Struktura kapitałowa przedsiębiorstw w świetle wyników badań
Capital structure of companies in the light of research results

Summary/Abstract: This article discusses the question of choice between internal and external sources of financing companies and factors determining it from the point of view of accounting and finance theory, in the light of empirical research review. The aim of the article is to systematize and evaluate the current state of research on the determinants of the capital structure of companies considering the leverage measures and factors affecting the decisions concerning the selection of sources of funding, i.e. the explanatory variables used in the regressions of the capital structure of the surveyed companies. Theories of corporate finance do not give a definitive answer as to the determinants of capital structure, an example of which are mutually exclusive theories: the pecking order theory and the trade-off theory. Therefore, the determinants of capital structure of enterprises attract the interest of many researchers, verifying the applicability of the finance theory, the impact of the legal and economic system, the macroeconomic situation, but also the variation of significant determinants, depending on debt maturity, life cycle phases and financial reporting quality.

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