Financial Leverage Puzzle - Preliminary Conclusions from Literature Review

• Autorzy: Tomasz Berent , Sebastian Jasinowski

Warianty tytułu

Dźwignia finansowa - wstępne wnioski z przeglądu literatury

• Języki publikacji: EN

Abstrakty

EN

The paper reviews the way financial leverage concept is defined and used in books and research papers. More than 30 finance textbooks from Polish and foreign authors have been screened. In addition, over 100 finance and accounting papers recently published in the leading English finance and accounting journals have been analysed. Empirical research papers as well as the glossaries of textbooks tend to identify leverage with debt or indebtedness. In this approach, little attention is paid to the exact form of a capital structure ratio used. In addition, finance books debate leverage in many various chapters - every time viewing leverage differently. Single most surprising finding of the paper is a big difference between domestic and foreign attitude to DFL.(original abstract)

Artykuł podejmuje problematykę definicji i pomiaru dźwigni finansowej w literaturze przedmiotu. W tym celu przestudiowano zawartość ponad 30 polskich i anglojęzycznych monografii i podręczników akademickich. Przeanalizowano również ponad 100 artykułów naukowych opublikowanych w prestiżowych anglojęzycznych periodykach z dziedziny finansów i rachunkowości. Badania empiryczne, jak również słowniczki w pozycjach książkowych utożsamiają dźwignię finansową z zadłużeniem, mierząc ją którymś ze wskaźników zadłużenia. W ujęciu tym matematyczna postać wskaźnika wydaje się nie grać większej roli. Ponadto w monografiach i książkach dźwignia finansowa ujmowana jest na wiele sposobów, często opisujących efekty dźwigniowe. W odróżnieniu od literatury zagranicznej polscy autorzy wydają się utożsamiać dźwignię finansową z DFL.(abstrakt oryginalny)

Słowa kluczowe

EN

Financial leverage; Debt; Capital structure

PL

Dźwignia finansowa; Dług; Struktura kapitału

• Czasopismo: Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
• Rocznik: 2012
• Numer: nr 271, t. 1 Zarządzanie finansami firm - teoria i praktyka
• Strony: 22--39

Twórcy

autor

Tomasz Berent

• Warsaw School of Economics, Poland

autor

Sebastian Jasinowski

• Warsaw School of Economics, Poland

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