Leasing Puzzle in Polish Small Firms Listed on the Alternative Market

Jaszczuk Joanna, Anna Białek-Jaworska, Krzysztof Opolski, Marek Sylwestrzak and Trzpioła Katarzyna
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Jaszczuk Joanna: Faculty of Economic Sciences, University of Warsaw. WarsawPoland
Trzpioła Katarzyna: Faculty of Management, University of Warsaw. WarsawPoland

Central European Economic Journal, 2018, vol. 5, issue 52, 25-39

Abstract: In this article, we study the substitution between leasing and bank loans in financing the investment of small companies. The analysis is based on financial information about Polish companies listed on NewConnect, which used financial leasing in the period of 2012–2016. We argue that leasing and bank loans are the substitute in financing the investment of small companies. We estimate the probability of financial leasing and its size using the tobit and logit models. We find that financial leasing and bank loan, for Polish small companies, are complementarity. Our empirical results indicate that financial leasing and bank loans are complementary sources of financing investment in fixed assets. Also the higher the usage of financial leasing, the higher the likelihood that the enterprise is indebted because of long-term bank loan – complementarity.

Keywords: financial leasing; tobit; logit; small listed companies (search for similar items in EconPapers)
JEL-codes: M21 M41 M48 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ceuecj:v:5:y:2018:i:52:p:25-39:n:4

DOI: 10.2478/ceej-2018-0006

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