Changes in the financing structure of Polish listed companies in the years 2009-2016

2018
book section
conference proceedings
dc.abstract.enThe current knowledge of the management of the capital structures of companies does not enable clear determination of optimum ratios of debt to equity. The factors considered by managers in their decisions concerning ways to finance their companies only partly match the theoretical findings on those matters. Empirical studies mention the following factors affecting the financial leverage: legal and institutional constraints, size of the company, profitability of the company, and growth prospects of the company. The latter factor is the key item discussed in this article. It presents the results of a pilot study based on an assumption that growth prospects apply to the entire market, i.e. to almost all companies. Based on observations of the Warsaw Stock Exchange index (WIG), the period of 2009-2016 was identified as a period of improved economic outlooks in Poland. The conclusion was made that the financing structure of listed companies that did not face the risk of bankruptcy changes in a specific way together with a change in the economic outlooks in the market. This statement was verified based on the results of an analysis of the trend in the debt-to-equity ratio of selected Polish listed companies in three sectors.pl
dc.affiliationWydział Zarządzania i Komunikacji Społecznej : Instytut Spraw Publicznychpl
dc.conference5th International Multidisciplinary Scientific Conference on Social Sciences and Artspl
dc.conference.cityWiedeń
dc.conference.countryAustria
dc.conference.datefinish2018-03-21
dc.conference.datestart2018-03-19
dc.contributor.authorMusialik, Grażynapl
dc.contributor.authorMusialik, Rafał - 130818 pl
dc.date.accessioned2019-02-08T08:32:33Z
dc.date.available2019-02-08T08:32:33Z
dc.date.issued2018pl
dc.description.additionalArt. opubl. w z. 1.1 tomu 5; bibliogr. s. 435pl
dc.description.conftypeinternationalpl
dc.description.physical429-436pl
dc.description.publication0,5pl
dc.description.seriesSGEM International Multidisciplinary Scientific Conferences on Social Sciences and Arts
dc.description.volume5pl
dc.identifier.doi10.5593/sgemsocial2018H/11/S03.055pl
dc.identifier.isbn978-619-7408-30-0pl
dc.identifier.projectROD UJ / Opl
dc.identifier.seriesissn2367-5659
dc.identifier.urihttps://ruj.uj.edu.pl/xmlui/handle/item/67912
dc.languageengpl
dc.language.containerengpl
dc.pubinfoSofia : STEF92 Technologypl
dc.rightsDodaję tylko opis bibliograficzny*
dc.rights.licencebez licencji
dc.rights.uri*
dc.sourceinfoliczba autorów 172; liczba stron 780; liczba arkuszy wydawniczych 48;pl
dc.subject.encorporate financepl
dc.subject.encapital structurepl
dc.subject.enstock marketpl
dc.subtypeConferenceProceedingspl
dc.titleChanges in the financing structure of Polish listed companies in the years 2009-2016pl
dc.title.container5th International Multidisciplinary Scientific Conference on Social Sciences and Arts : SGEM 2018 : conference proceedingspl
dc.title.volumeModern science, Issue 1.1 : political sciences, law finance, international relationpl
dc.typeBookSectionpl
dspace.entity.typePublication
dc.abstract.enpl
The current knowledge of the management of the capital structures of companies does not enable clear determination of optimum ratios of debt to equity. The factors considered by managers in their decisions concerning ways to finance their companies only partly match the theoretical findings on those matters. Empirical studies mention the following factors affecting the financial leverage: legal and institutional constraints, size of the company, profitability of the company, and growth prospects of the company. The latter factor is the key item discussed in this article. It presents the results of a pilot study based on an assumption that growth prospects apply to the entire market, i.e. to almost all companies. Based on observations of the Warsaw Stock Exchange index (WIG), the period of 2009-2016 was identified as a period of improved economic outlooks in Poland. The conclusion was made that the financing structure of listed companies that did not face the risk of bankruptcy changes in a specific way together with a change in the economic outlooks in the market. This statement was verified based on the results of an analysis of the trend in the debt-to-equity ratio of selected Polish listed companies in three sectors.
dc.affiliationpl
Wydział Zarządzania i Komunikacji Społecznej : Instytut Spraw Publicznych
dc.conferencepl
5th International Multidisciplinary Scientific Conference on Social Sciences and Arts
dc.conference.city
Wiedeń
dc.conference.country
Austria
dc.conference.datefinish
2018-03-21
dc.conference.datestart
2018-03-19
dc.contributor.authorpl
Musialik, Grażyna
dc.contributor.authorpl
Musialik, Rafał - 130818
dc.date.accessioned
2019-02-08T08:32:33Z
dc.date.available
2019-02-08T08:32:33Z
dc.date.issuedpl
2018
dc.description.additionalpl
Art. opubl. w z. 1.1 tomu 5; bibliogr. s. 435
dc.description.conftypepl
international
dc.description.physicalpl
429-436
dc.description.publicationpl
0,5
dc.description.series
SGEM International Multidisciplinary Scientific Conferences on Social Sciences and Arts
dc.description.volumepl
5
dc.identifier.doipl
10.5593/sgemsocial2018H/11/S03.055
dc.identifier.isbnpl
978-619-7408-30-0
dc.identifier.projectpl
ROD UJ / O
dc.identifier.seriesissn
2367-5659
dc.identifier.uri
https://ruj.uj.edu.pl/xmlui/handle/item/67912
dc.languagepl
eng
dc.language.containerpl
eng
dc.pubinfopl
Sofia : STEF92 Technology
dc.rights*
Dodaję tylko opis bibliograficzny
dc.rights.licence
bez licencji
dc.rights.uri*
dc.sourceinfopl
liczba autorów 172; liczba stron 780; liczba arkuszy wydawniczych 48;
dc.subject.enpl
corporate finance
dc.subject.enpl
capital structure
dc.subject.enpl
stock market
dc.subtypepl
ConferenceProceedings
dc.titlepl
Changes in the financing structure of Polish listed companies in the years 2009-2016
dc.title.containerpl
5th International Multidisciplinary Scientific Conference on Social Sciences and Arts : SGEM 2018 : conference proceedings
dc.title.volumepl
Modern science, Issue 1.1 : political sciences, law finance, international relation
dc.typepl
BookSection
dspace.entity.type
Publication
Affiliations

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