- Tytuł:
- Corporate bonds or bank loans? The choice of funding sources and information disclosure of Polish listed companies
- Autorzy:
-
Białek-Jaworska, Anna
Krawczyk, Tomasz - Powiązania:
- https://bibliotekanauki.pl/articles/1356649.pdf
- Data publikacji:
- 2020-07-08
- Wydawca:
- Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
- Tematy:
-
corporate bonds
bank loans
disclosure
cash flow variability
investment risk - Opis:
- The 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).
- Źródło:
-
Central European Economic Journal; 2019, 6, 53; 262 - 285
2543-6821 - Pojawia się w:
- Central European Economic Journal
- Dostawca treści:
- Biblioteka Nauki
Artykuł