- Tytuł:
- The policy (strategy) of financing Polish joint stock companies, in the context of their internationalization
- Autorzy:
- Różański, Jerzy
- Powiązania:
- https://bibliotekanauki.pl/articles/27313417.pdf
- Data publikacji:
- 2023
- Wydawca:
- Politechnika Śląska. Wydawnictwo Politechniki Śląskiej
- Tematy:
-
internationalization
finance strategy
capital structure
umiędzynarodowienie
strategia finansowania
struktura kapitału - Opis:
- 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.
- Źródło:
-
Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska; 2023, 169; 623--636
1641-3466 - Pojawia się w:
- Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska
- Dostawca treści:
- Biblioteka Nauki
Artykuł