The paper attempts to identify factors determining the choice of capital structure by Polish stock listed enterprises in the years 1997-2004. Multiple regression method is used in the analysis. The results confirm that the pecking order theory best explains financial decisions of Polish companies.
With the application of cluster analysis the authoress attempts to identify typical financing structures of companies being listed on the Warsaw Stock Exchange. Three typical financing structures are described by means of potential factors which are likely to determine the choice of a particular structure. The results of research generally confirm theses of the pecking order theory.
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