The Capital Structure of Listed Companies in Poland

Author/Editor:

Qaizar Hussain ; Eugeniy Nivorozhkin

Publication Date:

December 1, 1997

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper examines the capital structure of listed firms in Poland, using firm-level panel data to study the determinants of leverage. Polish firms had extremely low leverage levels, suggesting a growing stock market and a potential reluctance of banks to grant loans to old and risky firms. The empirical exercise finds that large, new, foreign-owned firms, and firms with strong cash positions have higher levels of leverage. Finally, shareholder concentration has a neutral or even a beneficial influence on firm leverage. The nature of ownership may be primarily responsible for this finding.

Series:

Working Paper No. 97/175

Subject:

English

Publication Date:

December 1, 1997

ISBN/ISSN:

9781451976342/1018-5941

Stock No:

WPIEA1751997

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

27

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