AD ALTA
JOURNAL OF INTERDISCIPLINARY RESEARCH
(
)
∑
−
=
=
n
i
j
x
x
n
S
j
ij
1
2
1
(4)
Next, it was selected the probability measure
5
:
(
)
∑
=
=
−
m
k
ij
z
z
d
jk
ik
1
2
(5)
where:
d
ij
– taxonomic distance defined as the Euclidean distance in n-
dimensional space between two test objects; m - the number of
attributes (variables); i = 1, ..., n; n = 1, ..., n; n - the number of
objects, z
ik
, z
jk
– standardized size of diagnostic attributes.
Above procedure allowed to isolate space groups (the clusters of
the first order)
6
, which enabled the comparison of enterprises’
investment activity financial sources in NUTS of Poland scope.
The examinations included the period 2008–2013 which was
conditioned by the availability of data from Central Statistical
Office of Poland.
4. The dynamics of financial sources of Polish enterprises’
investment - research results
The effects of examinations conduct to the conclusions about the
changing dynamics of the various sources of financing
investment activity in Polish enterprises’ in the period 2008–
2013 (table 1–table 7). Identified appearance might results from
very dynamics surrounding of enterprises’ activity, which
performed during analysed period and was mainly associated
with world economy trends. Consequently, external factors
might impact on enterprises’ financial situation and their
competiveness level. As a result, these processes might affected
on the risk of investment activity and its financial sources.
Hence, the calculated dynamics might constitute the implication
of the enterprises’ necessity to adaptation to the changes in the
economy.
Table 1. The dynamics of the total average value of financial
sources for investment activity in Polish enterprises in the period
2008–2013 (according to the measures of position).
Quartile
2009 2010
2011 2012
2013
2009
–2013
First
-21%
-11%
6%
-13%
-5%
-9%
Median
-17%
-2%
11%
-3%
0%
-2%
Third
-10%
4%
23%
1%
10%
5%
Legend: Previous year = 100
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].
Table 2. The dynamics of the average value of own means in
financing investment activity in Polish enterprises in the period
2008–2013 (according to the measures of position).
Quartile
2009
2010
2011
2012
2013
2009
–2013
First
-20%
-10%
7%
-9%
-7%
-8%
Median
-15%
-1%
12%
-4%
-1%
-2%
Third
-7%
9%
24%
8%
11%
9%
Legend: Previous year = 100
Source: see table 1.
Table 3. The dynamics of the average value of budgetary means
in financing investment activity in Polish enterprises in the
period 2008–2013 (according to the measures of position).
5
Młodak, A.: Analiza taksonomiczna w statystyce regionalnej. Warszawa: Difin,
2006. ISBN 8372516057. pp. 48.
6
Heffner, K., Gibas, P.: Analiza ekonomiczno-przestrzenna, Katowice: Wydawnictwo
Akademii Ekonomicznej w Katowicach, 2007. ISBN 9788372468451, pp. 69-72.
Quartile
2009 2010
2011 2012
2013
2009
–2013
First
-4%
0% -12%
-15% -15%
-9%
Median
3%
18%
7%
-4%
7%
6%
Third
30%
51%
24%
14%
26%
29%
Legend: Previous year = 100
Source: See table 1.
Table 4. The dynamics of the average value of domestic loans
and borrowings in financing investment activity in Polish
enterprises in the period 2008–2013 (according to the measures
of position).
Quartile
2009 2010
2011 2012
2013
2009
–2013
First
-33%
-31%
-9%
-22% -11%
-21%
Median
-27%
-12%
17%
-12%
1%
-6%
Third
-1%
1%
49%
-1%
46%
19%
Legend: Previous year = 100
Source: See table 1.
Table 5. The dynamics of the average value of total means
directly from overseas in financing investment activity in Polish
enterprises in the period 2008–2013 (according to the measures
of position).
Quartile
2009 2010
2011 2012
2013
2009
–2013
First
-40%
-34% -43%
-38% -14%
-34%
Median
-12%
1%
-3%
-9%
19%
-1%
Third
15%
39%
45%
32%
63%
39%
Legend: Previous year = 100
Source: See table 1.
Table 6. The dynamics of the average value of means directly
from overseas (of which bank loan) in financing investment
activity in Polish enterprises in the period 2008–2013 (according
to the measures of position).
Quartile
2009 2010
2011 2012
2013
2009
–2013
First
-82% -66%
-75%
-88%
-48%
-72%
Median
-18% -27%
-12%
-51%
11%
-20%
Third
52%
31% 250% 115% 123%
114%
Legend: Previous year = 100
Source: See table 1.
Table 7. The dynamics of the average value of other sources in
financing investment activity in Polish enterprises in the period
2008–2013 (according to the measures of position).
Quartile
2009 2010
2011 2012
2013
2009
–2013
First
68%
71%
90%
68%
91%
77%
Median
97% 118% 130%
81% 101% 105%
Third
125% 146% 264% 108% 167% 162%
Legend: Previous year = 100
Source: See table 1.
The calculations show that among analysed investment activity’s
sources of financing the most significant dynamics distinguish
other sources (table 7). The conducted research indicate the
increasing rank of above financial source of investment activity
during analysed period. During the years 2008–2013 in half of
Polish enterprises dynamics of other sources of investment
financing was higher on average than 105%, while in three
quarters of enterprises higher on average than 77%. This
occurrence means that Polish enterprises notice the importance
of searching new sources of financing investment expenditures.
The results of studies indicate also relatively high discrepancy
between dynamics of means directly from overseas (of which
bank loan) in Polish enterprises (table 6). During analysed period
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