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Influence of Financial Liquidity on the Competitiveness of Defense Industry Enterprises


[ 1 ] Instytut Zarządzania Lotnictwem Cywilnym, Wydział Zarządzania i Dowodzenia, Akademia Sztuki Wojennej | [ 2 ] Instytut Zarządzania, Wydział Zarządzania i Dowodzenia, Akademia Sztuki Wojennej | [ P ] employee

Scientific discipline (Law 2.0)

[5.6] Management and quality studies

Year of publication


Published in

European Research Studies Journal

Journal year: 2021 | Journal volume: vol. XXIV | Journal number: issue 2

Article type

scientific article

Publication language


  • Financial liquidity
  • Competitiveness
  • Defense industry
  • Enterprise
  • Finanse przedsiębiorstwa
  • Konkurencyjność
  • Płynność finansowa
  • Przemysł zbrojeniowy
  • Przedsiębiorstwo

EN Purpose: The aim of the article was to analyse the correlation between financial liquidity and the competitiveness of enterprises from defense industry enterprises. Design/Methodology/Approach: The solutions were developed on the basis of literature analysis, case study, document analysis. As part of the case study were used diagnostic and prognostic sheets, as well as the analysis of source documents. The analysis of financial liquidity was performed using the induction method, which includes examination of details, generalization in the form of conclusions, synthetic evaluation and diagnosis. The time scope of the research covered the period 2015-2018. Four defense companies in the world were selected for the purpose of the research. Findings: The analysis of four enterprises from the defense industry shows connection between the financial situation (measured by liquidity ratios) and the competitiveness of the surveyed companies. The most stable company, one of the leading defense in the world, is Northrop Grumman. In turn, United Aircraft is characterized by a large dispersion of results and negative values of cash flows from operational activities. The article is also an overview of competitiveness, showing the diversity in managing the resources of an economic unit, and indicates practical guidelines for the use of methods and interpretation of the financial liquidity ratios of enterprises. Practical Implications: The results of the research can be used by company managers, both from the defense industry and others, to create mechanisms that increase competitiveness. Originality/Value: The study is a new contribution to research into the competitiveness of defense companies. The aspects of the competitiveness of defense enterprises on the basis of liquidity ratios remained beyond the area of scientific interest.

Date of online publication


Pages (from - to)

257 - 273





Bibliografia str. 272-273; JEL codes: O11, L1, P11.

License type

CC BY (attribution alone)

Open Access Mode

open journal

Open Access Text Version

final published version

Date of Open Access to the publication

at the time of publication

Ministry points / journal


Ministry points / journal in years 2017-2021