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Author
Fałat-Kilijańska Ilona (Wroclaw University of Economics and Business, Poland,), Glaserova Jana (Mendel University in Brno, Czech Republic,), Luty Piotr (Wrocław University of Economics and Business, Poland), Otavova Milena (Mendel University in Brno, Czech Republic,)
Title
Determinants of the Financing Structure of the Acquiring Companies in the Pre-Merger Period. Results of the Research
Czynniki kształtujące strukturę kapitału w spółkach przejmujących w okresie poprzedzającym połączenie podmiotów gospodarczych
Source
Nauki o Finansach / Uniwersytet Ekonomiczny we Wrocławiu, 2020, vol. 25, nr 4, s. 16-42, rys., tab., bibliogr. 44 poz.
Financial Sciences / Uniwersytet Ekonomiczny we Wrocławiu
Keyword
Struktura kapitału, Finansowanie przedsiębiorstwa, Działalność gospodarcza
Capital structure, Financing enterprises, Business activity
Note
JEL Classification: G32, G34
streszcz., summ.
Abstract
Podstawowe cele artykułu to identyfikacja czynników determinujących kształtowanie struktury finansowania oraz określenie ich zmian w okresach przed połączeniem w spółkach dokonujących przejęć. Badając strukturę finansowania, sprawdzono również, jakie relacje zachodzą w różnych sektorach aktywności gospodarczej. Udzielono odpowiedzi na pytania, czy i w jaki sposób wielkość spółek determinuje kształtowanie struktury kapitału. Analizą objęto pięć lat poprzedzających transakcje połączenia 307 jednostek gospodarczych. Źródłem danych badania była baza danych przygotowana przez spółkę InfoCredit SA na zlecenie Stowarzyszenia Księgowych w Polsce. W pracy wykorzystano oprogramowanie Statistica. Zastosowano wnioskowanie indukcyjne wsparte analizą korelacji rang Spearmana, analizą regresji liniowej i wielomianowej oraz analizą rozrzutu zmiennych.(abstrakt oryginalny)

The article's main objective is to identify the factors influencing the financing structure and capital changes in the pre-merger periods in the acquiring companies. The authors examined the relations between various industries and different size companies. Based on the analyses, it can be concluded that in small companies, the explanatory variables identified based on the literature review were statistically insignificant in many periods (in fact almost all). Completely different behaviour was observed in the group of large companies, where the same set of explanatory variables was statistically significant. The result of the research on the existence of non-linear relationships between company parameters is that in the case of some variables, there is no question of a linear nature of dependence. The study analysed the five years preceding the mergers of 307 business entities. The source of the survey data was the database prepared by the company InfoCredit SA for the Accountants Association in Poland. The authors used Statistica software and inductive reasoning for the study - supported by Spearman's rank correlation analysis, linear and polynomial regression analysis, and variable scatter analysis.(original abstract)
Accessibility
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of the Wroclaw University of Economics
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ISSN
2080-5993
Language
eng
URI / DOI
http://dx.doi.org/DOI: 10.15611/fins.2020.4.02
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