The capital structure of the construction companies listed and non-listedon stock exchanged
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capital structure, stock companies, non-listed companies, constructionsector
Abstract
The objective of the study was an evaluation of the differences in the capital structure among Polish construction companies listed and non-listed on the Warsaw Stock Exchange. The study was conducted in 2012–2015. The research compares two groups: 39 companies listed on the stock and 151 companies nonlisted but with the value of the highest total revenues during the research period (for entities with NAICS 23 which was awarded as the main activity). The study confirmed that there is a significant differentiation of capital structure among studied enterprise groups. The group of nonlisted companies was characterized by lower and more diversified exposure to long-term debt. Moreover, in those entities, there was no tendency towards higher equity involvement with higher debt level.
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Mądra-Sawicka, M., & Kalisiak, A. (2017). The capital structure of the construction companies listed and non-listedon stock exchanged. Zarządzanie Finansami I Rachunkowość, 5(2), 77–92. https://doi.org/10.22630/ZFIR.2017.5.2.13
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