Financial Constraints in Poland: The Role of Size and Political Connections

K. Jackowicz, Ł. Kozłowski, P. Mielcarz, 2016. Financial constraints in Poland: the role of size and political connections. Argumenta Oeconomica 36, 225-239

19 Pages Posted: 1 Aug 2013 Last revised: 6 Jun 2016

See all articles by Krzysztof Jackowicz

Krzysztof Jackowicz

Kozminski University

Łukasz Kozłowski

Kozminski University

Paweł Mielcarz

Kozminski University

Date Written: July 31, 2013

Abstract

This article investigates the phenomenon of financial constraints in investment activities. Using a data set covering 2001-2011, we established that, despite the institutional changes and the financial system development, Polish firms remain financially constrained by the internally available funds. Additionally, we explored the impact of size and political connections on financial constraints. Unexpectedly we found that the financial constraints are not affected by either the size or the type nor the strength of political connections.

Keywords: financial constraints, political connection, investment

JEL Classification: G30, H80

Suggested Citation

Jackowicz, Krzysztof and Kozłowski, Łukasz and Mielcarz, Paweł, Financial Constraints in Poland: The Role of Size and Political Connections (July 31, 2013). K. Jackowicz, Ł. Kozłowski, P. Mielcarz, 2016. Financial constraints in Poland: the role of size and political connections. Argumenta Oeconomica 36, 225-239, Available at SSRN: https://ssrn.com/abstract=2304191 or http://dx.doi.org/10.2139/ssrn.2304191

Krzysztof Jackowicz

Kozminski University ( email )

ul. JagielloDska 57/59
Warsaw, 03-303
Poland

Łukasz Kozłowski

Kozminski University ( email )

ul. Jagiellońska 57/59
Warsaw, Mazowieckie 03-301
Poland

HOME PAGE: http://www.kozminski.edu.pl

Paweł Mielcarz (Contact Author)

Kozminski University ( email )

ul. Jagiellonska 57/59
Warsaw, 03-303
Poland

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