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Czasopismo
2015 | 11 | nr 4 | 23--33
Tytuł artykułu

Is there any Relation Between Intellectual Capital and the Capital Structure of a Company? The Case of Polish Listed Companies

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company. (original abstract)
Czasopismo
Rocznik
Tom
11
Numer
Strony
23--33
Opis fizyczny
Twórcy
autor
  • University of Lodz, Poland
  • Hellenic Open University
Bibliografia
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  • Flannery, M.J., Rangan, K.P. (2005). Partial Adjustment Toward Target Capital Structures. Journal of Financial Economics, 79, 469-506.
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  • Harrison, S., Sullivan, P.H. Sr (2000). Profiting from Intellectual Capital: Learning from Leading Companies. Industrial and Commercial Training, 32(4), 139 - 148.
  • Idris, K. (2003). Intellectual Property: a Power Tool for Economic Growth. Geneve: World Intellectual Property Organization.
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  • Long, M.S., Malitz, I.B. (1985). Investment Patterns and Financial Leverage. Chapter 9 from the book Corporate Capital Structure in the United States, University of Chicago Press, 325-352.
  • Modigliani, F. , Miller, M. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48, 261-297.
  • Moss, D.J., Stine, B. (1993). Cash Conversion Cycle and Firm Size: A Study of Retail Firms. Managerial Finance, 19(8), 25-34.
  • Myers, S.C. (1977). The Determinants of Corporate Borrowing. Journal of Financial Economics, 5, l47- 175.
  • Otsuyama, H. (2003). Patent Valuation and Intellectual Assets Management, Chapter 5. In M. Samejima (Ed.), Patent Strategy Handbook. Tokyo: Chuo Keizaisha.
  • Ozdemir, H., Karan, M., Arslan-Ayaydin, O., Ulucan, A. (2012). How is the Firm Performance Related with R & D Innovations? Presentation at the 2012 Multinational Finance Society 19th Annual Conference, June 24th-27th 2012, Poland.
  • Papaioannou, G.J., Strock, E., Travlos, N. (1992). Ownership Structure and Corporate Liquidity Policy. Managerial and Decision Economics, 13, 315-322.
  • Pauly, D. (2003). Mining Intellectual Property for Profits. CEP magazine.
  • Rajan, R.G., Zingales, L. (1995). What do we Know about Capital Structure? Some Evidence from International Data. Journal of Finance, 50, 1421- 1460.
  • Roos, G., Roos, J. (1997). Measuring Your Company's Intellectual Performance. Long Range Planning, 30(3), 413-26.
  • Ross, S. (1977). The Determination of Financial Structure: The Incentive Signalling Approach. Bell Journal of Economics, 8, 23- 40.
  • Sitar, A., Vasic, V. (2004). Measuring Intellectual Capital: Lessons Learned from a Practical Implementation, in Intellectual Capital and Knowledge Management. Proceedings of the 5th International Conference of the Faculty of Management Koper, University of Primorska.
  • Stewart, T.A. (2007). Intellectual Capital, The New Wealth of Organizations. London: Nicholas Brealey Publishing Ltd.
  • Titman, S., Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1 -19.
  • Williamson, O. E. (1988). Corporate Finance and Corporate Governance. Journal of Finance, 43(3), 567-591.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171407037

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