Capital structure determinants of industrial companies listed on the Warsaw Stock Exchange

Leszek Czerwonka , Jacek Jaworski


The aim of this study is to verify whether a company's capital structure depends on the share of fixed assets in total assets, the size and growth of a company, its profitability, liquidity and size of non-debt tax shield. The significance of the impact of various factors on the debt of a company was studied using linear panel models. Data for the analysis comes from the financial statements of companies listed on the Warsaw Stock Exchange, belonging to the industry sector (sample size: 177). The research period is 1998-2012. Analysis of the data leads to the conclusion that shaping the capital structure of the studied companies is best explained by the pecking order theory. To the minor extent it is explained by the agency theory.
Author Leszek Czerwonka (FE/DMicro)
Leszek Czerwonka,,
- Department of Microeconomics
, Jacek Jaworski
Jacek Jaworski,,
Publication size in sheets1.00
Book Čulík Miroslav (eds.): Financial management of firms and financial institutions : 11th International Scientific Conference 6th - 7th September 2017, Ostrava, Czech Republic : proceedings (pt. 1), 2017, Faculty of Economics. VŠB-Technical University of Ostrava, ISBN 978-80-248-4138-0, [978-80-248-4139-7], 319 p.
Keywords in Englishcapital structure, determinants of capital structure, financing, corporate finance, pecking order theory
Languageen angielski
Score (nominal)15
Score sourceconferenceIndex
ScoreMinisterial score = 15.0, 01-03-2020, ChapterFromConference
Publication indicators WoS Citations = 1.000
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