Exports and the economic performance of large state-owned enterprises in Poland: evidence from firm-level data

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Katarzyna Szarzec
Wanda Nowara
Iwona Olejnik


The aim of this paper is to investigate the relation between exports and economic performance, and the extent of state ownership in the largest non-financial enterprises in Poland in 2011–2015. We address the following research questions: (i) What is the share of export companies in the group of the largest non-financial enterprises in Poland in terms of ownership structure (stateowned and privately-owned companies) and sectors? (ii) Are there differences in the economic performance of exporting companies compared to their non-exporting counterparts? Among the largest exporters, state-owned companies and companies from the manufacturing and mining sectors still dominate. Exporting state-owned enterprises have higher productivity than non-exporters, which could be caused by their dominant position on the domestic oligopolistic market. Exporting private-owned companies performed better in the case of ROA and ROE than exporting SOEs. This could be explained by the fact that private companies have a higher efficiency of property management and are expected to pay dividends by their shareholders. 


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Szarzec, K., Nowara, W., & Olejnik, I. (2020). Exports and the economic performance of large state-owned enterprises in Poland: evidence from firm-level data. Ruch Prawniczy, Ekonomiczny I Socjologiczny, 82(1), 265-282. https://doi.org/10.14746/rpeis.2020.82.1.18
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