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Firm-Level and Institutional Determinants of Corporate Capital Structure in Poland: New Evidence from the Warsaw Stock Exchange

Christopher Hartwell () and Anna P. Malinowska
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Anna P. Malinowska: Department of International Management, Kozminski University Warsaw, Poland

Czech Journal of Economics and Finance (Finance a uver), 2018, vol. 68, issue 2, 120-143

Abstract: This paper discusses how well major capital structure theories incorporate firm-level and institutional factors into short-term firm financing decisions in a specific context, that of a transition economy. Using a new dataset of non-financial companies quoted on the Warsaw Stock Exchange between 2007-2015, we argue that neither the trade-off nor the pecking order theories fully explain corporate debt policies in Poland. The results of dynamic panel data modelling highlight the importance of the strength of property rights and stock market capitalisation as driving forces behind corporate financing decisions.

Keywords: capital structure; pecking order theory; trade-off theory; institutions; transition economies (search for similar items in EconPapers)
JEL-codes: P26 O16 G32 (search for similar items in EconPapers)
Date: 2018
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Handle: RePEc:fau:fauart:v:68:y:2018:i:2:p:120-143