Finansowanie nieodsetkowe polskich przedsiębiorstw – analiza sektorowa
Non-interest Bearing Financing of Polish Firms – Industry Analysis

Summary/Abstract: Purpose – The purpose of this article is to analyze the financing structure of Polish firms with a special focus on non-interest bearing liabilities. The size of this financing determines the strength of nonfinancial leverage. Design/methodology/approach – The data set includes some 15.000 Polish firms over 2006–2017 period. Three leverage ratios are computed: Total Liability/Assets, Non-Interest Bearing Liability/Assets, Interest Bearing Liability (Debt)/Assets. The ratios are grouped according to firm size and industry. Findings – Non-interest bearing liability, or NIBL, account for some 30% of total assets in the sample studied – twice more than the contribution of debt. In contrast to debt, NIBL are strongly correlated with GDP. The size of NIBL is negatively linked with the size firm’s assets and positively correlated (except the largest companies) with firm’s revenue. The relatively lower NIBL for the firms with largest revenue results from the inclusion of production and construction firms in the sample,. For trade (and transportation) the positive correlation between the size and NIBL is perfect. Originality/value – The evidence of perfect monotonicity between NIBL and revenue (absent in the whole sample) for trading (and transportation) firms provides an adequate launch-pad for further research on nonfinancial leverage process triggered by the presence on non-interest bearing liability.

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