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Corporate bonds or bank loans? The choice of funding sources and information disclosure of Polish listed companies

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dc.abstract.enThe paper aims to find what determines the choice of companies listed on the Warsaw Stock Exchange (WSE) between public debt (corporate bonds) and private debt (bank loans). For this purpose, we estimate logistic regression models and panel models of corporate borrowing determinants to compare the impact of enterprise characteristics on financing with the use of corporate bonds or bank loans. In this study, we are interested in explanatory variables that explain the role of transparency measured by the level of information disclosure; and a risk proxy of the variability of operational cash flows and investment risk (retrieved from generalised auto-regressive conditional heteroscedasticity [GARCH] models estimated on companies’ stocks [shares] trading on the WSE).
dc.affiliationUniwersytet Warszawski
dc.contributor.authorKrawczyk, Tomasz
dc.contributor.authorBiałek-Jaworska, Anna
dc.date.accessioned2024-01-24T20:48:26Z
dc.date.available2024-01-24T20:48:26Z
dc.date.copyright2020-07-08
dc.date.issued2019
dc.description.accesstimeAT_PUBLICATION
dc.description.financeNie dotyczy
dc.description.number53
dc.description.versionFINAL_PUBLISHED
dc.description.volume6
dc.identifier.doi10.2478/CEEJ-2019-0017
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/103770
dc.identifier.weblinkhttps://content.sciendo.com/view/journals/ceej/6/53/article-p262.xml
dc.languageeng
dc.pbn.affiliationeconomics and finance
dc.relation.ispartofCentral European Economic Journal
dc.relation.pages262-285
dc.rightsCC-BY-NC-ND
dc.sciencecloudnosend
dc.subject.encorporate bonds
dc.subject.enbank loans
dc.subject.endisclosure
dc.subject.encash flow variability
dc.subject.eninvestment risk
dc.titleCorporate bonds or bank loans? The choice of funding sources and information disclosure of Polish listed companies
dc.typeJournalArticle
dspace.entity.typePublication