The paper raises the subject of financing innovative activities in the Polish SME sector. In the literature a lot of work in this field can be found, but most of them concern the cost of capital and barriers and problems in raising capital for the SME sector or look for an optimal financing structure. However, the purpose of this paper is to identify the sources of funding for innovative investments by Polish SMEs in the context of the presented theories: choose the order of financing sources (pecking order theory) and the theory of the growth cycle of funding (financial growth cycle). In order to achieve this ambitious objective, the results derived from secondary research, primarily reports published by the Ministry of Economic Forecasting Department of Market and the Polish Confederation of Private Employers “Lewiatan” were used. The results for Polish SMEs were then related to the research studies conducted in German SMEs, in order to compare the structure of capital used to finance innovative investments. The essence of this paper is to answer the question whether the structure of capital is dependent on the degree of innovation of enterprises. Therefore, the degree of innovativeness of Polish SMEs broken down by the size of enterprise and set out common sources of financing, specific to each of these groups of companies. The obtained results of the research were finally referred to the mentioned theories.
Small- and medium-sized enterprises (SMEs) are very signifi cant for the economy. However, they face many problems when trying to fi nance their development. In connection to the above, theauthors set four research questions that are connected with bank policies towards SMEs. Then, they make an analysis in order to answer the questions. The conclusions, recommendations. and limitations are presented at the end of the paper.
The aim of this paper is to specify the multiplier effects that are induced in the national economy in reference to the construction of Hyperloop lines in Poland using tunnel and trestle technology. In particular, we calculate the added value and employment growth for several industries that will contribute to the construction process. We use an input-output analysis that enables us to take the detailed structure of inter-industry linkages in Poland into account. According to our results, constructing a Hyperloop infrastructure in Poland would have the greatest stimulating impact on several sectors of the Polish economy, including crude oil and natural gas, metal ores, other mining products, building objects and construction work, products from other non-metallic raw materials, finished metal products, land and pipeline transport, and wholesale trade. However, this impact will be affected by the choice of construction technology (tunnel versus trestle). In addition, our calculations relate to particular routes of the potential Hyperloop network. This study contributes to the body of literature on transport infrastructures and public investments as well as Hyperloop technology development. Additionally, it contributes to the econometric methodology by employing an input-output analysis for forecasting the multiplier effects of constructing a Hyperloop system. This study has practical implications for the decision-making process on Hyperloop network development in the future.
The aim of this paper is to examine the entrepreneurial orientation (EO) of SMEs in the Malopolska region of Poland. Our specific aim is to confirm the relationship between selected company characteristics (the level of technological development and stage of organizational development) and entrepreneurial orientation. A survey was conducted in a group of 95 SMEs that form hightech and low-tech industries in the Malopolska region. Our findings suggest that enterprises representing the high-tech industry exhibit higher EO than those from the low-tech industry. The findings display an imbalance in EO dimensions in both groups of enterprises, showing that innovativeness plays the most important role in enterprises from high-tech industries. The results suggest an inverse monotonic relationship between EO and a company’s age, but they do not confirm any relationship between the EO and a company’s size. Our results contribute to the theory of entrepreneurship by identifying the dependence of EO on industry type (lowtech versus high-tech) and company age.
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