Roczniki Kolegium Analiz Ekonomicznych

Zeszyt 55/2019

Kolegium Analiz Ekonomicznych oświadcza, że wersją pierwotną czasopisma jest wersja papierowa.

Michał Bernardelli, Leszek Mosiejko

Analiza struktury kapitału spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie w ujęciu teorii hierarchii źródeł finansowania

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Analysis of the capital structure of companies traded on the Warsaw Stock Exchange in terms of the pecking order theory

Abstract
The aim of this research was to verify compliance of the capital structures of selected companies traded on the Warsaw Stock Exchange in 2004–2018 with the assumptions of the pecking order theory. The goal was accomplished using a general model for analyzing the capital structure, which allows the presentation of quantitative relationships between the determinants of the capital structure and changes in the level of indebtedness. As a result, the cause and effect relationships of selected factors and their impact on the change of the company’s indebtedness were verified. The quality of estimation of the parameters of the model is better than in the models described so far, which are based on data from the same source (but shorter period), and the use of panel data allowed the application of the random effects estimator, which gives a more effective way of describing the modeled phenomenon.

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