Restrykcyjna polityka pieniężna a struktura kapitału polskich spółek giełdowych

The main purpose of the article is to answer the question as to what effect (if any) the increase in the reference rate of the National Bank of Poland in 2021–2022 had on the capital structure of Polish listed companies. The paper begins with a review of the literature, which refers to both the transmission mechanisms of monetary policy and the theory of capital structure. To provide deeper insight, the panel regression based on quarterly financial data of Polish listed companies was used. As the analysis showed, changes in the level of central bank interest rate affected the capital structure of companies. Depending on whether long- or short-term liabilities were analysed, together with the change in the interest rate, a decrease or an increase in the level of debt could be observed.