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Autor	Paul Lane, Joanna Wyrobek
Tytuł	IMPACT OF INTERNATIONALIZATION ON THE CAPITAL STRUCTURE OF COMMERCIAL COMPANIES
Title
Słowa kluczowe	multinational companies, indebtedness, corporate finance, capital structure
Key words
Abstrakt	International enterprises (in this paper, international companies are understood as companies that sell their products and services abroad) are precious for the national economy because, through their experience in international sales, they stimulate the development of other companies in the same industry and their subcontractors. The knowledge that these companies have gained on international markets through the spillover effect spreads on their suppliers, as well as through imitation or cooperation on their competitors. Also, international companies (in the meaning: domestic export companies) are often the first to use new technological solutions and product innovations, which contributes to the modernization of products in the entire business sector. Dynamic and robust international companies usually also build networks with entities from different countries in order to cooperate on development, negotiation, and sales, which also encourages similar activities of their competitors. For all these reasons, national governments should take action to help to export companies, or at least monitor the problems that such entities report. The purpose of the publication is to draw attention to the higher demand for the debt that exists in such enterprises and to discuss the reasons for this. In particular, the purpose of the publication was to verify 2 research hypotheses: H1: Internationalization increases indebtedness of a company measured with the debt to equity ratio, and H2: The scale of internationalization (measured with the share of foreign sales to total sales) is positively related to the level of indebtedness (measured with the debt to equity ratio). For both hypotheses we found no grounds to reject these hypotheses. In the opinion of the authors, the demand for debt from exporters should be monitored, especially in terms of the availability of this form of financing for exporters from the SME sector. The paper used the Arellano-Bond model and data downloaded from the Orbis database for years 2007 – 2017.
Abstract
Cytowanie	Lane P., Wyrobek J. (2019) IMPACT OF INTERNATIONALIZATION ON THE CAPITAL STRUCTURE OF COMMERCIAL COMPANIES.Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing [t.], nr 22(71): 250-267
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Pełny tekst	PEFIM_2019_n71_s250.pdf

Autor	Katarzyna Kłosowicz-Toborek
Tytuł	Istota protekcjonizmu w dziewiętnastym wieku oraz współcześnie
Title	The Essence of Protectionism in the Nineteenth Century and Nowadays
Słowa kluczowe	protekcjonizm, niemiecka szkoła historyczna, neoprotekcjonizm, polityka handlowa
Key words	protectionism, German historical school of economy, neoprotectionism, trade policy
Abstrakt	Pomimo działalności WTO idea protekcjonizmu jest wciąż aktualna. Większość państw oficjalnie opowiada się za liberalizmem, a przy tym ogranicza wymianę handlową. Działalność ta ulega nasileniu w okresach stagnacji gospodarczej oraz w związku z różnicami rozwojowymi między uczestnikami rynku światowego. To właśnie zacofanie gospodarcze XIX-wiecznych Niemiec wpłynęło na stworzenie wielu oryginalnych myśli, a wśród nich tych, które odnosiły się do sposobu prowadzenia handlu zagranicznego. Warto zatem zbadać i porównać neoprotekcjonizm z protekcjonizmem prezentowanym przez XIX-wiecznych ekonomistów. Analiza współczesnego i XIX-wiecznego protekcjonizmu wskazuje, że istota tych pojęć nie różni się bowiem neoprotekcjonizm i jego XIX wieczny odpowiednik realizują te same cele, aczkolwiek przy wykorzystaniu innych środków.
Abstract	Despite the buoyant activity of the WTO, the idea of protectionism is still valid. Most countries officially support liberalism while limiting trade. This activity is intensified during periods of economic stagnation and in relation to the developmental differences among the participants in the world market. The economic backwardness of nineteenth-century Germany influenced the development of many original ideas, including those related to foreign trade. Therefore, it is worth examining and comparing neoprotectionism to the protectionism presented by nineteenth-century economists. The analysis of contemporary and nineteenth century protectionism indicates that the essence of these concepts does not differ, because neoprotectionism and its nineteenth-century equivalent fulfill the same aims, but using different measures.
Cytowanie	Kłosowicz-Toborek K. (2018) Istota protekcjonizmu w dziewiętnastym wieku oraz współcześnie.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 18(33), z. 1: 88-99
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Pełny tekst	PRS_2018_T18(33)_n1_s88.pdf