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Do local governments use municipal companies for off-balance-sheet financing?

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dc.abstract.enThis paper investigates whether municipalities in Poland use their municipal companies to increase debt capacity beyond the limitations imposed by the fiscal debt rules. The article presents corporate governance and agency problems on the example of relations between local government units and affiliated companies. We review and link literature on corporate finance, in particular capital structure, and public finance - debt liabilities of municipalities. We analyse a sample of 2,019 observations of municipalities and their municipal companies using the Ordinary Least Squares (OLS) method, where explanatory variables were taken from the public and corporate finance (leverage and its determinants). Results show that long-term debt of municipalities is positively associated with the leverage and size of municipal companies, but it is negatively related to their profitability.
dc.affiliationUniwersytet Warszawski
dc.contributor.authorStobieniecka, Weronika
dc.contributor.authorBiałek-Jaworska, Anna
dc.date.accessioned2024-01-24T22:13:27Z
dc.date.available2024-01-24T22:13:27Z
dc.date.copyright2020-12-12
dc.date.issued2020
dc.description.accesstimeAT_PUBLICATION
dc.description.financePublikacja bezkosztowa
dc.description.number54
dc.description.versionFINAL_PUBLISHED
dc.description.volume7
dc.identifier.doi10.2478/CEEJ-2020-0014
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/105308
dc.identifier.weblinkhttps://content.sciendo.com/view/journals/ceej/7/54/article-p242.xml
dc.languageeng
dc.pbn.affiliationeconomics and finance
dc.relation.ispartofCentral European Economic Journal
dc.relation.pages242-257
dc.rightsCC-BY-NC-ND
dc.sciencecloudnosend
dc.subject.endebt
dc.subject.enmunicipal companies
dc.subject.enmunicipalities
dc.subject.encorporate governance
dc.subject.enoff-balance-sheet financing
dc.titleDo local governments use municipal companies for off-balance-sheet financing?
dc.typeJournalArticle
dspace.entity.typePublication