The Capital Structure of Listed Companies in Poland

IMF Working Papers, December 1, 1997

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The Capital Structure of Listed Companies in Poland

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Bibliographic details

• Authors: Qaizar Hussain, Eugeniy Nivorozhkin
• Published: December 1, 1997
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451976342.001

Summary and purpose

• Examines the capital structure of listed firms in Poland using firm-level panel data to study the determinants of leverage.
• Suggests implications for the Polish financial system based on observed leverage patterns.

Key empirical findings

• 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.
• Large firms have higher levels of leverage.
• New firms have higher levels of leverage.
• Foreign-owned firms have higher levels of leverage.
• Firms with strong cash positions have higher levels of leverage.
• Shareholder concentration has a neutral or even a beneficial influence on firm leverage; the nature of ownership may be primarily responsible for this finding.

Subjects and keywords

• Subjects: Banking, Emerging and frontier financial markets, Financial institutions, Financial markets, Labor, Securities markets, Stock markets, Stocks, Wages
• Keywords: Baltics, capital structure, concentration ratio, cost of capital, debt-asset ratio, Emerging and frontier financial markets, equity, equity ratio, finance minister, investment company, leverage, Poland, ratio, Securities markets, shareholder concentration, stock market, Stock markets, Stocks, Wages, WP

Content in this bundle

• The Capital Structure of Listed Companies in Poland - WP/97/175
  • The Capital Structure of Listed Companies in Poland - WP/97/175 (Markdown version)
  • The Capital Structure of Listed Companies in Poland - WP/97/175 (PDF)