Firm-Level and Institutional Determinants of Corporate Capital Structure in Poland.

Hartwell, C. A. and Malinowska, A., 2018. Firm-Level and Institutional Determinants of Corporate Capital Structure in Poland. Finance a Uver: Czech Journal of Economics and Finance, 68 (2), 120 - 143.

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Official URL: http://journal.fsv.cuni.cz/mag/article/show/id/140...

Abstract

This paper discusses how well major capital structure theories incorporate firm-level and institutional factors into short-term firm financing decisions in a specific context, that of a transition economy. Using a new dataset of non-financial companies quoted on the Warsaw Stock Exchange between 2007-2015, we argue that neither the trade-off nor the pecking order theories fully explain corporate debt policies in Poland. The results of dynamic panel data modelling highlight the importance of the strength of property rights and stock market capitalisation as driving forces behind corporate financing decisions.

Item Type:Article
ISSN:0015-1920
Uncontrolled Keywords:capital structure, pecking order theory, trade-off theory, institutions, transition economies
Group:Faculty of Management
ID Code:30608
Deposited By: Unnamed user with email symplectic@symplectic
Deposited On:26 Apr 2018 13:48
Last Modified:26 Apr 2018 13:49

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