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FINANCIALIZATION OF POLISH ENTERPRISES FROM THE ASPECT OF THEIR SIZE
Abstract
The financialization of operations is related to the growing importance of financial motives in the activities of non-financial entities. Referring the problem to various sized enterprises, due to the specificity of the functioning of large and small and mediumsized enterprises, theoretical differences in the impact of the financial market on the form of management, as well as in the capabilities of access to financial instruments (e.g. through access to the stock market), can be observed. The aim of this publication was to examine whether the financialization processes had the same effect on the activity of small and medium-sized enterprises and large business units operating in Poland. The research was based on the method of analysis of indicators identifying the financialization of operations. For this purpose, the financial statements of non-financial enterprises published by the Statistics Poland (GUS) for the years 2010-2017 were used, considering the classification of data according to the criterion of size (number of employees). On the basis of the analysed indicators of the financialization of the management process, the company's assets, sources of financing and incomes, no differences in the level of financialization of the SME sector and large entities can be noticed. ROE (financialization of the management) showed, for the most part, the higher values for large enterprises. However, this was not due to a higher level of financialization of the assets and liabilities and profitability of financial activities. Noteworthy, that small and medium-sized enterprises had a higher share of active and passive financial instruments. On the other hand, profits of non-financial enterprises were generated mainly from the operating activities. The financial activity was only a supplement.
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