Finanse, Rynki Finansowe, Ubezpieczenia

Previously: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia


ISSN: 2450-7741    OAI    DOI: 10.18276/frfu.2017.1.85-14
CC BY-SA   Open Access 

Issue archive / 1/2017 (85)
Formy ochrony własności intelektualnej a struktura kapitału
(Protection Of Intell ectual Property Rights And Capital Structure)

Authors: Katarzyna Prędkiewicz
Uniwersytet Ekonomiczny we Wrocławiu
Keywords: capital structure intellectual property protection IP-backed financing asymmetry of information
Data publikacji całości:2017
Page range:12 (151-162)
Cited-by (Crossref) ?:

Abstract

Purpose – The aim of the paper is to examine the impact of IP strategy on companies’ capital structure and indirectly their access to debt. Design/methodology/approach – The study was based on combined data form the survey and financial database (409 enterprises) in years from 2010 to 2014. Pooled OLS and heteroskedasticity-corrected model were employed in the study using 1417 observations. The following tools of intellectual protection were employed in the research: patents, licence, utility models, trademark, copyrights and secret. Findings – The research has confirmed that IPR strategy affects the capital structure and may have impact on access to debt. The signalling role of patens (and licences) has not been confirmed, however we can claim that this role has a utility model. The underexploited role of IP for polish companies has been also discussed. Originality/value – Based on theoretical and empirical literature review we can conclude that there exists in global literature moderate number of articles on IP-backed financing, but there were no research based on polish enterprises.
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