Ryzyko biznesowe a poziom zadłużenia polskich przedsiębiorstw
Business risk and the level of leverage of Polish corporations

Summary/Abstract: On the basis of modern theory of capital structure one can assume the existence of the relation between business risk and the level of debt financing. However, the results of empirical surveys do not support such a prediction. The probable reason of this situation is a wrong method of measurement of business risk. The aim of the article is to find parameters that are better proxies for business risk and to verify once again the hypothesis that business risk affects the level of corporate leverage.

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