Finanse, Rynki Finansowe, Ubezpieczenia

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

ISSN: 2450-7741    OAI    DOI: 10.18276/frfu.2017.1.85-19
CC BY-SA   Open Access 

Issue archive / 1/2017 (85)
Motywy decyzji o zadłużeniu przedsiębiorstw. Wyniki badań polskich spółek giełdowych
(Motives Of Decisions On Corporate Debt. A Surve y Of Polish Listed Companies)

Authors: Aleksandra Duliniec
Szkoła Główna Handlowa w Warszawie
Keywords: financial decisions corporate debt capital structure survey
Year of publication:2017
Page range:11 (225-235)
Cited-by (Crossref) ?:


Purpose – Presentation of the results of the survey among CFOs in Polish listed companies to get known their motives to make decisions on the amount and structure of company’s debt. The results of the Polish survey have been compared with the previous findings from the US and selected European countries and confronted with major capital structure theories. Methodology – Survey of 200 Polish listed companies excluding banks and insurance firms. The questionnaire included questions on firm characteristics and the CFOs’ views on factors related to debt decisions. Computer Assisted Telephone Interview (CATI) method was used to conduct the survey. Findings – Firms are concerned about financial flexibility and insufficient internal funds when making decisions on debt amount. The results of Polish survey are to some extent similar to surveys conducted among American and West European CFOs and are not fully consistent with major capital structure theories. Originality/value – That is most probably the first survey on financial decisions motives in Polish listed companies. The results make it possible to verify the main capital structure theories implications on the Polish market, which is still the emerging one.
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