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2022 | z. 163 | 505--519
Tytuł artykułu

Resilience of Polish Non-financial Corporations Under Economic Shocks

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Języki publikacji
Purpose: The aim of the article is to assess how Polish companies cope in crisis situations. The period of analysis covers the years 2004 - 2020. Two economic shocks took place during this period, i.e. the global financial crisis and the COVID-19 pandemic. The research problem was formulated in the form of a question: how do Polish enterprises cope under conditions of economic shocks in comparison with enterprises in the European Union and the Euro Area? Design/methodology/approach: In order to address the research problem, the key indicators of economic activity of the non-financial corporate sector in Poland, the European Union and the Euro Area proposed by Eurostat were analysed. Aggregate data were adopted for the European Union and the Euro Area. The gross investment rate ratio, gross profit share ratio, gross return on capital employed, net debt to income ratio and net return on equity ratio were analysed. Findings: The analysis shows that Polish companies performed well both throughout the period analysed and during the global financial crisis. After the financial crisis, Polish companies were able to rebuild their economic potential. In the case of the COVID-19 pandemic period, on the other hand, it is still too early to draw conclusions. However, worrying signals cannot be overlooked. First and foremost, attention should be drawn to the systematic decline in the level of investments made by the Polish business sector. This may reduce its competitiveness in the future and weaken its business resilience. Originality/value: No consensus has emerged in the literature on indicators measuring organisational resilience. Nor is there a clearly dominant position on which indicators allow for the assessment of how businesses are coping in crisis situations. This paper proposes the use of five metrics to assess and monitor business resilience in the corporate sector. These are the gross investment rate ratio, the gross profit share ratio, the gross return on capital employed ratio, the net debt-to-income ratio and the net return on equity ratio.(original abstract)
Opis fizyczny
  • University of Economics in Katowice, Poland
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