Prawo handlowe. Front Cover. Andrzej Kidyba. Wydawnictwo C. H. Beck, - pages Title, Prawo handlowe. Studia Prawnicze - C. H. Beck. przedsiębiorstwo państwowe. in kidyba, andrzej ed. .. przez przedstawicieli Skarbu Państwa w spółkach prawa handlowego. source: file:///users/. PRAWA HANDLOWEGO redakcja naukowa Andrzej Kidyba SPKA AKCYJNA Marek Michalski 3. wydanie Warszawa Stan prawny na 30 wrzenia r.
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Little is known about leverage determinants in non-public firms. Secondly, the data utilized in our work comes from different database andrzej kidyba prawo handlowe reflects financial record of another set of businesses in comparison with those used in previous studies their authors were acquiring data mostly from Amadeus database in case of large samples of listed and non-listed firms, or from publicly available sources offering data for companies quoted on the stock exchange.
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Hence, our work can shed additional light on the factors determining financing behavior of Central and Eastern European firms in post-transition period. Finally, our work contains a discussion on leverage determinants patterns in Poland including the potential shifts in the patterns resulting from the latest global crisis which was not studied by other authors.
To summarize, the aim of the article is to examine the robustness of the traditional capital structure theories through testing the extent to andrzej kidyba prawo handlowe firm-specific andrzej kidyba prawo handlowe variables promoted by them explain capital structures of the investigated firms, especially during the crisis period.
Our research showed that leverage is positively dependent on size and negatively dependent on profitability, which is in line with majority of the results obtained in other empirical studies carried out in Poland so far.
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We found andrzej kidyba prawo handlowe negative relationship between leverage and tangibility. Furthermore, we noticed only slight differences in the results of the capital structure determinant regression models estimated for two subperiods associated with the crisis and which would suggest limited impact of the crisis on the way traditional firm-specific variables influence leverage.
The remainder of the paper is organized as follows. In the next section we refer to the theoretical literature on the capital structure choice and practical predictions stemming from it. Then we analyze the empirical findings received by other researchers, mostly in Central and Eastern European countries with special attention paid andrzej kidyba prawo handlowe Poland.
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Further, we describe the variables andrzej kidyba prawo handlowe data used in our empirical investigation and demonstrate the model specification. Finally, we present the empirical findings and discussion around them. The last section concludes the article.
Nevertheless, two broad schools of reasoning have gained dominant position in regard to this field of study 6: They differ importantly in 5 See for example J.
Private Equity in Poland: Winning Leadership in Emerging Markets - D. Klonowski - Google Books
Ivanov, On the Deter- 22 Corporate capital structure determinants 25 many regards which resulted in considering them as competing approaches by some authors. Trade-off theory, which grew on the basis of Modigliani-Miller theorem, assumes that firms are driven by benefits andrzej kidyba prawo handlowe costs of equity versus debt when making their capital structure decisions.
Yet, real-life imperfections fiscal, informational, agency, risk-related etc. Trade-off theory utilizes the imperfections to explain the way andrzej kidyba prawo handlowe behave when selecting the capital mix.
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Pecking order hypothesis emerged as the theoretical response to the empirical findings of Donaldson 8 who observed a specific order in which investigated firms were satisfying their financing needs. Internal funds were at the top of the hierarchy.
They were followed by debt issuances when internal funds were not sufficient or not available. Raising additional equity was evidenced to be the last resort in financing.
These two theoretical approaches differ in andrzej kidyba prawo handlowe least two key points. Firstly, trade-off theory in its pure form is static debt-equity choice is analyzed within the framework assuming fixed amount of total capital while pecking order theory is dynamic debtequity choice is analyzed within the framework assuming changes in total capital.