Performance of nonbanking organisations granting guarantees within cohesion policy

Halina Waniak-Michalak (), Jan Michalak () and Maciej Turala ()
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Halina Waniak-Michalak: University of Lodz, Faculty of Management. Poland
Jan Michalak: University of Lodz, Faculty of Management. Poland
Maciej Turala: University of Lodz, Faculty of Management. Poland

INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, 2021, issue 49, 5-26

Abstract: 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.

Keywords: nonbanking organisations; guarantees; performance; regional development; cohesion policy (search for similar items in EconPapers)
JEL-codes: G23 L31 L84 O16 (search for similar items in EconPapers)
Date: 2021
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