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2004 | nr 15 | 25--34
Tytuł artykułu

Empirical Verification of Depreciation Tax Shield Theory in Conditions of Polish Economy in Transformation

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Języki publikacji
System transformation of economy is a specific period consisting of two phases: recession, which may be called transformational recession, and post-recessional growth. During the period of system transformations economy has a production potential formed for decades in economy different from the economy dominated by market rules and behaviour of entities. That potential is a heritage whose adaptation to new economic conditions determines the length of time and the course of the transformation process. Both general factors characteristic for capitalist countries and distinct factors specifying post-socialistic countries become unique in specific historical and national conditions. Mixture of general, specific and unique factors influence the Polish way to capitalism and its effect, i.e. its final form. The aim of this study has been to verify empirically one of the most important theories of business finances which has already been verified in conditions of capitalistic economy. As a result of that verification unique factors characterizing Polish economy in transformation will be determined. That aim, based on an analysis of relationship between depreciation of fixed assets of Polish enterprises and the level of fixed-capital investments, is the evidence that the theoretical model of DeAngelo and Modigliani cannot be disregarded. (fragment of text)
Opis fizyczny
  • Uniwersytet Szczeciński
  • T. Copeland, J.F. Weston: Financial Theory and Corporate Policy. Addison-Wesley, Reaging 1988, p. 488.
  • H. DeAngelo, R.W. Masulis: Optimal Capital Structure under Corporate and Personal Taxation. "Journal of Financial Economics", 1980, No. 8.
  • D.R. Emery, J.D. Finnerty: Principles of Finance with Corporate Applications. West Publishing Company 1991, p. 436;
  • J. Kornai: Transformation Recession, Budapest 1993.
  • J.D. Martin, S.H. Cox, R.D. McMinn: The Theory of Finance. Evidence and Applications. The Dryden Press. Chicago 1988, p. 347.
  • S.C. Myers: The Capital Structure Puzzle. "Journal of Finance" 1984, No. 39.
  • A.C. Shapiro: Modern Corporate Finance. McMillan Publishing Company, New York 1990, p. 469.
  • S. Titman, R. Wessels: "Determinants of Capital Structure Choice". Journal of Finance 1988, No. 43.
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