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Discussion and Conclusion

HGEs must be flexible to adapt to changing market conditions. A great emphasis must be put on maintaining production continuity and implementing innovative technological and organizational solutions (Kroslakova et al., 2015). The business models adopted by the enterprises include the assumption of the necessity of monitoring the external environment and reacting quickly to both alarming signals about the economic downturn or possibilities of political crisis and publicly available information on new regulations being prepared and the availability of external sources of investment financing. This assumption is reflected in making the development strategy more flexible and using the organizational agility of the company to identify opportunities and threats faster than the competition, which allows them to survive in conditions of strong market competition, and also helps build a competitive advantage (Otola, 2013).

It should also be pointed out that the group of Polish HGEs is dominated by small- and medium-sized entities (SMEs) (Statistics Poland, 2019), which are more dependent on their business environment and political environment than large companies. Due to the size of their business operations, SMEs still face barriers which limit their access to strategic production resources or external financing sources, which translated into a change in the structure of HGEs in many countries around the world. After the end of the global financial crisis subprime (2009), the share of HGEs in the group of enterprises from the service sector increased significantly with a simultaneous decrease in their share in the group of production enterprises (Kroslakova et al., 2015). The specialization of HGEs in the sectors of services related to professional, scientific, or technical activities, where the size of the enterprise is not so significant in relation to its intellectual capital (skills and knowledge of the employees), are conducive to the processes of digitization and globalization. The development of new digital technologies related to the analysis of large datasets (Big Data), the implementation of artificial intelligence, the progressive process of digitization of the society, and the dissemination of e-office services contribute to the creation of new, digitally enhanced business models. These models are seen as important in building competitive advantage and creating value of business entities by shortening their distance to the market and saving time (OECD SME and Entrepreneurship Outlook, 2019). The conditions for the development of HGEs presented above are strongly determined by the place of activity of an enterprise. The location of an HGE in a given voivodeship in Poland can be important for the profitability of the business model adopted by it. On the other hand, HGEs contribute to the development of the region by creating new jobs and generating positive effects related to the increase of economic activity in the region. Research is also conducted on the role of high-growth innovative companies in ensuring productivity growth and achieving sustainable competitiveness of regions (Vertesy et al., 2017). For this reason, it can be concluded that there is a feedback between the development of voivodeships in Poland and the financial condition of HGEs conducting business activity in a given voivodeship.

The statistical sample of the study aimed at identifying the relationship between the geographical location of enterprises and the profitability of adopted business models was comprised of enterprises located in individual Polish voivodeships. The data referring to the type of a business model, which is connected with the structure of costs and revenue generating mechanisms, was analyzed. The analysis covered only the group of HGEs, as it was assumed that the fast increase in revenue is typical for enterprises that contribute the most to the economic development.

The results of the Friedman rank test indicate the occurrence of significant differences in the distribution of the value of the synthetic measure in the years 2013-2017 describing the financial condition of enterprises in five consecutive years. This means that the location of HGEs significantly affects their financial results, which means that their functioning in a given voivodeship translates into the profitability of business models adopted by enterprises. In addition, a similarity in the positioning of voivodeships in rankings according to financial condition was observed.

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