Finansowanie zobowiązaniami nieodsetkowymi a procesy dźwigniowe – model teoretyczny
Non-interest Bearing Liabilities and the Leverage – Theoretical Model

Summary/Abstract: Purpose – The objective of the paper is to present a theoretical model which allows the analysis of the leverage mechanism triggered by both debt as well as non-debt financing. Design/Methodology/approach – To research leverages originating from non-interest bearing liabilities, the analytical tools of financial leverage analysis are applied. Findings – The impact of the split into operating and financing assets as well as operating and financial liabilities is shown to materially change the leverage analysis. Originality/value – Non-financial leverages stemming from non-interest bearing operating liabilities are hardly described in financial literature. The model proposed can be applied to both diagnose the presence as well as to measure the strength of the non-financial leverages.

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