AD ALTA
JOURNAL OF INTERDISCIPLINARY RESEARCH
the dynamics of financial source in question was in one quarter
of enterprises higher on average than 114%, while in another one
quarter lower on average than -22%. Identified dynamics, in
connection with relatively lower dynamics of total means
directly from overseas (table 5), allows to the conclusion about a
comparatively decrease in analysed sources of financing
enterprises’ investment activity. This situation might result from
increased financial risk and the level of means directly from
overseas availability. Furthermore, financial risk level and the
financial sources’ availability might also cause the dynamics
decrease in usage of domestic loans and borrowings as financial
sources of investment activity by the majority of Polish
enterprises. The effects of research emphasise that in period
2008–2013 in half of enterprises the dynamics of analysed
source of financing investment activity was higher on average
than -6%.
The conducted studies allow to highlight variable dynamics of
budgetary means in financing investment activity of Polish
enterprises in the period 2008–2013 (table 3). According to
obtained results in one quarter of Polish enterprises the dynamics
of budgetary means use for investment activity was higher on
average than 29%, while in another quarter lower on average
than -9%. The fluctuation of budgetary means’ dynamics as a
financial source of investment activity might constitute in
analysed period from the conditions of their availability for
enterprises and, in consequences, might influence on investment
expenditures of enterprises.
Moreover, the estimations emphasize the lowest dynamics of
own means, in comparison to other analysed enterprises’
financial sources of investment activity (table 2). The
calculations shows that in the period 2008–2013 the dynamics of
financial source in question was in half of Polish enterprises
lower than -2%.
4. The effects of the comparison of enterprises’ financial
sources for investment activity between regions in NUTS of
Poland scope
The results of conducted research allow to isolate four space
groups involving regions of Poland in terms of enterprises’
financial sources for investment activity in the period 2008–2013
(table 8–table 11).
Obtained results indicate the greatest similarity in financial
sources of enterprises’ investment activity in the period 2008–
2013 between regions NUTS PL33 (8) and NUTS PL62 (16)
(table 11). Regions in question distinguish the similar average
number of enterprises per 10 thousand inhabitants as well as the
similar average
value of enterprises̕ investment expenditures. In
relations to other regions enterprises from highlighted regions
characterize relatively low average value of own means and total
means directly from overseas as the sources of investment
expenditure covering. Moreover, for specified regions was
recognized relatively low average value of other sources in
financing enterprises’ investment activity.
Taking into account accepted variables the relatively high
similarity in usage of enterprises’ financial sources for
investment activity appeared in analysed period between regions
NUTS PL34 (7) and NUTS PL62 (16) and between regions
NUTS PL43 (9) and NUTS PL52 (13) (table 10 and table 11). In
comparison to NUTS PL62 (16), NUTS PL34 (7) differentiate
higher average usage of total means directly from overseas and
other sources and simultaneously relatively lower average value
of means directly from overseas (of which bank loan). On the
other hand, regions NUTS PL43 (9) and NUTS PL52 (13)
characterize relatively the slightest average number of
enterprises per 10 thousand inhabitants in comparison to other
regions in Poland. Enterprises from these regions distinguish
relatively high (on average) value of investment expenditures
with relatively high average involvement of domestic loans and
borrowings and other sources. Furthermore, regions in question,
in relations to the others, have relatively the lowest average
value of budgetary means as the source of financing investment
processes.
Table 8. The presentation of the first order clusters (I group)
I group
Region symbol
5
6
V
ar
iab
les
x
1
3079
2401
x
2
182
171
x
3
337
580
x
4
161
176
x
5
9
38
x
6
66
126
x
7
749
714
x
8
4068
4778
Summary of the closest elements
5-6
Miminal taxonomic distance
0.44
Legend: 5 – NUTS PL31, 6 – NUTS PL32
Source: Own calculations based on data from Central Statistical
Office of Poland:
http://stat.gov.pl/bdl/app/dane_podgrup.display?p_id=545869&p
_token=0.16510106120341306 [access: 14.12.2015];
http://stat.gov.pl/bdl/app/dane_podgrup.display?p_id=73167&p_
token=0.6954289305055666
[access: 14.12.2015];
http://stat.gov.pl/bdl/app/dane_podgrup.display?p_id=73269&p_
token=0.5784680957681978 [access: 14.12.2015].
Table 9. The presentation of the first order clusters (II group)
II group
Region
symbol
2
3
4
10
12
15
V
ar
iab
les
x
1
28800 5916 11084
8392
7042
4939
x
2
2188
295
432
208
196
161
x
3
3312
890
1529
1149
1212
990
x
4
3543
329
491
445
559
1682
x
5
739
50
139
178
154
1385
x
6
1705
607
545
428
244
460
x
7
1290
987
961
1094
1135
1136
x
8
28920
8030
17072
10747
11827
8480
Summary
of the
closest
elements
2-4
3-10
4-10
10-12
10-15
Miminal
taxonomic
distance
7.49
1.09
1.49
0.61
3.78
Legend: 2 – NUTS PL12, 3 – NUTS PL21, 4 – NUTS PL22, 10
–NUTS PL41, 12 – NUTS PL51, 15 –NUTS PL63.
Source: See table 8.
The study shows that relatively high similarity in financial
sources of enterprises’ investment activity scope is also
noticeable between regions NUTS PL31 (5) and NUTS PL32 (6)
(table 8). The mentioned regions characterize medium number of
enterprises per 10 thousand inhabitants, when from other regions
perspective the average value of enterprises’ investment
expenditures in regions in question is the slightest. This
occurrence indicates the necessity to increase efforts in
development of investment processes in enterprises scope, which
might constitute in enhancing their competitiveness, and in
consequences, their regions.
Table 10. The presentation of the first order clusters (II group)
III group
Region
symbol
9
11
13
V
ar
iab
les
x
1
1196
2446
1273
x
2
58
115
63
x
3
237
547
282
x
4
114
284
87
x
5
24
32
12
x
6
49
209
60
x
7
1033
1265
961
x
8
2641
4592
2679
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