Is there any relation between intellectual capital and the capital structure of a company? The case of Polish listed companies

Monika Bolek () and Katerina Lyroudi ()
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Monika Bolek: University of Lodz
Katerina Lyroudi: Hellenic Open University

"e-Finanse", 2016, vol. 11, issue 4, 23-33

Abstract: This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company.

Keywords: intangible assets; intellectual capital; leverage; equity (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:rze:efinan:v:11:y:2016:i:4:p:23-33

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