Kapitały własne a struktura aktywów przedsiębiorstw deweloperskich
Equity Capital Versus Asset Structure Of The Real Estate Development Companies

Summary/Abstract: The aim of the article is to verify whether real estate development companies listed onthe WSE maintain the right balance in terms of shaping the capital and assets structure, and whether there isany relationship between the assets structure and the golden and silver financing rules.Design/methodology/approach – The hypotheses were verified using appropriate statistical tests. Calculationswere made with help of the Gretl software.Findings – Equity is the finance basis of examined companies. Despite the changing cyclical conditionsmanagers undertake actions leading to keep appropriate relations between the assets and capital structure,what ensures the maintenance of financial balance. The surveyed companies attempted to shape the capitaland asset structure so that the capital was related to assets no longer than the period of disposal over them.Originality/value – Article answers the question whether gold and silver financing rules are important determinantsof decisions in shaping the capital structure of the real estate development companies. The analysesdo not exhaust the complexity of the analysed problem and constitute a contribution to the further studies offactors influencing capital structure of real estate development companies.

• Details
• Contents