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Degree of internationalization and financial performance of gaming businesses: A study of CD Projekt capital group


Objective: This article aims to evaluate the impact of the internationalization process of firms on their financial situation. Through the research process presented in this study, I verify whether financial analysis can have its legitimate application in assessing the internationalization of a firm in the gaming industry. This verification is done on the example of the CD Projekt capital group. The process of scientific reasoning in this paper will bring closer to the fulfilment of the main research objective – to answer the question about the desirability of applying ratio analysis in the research domain of internationalization of firms.

Research Design & Methods: This paper applies an indicator analysis. Over the years of development of this analysis, researchers separated, measured, and formed the four most essential elements of its financial functioning to enable their evaluation. Using the literature on the subject, calculating tools and my knowledge, I independently prepared and developed eleven indicators that constitute the foundation of the research process presented in this article. The indicators will verify the hypotheses posed through calculations and interpretation of correlation coefficients between variables.

Findings: The effect of partial or complete confirmation of the hypotheses adopted in the introduction is to confirm that the companys internationalisation in the gaming industry has a positive impact on its financial condition. The result of the study is also the conclusion that the companys internationalisation has had a positive impact on almost every aspect of the CD Projekt capital groups operations and its current position is directly attributable to the internationalization process.

Implications & Recommendations: To simplify the analysis, topic has been reduced to the example of a company in the gaming industry. I note, however, that the indicator analysis also seems to be a tool to assess the process of internationalization within other separate industries or sectors and therefore recommends further study of the issue.

Contribution & Value Added: The use of indicator analysis in the research domain of the internationalization of enterprises has been the subject of scientific studies for some time. However, the attempt to implement the issue in the specificity of the creative industry is, according to the state of the authors knowledge, a kind of novelty. This work aimed to assess the impact of the internationalization process of a company in the gaming industry on its financial position. This goal was achieved, which confirms, following the principle of deductive reasoning, that assessing the impact of the internationalization process of the company based on indicator analysis retains economic sense.


indicatior analysis, internationalization of firms, financial performance, international business, gaming business, creative corporate finance

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Author Biography

Sławomir Szwajkosz

Bachelor in international economics, specialized in international trade from Cracow University of Economics (Poland, 2021). Currently a master student of financial markets as well as international trade at the same university.


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