Firm-Level and Institutional Determinants of Corporate Capital Structure in Poland: New Evidence from the Warsaw Stock Exchange
Journal Title: Finance a uver - Year 2018, Vol 68, Issue 2
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.
Authors and Affiliations
Christopher A. Hartwell, Anna P. Malinowska
Historical Analysis of Monetary Policy Reaction Functions: Do Real-Time Data Matter?
This paper investigates the differences between parameter estimates of monetary policy reaction functions using real-time data and those using revised data. The model is a New Keynesian DSGE model of the Czech, Hungarian...
Manager Characteristics and Manager-Replacement: How Is Pension Fund Performance Affected?
Pension funds are professionally managed investment products designed to cover the retirement needs of individual investors, so managerial control mechanisms are crucial to future retirement income. In this paper, we ana...
Volatility Dynamics of Precious Metals: Evidence from Russia
This paper examines the volatility dynamics of four precious metals (gold, silver, platinum, and palladium) that are traded in Russia from 2000 to 2014. More specifically, it focuses on the following issues: (i) Presence...
Pension Demand and Utility: The Life Annuity Puzzle
This paper shows by means of the concept of utility that annuitization through life annui-ties or a pension can be an efficient instrument for the economic assurance of seniors. Various quantitative arguments are present...
The Nexus Between Systemic Risk and Sovereign Crises
This paper focuses on the relationship between the financial system and sovereign debt crises by analyzing sovereign support to banks and banks’ resulting exposure to the bonds issued by weak sovereigns. We construct an...