The Capital Structure of Listed Companies in Poland
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Summary:
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.
Series:
Working Paper No. 1997/175
Subject:
Banking Emerging and frontier financial markets Financial institutions Financial markets Labor Securities markets Stock markets Stocks Wages
English
Publication Date:
December 1, 1997
ISBN/ISSN:
9781451976342/1018-5941
Stock No:
WPIEA1751997
Pages:
27
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