Results of SME Investment Activities: A Comparative Analysis among Enterprises Using and Not Using EU Subsidies in Poland

The need to pay some attention to the issues of investment processes undertaken in enterprises and explore this topic is a direct result of the important role that enterprises play in the economy — with particular emphasis on the SMEs. From the company’s point of view, it is crucial to obtain economic effects as a result of the implemented investment. The aim of the study was to analyze the results of tangible investments in enterprises in Małopolska province in Poland, in two groups of entities — those that implemented investments using EU subsidies and those that financed investments from other sources without using EU aid. This is a unique research in the field of analysis and presentation of investment data in enterprises, especially in relation to companies using EU funds. There is no comparative assessment of investments in enterprises on this topic in the scientific literature (concerning EU subsidies). For this reason, comparing the effects of investment activities between the two groups of enterprises studied — using and not using EU subsidies — fills the research gap in this regard. The study was based on the critical analysis of domestic and foreign literature, and quantitative and qualitative analyses of the results of a survey among 160 enterprises using the CSAQ method, additionally extended by interviews with selected respondents. Data presentation uses a descriptive approach in combination with statistical analysis. A multiple linear regression model (MLR) was also used to verify hypotheses. Research results show that undertaking investment activities contributes to obtaining favorable results in enterprises, regardless of the source of investment financing. The source of financing the investment is not important for the results achieved in the enterprise. However, representatives of companies who received EU subsidies assess their market position higher after investment relative to companies that used other sources of financing for this purpose. Entities that have received EU subsidies have a stronger perception of investment as an important factor determining the company’s development. In addition, variables were identified using the MLR model that affect the assessment of the financial position of enterprises in both groups of entities. This article supplements the knowledge on the economic effects of investments implemented by enterprises in the SME sector in Poland in a situation where these entities used and did not benefit from EU subsidies during 2007–2015

Results of SME Investment Activities: A Comparative Analysis among Enterprises Using and Not Using EU Subsidies in Poland

The need to pay some attention to the issues of investment processes undertaken in enterprises and explore this topic is a direct result of the important role that enterprises play in the economy — with particular emphasis on the SMEs. From the company’s point of view, it is crucial to obtain economic effects as a result of the implemented investment. The aim of the study was to analyze the results of tangible investments in enterprises in Małopolska province in Poland, in two groups of entities — those that implemented investments using EU subsidies and those that financed investments from other sources without using EU aid. This is a unique research in the field of analysis and presentation of investment data in enterprises, especially in relation to companies using EU funds. There is no comparative assessment of investments in enterprises on this topic in the scientific literature (concerning EU subsidies). For this reason, comparing the effects of investment activities between the two groups of enterprises studied — using and not using EU subsidies — fills the research gap in this regard. The study was based on the critical analysis of domestic and foreign literature, and quantitative and qualitative analyses of the results of a survey among 160 enterprises using the CSAQ method, additionally extended by interviews with selected respondents. Data presentation uses a descriptive approach in combination with statistical analysis. A multiple linear regression model (MLR) was also used to verify hypotheses. Research results show that undertaking investment activities contributes to obtaining favorable results in enterprises, regardless of the source of investment financing. The source of financing the investment is not important for the results achieved in the enterprise. However, representatives of companies who received EU subsidies assess their market position higher after investment relative to companies that used other sources of financing for this purpose. Entities that have received EU subsidies have a stronger perception of investment as an important factor determining the company’s development. In addition, variables were identified using the MLR model that affect the assessment of the financial position of enterprises in both groups of entities. This article supplements the knowledge on the economic effects of investments implemented by enterprises in the SME sector in Poland in a situation where these entities used and did not benefit from EU subsidies during 2007–2015

Corrosion of the WE43 and MSR-B magnesium alloys in CO2

The kinetics of WE43 and MSR-B magnesium alloys oxidation was tested in CO2 atmosphere. The measurement of the oxidation speed was conducted with continuous thermo gravimetric method in the eutectic melting temperature (530 °C). This temperature has been defined with the differential scanning calorimetric (DSC) method. The corrosion products were analyzed with Scanning Electron Microscopy (SEM) and Energy Disspersive X-ray Spectroscopy (EDS) methods. On the WE43 alloy the double layer scale is being created, with good protective properties. Under the scale layer the internal oxidation of the alloy takes place. The oxide layer on MSR-B alloy is thin and irregular

Corrosion of the WE43 and MSR-B magnesium alloys in CO2

The kinetics of WE43 and MSR-B magnesium alloys oxidation was tested in CO2 atmosphere. The measurement of the oxidation speed was conducted with continuous thermo gravimetric method in the eutectic melting temperature (530 °C). This temperature has been defined with the differential scanning calorimetric (DSC) method. The corrosion products were analyzed with Scanning Electron Microscopy (SEM) and Energy Disspersive X-ray Spectroscopy (EDS) methods. On the WE43 alloy the double layer scale is being created, with good protective properties. Under the scale layer the internal oxidation of the alloy takes place. The oxide layer on MSR-B alloy is thin and irregular

Testing phase changes in Al-Si alloys with application of thermal analysis and differential calorimetric analysis

The paper presents enthalpy of melting and solidification of casting aluminium alloys AlSi6, AlSi12 and AlSi18 during heating and cooling. Calorimetric measurements preceded by tests of thermal analysis ATD were conducted on high-temperature scanning calorimeter multi HTC. A direct method was used for determining parameters of hightemperature processes and enthalpies occurring in phase changes. This method allowed for precise determining of endothermic and exothermic phase changes and, on their basis, the characteristic parameters of solidification necessary to assess the thermal endurance were marked

Study of directionally solidified Fe – 4,25 %C eutectic alloy using electron backscatter diffraction (EBSD) technique

Electron back-scattered diffraction was used to determine the microstructure of a eutectic. Fe – 4,25 % C alloy was directionally solidified with the growth rate of 300 mm/h (83,3 μm/s) in a vacuum Bridgman-type furnace with liquid metal cooling. Eutectic phases have been observed using optical microscopy and scanning electron microscopy. The morphology of the eutectic phases was described. EBSD analysis reveals pronounced direction of cementite in the microstructure produced by directional solidification