Financialization of Non-Financial Enterprises in Poland: Its Scale, Dynamics and Pace of Changes

Financialization of non-financial enterprises is an evolutionary process and involves the growing dominance of financial tools in enterprise management. The intensity of this process varies and requires deeper understanding. The aim of the study is to evaluate the process of financialization of nonfinancial enterprises in Poland. The goal was achieved through an analysis of the scale, dynamics and pace of changes in the use of financial instruments in non-financial enterprises in Poland. The article uses data from the Central Statistical Office on financial instruments of non-financial enterprises in 2010-2019. On their basis, an analysis of the structure and the analysis of dynamics was carried out, which allows to indicate the directions, pace and intensity of changes over time of the considered phenomenon. The conducted research has shown that there is a growing interest among non-financial enterprises in investment and investment financial instruments. Non-financial enterprises in Poland showed equity instruments and debt financial instruments in their assets to the greatest extent. In the analyzed period, the dominance of shares as well as deposits and investments increased. On this basis, it can be concluded that the scale and pace of changes in the financialization process in Polish non-financial enterprises has increased in the last decade. The conducted research is of both empirical and theoretical importance and may contribute to further research.