Advanced search ?

Object

Determinants of the liability maturity of Polish companies
Download

Title: Determinants of the liability maturity of Polish companies

Title in english:

Determinanty terminu zapadalności zobowiązań polskich przedsiębiorstw

Creator:

Mielcarz, Paweł ; Osiichuk, Dmytro

Description:

Nauki o Finansach = Financial Sciences, 2016, Nr 4 (29), s. 49-63

Abstrakt:

Using the firm-level panel data for Polish companies, we analyze the determinants of liability maturity with particular attention paid to the factors of financing constraints and information asymmetry. Consistent with prior research, we find that asset tangibility, liquidity, leverage and profitability significantly influence liability maturity choices. Additionally, we evidence that financing constraints may alter the impact of these factors. Companies identified as being financially constrained appear to have lower maturity of liabilities. Firms quoted on the main market of the Warsaw Stock Exchange are shown to hold a higher proportion of long-term liabilities compared to those quoted on New Connect, a stock exchange dedicated to young small cap companies. We also find that constrained status may determine firm’s financing decisions under crisis settings. Our empirical results show that companies experiencing financing constraints are likely to reduce liability maturity during a crisis, while their unconstrained counterparts may recur to additional long-term external financing in order to accommodate the repercussions of a trough. These findings contribute to the discussion of the financing constraints theory and shed light on some of the firms’ tactical financing decisions in an emerging economy

Publisher:

Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

Place of publication:

Wrocław

Date:

2016

Resource Type:

artykuł

Resource Identifier:

oai:dbc.wroc.pl:37605

Language:

eng

Relation:

Nauki o Finansach = Financial Sciences, 2016, Nr 4 (29)

Rights:

Pewne prawa zastrzeżone na rzecz Autorów i Wydawcy

Access Rights:

Dla wszystkich zgodnie z licencją

License:

CC BY-NC-ND 3.0 PL

Location:

Uniwersytet Ekonomiczny we Wrocławiu

Group publication title:

Financial Sciences. Nauki o Finansach

Format:

application/pdf

Subject and keywords:

liability maturity financing constraints emerging economy termin zapadalności zobowiązań ograniczenia kapitałowe rynki wschodzące

Object collections:

Last modified:

Jun 11, 2022

In our library since:

Oct 11, 2017

Number of object content hits:

287

All available object's versions:

https://dbc.wroc.pl./publication/41768

Show description in RDF format:

RDF

Show description in OAI-PMH format:

OAI-PMH

Edition name Date
Determinants of the liability maturity of Polish companies Jun 11, 2022

Similar

Argumenta Oeconomica
Argumenta Oeconomica

Are there any negative career consequences for executives and directors working in stigmatized industries?

Osiichuk, Dmytro

2022
artykuł
Argumenta Oeconomica
Argumenta Oeconomica

Performance aside… the organizational and director level determinants of boards’ compensation

Osiichuk, Dmytro

2021
artykuł
Financial Sciences. Nauki o Finansach
Financial Sciences. Nauki o Finansach

Estimation of the diversification effect in Solvency II under dependence uncertainty

Wanat, Stanisław Konieczny, Ryszard

2017
artykuł
Argumenta Oeconomica
Argumenta Oeconomica

Corporate governance and the venture capital process in emerging markets: evidence from Poland

Klonowski, Dariusz

2008
artykuł
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

Wyzwania strategiczne stojące przed korporacjami z krajów wschodzących

Klimek, Artur

2011
artykuł
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

Stock markets in BRIC: development levels and macroeconomic implications

Marszk, Adam

2015
artykuł
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

Does China Switch from its "Invite-in-Go-Out" Strategy Toward a "Block-and-Attack" Strategy"? Implications for Europe

Heiduk, Guenter Szczypa, Agnieszka

2010
artykuł
Prace Naukowe Akademii Ekonomicznej im. Oskara Langego we Wrocławiu
Prace Naukowe Akademii Ekonomicznej im. Oskara Langego we Wrocławiu

Wykorzystanie narzędzi uzupełniających analizę zdyskontowanych przepływów pieniężnych netto w ocenie projektów badawczo-rozwojowych

Mielcarz, Paweł

2005
artykuł
More
×

Citation

Citation style:

Contact details

Address

Wrocław University of Science and Technology (Coordinator)
Library of Wrocław University of Science and Technology
Wybrzeże Wyspiańskiego 27
50-370 Wrocław, Poland

Phone

(+48) 71-320-38-30
(+48) 71-320-47-50

E-Mail

bc@pwr.edu.pl

Visit us!

https://biblioteka.pwr.edu.pl/

This page uses 'cookies'. More information