Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2016 | t. 17, z. 1, cz. 1 Practical and Theoretical Issues in Contemporary Financial Management | 77--88
Tytuł artykułu

Equity Financing - Specialty of Polish Enterprises Listed on Warsaw Stock Exchange

Treść / Zawartość
Warianty tytułu
Języki publikacji
The optimal capital structure of the company is the subject of research of many scientific teams. Research conclusions say about a unique impact of a number of factors on the capital structure such as the size of the company, the industry, the company's growth period, macroeconomic factors, and regional specificity of business in the level of development of the financial system. This article aims to examine the behaviour in the decisions relating to the structure of capital of the Polish companies listed on the Warsaw Stock Exchange. In the study there were used the financial data of commercial companies in Poland listed on the Warsaw Stock Exchange. After the rejection of companies in bankruptcy and those who have not qualified for any group size remains surveyed 819 business entities. The period covered by the study was a period of years 2004-2013 (10 years).
As a result of the analysis it can be concluded that the Polish listed companies have responded to the crisis, in relation to the capital structure and financial costs, according to their size. The study shows that Polish companies listed responded to the crisis with a significant delay in the structure of financing.(original abstract)
  • Uniwersytet Łodzki
  • Uniwersytet Łodzki
  • Agarwal S., Mohtadi H. (2004), Financial markets and the financing choice of firms: evidence from developing countries, "Global Financial Journal", 15.
  • Barclay M.J., and Clifford W.S.J. (2005), The capital structure puzzle: The evidence revisited, "Journal of Applies Corporate Finance", 17.
  • Byoun S. (2008), How and when do firms adjust their capital Structures toward Targets?, "Journal of Finance", 63.
  • Cotei C., Farhat J., Abugri B.A. (2011), Testing trade off and pecking order models of capital structure: does legal system matter?, "Managerial Finance", 37(8).
  • Deesomsak R., Paudyal K., Rescetto G. (2004), The determinants of capital structure: Evidence from the Asia Pacific Region, "Journal of Multinational Financial Management", 14.
  • Donaldson L. (2001), The contingency theory of organizations, Thousand Oaks, CA: Sage.
  • De Jong A., Kabir R., Hguyen T.T. (2008), Capital structure around the world: the roles of firm and country specific determinants, "Journal of Banking and Finance", 32, 1954- 1969.
  • Drobetz W., Wanzenried G. (2006), What determines the speed of adjustment towards the target capital structure, "Applied Financial Economics", 16(13).
  • Fama E., French K. (2005), Financing decisions: Who issues Stock?, "Journal of Financial Economics", 76.
  • Flannery M.J., Rangan K.P. (2006), Partial adjustment toward target capital structures, "Journal of Financial Economics", 79(3).
  • Gonzalez V.M., Gonzalez F. (2008), Influence of bank concentration and institutions on capital structure: New international evidence, "Journal of Capital Finance", 14.
  • Lucey B.M., Zhang Q. (2011), Financial integration and emerging markets capital structure, "Journal of Banking and Finance", 35, 1228-1238.
  • Myers S.C. (2001), Capital structure, "Journal of Economic Perspectives", 15.
  • Mitton T. (2006), Stock market liberalization and operating performance at the firm level, "Journal of Financial Economics", 81.
  • Mukherjee S., Mahakud J. (2010), Dynamic adjustment towards target capital structure: evidence from Indian companies, "Journal of Advances Management Research", 7(2).
  • Nivorozhkin E. (2005), Financing choices of firms in EU countries, "Emerging Market Review", 6.
  • Qian Y., Tian Y., Wirjanto T.S. (2009), Do Chinese publicly listed companies adjust their capital structure toward a target level?, "China Economic Review", 20.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.