Struktura kapitału przedsiębiorstw w Polsce i jej determinanty na tle państw UE
Capital structure of enterprises in Poland and its determinants compared to EU countries

Summary/Abstract: The paper aims at an analysis of the capital structure and its determinants in companies listed in Poland compared to companies in other European Union countries. It begins with a presentation of the most influential theories and determinants of capital structure in European companies identified so far. The analyses show that companies in Poland are far less leveraged, especially with long-term debt, than companies from both old and new EU countries. Factors such as profitability, company size and inflation are the most important for the capital structure of all companies under scrutiny, irrespective of country. However, the strength of the relationship with leverage among the analysed groups of companies differs for the non-interest tax shield, operational risk, bid-ask spread, and GDP dynamics.

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