dc.contributor.author | Gajdka, Jerzy | |
dc.contributor.author | Pietraszewski, Piotr | |
dc.date.accessioned | 2025-07-08T07:51:50Z | |
dc.date.available | 2025-07-08T07:51:50Z | |
dc.date.issued | 2025-06-26 | |
dc.identifier.issn | 1508-2008 | |
dc.identifier.uri | http://hdl.handle.net/11089/55855 | |
dc.description.abstract | The 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.abstract | W 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.iso | en | |
dc.publisher | Wydawnictwo Uniwersytetu Łódzkiego | pl |
dc.relation.ispartofseries | Comparative Economic Research. Central and Eastern Europe;2 | en |
dc.rights.uri | https://creativecommons.org/licenses/by-nc-nd/4.0/ | |
dc.subject | capital structure | en |
dc.subject | COVID-19 | en |
dc.subject | company risk | en |
dc.subject | capital market | en |
dc.subject | struktura kapitału | pl |
dc.subject | COVID-19 | pl |
dc.subject | ryzyko spółki | pl |
dc.subject | rynek kapitałowy | pl |
dc.title | Capital Structure and Changes in Companies’ Risk during the COVID-19 Pandemic in CEE Countries | en |
dc.title.alternative | Struktura kapitału a zmiany ryzyka spółek w czasie pandemii COVID-19 w krajach Europy Środkowo-Wschodniej | pl |
dc.type | Article | |
dc.page.number | 83-96 | |
dc.contributor.authorAffiliation | Gajdka, Jerzy - University of Lodz | en |
dc.contributor.authorAffiliation | Pietraszewski, Piotr - University of Łódź | en |
dc.identifier.eissn | 2082-6737 | |
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dc.contributor.authorEmail | Gajdka, Jerzy - jerzy.gajdka@uni.lodz.pl | |
dc.contributor.authorEmail | Pietraszewski, Piotr - piotr.pietraszewski@uni.lodz.pl | |
dc.identifier.doi | 10.18778/1508-2008.28.14 | |
dc.relation.volume | 28 | |