Czasopismo
2020
|
z. 142 Quantitative Methods in Economics, Finance, Management and Quality Sciences
|
273--283
Tytuł artykułu
Autorzy
Warianty tytułu
Języki publikacji
Abstrakty
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. (original abstract)
Rocznik
Strony
273--283
Opis fizyczny
Twórcy
autor
- Silesian University of Technology
Bibliografia
- 1. Akkemik, K.A., & Ozen, S. (2014). Macroeconomic and institutional determinants of financialization of non-financial firms: Case study of Turkey. Socio-Economic Review, 12(1), doi: 10.1093/ser/mwt006.
- 2. Baud, C., & Durand, C. (2012). Financialization, Globalization and the Making of Profits by Leading Retailers. Socio-Economic Review, 10(2), doi: 10.1093/ser/mwr016.
- 3. Crotty, J. (2005). The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Modern Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era. In: G.A. Epstein (Ed.), Financialization and the World Economy. Northampton: Edward Elgar Publishing.
- 4. Davis, L.E. (2016). Identifying the "financialization" of the nonfinancial corporation in the US economy: A decomposition of firm-level balance sheets. Journal Of Post Keynesian Economics, 39(1), doi: 10.1080/01603477.2015.1116370.
- 5. Dembiński, P.H. (2011). Finanse po zawale. Od euforii finansowej do gospodarczego ładu. Warszawa: Studio Emka.
- 6. Dumenil, G., & Levy, D. (2004). Capital Resurgent: Roots of the Neoliberal Revolution. CambridgeŁ Harvard University Press.
- 7. Fine, B. (2008). From Financialization to Neo-Liberalism: Engaging Neo-Liberalism, School of Orientaland African Studies, University of London. Retrieved from http://www4.fe.uc.pt/ciclo_int/doc_08_09/02_holly_book_con.pdf. 15.09.2019.
- 8. Froud, J., Haslam, C., Johal, S., Williams, K. (2000). Shareholder value and financialistaion; consultancy promises, management moves. Economy and Society, 29(1), doi: 10.1080/030851400360578.
- 9. Instrumenty finansowe przedsiębiorstw niefinansowych. Za lata 2010-2018. Warszawa: GUS. Retrieved from http://stat.gov.pl/obszary-tematyczne/podmioty-gospodarcze- wyniki-finansowe/przedsiebiorstwa-niefinansowe/instrumenty-finansowe- przedsiebiorstw-niefinansowych,20,3.html, 15.09.2019.
- 10. Jajuga, K. (2014). W poszukiwaniu miar ryzyka finansowego. In: J. Czekaj, S. Owsiak (Eds.). Finanse w rozwoju gospodarczym i społecznym. Warszawa: PWE.
- 11. Krippner, G.R. (2005). The financialization of the American economy. Socio-Economic Review, 3(2), doi: 10.1093/SER/mwi008.
- 12. Lin, K.H. (2013). The Rise of Finance and Firm Employment Dynamics, 1982-2005. SSRN Electronic Journal, doi:10.2139/ssrn.2284507.
- 13. Michalak, A. (2013). Problems of capital categorization in economic sciences and economic practice. In: S. Majtan (Ed.), Aktuálne Problémy Podnikovej Sféry 2013. Bratislawa, Slovakia: Ekonomická Univerzita v Bratislave, Vyd. EKONOM.
- 14. Nolke, A., Perry, J. (2007). The Power of Transnational Private Governance: Financialization and the IASB. Business and Politics, 9(3), doi: 10.2202/1469-3569.1185.
- 15. Orhangazi, O. (2008). Financialization and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973-2003. Cambridge Journal Of Economics, 32(6), doi: 10.1093/cje/ben009 WoS.
- 16. Ratajczak, M. (2012). Financialization of the economy. Ekonomista, 3.
- 17. Rydzewska, A. (2016). Contemporary Nature of Stock Exchange in View of the Process of Demutualization. Oeconomia Copernicana, 7(1), doi: 10.12775/OeC.2016.004.
- 18. Rydzewska, A. (2019). The significance of derivatives in the management of value of non-financial enterprises in Poland in the age of financialization. In: G. Dukic, J. Clifford, D. Atkinson (Eds.), Economic and Social Development. 42nd International Scientific Conference on Economic and Social Development, Book of Proceedings, London.
- 19. Seo, H.J., Kim, H.S., Kim Y.Ch. (2012). Financialization and the Slowdown in Korean Firms' R&D Investment. Asian Economic Papers, 11(3), doi: 10.1162/ASEP_a_00160.
- 20. Sierpińska, M.T. (2004). Jachna, Ocena przedsiębiorstw według standardów światowych. Warszawa: PWN.
- 21. Stockhammer, E. (2004). Financialization and the slowdown of accumulation. Cambridge Journal Of Economics, 28(5), doi: 10.1093/cje/beh032.
- 22. Sunanda, S., Dasgupta, Z. (2018). Financialization and corporate investments: the Indian case, Review Of Keynesian Economics, 6(1), doi: 10.4337/roke.2018.01.06.
- 23. Szczepankowski, P. (2016). Finansyzacja przedsiębiorstw przemysłowych w Polsce. Kwartalnik Nauk o Przedsiębiorstwie, 38(1).
- 24. Williams, K. (2000). From Shareholder Value to Present-day Capitalism. Economy And Society, 29(1), doi: 10.1080/030851400360532.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171591259