Results of SME Investment Activities: A Comparative Analysis among Enterprises Using and Not Using EU Subsidies in Poland
Abstract
:1. Introduction
2. Literature Review
2.1. Defining the Issue of “Investment” and Its Importance in Enterprise Development
2.2. The Importance of EU Funds in Supporting Investment in Enterprises
3. Research Methodology
3.1. Purpose and Method of Research
- single- and multiple-choice questions;
- questions based on a balanced scale (Likert scale); and
- questions using the semantic scale 0–10 in the form of tabular questions (allowing to assess the respondent’s attitude in the research area related to investments)—where, in the research on the assessment of the effects of investment activities undertaken in enterprises, the respondents used a scale from 1 to 10, with 1 indicating “insignificant position” and 10 “dominant position”.
- is the SME size (type).
- is the company revenue.
- is the market share.
- x4 is the range (space) of business activity.
- is the existence of development strategy and its length.
- is the company age.
- is the running a business in the area of advanced technologies.
- is the range (space) of innovation.
- is the observation of competitors’ activities.
- is the enterprise development phase.
- is the cooperation with business environment institutions.
- is the seeking support for investment activities.
- is the investment value.
- significance of linear regression;
- significance of partial regression coefficients;
- no collinearity (redundancy) between independent variables;
- assumption of homoscedasticity, which means that the variance of the random component (residues ) is the same for all observations;
- no autocorrelation of residues;
- normality of residue distribution; and
- the random component (residual ) has the expected value of 0.
3.2. Research Group and Research Area
4. Research Results
4.1. Evaluation of the Results of Undertaken Investment Activities
4.2. Multiple Linear Regression Model—Findings
5. Discussion and Conclusions
Funding
Conflicts of Interest
References
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Specification | Companies Which Used EU Funds | Companies Which Did Not Use EU Funds |
---|---|---|
Enterprise size | ||
Micro | 41% | 72% |
Small | 34% | 21% |
Medium | 25% | 7% |
Legal forms of enterprises | ||
Sole proprietorship | 23% | 37% |
Civil partnership | 12% | 6% |
General partnership | 12% | 7% |
Limited partnership | 2% | 11% |
Limited liability company | 47% | 37% |
Other | 4% | 2% |
Established year | ||
Until 1989 | 18% | 7% |
1990–1994 | 11% | 12% |
1995–1999 | 19% | 9% |
2000–2004 | 12% | 21% |
2005–2009 | 29% | 22% |
2010–2013 | 11% | 29% |
Business market range | ||
Local (Poviat/Commune) | 12% | 12% |
Regional (Province) | 4% | 10% |
Domestic | 33% | 33% |
International | 51% | 45% |
Total (number of entities participating in the study) | 73 | 87 |
Has the Company Received an EU Subsidy? | The Company’s Market Position Relative to Other Enterprises—before Investment | ||||
Average | Number of Observations | Lower Quartile (Q1) | Median | Upper Quartile (Q3) | |
No | 4.23 | 87 | 3.00 | 4.00 | 5.00 |
Yes | 4.73 | 73 | 3.00 | 5.00 | 6.00 |
Total | 4.46 | 160 | 3.00 | 4.00 | 5.50 |
Has the Company Received an EU Subsidy? | The Company’s Market Position Relative to Other Enterprises—after Investment | ||||
Average | Number of Observations | Lower Quartile (Q1) | Median | Upper Quartile (Q3) | |
No | 6.10 | 87 | 5.00 | 6.00 | 8.00 |
Yes | 6.89 | 73 | 5.00 | 7.00 | 8.00 |
Total | 6.46 | 160 | 5.00 | 7.00 | 8.00 |
Has the Company Received an EU Subsidy? | The Company’s Financial Situation—before Investment | ||||
Average | Number of Observations | Lower Quartile (Q1) | Mian | Upper Quartile (Q3) | |
No | 5.51 | 87 | 4.00 | 5.00 | 7.00 |
Yes | 5.27 | 73 | 4.00 | 5.00 | 7.00 |
Total | 5.40 | 160 | 4.00 | 5.00 | 7.00 |
Has the Company Received an EU Subsidy? | The Company’s Financial Situation—after Investment | ||||
Average | Number of Observations | Lower Quartile (Q1) | Median | Upper Quartile (Q3) | |
No | 6.36 | 87 | 5.00 | 7.00 | 8.00 |
Yes | 6.75 | 73 | 5.00 | 7.00 | 8.00 |
Total | 6.54 | 160 | 5.00 | 7.00 | 8.00 |
Variable | Companies that Have Received EU Subsidies | Companies that Have Not Received EU Subsidies | ||||
---|---|---|---|---|---|---|
Average | Standard Deviation | Coefficient of Variation | Average | Standard Deviation | Coefficient of Variation | |
Change of employment | 3.89 | 0.83 | 21.23 | 3.66 | 0.99 | 26.98 |
Revenue change | 4.10 | 0.75 | 18.27 | 3.97 | 0.90 | 22.57 |
Change of competitive position | 4.10 | 0.84 | 16.97 | 3.92 | 0.70 | 17.92 |
Change in the number of customers | 4.01 | 0.68 | 16.86 | 3.99 | 0.83 | 20.76 |
Change in the value of assets | 4.16 | 0.73 | 17.45 | 4.09 | 0.76 | 18.50 |
Change in market share | 3.90 | 0.78 | 20.10 | 3.86 | 0.77 | 19.81 |
R = 0.68913359; R2 = 0.47490511; Adjusted R2 = 0.43571892 F(5,67) = 12.119; p < 0.00001; Standard Estimation Error: 1.4004 | ||||||
---|---|---|---|---|---|---|
N = 73 | b* | St. Error with b* | b | St. Error with b | t(67) | p-Value |
constant term | −4.75480 | 1.520890 | −3.12633 | 0.002618 | ||
0.262740 | 0.122306 | 0.65445 | 0.304650 | 2.14821 | 0.035316 | |
0.357467 | 0.116826 | 0.84928 | 0.277561 | 3.05982 | 0.003184 | |
0.206428 | 0.093018 | 0.45559 | 0.205293 | 222 | 0.029862 | |
0.208257 | 0.097434 | 0.91223 | 0.426788 | 2.13742 | 0.036217 | |
−0.262186 | 0.098419 | −0.89090 | 0.334425 | −2.66397 | 0.009664 |
R = 0.70619168; R2 = 0.49870669; Adjusted R2 = 0.48058766 F(3,83) = 27.524; p < 0.00001; Standard Estimation Error: 1.7151 | ||||||
---|---|---|---|---|---|---|
N = 87 | b* | St. Error with b* | b | St. Error with b | t(67) | p-Value |
constant term | −6.08729 | 0.850263 | −7.15931 | 0.000001 | ||
2 | 0.614001 | 0.080243 | 1.63253 | 0.213353 | 7.65177 | 0.000000 |
x5 | 0.159690 | 0.079975 | 0.41468 | 0.207677 | 1.99674 | 0.049131 |
x8 | 0.155999 | 0.078420 | 0.18953 | 0.095278 | 1.98927 | 0.049965 |
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Piątkowski, M.J. Results of SME Investment Activities: A Comparative Analysis among Enterprises Using and Not Using EU Subsidies in Poland. Adm. Sci. 2020, 10, 4. https://doi.org/10.3390/admsci10010004
Piątkowski MJ. Results of SME Investment Activities: A Comparative Analysis among Enterprises Using and Not Using EU Subsidies in Poland. Administrative Sciences. 2020; 10(1):4. https://doi.org/10.3390/admsci10010004
Chicago/Turabian StylePiątkowski, Marcin J. 2020. "Results of SME Investment Activities: A Comparative Analysis among Enterprises Using and Not Using EU Subsidies in Poland" Administrative Sciences 10, no. 1: 4. https://doi.org/10.3390/admsci10010004