Marcin Salamaga

(Angielski) PDF


The importance of foreign direct investment (FDI) to the economic development of Poland cannot be overestimated, both at the regional level and in relation to the economy as a whole. Since FDIs are powered by capital sensitive to various national and international crises, it seems natural to ask whether the situation connected with the global COVID-19 pandemic is reflected in the reduction of FDI inflows to Poland. The aim of the paper is to identify the determinants of the foreign divestment process in the Polish economy as a whole and in its main sectors during the COVID-19 pandemic. The article analyses scenarios of foreign divestment in Poland in an annual perspective, starting from the outbreak of the epidemic in March 2020 up to February 2021. The study used data from a survey conducted in April and May 2020 among nearly 500 enterprises realising FDI in Poland. The benchmark for the surveyed companies was the level of their involvement in FDIs covering a one-year period prior to the announcement of the epidemic. The application of logit models allowed the identification of the most important factors of foreign divestment during COVID-19, including the location of FDIs in the services sector, industry, the IT sector, increased market openness and interactions of variables taking into account the restrictions introduced to the economy due to the pandemic. The level of risk of divestment of these variables depends, however, on the volume of FDI reductions declared by investors and on the sector of the economy. If considerable divestment is assumed, FDIs in the services sector are then burdened with a higher risk of divestment than FDIs in the processing industry. Assuming small divestments, FDIs in the IT sector constitute a factor bearing the greatest risk of FDI reduction in the entire economy.


logit model, interactions of variables, foreign direct investment, FDI, divestment, COVID-19, risk assessment


C25, F21


Aidukaite, J., Saxonberg, S., Szelewa, D., & Szikra, D. (2021). Social policy in the face of a global pandemic: Policy responses to the COVID-19 crisis in Central and Eastern Europe. Social Policy & Administration, 55(2), 358–373. .

Bergh, D. D. (1997). Predicting Divestiture of Unrelated Acquisitions: An Integrative Model of Ex Ante Conditions. Strategic Management Journal, 18(9), 715–731.<715::AID-SMJ912>3.0.CO;2-6 .

Bergsen, P. (2020). A new political economy for Europe post-COVID-19. European View, 19(2), 131–137. .

Berry, H. (2010). Why Do Firms Divest?. Organization Science, 21(2), 380–396. .

Berry, H. (2013). When Do Firms Divest Foreign Operations?. Organization Science, 24(1), 246– 261. .

Blake, D. J., & Moschieri, C. (2017). Policy risk, strategic decisions and contagion effects: Firm- -specific considerations. Strategic Management Journal, 38(3), 732–750. .

Borga, M., Flores, P. I., & Sztajerowska, M. (2019). Drivers of divestment decisions of multinational enterprises – A cross-country firm-level perspective (OECD Working Papers on International Investment No. 2019/3). .

Bureau van Dijk. (n.d. a). Orbis. .

Bureau van Dijk. (n.d. b). Zephyr. .

Chatterjee, S., Harrison, J. S., & Bergh, D. D. (2003). Failed takeover attempts, corporate governance and refocusing. Strategic Management Journal, 24(1), 87–96. .

Davahli, M. R., Karwowski, W., Sonmez, S., & Apostolopoulos, Y. (2020). The Hospitality Industry in the Face of the COVID-19 Pandemic: Current Topics and Research Methods. International Journal of Environmental Research and Public Health, 17(20), 1–20. .

Doctor, A. C., & Bagwell, S. (2020). Risky Business: Foreign Direct Investment and the Economic Consequences of Electoral Violence. Journal of Global Security Studies, 5(2), 339–360. .

Hamilton, R. T., & Chow, Y. K. (1993). Why managers divest—Evidence from New Zealand’s largest companies. Strategic Management Journal, 14(6), 479–484. .

Harrell, F. E. (2001). Regression Modeling Strategies: With Applications to Linear Models, Logistic Regression, and Survival Analysis. New York: Springer-Verlag. .

Harrigan, K. R. (1981). Deterrents to Divestiture. The Academy of Management Journal, 24(2), 306–323. .

Jaccard, J. (2001). Interaction Effects in Logistic Regression. Thousand Oaks: Sage Publications. .

Jovanovic, B., & MacDonald, G. M. (1994). The Life Cycle of a Competitive Industry. Journal of Political Economy, 102(2), 322–347. .

Markides, C. C. (1992). Consequences of corporate refocusing: ex ante evidence. Academy of Management Journal, 35(2), 398–412. .

Martins, P. S., & Esteves, L. A. (2008). Foreign Ownership, Employment and Wages in Brazil: Evidence from Acquisitions. Divestments and Job Movers (IZA Discussion Papers No. 3542). .

Narodowy Bank Polski. (n.d.). Cykliczne materiały analityczne NBP. .

Norbäck, P.-J., Tekin-Koru, A., & Waldkirch, A. (2015). Multinational Firms and Plant Divestiture. Review of International Economics, 23(5), 811–845. .

Pashley, M. M., & Philippatos, G. C. (1990). Voluntary divestitures and corporate life-cycle: some empirical evidence. Applied Economics, 22(9), 1181–1196. .

Shin, S. (2000). The Foreign Divestment Factors in South Korea: An Analysis of the Trading Sector. The Multinational Business Review, 8(2), 98.

Trencher, G., Downie, Ch., Hasegawa, K., & Asuka, J. (2020). Divestment trends in Japan’s international coal businesses. Renewable and Sustainable Energy Reviews, 124. .

Do góry
© 2019-2022 Copyright by Główny Urząd Statystyczny, pewne prawa zastrzeżone. Licencja Creative Commons Uznanie autorstwa - Na tych samych warunkach 4.0 (CC BY-SA 4.0) Creative Commons — Attribution-ShareAlike 4.0 International — CC BY-SA 4.0