Internationalisation and the Financial Performance of Companies
, Jose Satsumi Lopez-Morales
Orcid profile and 
Published Online: Jun 10, 2025
Page range: 259 - 274
Received: Dec 04, 2024
Accepted: Apr 23, 2025
DOI: https://doi.org/10.2478/foli-2025-0013
Keywords
© 2025 Jerzy Różański et al., published by Sciendo
This work is licensed under the Creative Commons Attribution-ShareAlike 4.0 International License.
Research background
The literature of Polish authors points to the study of the financial performance of companies in the process of internationalisation by means of classic profitability indicators. Foreign literature goes beyond this area of studying the performance of companies in the internationalisation process. The authors propose less standard indicators for assessing company performance: market capitalisation, asset value, EBITDA (not ROA, ROE, ROS).
Purpose
The purpose of this paper is to assess the impact of internationalisation on selected financial ratios of Asian companies in the food sector.
Research methodology
Purposive sampling was used in the study and the selection of units was based on the availability of financial data in the EMIS database. The target population comprised joint-stock companies in the food sector in Asia that had export operations between 2000 and 2022.
Results
On the basis of the results of internationalisation and its impact on selected financial results and the relationships between financial indicators (EBITDA, asset size, market capitalisation) examined, it was decided to reject the main hypothesis.: There are links between internationalisation and factors indicative of a company’s economic performance and the interrelationship between these factors (total assets, EBITDA, market capitalisation).
Novelty
This research presents the impact of internationalisation on less commonly used indicators in performance evaluation, which can be considered a novel contribution to prior studies.