Zastosowanie teorii struktury kapitału w polskich przedsiębiorstwach rodzinnych notowanych na rynku NewConnect
Capital Structure Theories in the Polish Family Firms on the Alternative Market NewConnect

Summary/Abstract: The capital structure is one of the most discussed topic in the field of corporate finance. This is reflected in the various theories, stating from the classic Modigliani and Miller. Despite the fact that the vast literature is dedicated to a capital structure problem, only a limited number of studies have been conducted on family owned companies. They state that family firms behave differently from non – family ones in their choice of capital structure. Mainly it results from specific strategic objectives and ownership. Moreover, the majority of empirical papers which analyzed that problem concern USA, Australia and Western Europe. Empirical studies on capital structure in family firms from Central and Eastern Europe seem to be innovative. Author presents the results of own initial studies on this subject in Polish family owned companies. The paper aim is to determine average debt ratio, the relationship between debt ratio and ROA for family firms listed on NewConnect. Author’s findings confirm that family firms use less debt than their non family counterparts. It is consistent with the statement that family firms are more risk averse and thus reluctant to employ debt. The correlation results show a negative relationship between profitability and debt level which gives support to the pecking order theory.

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