Contents of issue 4/2012
Marlena Dzikowska, Marian Gorynia - Theoretical Aspects of Enterprise Competitiveness: Toward an Eclectic Approach?, summary
Rafał Śliwiński - The Resources Behind the Competitiveness of Polish Enterprises, summary
Marzanna K. Witek-Hajduk - Forms of Internationalization of Polish Firms on Foreign Markets, summary
Dariusz Cezary Kotlewski - Endogenous and Exogenous Components of Economic Growth, summary
Ewa Gałecka-Burdziak - Matching Function Elasticities on the Polish Labor Market with Respect to Stock and Flow Variables, summary
Paweł Ożga - The Use of Derivatives by Companies Listed on the Warsaw Stock Exchange, summary
Book Review: Andrzej Buszko, Przedsiębiorstwo na rynku finansowym. Uwarunkowania analizy strategicznej w okresie globalizacji
(The Enterprise on the Financial Market: The Determinants of Strategic Analysis at a Time of Globalization), Difin, Warsaw 2011, 202 pp. - reviewed by Anna Chmielak
Marlena Dzikowska, Marian Gorynia - Theoretical Aspects of Enterprise Competitiveness: Toward an Eclectic Approach?
The article reviews and evaluates the main theoretical concepts of enterprise competitiveness. In particular, the authors focus on the evolutionary and cumulative nature of the development of enterprises. The article begins with an attempt to define the concept of enterprise competitiveness. The authors discuss various aspects of enterprise competitiveness understood as competitive potential, competitive strategy and competitive position. This is designed to not only provide a framework for defining these variables, but also suggest indicators that could be used in further empirical studies, Dzikowska and Gorynia say. Later in the article the authors trace the development of the concept of enterprise competitiveness in the context of the two basic approaches – the positioning approach and the resource-based view – highlighting differences between the two, including differences in terminology. The authors examine the relationships between different aspects of competitiveness resulting from both approaches. They also come up with a third, eclectic approach that combines selected features of the positioning and resource-based models. This new approach takes into account dynamic relationships between the analyzed aspects of competitiveness, Dzikowska and Gorynia say.Keywords
: enterprise competitiveness, competitive potential, competitive strategy, competitive position, positioning approach, resource-based viewJEL classification codes
Rafał Śliwiński - The Resources Behind the Competitiveness of Polish Enterprises
The article aims to identify and discuss the main resources shaping the competitiveness of Polish enterprises, including their international competitiveness. The research involves an empirical study conducted on a sample of Polish enterprises displaying above-average growth. The research method used is the multiple case-study approach, which makes it possible to gather qualitative data on the resources held by the analyzed enterprises. The results are presented in accordance with the proposed typology of resources with a division into tangible and intangible resources as well as combinations of these two. The article discusses in detail the main characteristics of the resources involved in terms of enterprise competitiveness. The author concludes that, first, Polish companies with above-average growth rates have resources whose features fully meet the resource theory as well as the so-called knowledge-based view. Second, the research shows that it is not only resources themselves but also idiosyncratic ties between them that shape the competitive advantage of the analyzed companies, Śliwiński says. Third, resources tend to play a different role in companies with above-average growth rates compared with the general population of companies. The impact of resources on the competitiveness of the surveyed enterprises was significantly different than in the case of companies not selected specifically in terms of above-average growth, the author says. Furthermore, the research revealed that Polish firms have largely grown similar to their counterparts in more developed countries in terms of the structure, hierarchy and key features of the resources used, Śliwiński says.Keywords
: enterprise, competitiveness, resources, above-average growthJEL classification codes
: F23, M16Article
Marzanna K. Witek-Hajduk - Forms of Internationalization of Polish Firms on Foreign Markets
The article focuses on the process of internationalization of the firm and looks at how Polish enterprises take advantage of a strategy known as global/international sourcing, or the practice of sourcing from the global market for goods and services across geopolitical boundaries. The author examines the benefits and limitations of various forms of internationalization of the firm on foreign markets. The main aim is to show that imports are still the predominant form of internationalization of Polish companies active on foreign markets. The author also highlights the differences between the various forms of internationalization used by Polish enterprises buying goods and services abroad. The analysis also covers Polish companies operating as either subsidiaries or affiliates of multinational corporations.
The research uses the computer-assisted telephone interviewing (CATI) method. The interviews were held in 2010 on a sample of 244 randomly selected medium-sized and large Polish companies from the electrical engineering sector that uses global sourcing strategies in their operations.
The study showed that imports are the most common form of internationalization, used by 91.8 percent of the surveyed companies, including 96.7 percent of companies that are not subsidiaries/affiliates of foreign corporations and 87.1 percent of those companies that are subsidiaries/affiliates of multinational corporations. Equity-based forms of internationalization, such as the establishment of joint-venture companies and wholly-owned subsidiaries abroad, are used by a much larger percentage of those companies that operate in the form of subsidiaries/affiliates of foreign corporations, compared with those that are not subsidiaries/affiliates of multinational corporations.
Those of the surveyed companies that are subsidiaries/affiliates of multinational corporations in Poland display a higher level of internationalization than those companies that are not subsidiaries/affiliates of foreign companies, the author says, and the former companies also tend to use more advanced forms of internationalization, including financial linkages such as joint ventures and wholly-owned subsidiaries.Keywords
: internationalization, global/international sourcing, international procurement, modes of internationalization, internationalization processJEL classification codes
Dariusz Cezary Kotlewski - Endogenous and Exogenous Components of Economic Growth
The aim of the article is to explain the role of the main factors determining the level of economic growth in both the short and long term. The analysis concerns an open economy that is initially balanced inside and outside. It is assumed that capital investments are in balance with investments in innovation and that investments in new capital are in balance with investment replacing old capital. Unlike endogenous factors, which impact economic growth in a way similar – though not identical – to that described in the neoclassical model, exogenous factors to a large extent bear the features of multiplier interventions, which can be described with the help of a deeply modified IS-LM-BP model. In addition to long-term economic inertia and short-term multiplier impacts, there is also an immediate stimulation that needs to be considered in the model.
In the article, a fundamental model is presented that, on the demand side, is based on a debt function developed according to the author’s own idea. The model also relies on a consumption function that to an extent is inspired by the rational expectations theory. As far as the supply side is concerned, the model is based on cost, revenue and profit functions inspired by R. Vernon’s theory of product life cycles. These functions are synchronized and combined into a single model, which also incorporates the formally modified IS-LM-BP model.
The main conclusion from the analysis is that the contemporary economy is a heterogeneous entity. At the same time, it is market driven in the sense that it is possible not to differentiate among the different kinds of investments in the model. But the contemporary economy is also subject to impacts that are not seen as market driven under the neoclassical view.Keywords
: endogenous, exogenous, growth, economy, interventionJEL classification codes
: E12, E13, E17, E63, F41, F43, F47, H12, O11, O41Article
Ewa Gałecka-Burdziak - Matching Function Elasticities on the Polish Labor Market with Respect to Stock and Flow Variables
The article is concerned with a process of adjustment between job seekers and vacancies on Poland’s labor market from 1998 to 2010. The process is known as labor market matching. The aim of the paper is to estimate matching function elasticities on the basis of quarterly data with respect to stock variables (unemployment stock and vacancy stock) and flow variables (unemployment inflow and vacancy inflow). The empirical analysis is based on estimates of both random and non-random matching function models, including temporal data aggregation, which makes it possible to determine the main determinants of job creation.
The results confirm the importance of flow variables, while not disproving the assumptions of the random matching model, the author says. The latter model may apply to those matches where luck is a key factor in gathering information about job offers, Gałecka-Burdziak adds.
The parameter estimates made by the author suggest constant returns to scale. The matching function elasticities in random matching are around 0.6-0.7 with respect to the unemployment stock and 0.3 for the vacancy stock. In the case of non-random matching elasticities, the figures are around 0.6 and 0.1 for the stock variables – unemployment and vacancy respectively – and 0.25 and 0.15 for the inflow of the unemployed and vacancies respectively.Keywords
: matching function, random matching, stock-flow matching, temporal data aggregationJEL classification codes
: J63, J64Article
Paweł Ożga - The Use of Derivatives by Companies Listed on the Warsaw Stock Exchange
The article investigates the scope of and the rationale for the use of derivatives by companies listed on the Warsaw Stock Exchange. The analysis applies to companies active in industries other than the financial sector and is based on data contained in these companies’ financial reports for the 2007-2010 period. The evaluation focuses on the type of derivatives used, their market value and how often they are mentioned in the companies’ financial reports. On the basis of the information gathered, the author determined the number of companies using derivatives as well as the popularity of these instruments. Ożga also examined the structure of risks hedged with the use of derivatives. He compared the results against data for selected developed and developing countries. The study showed that only a small percentage of companies hedge their exposure to market risk, the author says.
Moreover, the study invalidated the hypothesis that a growing number of Polish companies use derivatives, which may indicate that companies incorrectly identify risk, do not know how to manage it, or do not understand the essence of hedging. The author also undertakes to evaluate risk management in Warsaw Stock Exchange-listed companies. To this end, he makes a distinction between hedging and speculation. The results of the analysis show that at least half the companies surveyed used derivatives for hedging purposes, Ożga concludes.Keywords
: derivatives, hedging, speculation, arbitrage, collateral, risk, risk management, stock exchangeJEL classification codes
: G32, G39Article