The Capital Structure of Listed Companies in Poland

Qaizar Hussain and Eugeniy Nivorozhkin

No 1997/175, IMF Working Papers from International Monetary Fund

Abstract: This paper examines the capital structure of listed firms in Poland, using firm-level panel data to study the determinants of leverage. Polish firms had extremely low leverage levels, suggesting a growing stock market and a potential reluctance of banks to grant loans to old and risky firms. The empirical exercise finds that large, new, foreign-owned firms, and firms with strong cash positions have higher levels of leverage. Finally, shareholder concentration has a neutral or even a beneficial influence on firm leverage. The nature of ownership may be primarily responsible for this finding.

Keywords: WP; Poland; investment company; equity; ratio; stock market; capital structure; leverage; cost of capital; finance minister; debt-asset ratio; shareholder concentration; concentration ratio; equity ratio; Stock markets; Stocks; Emerging and frontier financial markets; Securities markets; Wages; Baltics (search for similar items in EconPapers)
Pages: 27
Date: 1997-12-01
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Citations: View citations in EconPapers (23)

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