Leasing zwrotny w spółkach notowanych na GPW w latach 2004–2024 – perspektywa inwestorów
Investor’s perspective on sale and leaseback: empirical evidence from WSE listed companies from 2004 to 2024

Summary/Abstract: The last decade has seen a significant increase in the availability of capital, which has translated into a decline in the number of entrepreneurs identifying this factor as a key challenge in doing business. This change may also have affected the decisions of investors, for whom information on raising capital has gradually become less important. Accordingly, this article analyzes the extraordinary rates of return associated with publications by listed companies on leaseback transactions. Despite the relatively low popularity of this form of financing, it was chosen because of its direct connection with the operational activities of companies. The results of the analysis indicate that significant extraordinary returns in the t (0, +1) window occur only after the announcement of a sale-leaseback deal. In addition, a change in the reaction of investors to such announcements was observed over the analyzed period – in 2014–2024, extraordinary rates of return were significantly higher than in 2004–2013.

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