01686cas a2200253 a 4500 AALejournalIMF007460 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451976342 1018-5941 BD-DhAAL BD-DhAAL Hussain, Qaizar. The Capital Structure of Listed Companies in Poland / Qaizar Hussain, Eugeniy Nivorozhkin. Washington, D.C. : International Monetary Fund, 1997. 1 online resource (27 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines the capital structure of listed firms in Poland, using firm-level panel data to study the determinants of leverage. Polish firms had extremely low leverage levels, suggesting a growing stock market and a potential reluctance of banks to grant loans to old and risky firms. The empirical exercise finds that large, new, foreign-owned firms, and firms with strong cash positions have higher levels of leverage. Finally, shareholder concentration has a neutral or even a beneficial influence on firm leverage. The nature of ownership may be primarily responsible for this finding. Mode of access: Internet Nivorozhkin, Eugeniy. IMF Working Papers; Working Paper ; No. 1997/175 Full text available on IMF http://elibrary.imf.org/view/journals/001/1997/175/001.1997.issue-175-en.xml IMF e-Library