Corporate Bonds or Bank Loans? The Choice of Funding Sources and Information Disclosure of Polish Listed Companies

• Autorzy: Anna Białek-Jaworska , Tomasz Krawczyk
• Języki publikacji: EN

Abstrakty

EN

The paper aims to find what determines the choice of companies listed on the Warsaw Stock Exchange (WSE) between public debt (corporate bonds) and private debt (bank loans). For this purpose, we estimate logistic regression models and panel models of corporate borrowing determinants to compare the impact of enterprise characteristics on financing with the use of corporate bonds or bank loans. In this study, we are interested in explanatory variables that explain the role of transparency measured by the level of information disclosure; and a risk proxy of the variability of operational cash flows and investment risk (retrieved from generalised auto-regressive conditional heteroscedasticity [GARCH] models estimated on companies' stocks [shares] trading on the WSE). (original abstract)

Słowa kluczowe

EN

Corporate bonds; Bank loans; Disclosure of financial statements; Investment risk; Logistic regression; Panel model

PL

Obligacje korporacyjne; Pożyczki bankowe; Jawność sprawozdań finansowych; Ryzyko inwestycyjne; Regresja logistyczna; Modele panelowe

• Czasopismo: Ekonomia / Uniwersytet Warszawski
• Rocznik: 2019
• Tom: 6
• Numer: nr 53
• Strony: 262--285

Twórcy

autor

Anna Białek-Jaworska

• University of Warsaw, Poland

autor

Tomasz Krawczyk

• Enterprise Europe Network

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Identyfikatory

DOI

DOI: 10.2478/ceej-2019-0017