguished strategies in the activity of the Polish non-financial companies in 2006 – 2009, aiming at finding changes in the strategy profile due to the impact of the global financial crisis. The achieved results can be used as a basis for further, more detail studies, also for the cross-country comparative analysis. "

Suggested Citation

  • Joanna Błach, 2011. "How To Raise Equity Capital? A Case Of Polish Companies," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 58, pages 53-69, november.
  • Handle: RePEc:aic:journl:y:2011:v:57:p:53-69

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    References listed on IDEAS

    1. Kayhan, Ayla & Titman, Sheridan, 2007. "Firms' histories and their capital structures," Journal of Financial Economics, Elsevier, vol. 83(1), pages 1-32, January.
    2. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
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    4. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
    5. Barbara Casu & Claudia Girardone, 2009. "Integration and Efficiency in EU Banking Markets," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    6. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    7. Nikolay Nenovsky & S. Statev, 2006. "Introduction," Post-Print halshs-00260898, HAL.
    8. M. Ruth & K. Donaghy & P. Kirshen, 2006. "Introduction," Chapters,in: Regional Climate Change and Variability, chapter 1 Edward Elgar Publishing.
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    More about this item


    Capital Structure Decision; Equity Capital; Strategies of Raising Equity Capital; Shares Issue; Polish Companies ;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill


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