Changes in the Holdings Structure During the Crisis

The article presents the results of research on changes in the holdings structure during the crisis, their determinants and the impact of the changes on the financial performance of the holding. The changes in the following areas were taken into account: the holdings complexity (number of holdings companies); holdings character (level of the parent company’s operational activities); centralisation (strategic freedom of subsidiaries). The analyses undertaken prove that during the crisis the holdings changed their structure configuration. The juxtaposition of all the three parameters of a holding structure made it possible to build a model of structural changes in the holdings during the crisis, which was empirically verified. The analyses show that two opposing models of structural changes in holdings were prevailing: a passive and an active model.