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Celem artykułu jest zbadanie stopnia zastosowania mierników dokonań prezentowanych w raportach strategicznych spółek wchodzących w skład indeksu FTSE techMARK oraz przeanalizowanie, czy mogą one służyć jako źródło użytecznych informacji do oceny spółek przez inwestorów stosujących strategie inwestowania społecznie odpowiedzialnego. Badaniem w formie analizy treści objętych zostało 60 spółek wchodzących w skład indeksu FTSE techMARK. Wyniki badania dowodzą, że wskaźniki finansowe i niefinansowe zawarte w raporcie strategicznym stanowią cenne źródło informacji dla inwestorów stosujących strategie inwestowania społecznie odpowiedzialnego. Wskaźniki niefinansowe zawarte w raportach strategicznych często mają charakter wskaźników wyprzedzających i mogą ułatwiać sporządzanie prognoz przyszłych zysków i przepływów pieniężnych spółek przez inwestorów. Pomagają one również w tworzeniu i modyfikowaniu portfeli inwestycyjnych przez inwestorów stosujących strategie inwestowania społecznie odpowiedzialnego. Użyteczność raportów strategicznych dla inwestorów społecznie odpowiedzialnych do oceny spółek jest jednocześnie ograniczona przez różny format przedstawianych danych i stosunkowo duże zróżnicowanie wskaźników, co utrudnia ich porównywanie.

The article aims to answer the questions of whether public intervention in the form of financial aid for guarantee funds is necessary. This study examines the consequences of the financial aid for guarantee funds in Poland at the beginning of the 2014-2020 EU budget in the light of state intervention theory. We investigate three possible effects for organizations providing guarantees for SMEs: changes in output (the value and number of guarantees), changes in the transaction scale (average guarantee) and changes in efficiency. We use a panel regression analysis to verify the existence of such effects. The results show that grants lead neither to an increase in output (the number of guarantees or the total value of guarantees) nor to the improvement of multiplier or default ratios. We observe the positive impact of grants on the transaction scale and cost efficiency. We continue the discussion on the justification of state intervention in the market and the consequences of the public aid. The research shows that state intervention through public support for guarantee schemes has both advantages and disadvantages. In order to enhance the efficiency of the guarantee schemes, government intervention on behalf of private investors should be limited. Our research has some limitations. The sample does not cover all the functioning guarantee funds, as there were financial statements that were not available and our study does not concern the whole EU budget period (2014-2020). The consequences of public financial aid for organizations providing guarantees for SMEs are rarely studied, therefore, the paper fills the research gap on the influence of public aid on guarantee funds functioning in European Union countries.

The debate on cohesion policy has recently intensified due to the increasing tensions within the EU and requires constant inputs with regards to various instruments which are applied. In Poland, a unique mechanism for guarantee distribution was adopted – the guarantees are mainly distributed through NGOs (nonbanking organisations granting guarantees – NOGG).
Thus, the article aims to investigate the relationship between the level of regional development, the experience of nonbanking organisations granting guarantees and their performance which leads to observations and recommendations with regards to the functioning and assessment of guarantees as cohesion policy instruments. We have used panel regression for 156 observations covering 26 NOGG in Poland.
The results confirm that there exist positive associations between the level of regional development, NOGG size (measured with guarantee capital) and experience and some financial performance measures. We posit, that a prerequisite for the high performance of these organisations is to ensure that they have an adequate level of guarantee capital and experience. We call for future EU-wide comparative research allowing deeper understanding of various guarantee distribution mechanisms performance.

The debate on cohesion policy has recently intensified due to the increasing tensions within the EU and requires constant inputs with regards to various instruments which are applied. In Poland, a unique mechanism for guarantee distribution was adopted – the guarantees are mainly distributed through NGOs (nonbanking organisations granting guarantees – NOGG). Thus, the article aims to investigate the relationship between the level of regional development, the experience of nonbanking organisations granting guarantees and their performance which leads to observations and recommendations with regards to the functioning and assessment of guarantees as cohesion policy instruments. We have used panel regression for 156 observations covering 26 NOGG in Poland. The results confirm that there exist positive associations between the level of regional development, NOGG size (measured with guarantee capital) and experience and some financial performance measures. We posit, that a prerequisite for the high performance of these organisations is to ensure that they have an adequate level of guarantee capital and experience. We call for future EU-wide comparative research allowing deeper understanding of various guarantee distribution mechanisms performance. ; El debate sobre la política de cohesión se ha intensificado recientemente debido a las crecientes tensiones en el seno de la UE y requiere constantes aportaciones en relación con los distintos instrumentos que se aplican. En Polonia, se adoptó un mecanismo único para la distribución de garantías: las garantías se distribuyen principalmente a través de las ONG (organizaciones no bancarias que conceden garantías - NOGG). Así pues, el artículo pretende investigar la relación entre el nivel de desarrollo regional, la experiencia de las organizaciones no bancarias que conceden garantías y su rendimiento, lo que da lugar a observaciones y recomendaciones con respecto al funcionamiento y la evaluación de las garantías como instrumentos de la política de cohesión. Hemos utilizado ...

The monograph is scientifically valuable, innovative and brings the high potential for application. The discussed topics are up to date and significant for both theory and economic practice. The literature review presented herein is of high academic quality, as is the rich empirical part which covers the stages of development of loan and guarantee funds, provides a comparison of their functioning in different countries and analyses their financial standing in the context of regional development. The monograph may be addressed to representatives of the economic practice as well as academics, in particular those specialising in public finance, local government finance, accounting and management of corporate finance. All in all, it is a valuable publication, not only on the Polish publishing market. ; The book is financed by the National Science Centre in Poland and is part of a project entitled "Financing the development of loan and guarantee funds" – grant number 2016/23/B/HS4/00348