Znaczenie struktury właścicielskiej spółek publicznych dla rozwoju polskiego rynku kapitałowego w latach 2008–2012
Significance of public companies ownership structure for Polish capital market development in the years 2008–2012

Summary/Abstract: Capital market should be a place of efficient fund raising for the development of enterprises. The direction of capital market development is determined by capital structure decisions in terms of choice between equity and debt taken by public companies. An empirical study conducted by the author on a group of non-financial public companies listed on the Warsaw Stock Exchange in the years 2008–2012 shows that high market valuation was important for capital structure optimazition, allowing companies to decrease the debt level. On the contrary low market valuation of companies was a significant barrier for equity market development, in particular in case of companies where the risk of loosing control by a dominant shareholder after new shares issue was high. Simultaneously low market valuation of public companies contributed to corporate bond market development.

• Details
• Contents