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1

The investment policy of Polish non-financial enterprises in the financial era

Rydzewska Alina

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2020

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z. 142

273--283

EN

Purpose: The purpose of this article is to examine whether non-financial enterprises operating in Poland show signs of investment policy financialization. Design/methodology/approach: This study uses the method of analysing indicators that identify the structure of financial assets and profitability from financial activities. For this purpose, the financial statements of non-financial enterprises published by the Statistics Poland for the years 2010-2018. Findings: The research shows that, in relation to Polish non-financial enterprises, one cannot talk about the financialization of investment activities. Admittedly, financial asset structure indicators showed an upward trend, but the reason was the acquisition of subsidiaries. The increase in the measures presented was not associated with an increase in profitability from financial activities. The indicators identifying the profitability of the financial sphere show that it generates negative income, which is covered by operating income. Research limitations/implications: Financialization is a developing phenomenon. The presented research covered the years 2010-2018, therefore research on the discussed issue should be continued. Originality/value: According to the traditional approach, the purpose of non-financial enterprises is to generate long-term profit (income) from operational and investment activities. As a result of phenomena associated with financialization, enterprises limit operating activities, especially long-term investment, to short-term financial activities. So they change the investment policy by shifting the capital allocation preference from tangible assets to riskier, but also more profitable financial assets. The originality of the article is associated with the analysis of investment policy in the field of financial investments in relation to enterprises operating in Poland.

2

The financing structure of Polish non-financial enterprises in the face of financialisation challenges

Rydzewska Alina

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2020

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z. 142

263--272

EN

Purpose: The aim of this article was to examine whether financialization phenomena affected the financing structure of non-financial enterprises operating in Poland. Changes in the financing structure in the era of financialization are manifested by the growing share of debt (foreign capital), the increase in the importance of securities while reducing the share of credit as sources of financing business activities and the growing involvement of (passive) derivatives. Design/methodology/approach: The analysis was conducted on the basis of indicators identifying the share of foreign capital in total liabilities, the structure of passive financial instruments and the structure of passive derivatives. Findings: Based on the empirical analysis, it was found that the phenomenon of the financing structure of financialization is not noticeable on the example of the surveyed business entities. The share of foreign capital in total liabilities of enterprises in 2010-2018 was around 0.5. In the financial assessment, it is the optimal financing structure. Research limitations/implications: Financialization is a developing phenomenon. The presented research covered the years 2010-2018, therefore research on the discussed issue should be continued. Originality/value: The originality of the article is associated with the analysis of the increase in the importance of debt in financing operations in relation to enterprises in Poland, including by industry.

3

Financialization as a factor constraining economic growth and standard of living improvement in Poland

Księżyk M., Michalski M. Ł.

AGH Managerial Economics

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2012

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nr 12

7--23

EN

Despite evidence of numerous negative effects of the process of financialization in open markets and under globalization, in Poland, there is a lack of interest in reliable, documented empirical research on the sources and causes of financialization and its impact on economic growth and living standards of all residents. Recognizing these problems as important for the realization of objectives that were at the foundation of European integration, sources of financialization and its implications for economic growth and living standards of residents of Poland, as an EU country, were characterized. The state of theory in this area was assessed and the results of empirical research that was conducted were presented.

PL

Mimo istnienia licznych negatywnych skutków procesu finansjalizacji w warunkach otwartego rynku i globalizacji, w Polsce zauważa się brak zainteresowania rzetelnymi, udokumentowanymi empirycznie badaniami dotyczącymi źródeł i przyczyn finansjalizacji oraz jej wpływu na wzrost gospodarczy i poziom życia ogółu mieszkańców. Uznając te problemy za istotne, w aspekcie realizacji celów, które legły u podstaw integracji europejskiej, autorzy uczynili treścią opracowania charakterystykę źródeł finansjalizacji oraz jej skutków dla wzrostu gospodarczego i poziomu życia mieszkańców Polski jako kraju UE. W opracowaniu dokonuje się oceny stanu teorii w powyższym zakresie oraz zamieszcza się wyniki przeprowadzonych badań empirycznych.