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The Impact of Export Dynamics on a Firm’s Growth

100%

Cieślik J., Kaciak E.

Management and Business Administration. Central Europe

2014

vol. 22

issue 3

18-38

Purpose: This research aimed to identify the prevalence and particular characteristics of export-driven growth as opposed to those of the domestic market. It examined how the relative dynamics of export sales vs. domestic sales were affected by internationalization intensity (FSTS), age of the fi rm, early internationalization, size of the fi rm and industry technological level. Similarly, it examined the impact of sales growth and its direction (domestic vs. export-driven) on company performance. Methodology: The analysis was based on panel data from approximately 300 manufacturing fi rms in the Mazovia region of Poland that were engaged in sustained export operations during 2003 to 2010. Several hypotheses were tested regarding factors affecting the growth dynamics of regular exporters as well as their performance (productivity). Findings: This research proved that only a small percentage (less than 10%) of fi rms reached the status of regular exporter, although regular exporters engaged in international operations shortly after their foundation, They formed a distinct category of early internationalizing firms. For the management of young, ambitious ventures, achieving regularity in their initial export operations represented a major challenge. Implications: Regularity of international sales is crucial for export performance, both at the enterprise and country levels. This implies that export promotion efforts should concentrate on growth-oriented fi rms, specifi cally to assist them in reaching regular exporter status shortly after initiating sales outside the domestic market. Originality: The analysis of the internationalization process was expanded by adding the regularity dimension,which has been rarely addressed in the extant literature.

Determinanty wzrostu polskich przedsiębiorstw giełdowych

63%

Grinberger P., Nehrebecka N.

Ekonomia. Rynek, Gospodarka, Społeczeństwo

2015

issue 43

41-65

Artykuł podejmuje problematykę wzrostu polskich przedsiębiorstw niefinansowych w latach 1998−2012. W pierwszej części omówiono teorie wzrostu przedsiębiorstw oraz dokonano przeglądu aktualnych badań empirycznych. W części badawczej zaprezentowano analizę czynników wzrostu polskich spółek giełdowych, wykorzystując systemowy estymator Uogólnionej Metody Momentów. Zastosowano również dynamiczny model probitowy w celu oceny wpływu poszczególnych zmiennych na prawdopodobieństwa zostania firmą ponadprzeciętnie rosnącą. Wyniki wskazały kluczową rolę innowa- cyjności w zapewnianiu szybkiego wzrostu przedsiębiorstw w Polsce. Dodatkowo, przeprowadzono dekompozycję wariancji wzrostu w podziale na charakterystyki makroekonomiczne, strukturalne oraz finansowe analizowanych firm.

The article concerns the issue of Polish listed companies growth in 1998−2012. The first part discusses the theories of enterprises growth and a review of current empirical research. In the research part we presented an analysis of the factors affecting growth of Polish listed companies using the Generalized Method of Moments system estimator. Moreover, dynamic probit model was used to assess the impact of each variable on the chances of becoming a fast growth firm in Poland. Results revealed the key role of innovation in ensuring rapid growth of Polish firms. In addition, the decomposition of firmsʼ growth variance was done, including both macroeconomic, structural and financial variables.

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1 Ekonomia. Rynek, Gospodarka, Społeczeństwo

1 Management and Business Administration. Central Europe

1 Cieślik J.

1 Grinberger P.

1 Kaciak E.

1 Nehrebecka N.

1 2015

1 2014

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The Impact of Export Dynamics on a Firm’s Growth

Determinanty wzrostu polskich przedsiębiorstw giełdowych