Determinants of Corporate Performance: Modelling Approach

Ewa Majerowska, Magdalena Gostkowska-Drzewicka



This study is to investigate the influence of the selected factors of the capital structure on the corporate performance. An empirical analysis covers a sample of 90 non-financial companies traded on the Warsaw Stock Exchange, in the period of 2000-2015. The panel data models for two corporate performance measures such ROA and ROE were estimated. The company’s capital structure negatively affects its performance. It is in line with pecking order theory and previous studies on capital structure of Polish companies.


capital structure; efficiency; panel data modelling; ROA; ROE

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ISSN (print) 1234-3862
ISSN (online) 2450-7067

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