The internationalization - performance relationship: findings from a set of Polish listed manufacturing companies

“Internationalization, Innovativeness and Growth of Modern Enterprises”, ICAN Sp. z o.o. (editor Harvard Business Review Poland), Warszawa, 2010, ISBN: 978-83-932054-0-0The paper aims to identify the shape of the relationship between degree of internationalization and performance of Polish manufacturing firms using data from WSE listed companies over the period from 2003 to 2008. The results suggest that initially, internationalization has a negative impact on performance; however, over time, through gaining experience and through organizational learning, the benefits of international expansion outweigh the costs and firm’s performance improves. The regression results indicate also that real GDP growth rate in Germany, real effective exchange rate and import transaction price index significantly contribute to firms’ performance