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Indebtedness of Polish enterprises compared to selected countries

100%
Motylska-Kuźma A.
Central and Eastern European Journal of Management and Economics (CEEJME)
|
2015
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issue 1
71-83
EN
This elaboration aims to analyse and compare the debt of Polish enterprises compared to selected European countries which underwent (like Poland) a system transformation in 90s of the last century. The paper makes use of statistical comparable measures of basic indicators of corporate debt during the transformation up to 2012 and the analysis is based on official statistical data of the Central Statistical Office in Poland and EUROSTAT as well as bases published by OECD. Despite the fact that the system transformation proceeded in a similar way, Czech, Hungary and Poland struggled with much the same problems at the beginning of their „democratic” way, however basic behaviour in the economic sphere began to diverge. The differences translated, first of all, into an image of particular countries in view of potential investors. The way entrepreneurs behaved is not without significance as their activities in particular markets including the risk of doing business which involved applying financial leverage. The recent crisis revealed that Polish enterprise do much better than businesses in Czech or Hungary. One of the reasons might be the level of debt and the risk of conducting a business. It is worthwhile examining differences among the particular countries.
2
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Corporate Investment in Bank-Dependent Companies in Crisis Time

100%
Bukalska E., Skibińska-Fabrowska I.
Central European Economic Journal
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2023
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vol. 10
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issue 57
1-22
EN
The aim of this paper is to ascertain corporate investment reaction in bank-dependent companies in times of crisis. Our investigation covers the differences in corporate investment reaction due to the global financial crisis (GFC) of 2007–2009 and the COVID-19 crisis of 2020–2021. We utilized panel data of companies present on the Warsaw Stock Exchange during the GFC and COVID-19 crisis-932 firm-year observations. We found a negative relationship between bank dependence (static ratio) and corporate investment, but a statistical significance was found only for the GFC period. We also found a positive relationship between bank dependence (dynamic ratio) and corporate investment, but statistical significance was found only for the GFC period. Additionally, we found that during the COVID-19 crisis, the level of corporate investment was at its lowest level, but the biggest drop was noticeable during the GFC when compared to the pre-GFC period. Our article contributes to the existing research by being part of the research on corporate investment and capital structure. It consists of the research on one of the determinants of the corporate investment and capital structure decisions-macroeconomic turbulence manifested in economic crises.
3
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CORPORATE DEBT AND CRISIS SEVERITY IN EUROPE

88%
Niemczak K.
Finansowy Kwartalnik Internetowy e-Finanse
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2013
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vol. 9
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issue 1
35-43
EN
The aim of this paper is to analyse the financial structure of non-financial corporations in the European Union prior to the 2008 crisis and to determine whether the ex-ante differences in corporate financial structure had an impact on the severity of the 2008 financial crisis in European countries. The analysis confirms a negative relationship between the corporate debt ratio prior to the crisis and crisis-induced contractions in corporate investment and GDP. The results indicate a greater importance of the growth in corporate indebtedness in the years prior to the crisis for crisis vulnerability than solely the level of debt immediately before the crisis. The paper has several important implications for crisis prevention and mitigation policy.
4
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The Impact of Monetary Policy and Agent Heterogeneity on Firm Financing Structure: Evidence from the USA

75%
Malinowska A.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
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2016
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issue 46
121-142
EN
Using panel modelling and firm-level data for 222 US listed companies I investigate how changes in monetary policy approximated by the three-month US LIBOR interest rate and its combined effect with firm-specific characteristics influenced firms’ financing decisions and their liability structure during the period 2005−2014. Reported findings suggest that despite the Zero Lower Bound on the Federal Funds Rate, the three-month US LIBOR has retained its impact on firm total debt, long-term bank debt and short-term trade credit. Monetary policy changes were found to have affected firm’s liability structure, especially through parameters such as size, collateral and profitability.
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