IDEAS home Printed from https://ideas.repec.org/a/vrs/finsci/v25y2020i4p55-65n1.html
   My bibliography  Save this article

Financial Strategy and the Process of the Internationalization of Enterprises

Author

Listed:
  • Różański Jerzy

    (University of Lodz, Lodz, Poland)

  • Bogołębska Justyna

    (University of Lodz, Lodz, Poland)

Abstract

The article presents preliminary research on the financial strategy of enterprises in the process of internationalization. Using the survey as a research method, 25 enterprises that export their products outside Poland were examined. The main hypothesis is that the economic crisis caused by the pandemic will not lead to a change in the significance of factors influencing the enterprises’ financial strategy, and in particular to the change in the relationship between internationalization and an enterprise’s financial strategy.

Suggested Citation

  • Różański Jerzy & Bogołębska Justyna, 2020. "Financial Strategy and the Process of the Internationalization of Enterprises," Financial Sciences. Nauki o Finansach, Sciendo, vol. 25(4), pages 55-65, December.
    • Handle: RePEc:vrs:finsci:v:25:y:2020:i:4:p:55-65:n:1
    DOI: 10.15611/fins.2020.4.04
    as

    Download full text from publisher

    File URL: https://doi.org/10.15611/fins.2020.4.04
    Download Restriction: no
    File URL: https://libkey.io/10.15611/fins.2020.4.04?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Jan Johanson & Jan-Erik Vahlne, 2009. "The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 40(9), pages 1411-1431, December.
    2. Gary A Knight & S Tamar Cavusgil, 2004. "Innovation, organizational capabilities, and the born-global firm," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 35(2), pages 124-141, March.
    3. Hodder, James E & Senbet, Lemma W, 1990. "International Capital Structure Equilibrium," Journal of Finance, American Finance Association, vol. 45(5), pages 1495-1516, December.
    4. Jan Johanson & Jan-Erik Vahlne, 1977. "The Internationalization Process of the Firm—A Model of Knowledge Development and Increasing Foreign Market Commitments," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 8(1), pages 23-32, March.
    5. Doukas, John A. & Pantzalis, Christos, 2003. "Geographic diversification and agency costs of debt of multinational firms," Journal of Corporate Finance, Elsevier, vol. 9(1), pages 59-92, January.
    6. Chkir, Imed Eddine & Cosset, Jean-Claude, 2001. "Diversification strategy and capital structure of multinational corporations," Journal of Multinational Financial Management, Elsevier, vol. 11(1), pages 17-37, February.
    7. Todd A Burgman, 1996. "An Empirical Examination of Multinational Corporate Capital Structure," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 27(3), pages 553-570, September.
    8. Charles J P Chen & C S Agnes Cheng & Jia He & Jawon kim, 1997. "An Investigation of the Relationship between International Activities and Capital Structure," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 28(3), pages 563-577, September.
    9. Jean-François Hennart, 2007. "The theoretical rationale for a multinationality-performance relationship," Management International Review, Springer, vol. 47(3), pages 423-452, June.
    10. Kwang Chul Lee & Chuck C Y Kwok, 1988. "Multinational Corporations vs. Domestic Corporations: International Environmental Factors and Determinants of Capital Structure," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 19(2), pages 195-217, June.
    11. Fatemi, Ali M., 1988. "The effect of international diversification on corporate financing policy," Journal of Business Research, Elsevier, vol. 16(1), pages 17-30, January.
    12. Gary A Knight & S Tamer Cavusgil, 2004. "Innovation, organizational capabilities, and the born-global firm," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 35(4), pages 334-334, July.
    13. Jantunen, Ari & Nummela, Niina & Puumalainen, Kaisu & Saarenketo, Sami, 2008. "Strategic orientations of born globals--Do they really matter?," Journal of World Business, Elsevier, vol. 43(2), pages 158-170, March.
    14. Shapiro, Alan C., 1978. "Financial Structure and Cost of Capital in the Multinational Corporation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 13(2), pages 211-226, June.
    15. Singh, Manohar & Nejadmalayeri, Ali, 2004. "Internationalization, capital structure, and cost of capital: evidence from French corporations," Journal of Multinational Financial Management, Elsevier, vol. 14(2), pages 153-169, April.
    16. Allen Michel & Israel Shaked, 1986. "Multinational Corporations vs Domestic Corporations: Financial Performance and Characteristics," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 17(3), pages 89-100, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chiung-Jung Chen & Chwo-Ming Joseph Yu, 2011. "FDI, Export, and Capital Structure," Management International Review, Springer, vol. 51(3), pages 295-320, June.
    2. Joliet, Robert & Muller, Aline, 2013. "Capital structure effects of international expansion," Journal of Multinational Financial Management, Elsevier, vol. 23(5), pages 375-393.
    3. Sascha Kraus & Christine Mitter & Felix Eggers & Philipp Stieg, 2017. "Drivers of internationalization success: a conjoint choice experiment on German SME managers," Review of Managerial Science, Springer, vol. 11(3), pages 691-716, July.
    4. Jouida, Sameh & Hellara, Slaheddine, 2018. "Diversification and target leverage of financial institutions," Journal of Multinational Financial Management, Elsevier, vol. 46(C), pages 11-35.
    5. Batten, Jonathan A. & Khaw, Karren Lee-Hwei & Young, Martin R., 2021. "Convertible debt and asset substitution of multinational corporations," Journal of Corporate Finance, Elsevier, vol. 67(C).
    6. Lindner, Thomas & Klein, Florian & Schmidt, Stefan, 2018. "The effect of internationalization on firm capital structure: A meta-analysis and exploration of institutional contingencies," International Business Review, Elsevier, vol. 27(6), pages 1238-1249.
    7. Pacheco, Luís, 2016. "Capital structure and internationalization: The case of Portuguese industrial SMEs," Research in International Business and Finance, Elsevier, vol. 38(C), pages 531-545.
    8. McMillan, David G. & Camara, Omar, 2012. "Dynamic capital structure adjustment: US MNCs & DCs," Journal of Multinational Financial Management, Elsevier, vol. 22(5), pages 278-301.
    9. Aoun, Dany & Heshmati, Almas, 2006. "The Causal Relationship between Capital Structure and Cost of Capital: Evidence from ICT Companies Listed at NASDAQ," Ratio Working Papers 87, The Ratio Institute.
    10. Aggarwal, Raj & Kyaw, NyoNyo A., 2008. "Internal capital networks as a source of MNC competitive advantage: Evidence from foreign subsidiary capital structure decisions," Research in International Business and Finance, Elsevier, vol. 22(3), pages 409-439, September.
    11. Ramirez, Andres & Kwok, Chuck C.Y., 2010. "Settling the debate on multinational capital structure using the CEPR measure," Journal of Multinational Financial Management, Elsevier, vol. 20(4-5), pages 251-271, December.
    12. Aggarwal, Raj & Kyaw, NyoNyo Aung, 2010. "Capital structure, dividend policy, and multinationality: Theory versus empirical evidence," International Review of Financial Analysis, Elsevier, vol. 19(2), pages 140-150, March.
    13. Singh, Manohar & Davidson, Wallace III & Suchard, Jo-Ann, 2003. "Corporate diversification strategies and capital structure," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(1), pages 147-167.
    14. Shumi Akhtar & Barry Oliver, 2009. "Determinants of Capital Structure for Japanese Multinational and Domestic Corporations," International Review of Finance, International Review of Finance Ltd., vol. 9(1‐2), pages 1-26, March.
    15. Melgarejo Duran, Mauricio & Stephen, Sheryl-Ann, 2020. "Internationalization and the capital structure of firms in emerging markets: Evidence from Latin America before and after the financial crisis," Research in International Business and Finance, Elsevier, vol. 54(C).
    16. Jones, Edward & Kwansa, Nana Abena & Li, Hao, 2020. "How does internationalization affect capital raising decisions? Evidence from UK firms," Journal of Multinational Financial Management, Elsevier, vol. 57.
    17. Głodowska Agnieszka & Pera Bożena & Wach Krzysztof, 2019. "International Strategy as the Facilitator of the Speed, Scope, and Scale of Firms’ Internationalization," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 27(3), pages 55-84, September.
    18. Florence André-Le Pogamp & Frédéric Perdreau, 2009. "Stratégies de diversification et structure du capital," Revue Finance Contrôle Stratégie, revues.org, vol. 12(4), pages 5-38, December.
    19. Wang, Zhimin & Ettinger, Marilyn & Xie, Yuying & Xu, Li, 2020. "The cost of capital: U.S.-based multinational corporations versus U.S. domestic corporations," Global Finance Journal, Elsevier, vol. 44(C).
    20. Antonia Mercedes García-Cabrera & María Gracia García-Soto & Sonia María Suárez-Ortega, 2017. "Macro-level spillovers and micro-level capabilities as antecedents of young SMEs’ propensity to export and to become a born global," International Entrepreneurship and Management Journal, Springer, vol. 13(4), pages 1199-1220, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:finsci:v:25:y:2020:i:4:p:55-65:n:1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.