Evolution of globalisation and firm internationalisation under crisis conditions - the perspective of Polish exporters amidst the COVID-19 pandemic in 2020-2021

The COVID-19 pandemic triggered an economic crisis of a global nature, which – among its many consequences – had a significant impact on international economic activity carried out in various forms. Thus, the processes of globalisation, which on the one hand allow diversification of international activities of the enterprise, at the same time contribute to the transmission of economic shocks. The authors attempt to provide an initial answer to the research question of how Polish firms conducting export activities with various degrees of advancement perceive the impact of the pandemic crisis, as well as their reactions to this crisis. The article presents the results of quantitative research conducted in June 2022 among 120 Polish companies from the manufacturing sector

Wielowymiarowa analiza porównawcza korupcji w Europie w latach 2001–2011

The article presents the results of a multidimensional comparative analysis carried out on 29 European countries. The analysis aims at grouping these countries according to features including the level of Corruption Perception Index, time required to start a business, paid taxes, inflow of foreign direct investments, level of KOF Index of Globalization, PKB per capita and the level of Human Development Index. The analysis of time series of mentioned-above indicators in years 2001–2011 was used also in the article.Artykuł prezentuje wyniki wielowymiarowej analizy porównawczej przeprowadzonej na 29 krajach europejskich. Ma ona na celu pogrupować owe państwa z uwzględnieniem takich cech jak poziom wskaźnika postrzegania korupcji, czas potrzebny do rozpoczęcia biznesu, skala płaconych podatków, wielkość napływu bezpośrednich inwestycji zagranicznych, poziom indeksu globalizacji KOF, wielkość PKB per capita oraz poziom indeksu rozwoju ludzkiego. W niniejszej pracy posłużono się także analizą szeregów czasowych wskazanych wyżej wskaźników w okresie 2001–2011.

Poland’s investment development path – in search of a synthesis

Cel – Celem artykułu jest dokonanie podsumowania badań prowadzonych przez zespół autorski w odniesieniu do inwestycji zagranicznych napływających do Polski i wypływających z Polski. Metoda badań – Badania te nawiązują do koncepcji Investment Development Path (ścieżki rozwoju inwestycji zagranicznych – ŚRIZ), wprowadzonej do literatury z zakresu biznesu międzynarodowego przez J.H. Dunninga. W artykule przedstawiono wyniki cyklu wcześniejszych badań, opartych o analizę polskiej pozycji inwestycji wychodzących netto (PIWN), obliczonej w oparciu o dostępne dane wtórne w porównaniu do innych krajów, jak również w przekrojach geograficznych i branżowych. Wyniki – Artykuł przedstawia koncepcję ŚRIZ Dunninga, a następnie podsumowuje wyniki wcześniejszych badań empirycznych wykorzystujących to podejście w różnych krajach. W dalszej kolejności artykuł skupia się na wynikach trzech analiz autorów. Pierwszy poświęcony jest PIWN całej gospodarki polskiej w porównaniu z innymi krajami. Drugi dotyczy struktury geograficznej ŚRIZ, trzeci odnosi się do struktury branżowej polskiej ŚRIZ. Oryginalność/wartość – Niniejszy artykuł jest pierwszym w Polsce kompleksowym podejściem do ścieżki rozwoju inwestycji zagranicznych Polski, uwzględniającym szereg analiz przekrojowych. Na końcu artykułu przedstawiono również zbiór rekomendacji dla polityki gospodarczej oraz propozycji dla przyszłych badań naukowych.Purpose – The objective of the paper is to provide a summary of the research conducted by the authors on outward and inward foreign direct investment (FDI) from and into Poland. Research method – The studies presented in this paper rely on the concept of Investment Development Path (IDP) developed and extended by J.H. Dunning in the field of international business. This paper summarises the results of a series of earlier studies based on the analysis of net outward investment (NOI) position of Poland in an international and comparative context embracing various geographic and sectoral cross-sections. Results – The article first introduces Dunning’s IDP concept and reviews the findings of other studies investigating the said concept in different countries. Afterwards, the paper focuses on three analyses of the authors. The first one is devoted to the NOI position of the Polish economy as compared to other countries. The second one explores the geographic patterns of Poland’s IDP, while the third one looks at the sectoral trends of Poland’s IDP. Originality/value – This paper is arguably the first one to address the issue of Poland’s IDP in a complex manner, concentrating on a number of cross-sectional analyses. The paper concludes with a number of recommendations for economic policy and suggestions for future research.Marian Gorynia: [email protected] Nowak: [email protected] Trąpczyński: [email protected]ław Wolniak: [email protected] Gorynia - Wydział Gospodarki Międzynarodowej, Uniwersytet Ekonomiczny w PoznaniuJan Nowak - IBD Business School, WarszawaPiotr Trąpczyński - Wydział Gospodarki Międzynarodowej, Uniwersytet Ekonomiczny w PoznaniuRadosław Wolniak - Wydział Nauk Ekonomicznych, Uniwersytet WarszawskiAkoorie M., 1996, New Zealand: The Development of a Resource-rich Economy, [in:] Foreign Direct Investment and Governments, Dunning J.H., Narula R. (eds.), Routledge, London-New York.Barry F., Goerg H., McDowell A., 2003, Outward FDI and the Investment Development Path of a Late-Industrializing Economy: Evidence from Ireland, “Regional Studies”, vol. 37(4), pp. 341-349.Bellak C., 2001, The Austrian Investment Development Path, “Transnational Corporations”, vol. 10(2), pp. 68-107.Boudier-Bensebaa F., 2008, FDI-Assisted Development in the Light of the Investment Development Path Paradigm: Evidence from Central and Eastern European Countries, “Transnational Corporations”, vol. 17(1), pp. 37-63.Buckley P.J., Castro F.B., 1998, The Investment Development Path: the Case of Portugal, “Transnational Corporations”, vol. 7(1), pp. 1-15.Campa J.M., Guillen M.F., 1996, Spain: a Boom from Economic Integration, [in:] Foreign Direct Investment and Governments, Dunning J.H., Narula R. (eds.), Routledge, London.Clegg J., 1996, The United Kingdom: a Par Excellence Two-Way Direct Investor, [in:] Foreign Direct Investment and Governments, Dunning J.H., Narula R. (eds.), Routledge, London.Dunning J.H., 1981, Explaining the International Direct Investment Position of Countries: Towards a Dynamic or Developmental Approach, “Weltwirtschaftliches Archiv”, vol. 117, pp. 30-64.Dunning J.H., 1986, The Investment Development Cycle Revisited, “Weltwirtschaftliches Archiv”, vol. 122 (4), pp. 667-676.Dunning J.H., 1997, Alliance Capitalism and Global Business, Routledge, London – New York.Dunning J.H., Lundan S.M., 2008, Institutions and the OLI Paradigm of the Multinational Enterprise, “Asia Pacific Journal of Management”, vol. 25(4), pp. 573-593.Dunning J.H., Narula R., 1994, Transpacific Direct Investment and the Investment Development Path: The Record Assessed, “Essays in International Business”, vol. 10, pp. 1-69.Dunning J.H., Narula R., 1996, Foreign Direct Investment and Governments: Catalysts for Economic Restructuring, Routledge, London – New York.Dunning J.H., Narula R., 1996a, The Investment Development Path Revisited: Some Emerging Issues, [in:] Foreign Direct Investment and Governments: Catalysts for Economic Restructuring, Dunning J.H., Narula R. (eds.), Routledge, London – New York.Dunning J.H., Narula R., 2002, The Investment Development Path Revisited, [in:] Theories and Paradigms of International Business Activity. The Selected Essays of John H. Dunning, Volume 1, Dunning J.H. (ed.), Edward Elgar Cheltenham, Northhampton.Dunning, J.H., Kim C.-S., Lin J.-D., 2001, Incorporating trade into the investment development path: a case study of Korea and Taiwan, “Oxford Development Studies”, vol. 29(2), pp. 145-154.Durán J.J., Úbeda F., 2001, The Investment Development Path: a New Empirical Approach, “Transnational Corporations”, vol. 10(2), pp. 1-34.Durán J.J., Úbeda F., 2005, The Investment Development Path of Newly Developed Countries, “International Journal of the Economics of Business”, vol. 12(1), pp. 123-137.Ferencikova S., Ferencikova S., 2012, Outward Investment Flows and the Development Path. The Case of Slovakia, “East European Economics”, vol. 50(2), pp. 85-111.Gorynia M., Nowak J., Tarka P., Wolniak R., 2012, Foreign direct investment in new EU member states from Central and Eastern Europe: an investment development path perspective, [in:] Internationalization of Emerging Economies and Firms, Marinov M., Marinova S. (eds.), Palgrave Macmillan, New York.Gorynia M., Nowak J., Trąpczyński P., Wolniak R., 2018, EU Countries from Central and Eastern Europe, and the Investment Development Path Model: A New Assessment, “Argumenta Oeconomica” (w druku).Gorynia M., Nowak J., Trąpczyński P., Wolniak R., 2018a, Geographic Patterns of Poland’s FDI: The Investment Development Path Perspective, “Post-Communist Economies” (w druku).Gorynia M., Nowak J., Trąpczyński P., Wolniak R., 2018b, Sectoral Dimensions of Poland’s Investment Development Path Revisited, 44th Annual Conference of the European International Business Academy (EIBA), 13-15 grudnia, Poznań.Gorynia M., Nowak J., Wolniak R., 2006, The investment development path of Poland revisited: a geographic analysis, Proceedings of the 32nd Annual Conference of the European International Business Academy (EIBA), 7-9 December, Fribourg, Switzerland.Gorynia M., Nowak J., Wolniak R., 2007, Poland and Its Investment Path, “Eastern European Economics”, vol. 45(2), pp. 52-74.Gorynia M., Nowak J., Wolniak R., 2008, Poland’s Evolving Net Outward Investment Position: a Cross-Industry Analysis, “Poznań University of Economics Review”, vol. 8(2), pp. 5-25.Gorynia M., Nowak J., Wolniak R., 2010, Investment Development Paths of Central European Countries, “Argumenta Oeconomica”, vol. 24(1), pp. 65-87.Gorynia M., Nowak J., Wolniak R., 2010a, Foreign direct investment of Central and Eastern European Countries, and the investment development path revisited, “Eastern Journal of European Studies”, vol. 1(2), pp. 21-36.Gorynia M., Nowak J., Wolniak S., 2009, Poland’s Investment Development Path: In Search of a Synthesis, “International Journal of Economic Policy in Emerging Economies”, vol. 2(2), pp. 153-174.Götz M., Trąpczyński P., 2016, The Investment Development Path – a bilateral perspective of Germany and Poland, “Przegląd Zachodni”, vol. 3(360), pp. 19-32.Graham E.M., 1996, The United States: Some Musings on its Investment Development Path, [in:] Foreign Direct Investment and Governments, Dunning J.H., Narula R. (eds.), Routledge, London – New York.Kalotay K., 2008, Russian transnationals and international investment paradigms, “Research in International Business and Finance”, vol. 22 (2), pp. 85-107.Kłysik-Uryszek A., 2013, Ścieżka rozwoju inwestycji (koncepcja IDP). Doświadczenia Polski, „Przegląd Zachodniopomorski”, nr 3/2, s. 187-200.Kumar N., 1996, India: Industrialization, Liberalization, and Inward and Outward Foreign Direct Investment, [in:] Foreign Direct Investment and Governments, Dunning J.H., Narula R. (eds.), Routledge, London – New York.Lall S., 1996, The Investment Development Path: Some Conclusions, [in:] Foreign Direct Investment and Governments, Dunning J.H., Narula R. (eds.), Routledge, London.Maşca S.G., Văidean V.L., 2010, Outward FDI and the Investment Development Path in Romania, “Revista Romana de Economie”, vol. 31(2), pp. 49-64.Narula R., 1996, Multinational Investment and Economic Structure: Globalisation and Competitiveness, Routledge, London.Narula R., Dunning J.H., 2000, Industrial development, globalization and multinational enterprises: New realities for developing countries, “Oxford Development Studies”, vol. 2, pp. 141-167.Narula R., Dunning J.H., 2010, Multinational enterprises, development and globalization: some clarifications and a research agenda, “Oxford Development Studies”, vol. 38(3), pp. 263-287.Narula R., Guimón J., 2010, The Investment Development Path in a Globalised World: Implications for Eastern Europe, “Eastern Journal of European Studies”, vol. 1(2), pp. 5-19.Tolentino P.E.E., 1987, The Global Shift in International Production: The Growth of Multinationals from Developing Countries – The Philippines, unpublished PhD thesis, University of Reading.Tolentino P.E.E., 1993, Technological Innovation and Third World Multinationals, Routledge, London.Twomey M., 2000, The Canadian Experience with the Investment Development Path, Canadian Economic History Conference, 20-22 October, Stratfort, Ontario.van Hoesel R., 1996, Taiwan: Foreign Direct Investment and the Transformation of the Economy, [in:] Foreign Direct Investment and Governments, Dunning J.H., Narula R. (eds.), Routledge, London – New York.Verma R., Brennan L., 2011, The investment development path theory: evidence from India, “International Journal of Emerging Markets”, vol. 6(1), pp. 74-89.Zhang H.-Y., van den Bulcke D., 1996, China: Rapid Changes in the Investment Development Path, [in:] Foreign Direct Investment and Governments, Dunning J.H., Narula R. (eds.), Routledge, London – New York.2(96)183

Regulatory institutional distance and MNCs' subsidiary performance: climbing up Vs. climbing down the institutional ladder

We investigate the possibility of regulatory institutional distance exerting an asymmetric effect on multinational corporations' (MNCs') subsidiary performance depending on the direction of institutional distance. We use the term ‘institutional ladder’ to differentiate between upward distance, referred to as when the subsidiary is operating in a relatively stronger institutional environment than its parent-firm's home country, and downward distance for vice versa. Combining institutional theory with organisational imprinting and learning perspectives, we argue that the implications of regulatory institutional distance on subsidiary performance are relatively more positive (or less negative) when MNCs are climbing down the institutional ladder as compared to when MNCs are climbing up the institutional ladder. We also argue that subsidiary ownership strategy – i.e. the choice of a wholly owned subsidiary (WOS) versus joint venture (JV) – moderates the above-mentioned implications of institutional distance on subsidiary performance. We test these hypotheses based on a panel data-set of 1936 foreign subsidiaries representing 70 host countries and 66 home countries and spanning the 12-year period: 2002–2013

Three decades of subsidiary exits: Parent firm financial performance and moderators

This study aimed to find important constructs and relationships among models of subsidiary divestment during the period from 1989 to 2018 using correlation matrices of 80 studies, the selection of which was based on six criteria. It revealed eight important constructs, namely firm innovativeness, environmental factors in the target country, type of experience, organizational characteristics, investment strategy, parent firm financial performance, subsidiary divestment, and the moderating effects of advertising intensity and product diversification. Furthermore, it shed light on seven relationships that should be considered in future attempts to assess parent performance related to its antecedents and subsidiary divestment. Moreover, advertising intensity and product diversification were respectively weakening and strengthening moderators on firm financial performance, and advertising intensity was a weakening moderator between organizational characteristics and subsidiary divestment. The implementation of a product diversification policy did not assist in preventing subsidiary divestment. Conclusions, implications, limitations, and future research are discussed

Determinants of Foreign Direct Investment Performance – a Critical Literature Review

Foreign direct investment (FDI), its motives, modes and location choice constitute key subjects in theory and research in international business, due to their long-term consequences for firm competitiveness. The determinants of results achieved in foreign markets can therefore be described as a fundamental research area, which specifically includes studies on FDI performance. In spite of its long tradition and methodical advancement, extant research show numerous inconsist-encies and ambiguous findings. In both international and Polish literature, no complex summary of extant knowledge on FDI performance determinants can be found, which would allow for the consolidation and evaluation of earlier findings. The aim of this paper is to present the findings of a structured review of 95 studies on performance of foreign subsidiaries. Within extant studies, four main research streams were identified, focusing on FDI mode choice, resource determinants on a firm and subsidiary level, host-country characteristics and corporate strategy. Previous research has not adequately considered the role of expansion motives for evaluating FDI performance. Future studies should also to a greater extent account for a differentiated role of firm resources, particularly various types of international experience, as applied in host countries at different levels of economic and institutional development. Moreover, a more holistic FDI performance analysis requires a simultaneous consideration of financial and non-financial dimensions of a foreign subsidiary's competitive position. Based on the outcomes of the present review, areas for further studies have been proposed, especially as regards the context of outward FDI, increasingly undertaken by Polish companies, and its specific character

Smart beta funds – passive and effective portfolio management

Wskutek rozwoju technologicznego i pojawienia się nowych koncepcji teoretycznych funkcjonowania funduszy inwestycyjnych wyłoniła się nowa kategoria funduszy określanych jako smart beta. Fundamentem ich funkcjonowania jest budowa portfela inwestycyjnego replikującego specjalnie opracowany indeks, którego konstrukcja ma zapewnić wyższą efektywność inwestycji niż ta wynikająca z inwestycji typowo pasywnej. Fundusze smart beta mają łączyć zdolność generowania ponadprzeciętnych stóp zwrotu z przejrzystą strukturą i niskimi opłatami za zarządzanie, stanowią więc bardzo interesującą hybrydę klasycznych funduszy zarządzanych aktywnie i pasywnie. Zainteresowanie badaczy i inwestorów ograniczało się do głównie do Stanów Zjednoczonych. W przypadku rynku polskiego fundusze smart beta wciąż pozostają koncepcją szerzej nieznaną, co stało się przesłanką dla upowszechnienia wiedzy o nich w polskim piśmiennictwie. Część pierwsza artykułu przedstawia teoretyczne fundamenty powstania funduszy smart beta jako konsekwencji długofalowej ewolucji w zarządzaniu portfelem inwestycyjnym. Następnie zaprezentowana została ogólna idea funkcjonowania funduszy smart beta wraz z nakreśleniem ich miejsca w strukturze segmentu rynku finansowego, jakim są instytucje wspólnego inwestowania. Artykuł zamyka pogłębiony przegląd kluczowych aspektów technicznych związanych z budową efektywnie działającej strategii wykorzystywanych przez fundusze smart beta, przygotowany na podstawie studiów literaturowych.As a result of the technological development and the emergence of new theoretical concepts of investment funds strategies, a new category of funds, known as smart beta, has emerged. The foundation of their functioning assumes constructing an investment portfolio that replicates a specially developed index, the design of which is to ensure a higher investment  efficiency than that resulting from a typically passive investment. With the task of combining the ability to generate premium rates of return with a transparent structure and low management fees, smart beta funds are a very interesting hybrid of classical actively and passively managed funds. The interest of researchers and investors in these funds has been so far limited mainly to the United States. In the case of the Polish market – smart beta funds continue to remain a concept that is not widely known. This fact has become a prerequisite for disseminating knowledge about them in the Polish literature of the subject. The first part of the article presents the theoretical framework of smart beta funds as a consequence of a long-term evolution in portfolio management. Next, the general idea of the functioning of the smart beta funds is presented together with the outline of their place in the structure of the financial market segment. The main and the most extensive part of the article is based on literature studies and aims at an in-depth review of the key technical aspects related to the construction of an effective strategy used by smart beta funds