The Capital Structure of Listed Companies in Poland

27 Pages Posted: 15 Feb 2006

See all articles by Qaizar Hussain

Qaizar Hussain

International Monetary Fund (IMF)

Eugeniy Nivorozhkin

University College London - Department of Economics

Date Written: December 1997

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.

Keywords: Poland, stock market, capital structure, leverage

JEL Classification: G30, G32, O12, O52

Suggested Citation

Hussain, Qaizar and Nivorozhkin, Eugeniy, The Capital Structure of Listed Companies in Poland (December 1997). IMF Working Paper No. 97/175, Available at SSRN: https://ssrn.com/abstract=883923

Qaizar Hussain (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Eugeniy Nivorozhkin

University College London - Department of Economics

Drayton House, 30 Gordon Street
30 Gordon Street
London, WC1H 0AX
United Kingdom

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