The Impact of Corporate Governance on the Capital Structure of Companies from the Energy Industry. The Case of Poland

The energy sector is expected to face fundamental challenges in the near future. On the one hand, it is experiencing a rapidly increasing demand for energy. At the same time, it is subject to the pressure of the climate policy due to environmental issues. For the same reason, the energy sector is fo...

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Autores principales:	Barbara Grabinska, Marcin Kedzior, Dorota Kedzior, Konrad Grabinski
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	energy sector corporate governance capital structure theories of capital structure CEO personal characteristics financial reporting Technology T
Acceso en línea:	https://doaj.org/article/24cc92a5aa2c40da99d06eaf8dfe8259
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spelling	oai:doaj.org-article:24cc92a5aa2c40da99d06eaf8dfe82592021-11-11T16:07:36ZThe Impact of Corporate Governance on the Capital Structure of Companies from the Energy Industry. The Case of Poland10.3390/en142174121996-1073https://doaj.org/article/24cc92a5aa2c40da99d06eaf8dfe82592021-11-01T00:00:00Zhttps://www.mdpi.com/1996-1073/14/21/7412https://doaj.org/toc/1996-1073The energy sector is expected to face fundamental challenges in the near future. On the one hand, it is experiencing a rapidly increasing demand for energy. At the same time, it is subject to the pressure of the climate policy due to environmental issues. For the same reason, the energy sector is forced to undertake costly investments to transform production from black to green energy. The issue of financing has become one of the key problems of the energy sector, especially in those countries in which energy production traditionally is based on fossil fuels, i.e., coal. The paper aims to investigate the impact of corporate governance on the capital structure of companies from the energy industry. We use three proxies of corporate governance quality: institutional investors, the board size, and state ownership and investigate their impact on capital structure. Our findings suggest that the latter two negatively impact debt levels. In our model, we control for financial factors and CEO personal characteristics. We use a Polish setting since transformational problems of the energy sector in Poland are especially visible. At the same time, energy companies in Poland are subject to the strict EU climate policy.Barbara GrabinskaMarcin KedziorDorota KedziorKonrad GrabinskiMDPI AGarticleenergy sectorcorporate governancecapital structuretheories of capital structureCEO personal characteristicsfinancial reportingTechnologyTENEnergies, Vol 14, Iss 7412, p 7412 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	energy sector corporate governance capital structure theories of capital structure CEO personal characteristics financial reporting Technology T
spellingShingle	energy sector corporate governance capital structure theories of capital structure CEO personal characteristics financial reporting Technology T Barbara Grabinska Marcin Kedzior Dorota Kedzior Konrad Grabinski The Impact of Corporate Governance on the Capital Structure of Companies from the Energy Industry. The Case of Poland
description	The energy sector is expected to face fundamental challenges in the near future. On the one hand, it is experiencing a rapidly increasing demand for energy. At the same time, it is subject to the pressure of the climate policy due to environmental issues. For the same reason, the energy sector is forced to undertake costly investments to transform production from black to green energy. The issue of financing has become one of the key problems of the energy sector, especially in those countries in which energy production traditionally is based on fossil fuels, i.e., coal. The paper aims to investigate the impact of corporate governance on the capital structure of companies from the energy industry. We use three proxies of corporate governance quality: institutional investors, the board size, and state ownership and investigate their impact on capital structure. Our findings suggest that the latter two negatively impact debt levels. In our model, we control for financial factors and CEO personal characteristics. We use a Polish setting since transformational problems of the energy sector in Poland are especially visible. At the same time, energy companies in Poland are subject to the strict EU climate policy.
format	article
author	Barbara Grabinska Marcin Kedzior Dorota Kedzior Konrad Grabinski
author_facet	Barbara Grabinska Marcin Kedzior Dorota Kedzior Konrad Grabinski
author_sort	Barbara Grabinska
title	The Impact of Corporate Governance on the Capital Structure of Companies from the Energy Industry. The Case of Poland
title_short	The Impact of Corporate Governance on the Capital Structure of Companies from the Energy Industry. The Case of Poland
title_full	The Impact of Corporate Governance on the Capital Structure of Companies from the Energy Industry. The Case of Poland
title_fullStr	The Impact of Corporate Governance on the Capital Structure of Companies from the Energy Industry. The Case of Poland
title_full_unstemmed	The Impact of Corporate Governance on the Capital Structure of Companies from the Energy Industry. The Case of Poland
title_sort	impact of corporate governance on the capital structure of companies from the energy industry. the case of poland
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/24cc92a5aa2c40da99d06eaf8dfe8259
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The Impact of Corporate Governance on the Capital Structure of Companies from the Energy Industry. The Case of Poland

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