<abstract xmlns="http://www.w3.org/1999/xhtml"> We investigated 34 empirical studies aimed at examining the capital structure determinants in firms operating in Poland to test to what degree the financing patterns were steady during the observed period (2001-2012). Specifically, in conducting the survey we were motivated by the following research questions which constitute the objectives of the article: (1) which factors - country or firm-specific - are more relevant in explaining leverage in Poland, (2) which theory - trade-off or pecking order - gains greater support in Poland, and (3) what is the significance of the optimal capital structure notion in Poland. Our results show that financing patterns changed importantly during the last 20 years, which manifests itself mainly in gradual increase in debt ratios with a dominant role of short-term debt, along with the decrease in the importance of country-specific factors (especially in large-sized, listed firms). The signs of the associations between leverage and the key firm-specific factors remained relatively stable during the investigated period, with the exception concerning tangibility. These signs provide greater support for pecking order theory, with at most a moderate role of the target capital structure.</abstract>

University of Economics and Innovati on in Lublin,

Studies of Firm Capital Structure Determinants in Poland: An Integrative Review

<abstract xmlns="http://www.w3.org/1999/xhtml"> 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.</abstract>

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

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

<abstract xmlns="http://www.w3.org/1999/xhtml"> Private equity and venture capital (PE/VC) funding is the provision of equity capital by financial investors to non-quoted companies with high growth potential. It has a particular emphasis on entrepreneurial activities rather than on mature businesses. PE/VC investors differ on several dimensions including: investment targets, screening evaluation methods, governance mechanisms, and objectives. The paper is a continuation of the discussion that concerns investment strategies of PE/VC funds. While studying the PE/VC market it is important to analyze the origin and structure of capital. The authors assumed that different types of investors have different investment strategies. Our research is an attempt to answer the following research question: whether the investor type, on the European PE/VC market, has an impact on the selection of industries. The paper presents results of statistical analysis of venture capital and private equity funds investment strategies in selected countries.</abstract>

Venture Capital and Private Equity Investment Strategies in Selected European Countries

<abstract xmlns="http://www.w3.org/1999/xhtml"> In many countries tax incentives are a popular means of realizing political, economic and social objectives. The main motive of their application is oft en to achieve and accelerate the selected activities in the public interest and also stimulate development of industry, and induce growth in research and investment. The key element that helps a company achieve a competitive advantage is innovation. Global competition forces the production of unique products and services. Tax incentives in science, research and development are important in stimulating innovation. The purpose of this article is to show the level of managerial awareness about R&amp;D tax incentives, the level of R&amp;D tax incentive usage by companies in Poland, and main obstacles that managers meet with R&amp;D tax incentives in practice. We explore R&amp;D tax incentives as a government instrument on R&amp;D management and aim to find the reasons why Polish companies do not take advantage of them. We examine 275 companies using a semi-structured questionnaire. Our findings suggest that many firms report lack of knowledge about such incentives, and firms find many obstacles to reach all of the requirements which are necessary to use the incentives. Due to our analysis we find that large firms, especially those that implement innovation, are more likely to use the tax incentives, but small and medium sized companies find more obstacle. The effect of this tax policy is significant mainly in large, high-tech sector firms.</abstract>

Bialystok University of Technology, Department of Finance and Accounting,

Bialystok University of Technology, Department of Economics And Social Sciences,

R&amp;D Tax Incentives for Innovation and Managerial Decisions

<abstract xmlns="http://www.w3.org/1999/xhtml"> The objective of the paper is to analyse the impact of the Swiss National Bank’s decision to introduce the floating exchange rate of the franc on January 15th, 2015, upon the market value of commercial banks operating in the Polish banking sector. The analysis involved twelve commercial banks quoted on the Warsaw Stock Exchange. The results are inconclusive. The predicted reduction of the banks’ market value was less significant than indicated by market investors’ reaction on the day after the announcement of the decision to introduce the floating exchange rate of the franc. The banks most prone to granting credit denominated in CHF did experience the largest reduction of their share quotations. However, the Pearson product-moment correlation coefficient calculated for the correlation between the average cumulative abnormal returns on shares for the entire analysed sample, and the proportion of credits denominated in Swiss francs in the total credit portfolio, indicated only a moderate correlation between both variables.</abstract>

The Influence of Currency Risk Upon the Market Value of Commercial Banks Operating in the Polish Banking Sector

<abstract xmlns="http://www.w3.org/1999/xhtml"> Usage of a random effects panel logit model have shown in this paper that the high propensity to pay dividends by the state-controlled companies quoted on the Warsaw Stock Exchange over the last years was not a result of the tunneling effect but was the maturity effect. The state-controlled companies which pay dividends fulfil the maturity effect criteria as they are big, profitable, have low investment opportunities and financial leverage, and are characterised by low risk associated with investing in their shares. The additional evidence of a reasonable and stable dividend policy pursued by the state-controlled companies are: payout ratio on the level of slightly more than 50% and lower by almost 8 percentage points than in the other companies; and relatively rare use of the reserve capital for dividends. However, state-controlled companies listed on the WSE are mostly commercial and of a fiscal nature for the state, which may create a temptation for tunneling.</abstract>

High Propensity to Pay Dividends By State-Controlled Companies in Poland. Tunneling or Maturity Effect?

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