Elastyczność finansowa a zdolność do inwestycji w czasie kryzysu finansowego na przykładzie spółek publicznych w Polsce
Financial flexibility and corporate investment during financial crises based on public companies in Poland

Summary/Abstract: This paper examines the impact of financial flexibility on the investment and return on assets of Polish public firms over the period 2003-2013. The results show that the firms can attain financial flexibility primary through holding large cash balances. The analysis covering the global crisis period of 2008-2009 suggests that firms that are financially flexible prior to the crisis perform better than less flexible firms during the crisis and have a greater ability to invest after a crisis perid. There is no significant difference in the return of assets and size of intangible assets of firms.

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