Financial Risk in Polish Companies During the Global Economic Crisis of 2007–2008 with Particular Emphasis on Evaluation of the Use of Reserve Debt Capacity (Ryzyko finansowania polskich przedsiebiorstw w latach globalnego kryzysu ze szczegolnym uwzglednieniem oceny wykorzystania rezerwy pojemnosci zadluzeniowej )

Wiktor Cwynar (), Anna Ostrowska-Dankiewicz () and Piotr Oratowski ()
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Wiktor Cwynar: Wydzial Ekonomii i Logistyki, Wyzsza Szkola Ekonomii i Innowacji w Lublinie
Anna Ostrowska-Dankiewicz: Wydzial Zarzadzania, Zaklad Finansow, Bankowosci i Rachunkowosci, Politechnika Rzeszowska
Piotr Oratowski: Splentum Sp. z o.o.

Problemy Zarzadzania, 2015, vol. 13, issue 55, 182-196

Abstract: The article presents research findings on capital structure and financial risk changes in Polish companies during the global economic crisis of 2007–2008. Authors evaluated financial data for 4188 companies, both listed and unlisted within particular sectors. The whole population of companies was split into two parts based on the average value of the debt ratio calculated for pre-crisis years (2005–2007). The first group was composed of companies with average debt ratio below industry norm expressed in sector mean value of the debt ratio. These companies were assumed to have reserve debt capacity. The second group consisted of companies with average debt ratio above industry norm expressed in sector mean value of the debt ratio. These companies were assumed to have not reserve debt capacity.

Keywords: capital structure; debt ratios; financial crisis; debt capacity; financial flexibility (search for similar items in EconPapers)
JEL-codes: E51 G21 G32 H12 (search for similar items in EconPapers)
Date: 2015
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