Enterprises In Poland Research Articles

Influence of financialization on the business activity of non-financial enterprises in Poland

Motivation: Financialization is connected with the phenomenon of dominance of the financial sphere in relation to the real sphere. Financialization, when applied to non-financial entities, means the increase of importance of financial motives in the decision-making processes of enterprises. Changes result from transformations of the system of economic incentives and development patterns, both in the economy and among economic entities, which are focused on fast earning. Enterprises for that purpose, they use leverage and financial instruments to generate profit, limiting the operational and investment activity.Aim: The aim of this paper is to examine if the processes of financialization have affected the activities of non-financial enterprises operating in Poland based on a multifaceted analysis of the financialization of enterprises: from the point of view of investment activities (assets), sources of external financing (liabilities), income and management. Moreover, an attempt was made to answer the question if these processes apply equally to particular industries and enterprises according to their size.Results: The conducted research showed that non-financial enterprises operating in Poland do not show signs of financialization of their activities. There is a noticeable upward trend in active and passive financial instruments of the balance sheet total. However, it does not translate into an increase in financial income. Research related to factors affecting ROE as a measure of shareholder value assessment, showed that it is determined by operating performance. In addition, the research showed that there were no statistically significant differences in the financialization of operations between large companies and the SME sector. With regard to sectors, the research indicated that there were sectors that differed from the others. In terms of the degree of financialization of assets, liabilities and income, it is sector L — “Real estate activities”.

SPATIAL DISTRIBUTION AND REGIONAL CONCENTRATION OF FOOD INDUSTRY ENTERPRISES IN POLAND

The aim of the article is to assess the spatial distribution of food industry enterprises in Poland and the level of their regional concentration, as well as the changes that have occurred in this area in recent years. Due to the changing external conditions, the specificity and dependencies occurring within individual industries, as well as changes taking place in the supply of raw materials and the progressive development of agglomerations, the location of the food industry in Poland is spatially diverse. In some voivodeships the food industry is a key sector of the economy, while in others its importance remains small. The analysis used mainly the location quotient (LQ), which takes into account two variables, i.e. the value of sold production and employment. This indicator made it possible to determine the specialization of a given region in terms of the adopted variables, indicating the degree of concentration of enterprises of various industries in the area of individual voivodeships. The studies covered the years 2015 and 2021. Statistical data came from the Central Statistical Office. The analysis of the spatial diversity of the location of food industry enterprises in Poland shows that the Mazowieckie Voivodeship and the Wielkopolskie Voivodeship are of key importance in this respect. In-depth research using the LQ indicator shows that this industry branch is also highly concentrated in the Podlaskie, Lubelskie and Łódzkie voivodeships, and the region›s specialization can also be concluded in the Warmińsko-Mazurskie and Kujawsko-Pomorskie voivodeships.

ENHANCING THE COMPETITIVENESS OF ENTERPRISES IN THE FACE OF CONTEMPORARY CHALLENGES AND TRENDS WITH THE USE OF BLOCKCHAIN TECHNOLOGY

The article focuses on blockchain technology as a tool for supporting enterprises’ competitive potential. The subject of the theoretical considerations was the issues related to the competitiveness of enterprises in the face of market changes and contemporary trends, primarily events associated with the outbreak of the COVID-19 pandemic and the war in Ukraine. The main part of the publication was devoted to the determinants of the activity of enterprises on the Polish market concerning the implementation of blockchain technology. The empirical part indicated, among others, the essence and areas of application of blockchain technology in large enterprises and the possibilities of its practical use in the conducted business. The research undertaken aimed to analyse the possibility of treating blockchain technology as a factor in strengthening the competitiveness of enterprises. At the same time, it was found that large enterprises in Poland do not perceive the capabilities of blockchain-based technology, which may result from insufficient knowledge of its operation and functionality. Low awareness of the complexity and versatility of blockchain technology applications in the corporate sector may constitute a barrier to further disseminating this technology.

Impact of the Covid-19 Pandemic on the Innovativeness of SME Enterprises in Poland: A Regional Perspective

Impact of the Covid-19 Pandemic on the Innovativeness of SME Enterprises in Poland: A Regional Perspective

Determinants of Management Efficiency Using IT Systems in the Context of Regionally Dispersed Construction Enterprises in Poland

Determinants of Management Efficiency Using IT Systems in the Context of Regionally Dispersed Construction Enterprises in Poland

Risk identification in managing small and medium-sized enterprises in Poland

Motivation: When running a business in the form of an enterprise, we agree to take the associated risk. The ubiquitous uncertainty about the future of enterprises, especially from the SME sector, makes risk management more and more important, which includes several successive stages. One of the most important is risk identification. Its purpose is relatively early detection of possible threats that, if they occur, will affect the company and its goals. Knowledge of the factors that may disrupt the functioning of an entity, especially a small and medium one, is the foundation in the approach to the issue of risk accompanying business activity. Properly conducted risk identification should cover all levels of the company’s operation and its relations with the environment.Aim: The article will isolate events, the occurrence of which small and medium-sized entrepreneurs fear the most. The aim of this article is to develop a register of risk sources for SMEs, and to identify the risks that pose the greatest threat to the operation of SMEs. Moreover, the level of individual sources of risk will be assessed allowing to identify the key disruptors for the operation of SME’s. The relationship between the level of risk and the size of the entity will also be examined.Results: Identification of factors threatening the functioning of enterprises increases the effectiveness of risk management that accompanies the conducted activity. Empirical research allowed to recognize the most important categories and the main sources of risk associated with SME activities. The dependency between risk categories and the size of the business was confirmed, with the strength of this relationship being moderate at best.

Awareness Level of Information Security Managers in Small Enterprises in Poland

The security of information assets largely depends on the real level of knowledge of those managing the information system. Particularly important is the knowledge acquired on an ongoing basis through reading and analysing: new reports published by specialised intelligence services worldwide, thematic portals, industry and scientific publications. Today's rapid pace of development of information, communication systems means that knowledge of digital information security acquired a year or more ago becomes partly outdated. Although there are specific, unchangeable canons of behaviour, proceedings in the processes of information protection - they are only a foundation for building an effective system of protecting intangible resources. Special attention should be paid to the fact that information protection is not an individual activity - it is a process running parallel to all processes operating in enterprises. The global pandemic situation has had an irreversible impact on the perception of information asset security. The situation in which most business entities were forced to work remotely necessitated a new approach to information security among its managers. The relatively stable environment of business entities until the pandemic suddenly forced the use of new techniques and technologies enabling work from private, home networks. Have such conditions changed the attitudes of security managers to the need for continuous education, to expand their knowledge in this area? Did those responsible for the security of intangible assets gain more experience with information security during the pandemic? The aim of this article is to present research on the knowledge and awareness of information security managers conducted before the pandemic in 2018 and 2019 among small businesses in Poland on the real perceptions of those responsible for information security and to compare them with the same research conducted in 2022 after the pandemic.

Risk Management of Construction Enterprises – theoretical approach

The present article is devoted to the process of risk management for construction enterprises in Poland. The key problem for entrepreneurs is to determine the existence of risk, its scale and influence on the organisation of an enterprise, as well as a possible reaction to it. Polish construction industry is closely connected with the overall economic situation.

Model of Value Transfer in Crowdfunding and Sustainable Development of Small and Medium-Sized Enterprises in Poland—Based on Survey Research

This paper presents the results of a survey of small and medium-sized enterprises (SMEs) in Poland that have benefited from crowdfunding (CF). Based on these results, a new business model was developed. On this basis, the CF equity, reward and donation models were analyzed, and the impact of CF on the way of creating value in the company in the context of sustainable development was determined. The survey results show that the use of CF promotes the sustainable development of SMEs in Poland and significantly impacts their business model. In practical terms, this research has contributed to a better understanding of value creation by these companies. The results of our analysis are useful for consulting companies and CF platforms that help SMEs organize campaigns. In theoretical terms, the study conducted and the methodology used allow the presentation of a new definition of CF and a sustainable business model for a company using CF as well as contribute to the value management theory in SMEs.

Efficiency and financial standing of coal mining enterprises in Poland in terms of restructuring course and effects

Efficiency and financial standing of coal mining enterprises in Poland in terms of restructuring course and effects

Innovative Activities of Public Sector Enterprises in the Context of Poland’s Economic Growth in 2012–2021

Objectives: The principal aim of the paper is to analyse and assess the impact of the innovative activities of public sector enterprises on the change in GDP per capita in Poland. The object of the research turned out to be public sector enterprises, but the analysis was extended to include NUTS2 units. Therefore, 16 Polish Provinces were examined in this respect. The research period covered the years 2012–2021. Research Design & Methodology: In the theoretical part, a critical analysis of the literature on the subject was used, while in the empirical part, statistical analysis was provided. The empirical analysis included the characterisation of the selected features, an analysis of basic descriptive statistics, and an analysis of the obtained results. The collected data was prepared using descriptive statistics – mean values, median, minimum and maximum values, first and third quartiles, and distance from the average value, as well as changes in relation to the base year. Several predictors were identified and determined in an arbitrary manner, allowing research to be conducted and conclusions to be drawn. Pearson correlation analysis was also used, the results of which made it possible to determine the strength of the relationship between the examined measures in the field of innovative activitiesof public sector enterprises and Poland’s economic growth. Findings: The main conclusions at the national level include, firstly, that in the analysed period in the Polish economy, on average 26% of public sector enterprises were innovative industrial entities.Secondly, the most frequently introduced type of innovation in the surveyed sector were new or improved processes; the average percentage of enterprises generating this type of activity was 24%. Thirdly, on average, 19.4% of public sector enterprises incurred expenditure on innovation activities, but in 2021, this percentage increased by slightly over 3 percentage points.However, at the regional level, the following regularities can be formulated. Firstly, both in terms of the highest average percentage of innovative industrial enterprises and the highest average expenditure on innovative activities, the Silesian Province was the leader, followed closely by the Masovian Province. A completely different situation concerned the regions for which the percentages of these predictors turned out to be the lowest, i.e. the Lubusz Province and the Warmian-Masurian Province. Secondly, the average share of net revenues from the sale of innovative products in total net revenues from sales in three Provinces, i.e. Pomeranian, Sub-Carpathian, and Łódź, turned out to be higher than the average share for Poland. Implications/Recommendations: The practical implication of the study may be the identification of several predictors of innovative activity of the public sector that influences Poland’s economic growth (measured by the growth dynamics of GDP per capita); the obtained results provide some scope for applying a targeted policy aimed at developing the innovativeness of public sector enterprises in Poland on the one hand, and at improving the attractiveness and competitiveness of the economy on the international arena on the other. Contribution/Value Added: The practical implication of the study may be the identification of several predictors of innovative activity of the public sector that influences Poland’s economic growth (measured by the growth dynamics of GDP per capita); the obtained results provide some scope for applying a targeted policy aimed at developing the innovativeness of public sector enterprises in Poland on the one hand, and at improving the attractiveness and competitiveness of the economy on the international arena on the other.

The role of state aid for the food industry – Based on the example of dairies in Poland

AbstractThere is lack of research on the evaluation of state aid provided to food industry enterprises in Poland, within the framework of general principles of the European Union competition policy, taking into account structure of the industry. The aim of the study is to assess the scale of general public aid for dairies, taking into account the type of enterprises, their size and location. The statistical analysis is based on SUDOP data. The amount of aid granted in 2015–2021 increased as well as the number of beneficiaries of the aid. The highest value share involved subsidies for R&D projects. The share of large dairies in funds is similar to their market share. We witness a significant concentration of aid regionally and among the beneficiaries. Dairy cooperatives accounted for a greater share of the employment of disabled persons and prisoners than other entities, which may be due to their bimodal nature.

Profitability Determinants of Transport Service and Warehouse Enterprises

The main purpose of the research is to identify differences in the factors determining changes in the return on capital (ROE) of transport and warehouse enterprises in individual voivodeships in Poland. The research used the ROE decomposition method which was justified by mathematical aspects. It paid attention on the decomposition of relative differences shaping the changes in this specific indicator. The substantive basis is the modified 5-factor Du Pont model. This method allowed for analysing relative changes in three decision areas. These areas encompass operational, financial, and tax management. The findings confirmed that the differences in individual voivodeships compared to the entire section H in Poland result mainly from financial management. However, the examined differentiation was not dependent on tax management. The presented research results can represent the basis for the strategy of corporate management in section H in positioning against competitive enterprises in Poland. The research also allows for a macroeconomic analysis of the phenomena occurring in the transport as well as warehousing sector, especially in terms of changes in their profitability.

EDUCATION VS. ENTREPRENEURSHIP – BETWEEN THEORY AND PRACTICE: THE CASE OF SMES IN POLAND

The complexity of issues related to entrepreneurial activity is reflected in the discourse in the world of economic sciences that has been continuing for over 200 years. Nowadays, the development of organizational management environment is more and more extensive and, as well as in other highly developed countries, the sector of small and medium-sized enterprises in Poland plays a fundamental role in the economy. Yet, there are rising concerns towards the entrepreneurial education direction in world of science. The growing concern in the context of entrepreneurship education has caused a discourse on whether this scholar activity can affect the entrepreneurial effectiveness in practice. We conclude that the contemporary academic management papers are, in a vast majority, focused on theoretical aspects of entrepreneurship, students, granted programs and trainings, while the opinions of real entrepreneurs toward abovementioned valuable efforts are omitted. Therefore, we decided to explore practical entrepreneurial environment to address this gap. The research participants included 189 entrepreneurs (SMEs based) that had been operating continuously for minimum 20 years. We established three objectives of this paper: to analyze the relation between the individual level of education, its characteristics and entrepreneurial success; to evaluate the state educational support in real world entrepreneurial operations effectiveness; to identify educational opportunities and threats and estimate the future research trajectories in this area. Finally, the first attempt, in the world of science, was undertaken to verify whether there is a positive correlation between entrepreneurship teaching and its real effect on entrepreneurship in practice. We empirically prove that the (higher) education can be an obstacle on the path of entrepreneurial success. Additionally, conclusions establish a new perspective on the existing state of knowledge through constructing a bridge which will enable connecting academic efforts and expectations on the part of firm owners.

Determinants of agricultural companies’ financial performance: The experience of Poland, Slovakia and Ukraine

The purpose of the study is to conduct a comparative analysis of the determinants affecting the financial performance of agricultural enterprises in Poland, Slovakia and Ukraine. As the main research method, panel data regression analysis was used to analyze data from 34 Polish, 123 Slovak, and 305 Ukrainian agricultural companies for the period 2017–2020. To analyze the links between financial performance measures and its determinants, nine models were developed based on three selected dependent variables (Return on Assets, Return on Equity, Return on Sales) in each of the countries studied. Seven independent variables were used, such as Leverage, Long-Term Debt to Assets, Short-Term Debt to Assets, Debt to Equity, Current Ratio, Asset Tangibility, Capital Intensity, and two control variables such as Size and Dummy variable for legal form. The most significant impact on the financial performance of agricultural enterprises has: for Polish enterprises – Return on Assets – Leverage and Asset Tangibility, Return on Equity – Debt to Equity and Dummy variable for legal form, Return on Sales – Current Ratio, Capital Intensity, and Size; for Slovak enterprises – Return on Assets – Current Ratio, Return on Equity – Debt to Equity, Return on Sales – Current Ratio, and Capital Intensity; for Ukrainian enterprises – Return on Assets – Leverage and Size, Return on Equity – Debt to Equity, and Current Ratio, Return on Sales – Capital Intensity.

Financial and Economic Stability of Energy Sector Enterprises as a Condition for Poland’s Energy Security—Legal and Economic Aspects

The energy security of each country is one of the main factors of its proper functioning. Currently, in the era of problems related to energy security resulting from, among other things, the war in Ukraine, this topic is particularly important. This article presents issues related to Poland’s energy security, understood as the financial and economic stability of enterprises operating in the energy industry. This stability is considered in two aspects: macroeconomic, where the focus is mainly on the aspect of state intervention in market processes; and microeconomic, where factors determining the financial security of energy enterprises were identified, including internal and external factors affecting the functioning of these entities. In order to achieve the assumed research goals, the analysis of the indicated problems was based on non-reactive research, consisting in the assessment of the available information. It included studies of normative acts, official statistical data, industry reports and analyses, as well as data obtained in the form of a public information request. Two basic research methods were used in the work—dogmatic–legal and comparative analyses. The identification of factors affecting the security of companies in the sector was carried out on the basis of data on the entire energy sector in Poland for the years 2015–2021 on a semi-annual basis. Vector-autoregressive models were used for the analysis. As a result of the analyses, it was established that market failures and public safety are the premises justifying the public financing of enterprises in the electricity generation, transmission, distribution and trade sectors. At the same time, the conducted research showed that the level of financial security of energy enterprises in Poland was affected by the ratio of the value of goods and materials sold to net sales revenue, as well as the level of EBIT (earnings before deducting interest and taxes) margin, and among external factors, the level of GDP (gross domestic product), CPI (consumer price index) and Crude Oil were important.

Distribution of state aid for medium-sized enterprises in Poland during COVID-19 crisis

Purpose – The aim of this study has been to provide a rationale for state aid granted to medium-sized enterprises in Poland. The fundamental point raised in the study became the answer to the question of whether the companies that received aid actually needed it. Research method – In their research, the authors used a comparative analysis of the financial situation of companies that obtained COVID state aid with that of companies not covered by COVID state aid. Results – The research shows that the aid was provided not only to the companies that needed it. At the same time, more than 30 per cent of medium-sized enterprises that experienced a drop in sales did not receive such assistance. This demonstrates the imperfect distribution of COVID state aid. Originality / value / implications / recommendations – The value of the research lies in the combined use of COVID state-aid data and information on the financial condition of medium-sized enterprises. The study covers more than 75% of the number of medium-sized enterprises in Poland.

The sustainable development of enterprises in Poland during the war in Ukraine geopolitical and socio-economic crises – PESTEL and SWOT analysis

Purpose – The paper’s main aim is to discuss opportunities and threats to the sustainable development of enterprises in Poland in the era of geopolitical and socio-economic crises connected with the war in Ukraine. Research method – The main research hypothesis is as follows: “Sustainable development is a chance for enterprises that want to meet market challenges and build their competitive position during geopolitical crises”. Implementing the research goal required a retrospective and critical review of selected Polish and English-language literature and the PESTEL analysis. The publication’s review was based on the Scopus, Web of Science and BazEkon databases. Results – The results of the analysis indicate that sustainable development eliminates negative phenomena in crises, prevents the degradation of the natural environment, supports social inclusion and integrates the organisation and management of economic entities. Originality / value / implications / recommendations – The added value of the paper is the use of the PESTEL and SWOT tools to assess the prospects for sustainable development of enterprises. The research results are original, up-to-date and important for the theory and business practice. Therefore, business managers should implement tasks for sustainable development, and state authorities should create conditions to support green initiatives.

Attitudes of managers of the high-tech enterprises in Poland

Attitudes of managers of the high-tech enterprises in Poland

Study on the influence of foreign direct investment on innovations in enterprises in Poland using the ECM model

In many theories of economics and empirical research, foreign direct investment (FDI) is perceived as a potential technology transfer channel bringing tangible benefits to FDI exporting countries and host countries. In light of some theories, such as Vernon’s product life cycle theory or Dunning’s pull factor theory, and the results of empirical research, the impact of inward FDI flows inhibits the development of innovation or has a neutral effect on innovation in the host country. In the era of the growing internationalisation of enterprises, and the search for opportunities for enterprises to compete on the domestic and foreign markets, innovation is becoming one of the most important elements of building a competitive advantage. Innovation and new technologies are also of fundamental importance for Polish enterprises that want to compete effectively. The question is, to what extent FDI in Poland favours this process, and to what extent limits it? In the empirical studies conducted so far for the Polish economy in the field of the relationship between the inflow of FDI and innovation, there are not many models that would allow to describe the cause-effect relationship between the discussed categories. The authors of this article attempt to fill this research gap. The main goal was to examine the directions and intensity of the impact of foreign direct investment on the level of innovation of enterprises in the main sectors of the economy in Poland. The study used, among others, panel data models with error correction mechanism (ECM) and the Granger causality test. The results confirmed the positive impact of foreign direct investment on the innovativeness of enterprises both in the industrial sector and in the service sector. Moreover, the impact of FDI on the innovativeness of enterprises in the industrial sector turned out to be stronger than the impact on the innovativeness of companies from the service sector.