Balance Sheet Theory During COVID-19: The Relationship Between Cash Flow and Investment in Polish Listed Companies

• Autorzy: Marian Nehrebecki

Warianty tytułu

Weryfikacja teorii kanału bilansowego podczas pandemii COVID-19: relacja pomiędzy przepływami pieniężnymi a inwestycjami polskich spółek giełdowych

• Języki publikacji: EN

Abstrakty

EN

The aim of this paper is to verify the theory of the balance sheet channel among Polish listed companies, especially during the COVID-19 pandemic period. This objective was achieved by examining the relationship between cash flow and investment, based on an Emerging Markets Information Services (EMIS) database covering companies listed on the Warsaw Stock Exchange, including the bourse's alternative NewConnect market, and using panel econometric models (pooled OLS, Fixed Effect Model, Random Effect Model and Panel VAR). It has been established that there are no grounds to reject the hypotheses that investment is positively associated with the cash flow of Polish listed companies and that the relationship between investment and cash flow is particularly strong for financially constrained companies. This means that there is evidence in support of the balance sheet channel theories. The hypothesis that the relationship between cash flow and investment is especially strong for financially constrained companies during the COVID-19-induced recession has been rejected. The main novelty of the paper is that the balance sheet channel theory was verified for Polish listed companies, with a particular emphasis on the COVID-19 pandemic period.(original abstract)

Celem artykułu jest weryfikacja teorii kanału bilansowego wśród polskich spółek giełdowych - szczególnie w okresie pandemii COVID-19. Został on zrealizowany przez zbadanie relacji pomiędzy przepływami pieniężnymi a inwestycjami. Na podstawie sprawozdań finansowych pochodzących z bazy danych Emerging Markets Information Services (EMIS) dotyczących spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie i NewConnect z wykorzystaniem panelowych modeli ekonometrycznych (pooled OLS, Fixed Effect Model, Random Effect Model oraz Panel VAR) stwierdzono, że nie ma podstaw do odrzucenia hipotezy, że inwestycje są dodatnio skorelowane z przepływami pieniężnymi polskich spółek giełdowych, a związek między inwestycjami a przepływami pieniężnymi jest szczególnie silny w przypadku spółek z ograniczeniami finansowymi. Oznacza to, że istnieją elementy potwierdzające teorię kanału bilansowego. Hipoteza mówiąca o tym, że relacja występująca pomiędzy inwestycjami a przepływami pieniężnymi jest szczególnie wzmocniona w przypadku przedsiębiorstw o ograniczonych możliwościach finansowych podczas pandemii COVID-19, została odrzucona. Niniejszy artykuł stanowi wypełnienie luki w literaturze przedmiotu dotyczącej analizowanego zagadnienia.(abstrakt oryginalny)

Słowa kluczowe

EN

COVID-19; Cash flows; Financial limitations

PL

COVID-19; Przepływy pieniężne; Ograniczenia finansowe

• Czasopismo: Gospodarka Narodowa
• Rocznik: 2022
• Numer: nr 4
• Strony: 74--88

Twórcy

autor

Marian Nehrebecki

• University of Warsaw, Poland

Bibliografia

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Identyfikatory

DOI

10.33119/GN/154832