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The Capital Structure of Listed Companies in Poland

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  • Qaizar Hussain
  • Eugeniy Nivorozhkin

Abstract

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.

Suggested Citation

  • Qaizar Hussain & Eugeniy Nivorozhkin, 1997. "The Capital Structure of Listed Companies in Poland," IMF Working Papers 97/175, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:97/175
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    Citations

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    Cited by:

    1. Eugene Nivorozhkin, 2004. "The Dynamics of Capital Structure in Transition Economies," Economic Change and Restructuring, Springer, vol. 37(1), pages 25-45, March.
    2. Eugene Nivorozhkin, 2003. "The dynamics of capital structure in transition economies," Macroeconomics 0303005, EconWPA.
    3. Nivorozhkin, Eugene, 2004. "Financing choices of firms in EU accession countiries," BOFIT Discussion Papers 6/2004, Bank of Finland, Institute for Economies in Transition.
    4. Mohammad M. Omran & John Pointon, 2009. "Capital structure and firm characteristics: an empirical analysis from Egypt," Review of Accounting and Finance, Emerald Group Publishing, vol. 8(4), pages 454-474, October.
    5. Nivorozhkin, Eugene, 2003. "The dynamics of capital structure in transition economies," BOFIT Discussion Papers 2/2003, Bank of Finland, Institute for Economies in Transition.
    6. R.T.A. de Haas & H.M.M. Peeters, 2004. "Firms' dynamic adjustment to target capital structures in transition economies," WO Research Memoranda (discontinued) 761, Netherlands Central Bank, Research Department.
    7. Nhung, Lai Thi Phuong & Okuda, Hidenobu, 2015. "Effects of state ownership on companies’ capital structure and profitability: Estimation analysis before and after the Lehman shock," Journal of Asian Economics, Elsevier, vol. 38(C), pages 64-78.
    8. Ralph de Haas & Marga Peeters, 2004. "The Dynamic Adjustment towards Target capital Structures of Firms in," DNB Staff Reports (discontinued) 123, Netherlands Central Bank.
    9. Nivorozhkin, Eugene, 2004. "Financing Choices of Firms in EU Accession Countries," Ratio Working Papers 33, The Ratio Institute.
    10. Kinga Mazur, 2007. "The Determinants of Capital Structure Choice: Evidence from Polish Companies," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 13(4), pages 495-514, November.
    11. Volkhart Vincentz, 2002. "Entwicklungen und Tendenzen der Finanzsysteme in Osteuropa," Working Papers 237, Leibniz Institut für Ost- und Südosteuropaforschung (Institute for East and Southeast European Studies).
    12. Okuda, Hidenobu & Nhung, Lai Thi Phuong, 2011. "Fundraising Behaviors of Listed Companies in Vietnam: An Estimation of the Influence of Government Ownership," CEI Working Paper Series 2010-15, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    13. repec:kap:iaecre:v:13:y:2007:i:4:p:495-514 is not listed on IDEAS
    14. Köke, Jens & Salem, Tanja, 2000. "Corporate finance and restructuring: evidence from Central and Eastern Europe," ZEW Discussion Papers 00-21, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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