Profile internacjonalizacji polskich spółek
Internationalization profiles of Polish companies

Summary/Abstract: The article examines the relationship between the interna-tionalization of Polish listed companies and their financial performance, focusing on how the share of foreignfinancing modifies this relation-ship. The study addresses the need to identify conditions under which international expansion improves profitability rather than increasing financial risk. Panel data from companies listed on the Warsaw Stock Exchange were used. Financial performance was measured by ROA, ROE, and ROS, while internationalization was captured by export status and the share of foreign sales. The capital structure was assessed through the share of foreign financing in total capital. The results show that the relationship between internationalization and performance is conditional and non-linear. Sustainable benefits from internationali-zation occur mainly in firms with moderate leverage, large scale, and stable operations. Excessive debt weakens the positive impact of foreign expansion on ROE and increases financial risk. These findings sup-port the trade-off and pecking order theories, emphasizing the need for balanced financing of international growth. From a managerial per-spective, successful internationalization requires both access to capital and organizational maturity that enables effective risk managementThe article examines the relationship between the internationalization of Polish listed companies and their financial performance, focusing on how the share of foreign financing modifies this relation-ship. The study addresses the need to identify conditions under which international expansion improves profitability rather than increasing financial risk. Panel data from companies listed on the Warsaw Stock Exchange were used. Financial performance was measured by ROA, ROE, and ROS, while internationalization was captured by export status and the share of foreign sales. The capital structure was assessed through the share of foreign financing in total capital. The results show that the relationship between internationalization and performance is conditional and non-linear. Sustainable benefits from internationalization occur mainly in firms with moderate leverage, large scale, and stable operations. Excessive debt weakens the positive impact of foreign expansion on ROE and increases financial risk. These findings sup-port the trade-off and pecking order theories, emphasizing the need for balanced financing of international growth. From a managerial perspective, successful internationalization requires both access to capital and organizational maturity that enables effective risk managementThe article examines the relationship between the internationalization of Polish listed companies and their financial performance, focusing on how the share of foreignfinancing modifies this relation-ship. The study addresses the need to identify conditions under which international expansion improves profitability rather than increasing financial risk. Panel data from companies listed on the Warsaw Stock Exchange were used. Financial performance was measured by ROA, ROE, and ROS, while internationalization was captured by export status and the share of foreign sales. The capital structure was assessed through the share of foreign financing in total capital. The results show that the relationship between internationalization and performance is conditional and non-linear. Sustainable benefits from internationalization occur mainly in firms with moderate leverage, large scale, and stable operations. Excessive debt weakens the positive impact of foreign expansion on ROE and increases financial risk. These findings sup-port the trade-off and pecking order theories, emphasizing the need for balanced financing of international growth. From a managerial per-spective, successful internationalization requires both access to capital and organizational maturity that enables effective risk managementThe article examines the relationship between the internationalization of Polish listed companies and their financial performance, focusing on how the share of foreign financing modifies this relation-ship. The study addresses the need to identify conditions under which international expansion improves profitability rather than increasing financial risk. Panel data from companies listed on the Warsaw Stock Exchange were used. Financial performance was measured by ROA, ROE, and ROS, while internationalization was captured by export status and the share of foreign sales. The capital structure was assessed through the share of foreign financing in total capital. The results show that the relationship between internationalization and performance is conditional and non-linear. Sustainable benefits from internationalization occur mainly in firms with moderate leverage, large scale, and stable operations. Excessive debt weakens the positive impact of foreign expansion on ROE and increases financial risk. These findings sup-port the trade-off and pecking order theories, emphasizing the need for balanced financing of international growth. From a managerial perspective, successful internationalization requires both access to capital and organizational maturity that enables effective risk management

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