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dc.contributor.authorGajdka, Jerzy
dc.contributor.authorPietraszewski, Piotr
dc.date.accessioned2025-07-08T07:51:50Z
dc.date.available2025-07-08T07:51:50Z
dc.date.issued2025-06-26
dc.identifier.issn1508-2008
dc.identifier.urihttp://hdl.handle.net/11089/55855
dc.description.abstractThe article examines the financial management of companies in the context of the COVID-19 pandemic, in particular, the relationship between their capital structure and risk changes during the pandemic. The study aims to determine how companies’ total, systematic and idiosyncratic risks changed during the COVID-19 pandemic depending on their capital structure. It is based on a sample of companies listed on stock exchanges in Poland, Hungary, Romania and Bulgaria. The study uses a panel data regression model. In all countries analyzed, as well as the group of companies taken collectively, the COVID-19 pandemic positively influenced both total risk, as measured by the volatility of returns, and specific risk measured with the standard deviation of the residuals in Sharpe’s single-index model. The extent to which both kinds of risk increased during the pandemic period appears to have been related to the level of excess leverage: more heavily indebted companies increased their risk more significantly. However, the impact of the pandemic on systematic risk measured with beta coefficients is more ambiguous. A plausible explanation for this result is given.en
dc.description.abstractW artykule rozpatrywana jest problematyka zarządzania finansami spółek w kontekście pandemii COVID-19. W szczególności badany jest związek między strukturą ich kapitału a zmianami ryzyka w czasie pandemii. Celem opracowania jest określenie, jak zmieniało się ryzyko całkowite, systematyczne i specyficzne spółek w czasie pandemii COVID-19 w zależności od ich struktury kapitałowej na próbie spółek notowanych na giełdach w Polsce, na Węgrzech, w Rumunii i w Bułgarii. W badaniu wykorzystano panelowy model regresji danych. We wszystkich krajach analizowanych oddzielnie, a także we wspólnej grupie spółek pandemia COVID-19 miała pozytywny wpływ na ryzyko całkowite mierzone zmiennością stóp zwrotu, a także na ryzyko specyficzne mierzone odchyleniem standardowym reszt w modelu jednoindeksowym Sharpe’a. Stopień, w jakim oba rodzaje ryzyka wzrosły w wyniku pandemii, jest powiązany z poziomem nadmiernej dźwigni finansowej: bardziej zadłużone spółki w większym stopniu zwiększają swoje ryzyko. Bardziej niejednoznaczny jest wpływ pandemii na ryzyko systematyczne mierzone współczynnikami beta. W artykule podano wiarygodne wyjaśnienie tego wyniku.pl
dc.language.isoen
dc.publisherWydawnictwo Uniwersytetu Łódzkiegopl
dc.relation.ispartofseriesComparative Economic Research. Central and Eastern Europe;2en
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectcapital structureen
dc.subjectCOVID-19en
dc.subjectcompany risken
dc.subjectcapital marketen
dc.subjectstruktura kapitałupl
dc.subjectCOVID-19pl
dc.subjectryzyko spółkipl
dc.subjectrynek kapitałowypl
dc.titleCapital Structure and Changes in Companies’ Risk during the COVID-19 Pandemic in CEE Countriesen
dc.title.alternativeStruktura kapitału a zmiany ryzyka spółek w czasie pandemii COVID-19 w krajach Europy Środkowo-Wschodniejpl
dc.typeArticle
dc.page.number83-96
dc.contributor.authorAffiliationGajdka, Jerzy - University of Lodzen
dc.contributor.authorAffiliationPietraszewski, Piotr - University of Łódźen
dc.identifier.eissn2082-6737
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dc.contributor.authorEmailGajdka, Jerzy - jerzy.gajdka@uni.lodz.pl
dc.contributor.authorEmailPietraszewski, Piotr - piotr.pietraszewski@uni.lodz.pl
dc.identifier.doi10.18778/1508-2008.28.14
dc.relation.volume28


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