| Description |
1 online resource (27 pages) : illustrations |
| Series |
IMF working paper, 2227-8885 ; WP/97/175 |
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IMF working paper ; WP/97/175.
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| Summary |
This paper examines the capital structure of firms listed on the Poland's stock market and identifies lessons that may be useful for the newly formed stock exchanges of the Baltic countries. 2 Several empirical studies have examined the determinants of debt-equity ratios. Most of them, such as Titman and Wessels (1988), Zeckhauser and Pound (1990), and Rajan and Zingales (1995), focus on industrial countries and find that high leverage benefits firm performance. Others, such as Hussain (1996) and Cornelli, Portes and Schaffer (1996) look at developing countries. Hussain (1996) concentrates on Indonesia and finds that high leverage has a negative effect for a sample of listed firms. He introduces shareholder concentration as an additional variable influencing leverage. Cornelli, Portes and Schaffer (1996) examine a large sample of both listed and unlisted firms for Poland, the Czech Republic, and Hungary, asking why debt-equity ratios are generally so low in these countries. They speculate that these low levels may be detrimental to the economy. Despite these two examples, most of the well-known studies on capital structure analyze only G-7 or industrialized countries. Thus considerable scope remains for examining developing countries, especially transition economies. This paper analyzes the capital structure of listed firms in Poland. We are interested in how firms choose among retained earnings, debt, and shares of stock. Cornelli, Portes and Schaffer focus only on the choice between total debt and total equity since they also include a sample of unlisted firms |
| Bibliography |
Includes bibliographical references (pages 25-27) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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English |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Corporations -- Poland -- Finance
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Financial leverage -- Poland
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Stock exchanges -- Poland
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Capital -- Poland
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Capital
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Corporations -- Finance
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Financial leverage
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Stock exchanges
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Poland
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| Form |
Electronic book
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| Author |
Nivorozhkin, Eugeniy
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IMF Institute.
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| ISBN |
1283569930 |
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9781283569934 |
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1451904037 |
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9781451904031 |
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1462372058 |
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9781462372058 |
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1452753210 |
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9781452753218 |
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9786613882387 |
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6613882380 |
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9781451976342 |
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1451976348 |
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