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DOES THE FINANCIALIZATION OF POLISH ENTERPRISES EXIST?

Alina Rydzewska

Abstract

Financialization is a phenomenon that when applied to non-financial entities means the increase of importance of financial motives in the decision-making processes of enterprises. It is about generating a dominant part of revenues within financial operations, and not within the operational and financial activities. The ideas discussed in this paper is the issue of Polish businesses activity financialization. The goal is the attempt to assess whether financialization concerns Polish non-financial entities. The analysis of financial statements of non-financial entities, published by Central Statistical Office for the years 2010-2016 was used for the purpose of the research. The analysis makes use of financialization indicators developed for the purpose of this paper. The research results confirm that non-financial entities carrying out their activity in Poland are characterized by increased engagement in financial operations. It is indicated by the increase of assets and liabilities financialization indicators to the level exceeding 20%. In the recent years, the indicators of profit and cash flows financialization were at 10%. However, taking into account the fact that financialization of enterprises is discussed when the dominant part of revenues is generated within the financial sphere (exceeding as much as 50%) in Poland such a phenomenon is not observed yet.

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DOI resolver: doi.org/10.5593/sgemsocial2018/1.3/S03.016

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