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Financial strategy and the process of the internationalization of enterprises
Justyna Bogołębska, Jerzy Różański
Abstract: The article presents preliminary research on the financial strategy of enterprises in the process of internationalization. Using the survey as a research method, 25 enterprises that export their products outside Poland were examined. The main hypothesis is that the economic crisis caused by the pandemic will not lead to a change in the significance of factors influencing the enterprises’ financial strategy, and in particular to the change in the relationship between internationalization and an enterprise’s financial strategy
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<a href="https://dx.doi.org/10.15611/fins.2020.4.04">DOI: 10.15611/fins.2020.4.04</a>
<p>JEL Classification: 2003</p>
<p>Keywords: internationalization, enterprise, financial strategy.</p>
<h2>1. Introduction </h2>
<p>The processes currently occurring in the world economy are complex. On the one hand, one is dealing with the
progressive liberalization of the economy, on the other, with autarkic tendencies caused by a number of reasons, some
of which could have been predicted (securing workplaces in a given country, fears of excessive dependence on the
supply of raw materials and finished products from specific countries, e.g. goods from China or energy resources from
the Russian Federation), others, such as the COVID-19 pandemic, were difficult to anticipate. However, can it be
concluded that the era of globalization of the world economy is over? The most likely is the scenario in which this
will depend on the sector of the economy. Strategic sectors will be embraced with more detailed protection than
before, while the needs related to innovation, new technologies, creation of new products and services will force many
enterprises to enter global strategic alliances, build cross-boundary networks and internationalize their activity.
Searching for new sales markets, creating particularly favourable conditions for starting and continuing economic
activity on the part of the host countries, and needs related to extending the product life cycle, will encourage
capital expansion beyond the borders of the home country. The most pronounced research gap seems to be related to
examining the relationship between changes caused by the internationalization process of an enterprise and changes in
its financial strategy. </p>
<p>The authors decided to investigate this problem taking into account the possibility of the substantial differences in
the financial strategy adopted by Polish enterprises in the period before the outbreak of the virus epidemic and
afterwards, i.e. during the economic crisis caused by the pandemic. It will attempt to examine the threats, but also
the opportunities faced by Polish enterprises, and answer the following questions: “Will their role in the
internationalization processes change?”, and “Will they be forced to change their financial strategy?”. The authors
understand financial strategy as:</p>
<ul>
<li>shaping the volume of capital needs,</li>
<li>the strategy in obtaining financing sources, and thus creating the capital structure of enterprises,</li>
<li>the principle of creating funds and allocating available financial resources.</li>
</ul>
<p>There is a lack of both theoretical studies and empirical research on this subject. Undertaking research in this area
is associated with the need to set basic priorities. Therefore the main goal, main hypothesis and auxiliary hypotheses
were formulated, which will facilitate profiling the whole research. The main hypothesis is: The economic crisis
caused by the pandemic will not lead to the altering the significance of the factors influencing the enterprises’
financial strategy, and change in the relationship between internationalization and an enterprise’s financial
strategy.</p>
<h2>2.	Analysis of the literature on the subject in the field of internationalization and financial strategy</h2>
<p>Up till now interest in the issue of changes in financial strategy in connection with the internationalization
processes of an enterprise has been minimal and the research directions regarding enterprises’ internationalization
processes have focused on:</p>
<ul>
<li>defining the stages of enterprises’ internationalization, i.e. the Uppsala model (Johanson & Vahln, 1977,
2009) – assuming the gradual entry of enterprises into the internationalization process with subsequent concepts
(Dunning & Lundan, 2008). It is worth emphasizing that other concepts presented the possibilities of this
process going backwards, i.e. de-internationalization (Welch & Luoristarinen, 1998), as well as the possibility
of reinternationalization (Vissak & Francioni, 2013); </li>
<li>the possibility of rapid internationalization – the concept of born global – (Baronchelli & Cassia, 2010;
Jantunen, Nummela, Puumalainen, & Caarenketo, 2008; Knight & Cavusgil, 2004); </li>
<li>creating models of international business networks (Johanson & Vahlne, 2009); </li>
<li>examining the relationship between these processes and the overall strategy of an enterprise (Frynas &
Mellahi, 2011).</li>
</ul>
<p>The presented literature review concerns the process of internationalization as a whole and includes examples of
literature on the inflow of foreign investments to Poland. Some very valuable research attempts were also carried out
in Poland. The basic research trends in our country include: </p>
<ul>
<li>relations between a foreign investor and a host country, taking into account the motives for internationalization
and incentives applied by the host country towards a foreign investor, including the theory of special economic
zones (Dorożyński, 2018; Gorynia, 2007; Karaszewski, 2013; Rymarczyk, 2004); </li>
<li>research on foreign investments in underdeveloped areas (Bojar, 2001); </li>
<li>foreign investments efficiency calculus (Jaworek 2013; Różański, 2010); </li>
<li>analysis of capital and non-capital forms of foreign expansion (Poniatowska-<br />-Jaksch & Pakulska, 2009);
</li>
<li>dependencies between the progress of internationalization and the financial results of enterprises (Barłożewski,
2017). </li>
</ul>
<p>There is also the theme of financial strategies related to international expansion. The research in this area focused
on: </p>
<ul>
<li>the debt ratio of international companies according to the agency theory (Chiung--Jung & Chwo-Ming, 2011);
</li>
<li>the impact of foreign investments and the degree of export advancement on the capital structure (Chiung-Jung &
Chwo-Ming, 2011); </li>
<li>determining the degree of internationalization of an enterprise in the context of agency costs and capital
structure (Hitt, Hoskisson, & Kim, 1997); </li>
<li>studying the degree of debt of international enterprises compared to domestic enterprises (Burgman, 1996; Chen,
Cheng, He, & Kim, 1997, Doukas & Pantzalis, 2003; Singh & Nejdmayeri, 2004); </li>
<li>examining the capital structure in international enterprises (Fatemi, 1988; Hughes, De Louge, & Seeney 1975;
Lee & Kwok, 1988; Michel & Shaked, 1986; Shapiro, 1978); </li>
<li>studying the increase in the value of financial leverage among enterprises that internationalize their activity
(Chen et al., 1997; Chkir & Cosset, 2001); it is worth noting that these studies cover only some aspects of the
financial strategy of enterprises, without defining its overall relationship with the internationalization process.
</li>
</ul>
<p>Therefore the adopted research hypotheses and the main research goal link the internationalization process of an
enterprise with the individual manifestations of changes in its financial strategy (changes in the capital structure,
in the volume of financing, and in the creation and spending of company funds). As already mentioned, the research
would thus be completely innovative, due to the general lack of this type of research in Polish and world literature.
The importance of these issues for the development of social sciences, and especially the discipline of economics and
finance, cannot be underestimated. The point being that the research in question can contribute to the determination
of certain regularities related to the shaping of the financial strategy of an enterprise, and serve to expand
knowledge connected with the processes occurring during internationalization, which facilitates the development of
economics, but also determines changes in the financial strategy occurring under the influence of these processes, and
therefore it involves references to the finances of an enterprise. The value of the research includes determining the
strength of the impact of individual factors on the financial strategy in stable conditions and in conditions of
economic turmoil. In the existent literature on the subject, only one attempt has been made to evaluate the financial
strategy based on empirical research (Svatosova, 2017). The sample in that study concerned small and medium
enterprises from the agrotourism sector, and included 21 observations in the period 2010-2014.</p>
<h2>3.	Research methods and the course of the research process</h2>
<p>The survey was conducted in 2020. The scope of the study and the deliberate selection of a sample at the level of 25
enterprises is typical of preliminary studies. The subject of the study was the export activity of enterprises and the
related financial strategy, for which 25 interviews were conducted. The selection of the sample was deliberate. The
research was conducted by an external company on behalf of the authors. The research contractor was selected on the
basis of the submitted response to the inquiry. The study began in February 2020 and ended in June 2020. The research
tool was a survey, which consisted of eight open-ended questions and four questions related to the characteristics of
a given enterprise (year of establishment company, number of employees, declaration regarding conducting export
activity, legal form). It was assumed that the research sample would include only enterprises that conduct export
activities. Additionally, it was also assumed that the group should be diversified in terms of the number of people
employed and the length of the business operation. The study was carried out using the CATI method. </p>
<h2>4.	Empirical study of the internationalization process and changes in the financial strategy</h2>
<p>In the conducted basic research, the respondents indicated regions where they conduct their export activities. The
respondents indicated all regions in which export activities are currently conducted, it was possible to select more
than one answer.</p>
<p><span class="char-style-override-2">Table 1. </span>Countries/continents in which enterprises conduct export
activities</p>
<table id="table-1" class="table table-bordered">
<colgroup>
<col />
<col />
<col />
<col />
<col />
<col />
<col />
</colgroup>
<tbody>
<tr>
<td>
<p>Country/continent</p>
</td>
<td>
<p>Poland</p>
</td>
<td>
<p>Europe</p>
</td>
<td>
<p>America</p>
</td>
<td>
<p>Asia</p>
</td>
<td>
<p>Africa</p>
</td>
<td>
<p>Australia</p>
</td>
</tr>
<tr>
<td>
<p>Response number</p>
</td>
<td>
<p>25</p>
</td>
<td>
<p>24</p>
</td>
<td>
<p>9</p>
</td>
<td>
<p>15</p>
</td>
<td>
<p>6</p>
</td>
<td>
<p>3</p>
</td>
</tr>
</tbody>
</table>
<p></p>
<p>Source: own research.</p>
<p>Europe is the most important export area. The respondents did not indicate exactly in which countries they export. In
other variants of the answers regarding the reasons why the company decides to export its products, the respondents
indicated: obtaining better prices, starting a new investment, developing the company, gaining new markets, increasing
revenues, improving the image and competitiveness, access to new technologies, global markets, there was also a demand
for the company’s products, acquiring new customers, and increasing sales.</p>
<p><span class="char-style-override-2">Table 2. </span>The most important reasons for undertaking export activity</p>
<table id="table-2" class="table table-bordered">
<colgroup>
<col />
<col />
<col />
<col />
</colgroup>
<tbody>
<tr>
<td>
<p>Higher prices achieved abroad</p>
</td>
<td>
<p>Strong competition in the domestic market</p>
</td>
<td>
<p>Access to raw materials and labour outside the domestic market</p>
</td>
<td>
<p>Other</p>
</td>
</tr>
<tr>
<td>
<p>14</p>
</td>
<td>
<p>8</p>
</td>
<td>
<p>12</p>
</td>
<td>
<p>13</p>
</td>
</tr>
</tbody>
</table>
<p></p>
<p>Source: own research.</p>
<p>In Table 3 the respondents indicated their motives for undertaking activities related to internationalization. It was
possible to give more than one answer in the given answers. Therefore, it should be considered that the most important
factor influencing the willingness to take actions related to internationalization is the possibility of obtaining a
higher price of the sold product compared to the domestic market. Another question in the survey concerned the planned
further development of the company. A follow-up question was also included regarding the internationalization phase of
the company at the time.</p>
<p>A group of 14 respondents (the survey was conducted among 25 companies) made changes in the structure of production
(services provided), seven respondents planned these changes in the future, while four respondents declared no such
changes, but took into account in the answer that such changes were not needed due to the internationalization of the
enterprise, because from the very beginning of the company’s operations the internationalization process was included
in its strategic goals and activities. During the survey, ten respondents confirmed changes in the financial
structure. The changes in the structure of financing sources mainly consisted in: acquiring new shareholders,
introducing additional capital by the partner that had been invested, there was a relocation of funds within the
company, there was an increase in own funds, an investment loan was introduced, EU funds were obtained (four
respondents), an investment fund that had invested its resources. On the other hand, a group of ten respondents
concluded that there was no need to introduce such</p>
<p><span class="char-style-override-2">Table 3. </span>The current stage of internationalization in the enterprise</p>
<table id="table-3" class="table table-bordered">
<colgroup>
<col />
<col />
</colgroup>
<tbody>
<tr>
<td>
<p>Respondent</p>
</td>
<td>
<p>Is the internationalization phase of the enterprise the target or are further phases planned?</p>
</td>
</tr>
<tr>
<td>
<p>1</p>
</td>
<td>
<p>development, we want to enter new markets,</p>
</td>
</tr>
<tr>
<td>
<p>2</p>
</td>
<td>
<p>we are planning further development, certainly including new technologies</p>
</td>
</tr>
<tr>
<td>
<p>3</p>
</td>
<td>
<p>we want to establish cooperation with new countries, planned entry into Asian markets and obtain better
prices</p>
</td>
</tr>
<tr>
<td>
<p>4</p>
</td>
<td>
<p>we are planning further phases</p>
</td>
</tr>
<tr>
<td>
<p>5</p>
</td>
<td>
<p>further development is planned, cooperation with new countries, extension of the product offer, new customers
and new markets, new recipients of services</p>
</td>
</tr>
<tr>
<td>
<p>6</p>
</td>
<td>
<p>we plan further development, both in terms of services and markets</p>
</td>
</tr>
<tr>
<td>
<p>7</p>
</td>
<td>
<p>it is probably never that targeted, we want to develop all the time</p>
</td>
</tr>
<tr>
<td>
<p>8</p>
</td>
<td>
<p>we are planning development, we want to enter new countries in Asia</p>
</td>
</tr>
<tr>
<td>
<p>9</p>
</td>
<td>
<p>planned further development, plant expansion, new markets and investments in machinery</p>
</td>
</tr>
<tr>
<td>
<p>10</p>
</td>
<td>
<p>I don’t know if we will ever say that a given phase was the target phase, we are still developing and we are
not going to rest on our laurels</p>
</td>
</tr>
<tr>
<td>
<p>11</p>
</td>
<td>
<p>exports already cover the whole world, but we continue to strive to modernize both production and technology
</p>
</td>
</tr>
<tr>
<td>
<p>12</p>
</td>
<td>
<p>we are planning further phases, mainly related to new markets and maybe products</p>
</td>
</tr>
<tr>
<td>
<p>13</p>
</td>
<td>
<p>planned further development, expansion of the product offer to more countries, we also improved our
production capacity and increased our product offer</p>
</td>
</tr>
<tr>
<td>
<p>14</p>
</td>
<td>
<p>planned further development, extension of the product offer, entry into new markets</p>
</td>
</tr>
<tr>
<td>
<p>15</p>
</td>
<td>
<p>we plan further phases, including the purchase of semi-finished products from other markets</p>
</td>
</tr>
<tr>
<td>
<p>16</p>
</td>
<td>
<p>we want to develop all the time, it is necessary in business, because if you stand still, it moves backwards,
the competition is not asleep</p>
</td>
</tr>
<tr>
<td>
<p>17</p>
</td>
<td>
<p>planned further development, cooperation with more countries, international cooperation in the field of
research and development, entering new markets, increasing the position on the domestic and world markets</p>
</td>
</tr>
<tr>
<td>
<p>18</p>
</td>
<td>
<p>we plan further development and gaining new markets</p>
</td>
</tr>
<tr>
<td>
<p>19</p>
</td>
<td>
<p>so far we are not planning any new stages, but nobody said it would not change</p>
</td>
</tr>
<tr>
<td>
<p>20</p>
</td>
<td>
<p>planned further development, increasing the number of countries and research units in terms of cooperation
</p>
</td>
</tr>
<tr>
<td>
<p>21</p>
</td>
<td>
<p>yes, we are planning to enter selected Asian countries at the moment</p>
</td>
</tr>
<tr>
<td>
<p>22</p>
</td>
<td>
<p>further development is planned, increasing the range, increasing competitiveness</p>
</td>
</tr>
<tr>
<td>
<p>23</p>
</td>
<td>
<p>we are planning further development, expanding contacts with more countries</p>
</td>
</tr>
<tr>
<td>
<p>24</p>
</td>
<td>
<p>we are planning further phases</p>
</td>
</tr>
<tr>
<td>
<p>25</p>
</td>
<td>
<p>we are not planning further phases</p>
</td>
</tr>
</tbody>
</table>
<p></p>
<p>Source: own research.</p>
<p>changes because the company’s development strategy assumed its internationalization, without the need to change the
financial structure. In order to complete the information on the structure of financing sources, the respondents also
answered the question whether they plan to change the sources of financing the enterprise – seven answered in the
affirmative, one question remained unanswered because the respondent treated it as the company secret, the remainder
did not plan any changes in the area of sources financing. The types of planned changes in the sources of financing
included: obtaining EU funding for development and new technologies, planned attempts to obtain government subsidies
for further investments, obtaining funds from the new Horizon Europe program. The study also asked a question about
the creation of new special purpose funds (reserve fund, funds dedicated to specific investment and development
projects). New special purpose funds were created according to 13 respondents. Target funds are most often associated
with: investment in new technologies with a budget in excess of PLN 1 million a year, a fund for new investments, the
size of which depends on the profit generated in the previous year, a target fund for the improvement of production
processes and their functionality, <br />a budget is planned depending on the needs, which is in the range of PLN 1-2
million. In a situation where this budget does not exist, all investment objectives are financed from own resources
(two answers). Two respondents gave the amount of special purpose funds, each of them exceeded PLN 1 million. The
survey also asked about the goals: for what purposes has the company already spent money in connection with the
internationalization of the company’s operations and in what amount? According to the answers given by the
respondents, the most capital-intensive tasks related to the internationalization process were: purchase of raw
materials, trips, additional training, promotions, purchase of machinery (over PLN 200,000 – two answers), new
technologies, investments in machinery, employee training, purchase new technologies, acquiring new contractors
(approximately PLN 300 thousand – one answer), certificates, purchase of new machines (approximately PLN 700 thousand
– one answer), organization of conferences, employee mobility, new publications, new strategic partnerships
(approximately PLN 50 thousand PLN – one answer). In connection with the survey conducted in this way, a question was
also asked about the assessment by enterprises of the effectiveness of the introduced internationalization strategy.
</p>
<p><span class="char-style-override-2">Table 4. </span>Internationalization strategies that occur in enterprises</p>
<table id="table-4" class="table table-bordered">
<colgroup>
<col />
<col />
<col />
<col />
</colgroup>
<tbody>
<tr>
<td>
<p>Assessment of a given strategy</p>
</td>
<td>
<p>Offensive</p>
</td>
<td>
<p>Moderate</p>
</td>
<td>
<p>Conservative</p>
</td>
</tr>
<tr>
<td>
<p>Number of responses</p>
</td>
<td>
<p>4</p>
</td>
<td>
<p>18</p>
</td>
<td>
<p>3</p>
</td>
</tr>
</tbody>
</table>
<p></p>
<p>Source: own research.</p>
<p>When answering the question about the strategy, the respondents also had the opportunity to complete the information
and add a comment in connection with the company’s strategy. In the context of the offensive strategy, the respondents
stated that:</p>
<ul>
<li>“we are striving to increase our presence with new markets, new countries and expansion of the product offer”,
</li>
<li>“we invest a lot, because we hope it will bring benefits”,</li>
<li>“we undertake activities that go beyond the basic activity in relation to new markets, new products, new
technologies”,</li>
<li>“we broaden our horizons, we constantly develop, we enter new markets, we invest in the hope that it will pay
off”.</li>
</ul>
<p>On the other hand, the comments of the respondents who used the moderate strategy were as follows:</p>
<ul>
<li>“this option is reasonable”,</li>
<li>“moderate realism is advisable and our development shows that we have chosen the right strategy”,</li>
<li>“we have been on the market for a long time and you can see that our strategy is good”,</li>
<li>“market observation both in the economic and political spheres, responding to customer needs”,</li>
<li>“we rely on a thorough and detailed analysis”,</li>
<li>“it depends on the economic situation, when we see an upward trend, we act aggressively”,</li>
<li>“such a strategy is safe, but also developmental”.</li>
</ul>
<p><span class="char-style-override-2">Table 5. </span>Categories of activities carried out in the enterprise in
connection with the adopted strategy</p>
<table id="table-5" class="table table-bordered">
<colgroup>
<col />
<col />
<col />
<col />
<col />
<col />
<col />
</colgroup>
<tbody>
<tr>
<td>
<p>Pricing policy</p>
</td>
<td>
<p>Finance <br />and inventory management</p>
</td>
<td>
<p>Cost strategy</p>
</td>
<td>
<p>The size of the margin</p>
</td>
<td>
<p>Credit policy</p>
</td>
<td>
<p>Farming – subsidy with financial means</p>
</td>
<td>
<p>Relationships between receivables and liabilities</p>
</td>
</tr>
<tr>
<td>
<p>22</p>
</td>
<td>
<p>22</p>
</td>
<td>
<p>18</p>
</td>
<td>
<p>14</p>
</td>
<td>
<p>7</p>
</td>
<td>
<p>19</p>
</td>
<td>
<p>15</p>
</td>
</tr>
</tbody>
</table>
<p></p>
<p>Source: own research.</p>
<p>The comments of the remaining respondents regarding the applied strategy were similar to those presented above. The
fear of risk was the most common argument supporting this kind of choice in the situation of applying a conservative
policy. Due to the internationalization strategy pursued by enterprises, the respondents were also required to define
what activities it was related to. </p>
<h2>5.	Conclusion</h2>
<p>The research concerned all phases of internationalization, but Polish enterprises have entered the first phase of the
process, i.e. exporting. It seems that the number of countries to which a company exports does not depend on the
length of its operation. The export activity is implemented both by enterprises with a short market history and those
operating for many years in a given industry. The choice of European countries as the most important areas of export
activity may be determined by the distance and logistic capabilities (costs) of enterprises (Table 1). The most
frequently mentioned motive for undertaking export activities by enterprises was the possibility of achieving higher
selling prices of the offered products, compared to the same products sold in Poland (Table 2). This situation may
change significantly when Poland joins the eurozone. The group of respondents differed in the length of running an
enterprise, so it can be assumed that it was also diversified in terms of the stages of introducing particular stages
of internationalization. The vast majority of respondents declared a willingness to further develop in the area of the
internationalization of their business activities (Table 3). The responses also included indications of the next
country to which their products are to be exported. The discrepancy in the development of the export plans of the
enterprises indicates that logistic costs and distance do not determine the choice of the enterprise’s development in
the context of exporting its products. The global situation related to the pandemic, the slowdown in economic
development of many countries, and the decline in consumption, are the events that should have a negative impact on
enterprises - inhibiting or limiting the desire to develop. The restrictions should have an impact, in particular, in
connection with the internationalization of the enterprise, which in the era of restrictions introduced by individual
countries is currently a very big logistical and capital-intensive challenge. Pilot studies indicate, however, that
the pandemic and the related global situation do not have any impact on the changes to the existing strategies related
to the internationalization of the company. In connection with the implemented and/or planned internationalization
process, the company introduces changes inside the organization, because they allow for the more effective
implementation of tasks related to the internationalization process. In a situation where the enterprise changes the
production structure, it is very often related to the changes made in the financing structure, which directly affects
the change of the entire financial strategy of the enterprise. This is because the development of exports, which is
part of the internationalization stage of the enterprise, increases the demand for products sold by the enterprise.
The moment the products are exported beyond the borders of the home country, the company does not stop selling its
products on the domestic market. Greater demand causes the necessity to make changes in the production structure - an
increase in demand for the products offered by the enterprise is assumed. Therefore, increasing the production
capacity requires additional financial outlays to achieve the planned production level. During the conducted pilot
studies, enterprises declared their willingness to change the financial structure in connection with the willingness
to obtain financing from the new program perspective of EU funds. It should also be noted that enterprises are willing
to create special purpose funds for which they allocate a large part of their capital, indirectly used at various
stages of internationalization such as the development of a machine park or increasing production capacity, which are
later used in the implementation of export products for foreign markets. Based on the conducted pilot studies, it
should be concluded that the established hypothesis is correct. However, it is necessary to conduct further research
on a representative sample of enterprises to determine whether or not to accept the hypothesis.</p>
<p>References</p>
<p>Barłożewski, K. (2017). Wpływ ekspansji zagranicznej na efektywność przedsiębiorstw. Warszawa: Wydawnictwo C.H. Beck.
</p>
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<p>Strategia finansowa a proces internacjonalizacji przedsiębiorstw</p>
<p>Streszczenie: W artykule przedstawiono badania pilotażowe dotyczące strategii finansowej przedsiębiorstw w procesie
internacjonalizacji. Wykorzystując ankietę jako metodę badawczą, przeprowadzono 25 wywiadów z przedsiębiorstwami,
które eksportują swoje produkty. Postawiona w artykule hipoteza ma nastepujące brzmienie: kryzys gospodarczy wywołany
pandemią nie doprowadzi do zmiany znaczenia czynników kształtujących strategię finansową przedsiębiorstw, a w
szczególności do zmiany relacji między internacjonalizacją a strategią finansową przedsiębiorstwa.</p>
<p>Słowa kluczowe: internacjonalizacja, przedsiębiorstwo, strategia finansowa. </p>
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