The policy (strategy) of financing Polish joint stock companies, in the context of their internationalization

• Autorzy: Różański Jerzy

Identyfikatory

DOI

10.29119/1641-3466.2023.169.37

• Języki publikacji: EN

Abstrakty

EN

Purpose: In the scientific literature in Poland, but also in the world, there is a lack of publications defining the relationship occurring between the internationalization of the enterprise and its financing strategy, most fully reflected in the capital structure. The point, therefore, is to examine to what extent the various stages of internationalization of the enterprise (export, establishment of subsidiaries, acquisition of enterprises in countries hosting foreign investors) affect the capital structure. It was also necessary to examine whether the sector of the business has an impact on the presence, or non-occurrence, of these relationships. Design/methodology/approach: To investigate this, the ratios of internationalization of sales and the share of debt in total company financing were compared, and Lillefors and Fisher- Snedecor statistical tests were applied to 28 apparel companies listed on the Warsaw Stock Exchange. At the same time, a case study of the LPP group, the largest apparel company in Poland, was developed to determine why the apparel sector was found to lack such relationships. The results of the study were compared with the results of research previously conducted at home and abroad. Findings: It was shown that in the apparel sector, no statistically significant relationship was found between internationalization and changes in capital structure. It was found, using the example of LPP, that the foreign expansion of Polish companies in the apparel industry is increasingly associated with the use of online sales, which does not result in an increase in costs that could cause an increasing need for foreign capital. However, it also does not result in a reduction in the size of financing, as a study of Malaysian companies would suggest. Originality/value: The lack of research in this area indicates its originality. At the same time, the already conducted and further intended research will make it possible to estimate how the demand for capital will or will not change in enterprises depending on the sector of enterprise activity. After all, studies conducted in the construction sector have shown a far-reaching dependence, which, however, is not the content of the presented study.

Słowa kluczowe

EN

internationalization; finance strategy; capital structure

PL

umiędzynarodowienie; strategia finansowania; struktura kapitału

• Wydawca: Wydawnictwo Politechniki Śląskiej
• Czasopismo: Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska
• Rocznik: 2023
• Tom: z. 169
• Strony: 623--636
• Opis fizyczny: Bibliogr. 12 poz.

Twórcy

autor

Różański Jerzy

• Uniwersytet Łódzki, Wydział Zarządzania

• https://orcid.org/0000-0003-3222-209X

Bibliografia

• 1. Albaity, M., Ho Sel Chuan, A. (2013). Internationalization and Capital Structure: Evidence from Malaysian Manufacturing Firms. Asian Journal of Finance and Accounting, 2.
• 2. Bielawska, A., Brojakowska-Trzęska, M. (2014). Modifications of financing strategies of micro- and medium- sized enterprises in the process of internationalisation (based on selected results of empirical studies). Zeszyty Naukowe UE Katowice, Studia Ekonomiczne 198, pp. 13-26.
• 3. Capp, F., Cetrini. G., Oriani. R. (2019). The impact of corporate strategy on capital structure: evidence from Italian listed firms. The Quarterly Review of Economics and Finance, No. 7.
• 4. Chiung-Jung Chen, Chwo-Ming Joseph Yu. (2011). FDI, Export, and Capital Structure An Agency Theory Perspective. Manag. Int. Rev., 51, 295-320, pp. 296-320.
• 5. Daszkiewicz, N. (2016). Internationalization of enterprises operating in the high-tech industry. Warsaw: PWN, pp. 110-119.
• 6. Dorożyński, T. (2018). Supporting foreign direct investment in Poland through the system of incentives for investors. Łódź: Wydawnictwo UŁ.
• 7. Hsien-Chang Kuo, Lie-Huey Wang (2005). The Effect of the Degree of Internationalization on Capital Structure for Listed Multinational Corporations in Taiwan during the Asian Financial Crisis. Review of Pacific Basin Financial Markets and Policies, Vol. 8, No. 3, 447-466.
• 8. Kwang Chul Lee, Chuck C.Y. Kwok (1988). Multinational Corporations vs. Domestic Corporations: International Environmental Factors and Determinants of Capital Structure. Journal of International Business Studies, Vol. 19, No. 2 (Summer, 1988), pp. 195-217.
• 9. Limański, A., Drabik, J. (2016). Typology of enterprise internationalisation strategies. Zeszyty Naukowe Politechniki Śląskiej, no. 93, pp. 324-331.
• 10. Oczkowska, R. (2013). International expansion of enterprises under conditions of globalization. Warsaw: Difin, pp. 221-228.
• 11. Ozkan, A. (2001). Determinants of Capital Structure and Adjustment to Long Run Target: Evidence from UK Company Panel Data. Journal of Business Finance & Accounting, 28(1-2), 0306-686X.
• 12. Sobiecki, R., Pietrewicz, J., W. (eds.) (2014). Requirements of global competitiveness of enterprises. Warsaw: Warsaw OW SGH, p. 28-30. The international position of Polish manufacturers in the face of the pandemic crisis: the clothing industry report PKO BP. Retrieved from: https://www.pkobp.pl/media_files/32ee809b-46d5-4cdc-92b5-b9f133b3c600.pdf, 8.09.2022.

Uwagi

Opracowanie rekordu ze środków MNiSW, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2024).