The Capital Structure of Listed Companies in Poland
International Monetary Fund (IMF)
affiliation not provided to SSRN
IMF Working Paper No. 97/175
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.
Number of Pages in PDF File: 27
Keywords: Poland, stock market, capital structure, leverage
JEL Classification: G30, G32, O12, O52working papers series
Date posted: February 15, 2006
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