Właścicielskie uwarunkowania strategii finansowania – wybrane przykłady spółek notowanych na GPW w Warszawie
Ownership conditioning of financing strategy – some examples from Warsaw Stock Exchange

Summary/Abstract: The relation between ownership concentration and financial policy has been analyzed in literature very often. Generally the researchers argue that shareholders of a firm with more concentrated ownership may prefer less debt or even show their aversion to using it. This paper deals with the capital structure and financing choices of the companies. The main goal of the article is to analyze the relationship between ownership and capital structure of some Polish companies listed on the Warsaw Stock Exchange. The analysis shows a slight correlation between researched parameters. We found that sometimes higher level of ownership concentration caused lower debt financing and these did not use the financial gearing. In other cases strong shareholders rather tend to avoid equity. We think correlation parameters may highly depend on the sectoral features.

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