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The Capital Structure of Listed Companies in Poland

  • Qaizar Hussain
  • Eugeniy Nivorozhkin
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    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.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=2449
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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/175.

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    Length: 27
    Date of creation: 01 Dec 1997
    Date of revision:
    Handle: RePEc:imf:imfwpa:97/175
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