Analiza wpływu założeń modelu Gordona na wybór źródeł finansowania rodzinnych spółek akcyjnych w Polsce
Analysis of the Influence of Gordon Model Assumptions on the Choice of Financing Sources in Family Joint-Stock Companies in Poland

Summary/Abstract: A joint-stock company is one among the most complex forms of commercial companies, created to run small, medium-size and big companies. In this article the author shows problems of choosing financing sources between equity and foreign capital which have selected family joint-stock companies. With reference to the above, the aim of the present article is to verify hypothesis that instrument which can simplify the choice made by the researched joint-stock companies between different kinds of own and foreign sources of financing is the Gordon Model, in which we can assume the payment of dividend in the infinity at the constant pace of their growth of the so-called coefficient “q”, i.e. the constant rate of a dividend growth. For this reason, the authoress analyses activity of small, medium-size and big joint-stock companies noticed on the stock exchange. She will also carry out a case study connected to selected family joint-stock companies of production character, which have their register offices in Poland, and which lead economic activity and simultaneously realize serious investments requiring huge financial expenditures coming from own and foreign sources. The research part of this article will be conducted based on issue prospectuses and data from the National Court Registry which include financial reports of two joint- stock companies, i.e. AC from Białystok and Indykpol from Olsztyn.

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