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Is There Any Relation Between Intellectual Capital And The Capital Structure Of A Company? The Case Of Polish Listed Companies

Author

Listed:
  • MONIKA BOLEK

    (University of Lodz, Faculty of Economics and Sociology)

  • KATERINA LYROUDI

    (Hellenic Open University)

Abstract

This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company. pages: 23-33 JEL classification: G32 Key words: intangible assets, intellectual capital, leverage, equity This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company.

Suggested Citation

  • Monika Bolek & Katerina Lyroudi, 2015. "Is There Any Relation Between Intellectual Capital And The Capital Structure Of A Company? The Case Of Polish Listed Companies," Financial Internet Quarterly, University of Information Technology and Management in Rzeszów, vol. 11(4), pages 23-33, January.
    • Handle: RePEc:wsz:fiq000:v:11:y:2015:i:4:id:739
    DOI: 10.1515/fiqf-2016-0126
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    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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