Leasing Puzzle in Polish Small Firms Listed on the Alternative Market

• Autorzy: Jonna Jaszczuk , Anna Białek-Jaworska , Krzysztof Opolski , Marek Sylwestrzak , Katarzyna Trzpioła
• Języki publikacji: EN

Abstrakty

EN

In this article, we study the substitution between leasing and bank loans in financing the investment of small companies. The analysis is based on financial information about Polish companies listed on NewConnect, which used financial leasing in the period of 2012-2016. We argue that leasing and bank loans are the substitute in financing the investment of small companies. We estimate the probability of financial leasing and its size using the tobit and logit models. We find that financial leasing and bank loan, for Polish small companies, are complementarity. Our empirical results indicate that financial leasing and bank loans are complementary sources of financing investment in fixed assets. Also the higher the usage of financial leasing, the higher the likelihood that the enterprise is indebted because of long-term bank loan - complementarity. (original abstract)

Słowa kluczowe

EN

Financial lease; Bank loans; NewConnect market; Tobit model; Logit model

PL

Leasing finansowy; Pożyczki bankowe; Rynek NewConnect; Model tobitowy; Model logitowy

• Czasopismo: Ekonomia / Uniwersytet Warszawski
• Rocznik: 2018
• Tom: 5
• Numer: nr 52
• Strony: 25--39

Twórcy

autor

Jonna Jaszczuk

• University of Warsaw, Poland

autor

Anna Białek-Jaworska

• University of Warsaw, Poland

autor

Krzysztof Opolski

• University of Warsaw, Poland

autor

Marek Sylwestrzak

• University of Warsaw, Poland

autor

Katarzyna Trzpioła

• University of Warsaw, Poland

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Identyfikatory

DOI

https://doi.org/10.1515/ceej-2018-0006