ŹRÓDŁO POCHODZENIA KAPITAŁU WIĘKSZOŚCIOWEGO A STABILNOŚĆ FINANSOWA BANKÓW NOTOWANYCH NA GIEŁDZIE PAPIERÓW WARTOŚCIOWYCH W WARSZAWIE1
THE SOURCE OF MAJORITY CAPITAL AND THE FINANCIAL STABILITY OF BANKS LISTED ON THE WARSAW STOCK EXCHANGE

Summary/Abstract: Purpose – The purpose of the research is to identify a relationship between the sourceof majority capital and the financial stability of banks listed on WSE.Research method – The study covered 11 banks listed on the WSE in 2013–2022.The financial stability of the banks was measured by the Z-score index calculated onthe basis of the data from the banks’ annual reports. One-way analysis of variance wasapplied to determine the impact of the source of majority capital on the financial sta-bility of banks.Results – The study revealed greater financial stability of banks with a dominant shareof foreign investors than of banks with a majority share of domestic investors among thebanks listed on the WSE. Moreover, a decrease in the financial stability of Alior Bank S.A.and Pekao S.A. was noted with the change of the dominant shareholder from foreign todomestic one. Regardless of the source of majority capital, banks felt the effects of thepandemic shock and the outbreak of the armed conflict in Ukraine.Originality   / value   / implications   / recommendations – The article is aimed to fill the gapin the field of measure of financial stability of the banks listed on GPW in relation to thesource of majority capital of these institutions.

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