Vol. 12 No. 1 (2026)
March

Articles

Poland’s investment development path: Going beyond conventional explanations

Published 2026-03-31

  • Marian Gorynia
    • ,
  • Jan Nowak
    • ,
  • Piotr Trąpczyński
    • ,
  • Radosław Wolniak

Marian Gorynia
Poznań University of Economics and Business

Jan Nowak


Piotr Trąpczyński
Poznań University of Economics and Business

Radosław Wolniak
University of Warsaw

Abstract

Objective: This article examines several critical factors influencing the progression of a nation’s investment development path (IDP), using Poland’s post-transition economy as a case study.

Research Design & Methods: Alongside the conventional analysis of foreign direct investment (FDI) as a correlation between economic development, indicated by GDP/GNP growth, and the net outward investment position (NOIP), we examined the influence of institutional factors, particularly government policies, the significance of the domestic and foreign markets, as well as the effects of recent external factors: the COVID-19 pandemic and the conflict in Ukraine. Consequently, we incorporated diverse viewpoints, including those of international business, economic policy, institutional theory, and political economy.

Findings: The primary conclusion of this study is that Poland remains firmly embedded at the end of Stage 2 of its IDP, with no tangible indication of progressing, as per the theoretical model, to the more advanced and recommended Stage 3.

Implications & Recommendations: One explanation for this seemingly paradoxical scenario of remaining in Stage 2 may reside in the country’s peculiarities, partly due to foreign investors’ persistent perception of Poland as a moderately developed economy, characterised by a substantial internal market and promising GDP growth potential.

Contribution & Value Added: In the analysis of Poland’s IDP, we go beyond the variables of the original IDP model. Thus, we significantly contribute to its theoretical development and practical applications.

Keywords

investment development path, foreign direct investment, economic growth, Central and Eastern Europe, institutional factors

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Author Biography

Marian Gorynia

Full Professor, employed at the Poznań University of Economics and Business (Poland), a former Rector of this university in the years 2008-2016, and a former Vice-rector for scientific research and international cooperation in 2002-2008. He is a Vice-chair of the Scientific Excellence Council from 2020-2023, the institution which supervises post-doc degrees in Poland. His research interests include firm competitiveness, international business strategies and globalisation. He has published his research in many prestigious journals, including International Business Review, Eurasian Geography and Economics, Communist and Post-Communist Studies, and Post-Communist Economies.

Jan Nowak

Retired University Professor. Former Rector of the European University of Business. Has worked for universities in Poland, Canada, Fiji Islands and Hungary, where he held teaching and academic-related administrative positions. His research interest include marketing, firm internationalisation, foreign direct investment, and globalisation. His work was published in such scholarly journals as the Journal of International Consumer Behaviour, International Review of Retail, Distribution and Consumer Research, East European Economics, Eurasian Geography and Economics, Communist and Post-Communist Studies, Post-Communist Economies, and International Business Review.

Piotr Trąpczyński

Associate Professor at the Poznań University of Economics and Business, Department of International Competitiveness at the Institute of International Business and Economics. His research interests include foreign direct investments and divestments, export performance and export exits, along with business models. He has published his research, among others, in the Journal of World Business, Journal of Business Research, International Business Review, European Management Journal and European Journal of International Management.

Radosław Wolniak

Adjunct professor at the Faculty of Economic Sciences of the University of Warsaw, Poland. He has researched foreign direct investment, the strategy of multinational firms and international economic integration. He has published articles in international refereed journals including International Business Review, Eastern European Economics, Eurasian Geography and Economics, and Communist and Post-Communist Studies, as well as books on these subject areas. He has over 50 years of teaching experience in international business, strategy of multinational firms and international marketing. Besides holding administrative posts at Polish universities, he has also held positions on management and supervisory boards of Polish companies.

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