Technology Level and Financial Constraints of Public Listed Companies

Katarzyna Prędkiewicz (), Paweł Prędkiewicz and Marek Pauka
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Katarzyna Prędkiewicz: Wroclaw University of Economics and Business
Marek Pauka: Wroclaw University of Economics and Business

A chapter in Contemporary Trends and Challenges in Finance, 2021, pp 201-213 from Springer

Abstract: Abstract In this paper, we verify whether one of the best-developed stock exchange markets in Central and East Europe—the Warsaw Stock Exchange (Poland) is an effective means of alleviating financial constraints for high technology companies. Two investment models—for high-technology (HT) and low-technology (LT) publicity traded enterprises were executed (334 entities from 2004 to 2018). We confirmed that HT companies are financially constrained—they undertake investments when the operating cash flow is available. Whereas in LT companies level of operating cash flow does not impact the investments level. Based on our results, we can conclude that the stock market in emerging markets, like Poland, has not entirely solved the problem of capital access for innovative, high-technology firms; however, it plays a role in the case of non-technology companies.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-73667-5_12

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DOI: 10.1007/978-3-030-73667-5_12

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