Strategiczne polskie State-Owned Enterprises (SOEs) na liście największych firm europejskich
Strategic Polish State Enterprise (SOE) on the list of the largest European companies

Summary/Abstract: In 2023, only eight Polish enterprises were listed on the Fortune Europe 500, of which seven were classified as State-Owned Enterprises (SOEs.) Despite representing strategic sectors like the leading European companies, they ranked quite low on the list. The article aims to identify the crucial factors influencing the economic potential of strategic SOEs in Poland. The underlying thesis is that foreign expansion is key to potential growth and establishing a strong position in the international market, while path dependence acts as a barrier by trapping these enterprises. The study is based on the global Orbis database, WIG20 data, and the consolidated financial statements of SOEs. These sources formed the basis for assessing: 1) the position of Polish SOEs among the companies listed on the WSE WIG20, 2) a synthetic indicator of the economic potential (di) of the studied SOEs constructed using the taxonomic development pattern method, and 3) the scope of foreign expansion of SOEs, measured by the so-called international footprint (IF). Research shows that Polish strategic SOEs are primarily focused on the domestic market. The low scale of foreign expansion is explained by the concept of path dependence, including political goals such as striving for security and national independence. As strategic companies, they are provided with stable operating conditions and a high position in the domestic market, with no push factors. Against this background, KGHM and PKN Orlen stand out positively as companies with high economic potential and a relatively significant IF for Polish conditions. The lack of confrontation with external competitors and the privileged position of Polish strategic SOEs in th

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