Mikroekonomiczne determinanty struktury kapitału przedsiębiorstw budowlanych na przykładzie spółek giełdowych - wyniki empiryczne na podstawie danych panelowych
Microeconomic Determinants of the Capital Structure – Evidence Based on Construction Companies Listed on Warsaw Stock Exchange – Empirical Evi-dence Based on Panel Data

Summary/Abstract: Purpose – The aim of the research was to identify the microeconomic determinants of capital structure among construction companies listed on the Warsaw Stock Exchange. Design/methodology/approach – The study was based on data from financial statements and market data. The structure of capital is defined as the ratio of total liabilities to total liabilities. The study period covered the years 2013–2015. Findings – Based on the panel model among the determinants examined, the most significant variable was growth opportunities of the companies (total asset growth), which increased the level of indebtedness. In construction companies, determinants such as asset tangibility, firm size, and profitability did not significantly influence the level of debt. Originality/value – The presented research concerning the microeconomic determinants of capital structure of construction companies will be continued in the of macroeconomic factors assessment.

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