Motywy decyzji o zadłużeniu przedsiębiorstw. Wyniki badań polskich spółek giełdowych
Motives Of Decisions On Corporate Debt. A Survey Of Polish Listed Companies

Summary/Abstract: Purpose – Presentation of the results of the survey among CFOs in Polish listed companies to get knowntheir motives to make decisions on the amount and structure of company’s debt. The results of the Polish surveyhave been compared with the previous findings from the US and selected European countries and confrontedwith major capital structure theories.Methodology – Survey of 200 Polish listed companies excluding banks and insurance firms. The questionnaireincluded questions on firm characteristics and the CFOs’ views on factors related to debt decisions. ComputerAssisted Telephone Interview (CATI) method was used to conduct the survey.Findings – Firms are concerned about financial flexibility and insufficient internal funds when making decisions ondebt amount. The results of Polish survey are to some extent similar to surveys conducted among American andWest European CFOs and are not fully consistent with major capital structure theories.Originality/value – That is most probably the first survey on financial decisions motives in Polish listed companies.The results make it possible to verify the main capital structure theories implications on the Polish market,which is still the emerging one.

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