<abstract xmlns="http://www.w3.org/1999/xhtml"><p> This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company.</p></abstract>

This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company.

Is There Any Relation between Intellectual Capital and the Capital Structure of a Company? The Case of Polish Listed Companies

University of Łódź, Faculty of Economics and Sociology, Department of Industry Economics and Capital Market,

Financial Internet Quarterly

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital...

Is There Any Relation between Intellectual Capital and the Capital Structure of a Company? The Case of Polish Listed Companies

Published Online: Feb 08, 2017

Page range: 23 - 33

Received: Apr 28, 2015

Accepted: Jan 02, 2015

DOI: https://doi.org/10.1515/fiqf-2016-0126

Keywords
intangible assets, intellectual capital, leverage, equity

© 2017

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Is There Any Relation between Intellectual Capital and the Capital Structure of a Company? The Case of Polish Listed Companies

Published Online: Feb 08, 2017

Page range: 23 - 33

Received: Apr 28, 2015

Accepted: Jan 02, 2015

DOI: https://doi.org/10.1515/fiqf-2016-0126

Keywordsintangible assets, intellectual capital, leverage, equity

© 2017

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
intangible assets, intellectual capital, leverage, equity