The Impact of Internationalization on Firm Performance of High-Tech Companies in Poland in the Context of Covid-19

Authors

  • Elżbieta Bukalska Faculty of Economics, Maria Curie-Sklodowska University in Lublin, Poland
  • Jakub Czerniak Faculty of Economics, Maria Curie-Sklodowska University in Lublin, Poland
  • Irmina Florek Doctoral School of Social Sciences, Maria Curie-Sklodowska University in Lublin, Poland

DOI:

https://doi.org/10.5755/j01.ee.36.3.31403

Keywords:

Internationalization, High-Tech Companies, Firm Performance, COVID-19, Crisis

Abstract

This study aims to examine the impact of the internationalization of high-tech companies on their firm performance against the COVID-19 crisis in Poland. The research covers the period of 2018-2020 (3 years) and encompasses 591 firm-year observations, with 192 high-tech firm-year observations (64 companies) and 399 non-high-tech firm-year observations (133 companies). To find out the differences between subsamples, the U Mann-Whitney test was implemented. At the same time, correlation and regression analysis were exploited to highlight the impact of the crisis, internationalization, and the company's status on firm performance. Our research shows that, in Poland, the COVID-19 crisis had a generally weak impact on internationalization and firm performance. However, in a high-tech subsample, we find an increase in profitability during the COVID-19 crisis. Both subsamples show an increase in financial liquidity ratios during the COVID-19 crisis. The study also demonstrated that internationalization has a weak impact on firm performance. At the same time, the company's status (high-tech) positively impacts internationalization, financial liquidity, and company growth.

Author Biographies

Elżbieta Bukalska, Faculty of Economics, Maria Curie-Sklodowska University in Lublin, Poland

Elżbieta Bukalska works as an Associate Professor at the Faculty of Economics at Maria Curie-Skłodowska University in Lublin, Poland. Her research interests include corporate finance, companies on the financial market, corporate and SME financing, capital structure, and dividend policy.

Jakub Czerniak, Faculty of Economics, Maria Curie-Sklodowska University in Lublin, Poland

Jakub Czerniak is an Associate Professor at the Faculty of Economics, Maria Curie-Sklodowska University in Lublin, Poland. His fields of interest are innovations, economic welfare, and macroeconomics. In addition to scientific activities, he truly enjoys his classes with students.

Irmina Florek, Doctoral School of Social Sciences, Maria Curie-Sklodowska University in Lublin, Poland

Irmina Florek is a doctoral student in Economics and Finance at the Doctoral School of Social Sciences, Maria Curie-Sklodowska University in Lublin, Poland. Her areas of interest are innovation, internationalization, entrepreneurship, and financial literacy.

Additional Files

Published

2025-06-30

Issue

Section

Articles