Capital Structure Determinants of Polish listed companies

Karolina Czekaj

Abstract

The main purpose of the doctoral dissertation was research of micro and macroeconomics capital structure determinants of firms listed on Warsaw Stock Exchange. In the first part of the study the most significant theories of corporate capital structure were summarized and the most important micro and macroeconomic factors were presented. Theoretical research was extended by results of prominent studies from all over the world. Empirical analysis of macroeconomic and microeconomic factors was presented in the second part of the study. The research covers 60 companies listed on Warsaw Stock Exchange in years 1999 - 2012. Several types of leverage measures were used, including interest bearing and non-interest bearing debt. The most important macroeconomic determinants identified were GDP growth rate, interest rates level and financial market development. It has been also concluded that factors such as profitability and assets tangibility had the most significant impact on the capital structures chosen by analyzed companies. The other factors researched were growth opportunities, firm size and non-debts tax shields.
Diploma typeDoctor of Philosophy
Author Karolina Czekaj
Karolina Czekaj,,
-
Title in EnglishCapital Structure Determinants of Polish listed companies
Languagepl polski
Certifying UnitFaculty of Management, Information Systems and Finance (MISaF)
Disciplinefinanse / nauki ekonomiczne(nauki ekonomiczne) / nauki społeczne()
Defense Date16-04-2015
End date21-05-2015
Supervisor Krzysztof Jajuga (MISaF / IZF / KIFiZR)
Krzysztof Jajuga,,
- Katedra Inwestycji Finansowych i Zarządzania Ryzykiem

Internal reviewers Tomasz Słoński (MISaF / IZF / KFPiM)
Tomasz Słoński,,
- Katedra Finansów Publicznych i Międzynarodowych
External reviewers Jan Sobiech
Jan Sobiech,,
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Pages292
Keywords in EnglishCapital structure, corporate finance, microeconomic determinants, macroeconomic determinants, leverage
Abstract in EnglishThe main purpose of the doctoral dissertation was research of micro and macroeconomics capital structure determinants of firms listed on Warsaw Stock Exchange. In the first part of the study the most significant theories of corporate capital structure were summarized and the most important micro and macroeconomic factors were presented. Theoretical research was extended by results of prominent studies from all over the world. Empirical analysis of macroeconomic and microeconomic factors was presented in the second part of the study. The research covers 60 companies listed on Warsaw Stock Exchange in years 1999 - 2012. Several types of leverage measures were used, including interest bearing and non-interest bearing debt. The most important macroeconomic determinants identified were GDP growth rate, interest rates level and financial market development. It has been also concluded that factors such as profitability and assets tangibility had the most significant impact on the capital structures chosen by analyzed companies. The other factors researched were growth opportunities, firm size and non-debts tax shields.
KBN classificationekonomia
Thesis file
Czekaj_K_Determinanty_Struktury_Kapitalu_Spolek_Gieldowych _W_Polsce.pdf 2,1 MB

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