Wpływ kryzysu gospodarczego na finansowanie działalności innowacyjnej przedsiębiorstw

Abstract

The paper discusses the impact of global economic downturn on the structure of financing expenditures on innovation activity of Polish industrial enterprises during the period 2008–2011. The results of the analyses indicate that as the risk aversion increased, firms tried to diversify sources of financing, using initially bank loans, and later on the funds obtained from abroad. The conducted research revealed also significant disparities in the sources of funds structure in regional, enterprise size-class and ownership sector scopes.