Abstract:

The phenomenon of economic financialization, associated with the growing role of the financial sector, can also be observed on a microeconomic level, particularly within non-financial enterprises. Financialization of enterprises, in the broadest sense, refers to the increasing significance of financial activities at the expense of core operational activities. There are numerous causes, manifestations, and consequences of this phenomenon. The extensive literature on this topic offers diverse descriptions and classifications of these causes. It is noteworthy, however, that similar or identical factors are sometimes described as causes, at other times as manifestations, and even as consequences of financialization. This terminological inconsistency can create challenges in accurately analyzing this phenomenon. Furthermore, to properly identify the outcomes of enterprise financialization, it is essential to first evaluate the scale of this phenomenon within non-financial firms.

Therefore, the primary aim of this article is to present a synthesized overview of the essence and genesis of financialization, along with an attempt to organize the causes, manifestations, and theoretical consequences of financialization in non-financial enterprises. Additionally, based on financial data published by Statistics Poland (GUS), the article provides an analysis and evaluation of the scale of financialization in non-financial enterprises in Poland.