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Purpose: The main goal of this paper is an evaluation of the complexity of changes implemented in the business model by companies with regard to their internal attributes. In our work we intend to find which companies, considering their size, age, legal form, type, and range of operations, change their business model in more complex way. We also want to evaluate the associations between changes in the business model as well as to identify the patterns of their implementing. Design/Methodology/Approach: We collected the data using own survey research conducted among 104 companies registered in Poland with CAWI technique. We used ordinal logistic regression model as well as nonparametric statistical testing. Findings: Our research showed that majority of companies change their business model, and the complexity of changes is dependent on legal form, age of companies, type of activities and use of outsourcing. We find that the companies do not have common patterns in implementing changes to the business model and the changes, as a rule, are not correlated. Practical Implications: The paper attempts to identify group of internal attributes of companies that make them liable to complex changes in the business models. Originality/value: Most of the research to date has focused on studying changes in the business model under the influence of external factors resulting from the macroeconomic or competitive environment, without focusing on the problem of complexity of changes embedded in the organization of the company and its individual attributes., peer-reviewed

Purpose: The purpose of this paper is an evaluation of the susceptibility of business model to changes with regard to company’s internal attributes as well as the parameters of the business model. Our goal is to find which companies, considering their size, age, legal form, type and range of operations, are more susceptible to change their business model as well as which business model elements determine changes in the model itself. Design/Methodology/Approach: We collected the data using own survey research conducted among 104 companies registered in Poland with CAWI technique. We used nonparametric statistical testing as well as binary logistic regression models. Findings: Our research showed that majority of companies change their business model and the changes are dependent on both the internal features (attributes) of the companies as well as most areas of the business model they use. Practical Implications: This article attempts to identify a group of internal factors that more than other stimulate the volatility of business models. Originality/value: Most of the research to date has focused on studying changes in the business model under the influence of external factors resulting from the macroeconomic or competitive environment, without special interest in influencing the attributes embedded in the business model itself and the organization of the company. The latter may constitute a barrier to change or increase the vulnerability of the business model to their implementation., peer-reviewed

Motivation: Banks tend to offer increasingly innovative, distinctive products, to introduce new sales channels, as well as to search for new customers. A special group, more often served by banks, are young people.Aim: The main aim of this study is evaluating the types, preferences and patterns of using banking offers as well as to evaluate major channels of accessing banking products and services by children, youths and young adults. The authors used studies of literature, analysed bank products and services for young people as well as conducted survey research on a group of people under 25 years.Results: Young people represent a primarily multi-product approach and their level of financial knowledge determines the use of modern solutions as well as a high diversity of products. Young people that use banking products and services rarely decide to use offers of other financial institutions.

The paper presents the analysis of the influence of changes in legal regulations concerning professional accounting services into functioning and development of accounting offices in Poland. The main research objective of the paper is to evaluate the attitude and consequences of the deregulation from the perspective of accounting offices. The results of the research conducted by the authors indicate that accounting offices were not supporting the deregulation and they currently negatively evaluate it. The deregulation is evaluated as bringing the negative effects in six out of seven areas of functioning of accounting offices. The negative effects of deregulation are determined by narrow scope of variables, such as age of respondents, level of education and period of running the accounting office.

The purpose of this chapter is to present the approach and attitude of different generations of individual investors to socially responsible investments on the financial market in Poland. We use critical analysis of literature, statistical data analysis, as well as description and comparison methods. The study shows that there are differences between individual investors with different generations (Baby boomers, Generation X, and Generation Y) in their approach and attitude to social responsibility in the financial market. The Baby Boomer Generation is more likely to declare a socially responsible attitude when making investment decisions compared to younger generations.

Motivation: The paper refers to the issue of development of securitisation in Poland. Securitisation is a multipurpose financial technique commonly used in many countries, especially in those with highly developed capital markets. Such technique supports assets and liabilities management, transfers risks as well as leads to creation innovative, assets-based securities. As Polish financial institutions, especially banks, are facing new challenges related to regulatory capital, long-term financing, non-performing debts and taxation, we examine if securitisation may be developed and successfully used on Polish financial market. In the paper, we discuss the development securitisation in Poland, focusing on legal, financial and structural aspects.Aim: the aim of the paper is to evaluate the conditions of using and developing securitisation in Poland with regard to performing as well as non-performing assets. We also evaluate the role and significance of securitisation investment funds, i.e. special type of investment funds operating in Poland, which are evaluated as the most suitable SPVs for securitisation.Results: upon the research, we conclude that in Poland the most dynamically developing segment of securitisation is that based on non-performing debts, and its significance will be growing altogether with the growth and consolidation of Polish debt collection market. We also conclude that the major barrier related to development of this area of finance is a lack of precise legal and tax regulations.

Motivation: Securitisation investment funds are considered as the most suitable vehicle for the process of securitisation. The paper refers to the issue of establishing, functioning and development of securitisation investment funds in Poland, which are special type of closed-end investment funds managed by investment fund companies (IFC).Aim: The aim of the paper is an appraisal of the securitisation investment funds market in Poland with a special attention paid to its evolution and prospects of development. In the paper a securitisation investment fund was presented as a one of the type of investment funds in Poland based on the Polish legislation. We enclose the results of the survey conducted in Poland amongst the mentioned funds and present the appraisal of major stimulants and barriers of development of securitisation and securitisation investment funds market.Results: Upon the research we find that despite low level of using of securitisation in the past its perspectives of development are appraised positively by IFCs. Majority of questioned IFCs indicate existence of particular barriers for development of securitisation in Poland. According to IFCs with and without securitisation investment funds, the most problematic areas are: lack of proper regulations and high complexity of the securitisation itself. From the point of view of investment funds industry securitisation is evaluated as of average interest despite funds are leading in development of the considered financial technique in Poland.

Children, youths and young adults are becoming a group of clients increasingly served by banks. Due to the lack of regular incomes and an unstable financial situation, these people are not the key customer segment for the banks. Nonetheless, they are treated as prospective clients that are expected to bring profits in the future. An offering of products and services to customers with low financial knowledge and poor experience in finance is a serious ethical concern. Such offerings may bring vital social, economic and financial benefits but also may generate substantial risks. The goal of this paper is to characterise and evaluate ethical aspects of the offering of bank products to young people. For the purpose of the work we reviewed literature and used SWOT analysis to identify the strengths, weaknesses, opportunities, and threats related to the offering of bank products and services to children, youths, and young adults and considered them in an ethical context. We also conducted a survey using CAWI technique on a group of 209 young people. Research shows that young people perceive banks and their offers as safe, and this positively affects their financial knowledge.

Banks often offer their products and services to young people, i.e. children, youths and young adults. Such products and services are characterised by special features and functions as they are offered to clients with low financial competences, low economic knowledge as well as a lack of regular income. In effect they do not bring current profits to banks and the process of servicing of young people is treated rather as a long-term investment project. The purpose of this paper is to characterise and evaluate bank products and services offered to young customers, including their features, functions and legal terms of using as well as to identify ways of their offering in the Polish banking sector. To achieve the research goal, the authors studied literature, analysed offers of banks in Poland, and conducted a survey using CAWI technique on a group of 209 young respondents. Based on the research, the authors identified optimal features of products and services for young customers as well as their customisation. The authors also identified several models of offering products to children, youths and young adults. The research indicated that young people use bank products and services commonly and they are satisfied with banking offers. They find safety of money as the most important feature of products and services.

Until 2009 Swiss franc loans gained substantial share among all mortgages in Poland and have created systemic risk. After the crisis and strong revaluation of Swiss currency, the borrowers started to suffer an increased value of installments as well as a high value of debt. Due to that fact, there were proposed various solutions, mostly legal and financial, to reduce the costs and risks related to foreign currency lending to unhedged borrowers in Poland.

Foreign currency loans (FCL) have been commonly used in many developing countries in Europe since 2005-2006. In particular, they were granted to retail clients to finance purchasing of real estate. As interest rates in many Central and Eastern European countries were permanently higher than in Switzerland and the Eurozone, the domestic as well as foreign owned banks had started to sell mortgages in foreign currencies, predominately in Swiss francs and euros. Due to reduced interest such loans turned out to be substantially cheaper and easier to get than loans denominated in domestic currencies. In fact within 2-3 years they gained a substantial and in some cases dominant share in domestic credit markets of CEE. Because repayment of FCL is strictly dependent on the exchange rate of foreign currencies, the considered loans had exposed a large group of domestic borrowers to fx risk which they could not effectively hedge. Such risk became very serious in countries like Poland and Hungary with a clear floating exchange rate regime and substantial share of FCL among bank assets. As far back as 2008, and then in 2011 the fx risk related to such loans strongly materialised due to an unexpected rise of the valuation of the CHF and to a lesser extent the EUR. The goal of this paper is to present the phenomenon of using foreign currency loans in Poland and Hungary for purchasing real estate where such loans concentrate a substantial share of banking assets. The authors will present the nature, conditions and premises of taking such loans and will use a comparative analysis between Poland and Hungary. The paper will also contain an analysis of the influence of such loans on borrowers, banking sectors and systemic risk in both countries. The authors will provide statistical analysis of the exchange rate of PLN and HUF to present the potential of fx risk of FCL. Finally the paper will describe legal and financial supervision solutions applied in both countries to diminish the risks related to the loans.

Motivation: This paper is devoted to the issue of using banking products and services by young people, i.e. children under the age of 13, youths from 13 to 17 years of age and young adults from 18 to 25 years of age. Considering the current fast digitalization in banking as well as increased competition on the financial market, the group of young people naturally becomes an object of interest to banks.Aim: The work is aimed at characterising young people as the clients of banks. In particular the aim of the study is to identify the motives, terms and legal aspects of servicing young people by banks as well as to characterize reasons and frequency of using banking products and services by young people. To deepen the knowledge in scope of functioning of children youths and young adults on the market of banking products and services, the authors of this study have taken to carry out research through literature studies, legal regulations analysis and obtaining opinions of young people in the survey.Results: The basic motivation for servicing children, young people and young adults is linking a young client with a bank for a long period of time. Educational and social motives also exist. According to the research the majority of young people in Poland uses bank products and services. Such people start using banking offers mostly when they became adult and the share of users changes with the age, place of residence, formal education level and level of subjective financial knowledge. Young people decide to use bank products and services because of the need. They use banking products and services every day or several times per week.

This paper evaluates financial benefits obtained by private clients of banks in Poland resulting from Swiss franc- and euro-denominated mortgage loans against Polish zloty mortgages. As fx mortgage loans were commonly used in period 2005-2009 and quickly dominated Polish banking sector (as well as sectors in many other CEE countries), they became a fundamental element of banks’ assets and a source of risk for borrowers. The main goal of the paper is to evaluate if fx mortgage loans, are more cost-efficient, than loans taken in domestic currency (PLN). To assess the financial benefits, the author proposed mathematical model of repayment of mortgage loans taken in the period 12.2004-12.2012 based on variable interest rates and actual exchange rates. Upon the data obtained from the model, the author used eight ratios for assessments of benefits. The analysis of benefits of fx borrowers was conducted per borrower, per period (month) as well as in form of cumulated benefits for all borrowers and all months of crediting. Upon the research one may find that since 2005 most beneficial in Poland are mortgage loans denominated in euro. They are generally more cost-effective than loans denominated in Polish zloty and most popular in period 2005-2009 fx loans in Swiss franc. The investigation of relative benefits showed also that the most commonly used fx loans denominated in Swiss currency are globally more expensive for borrowers than domestic currency loans. The exception are 30-years loans taken in 2009 and 2011.&nbsp

This paper describes phenomenon of using of foreign currency mortgage loans for housing purposes in Poland. Such phenomenon appeared also in other developing countries of CEE (e.g., Hungary, Romania, Croatia, Serbia, Bulgaria) but at different scale, scope and consequences. The aim of this paper is to present the major issues of foreign currency mortgage loans in Poland, the conditions and reasons of their spreading, their relative benefits and costs and characteristics of risk created by such loans for whole banking system in Poland. In the paper, the author will enclose the results of data analysis for Polish financial system, mortgage loans market, as well as foreign exchange rates. The paper will contain also the author’s analysis of effectiveness of repayment of fx mortgage loans (CHF and EUR) in Poland versus PLN loans. The results of the author’s research in general demonstrate that foreign exchange mortgages benefits depends primarily on the exchange rate on the date of taking the loan. The main conclusion from the research is that foreign currency mortgage loans are relatively beneficial but they create significant potential risk to the economic safety of the Polish households as well as whole banking system.

This paper relates to issues of hazard, risk and financial benefits generated by currency mortgage loans in Swiss franc granted in Poland. In particular, the paper focuses on situation of borrowers, especially describing hazards and financial benefits against financing in Polish currency. In the paper, the author presents in details the nature and role of currency mortgage loans in banking sector, as well as characterizes risk types burdening banks and borrowers of CHF loans. Also, the author prepared a comparative model of repayment of mortgage loans as well as investigated financial benefits obtained by Swiss franc borrowers in period 2006–2009 against Polish zloty borrowers. Niniejszy artykuł dotyczy problematyki zagrożeń, ryzyka oraz korzyści finansow ych generowanych przez walutowe kredyty mieszkaniowe udzielane w Polsce we franku szwajcarskim. W szczególności opracowanie koncentruje się na sytuacji kredytobiorców, w tym na określeniu zagrożeń oraz korzyści osiąganych przez nich na tle finansowania w PLN. W pracy przedstawiono szczegółowo znaczenie i rolę walutow ych kredytów mieszkaniowych w sektorze bankowym, a także scharakteryzowano rodzaje ryzyka obciążającego banki oraz osoby zaciągające kredyty w CHF. Na potrzeby pracy przygotowano model porównawczy spłat y kredytów w CHF i PLN oraz przeprowadzono analizę korzyści finansowych osiąganych przez kredytobiorców zaciągających kredyty frankowe w latach 2006–2009 na tle osób finansujących się w walucie krajowej.

Collateralized debt obligations (CDO) are new, innovative products available to institutional investors on the global financial markets. Their development is strictly related to the subprime loans expansion. In the recent years CDO have become a financial tool of transferring worldwide a risk of American mortgage loan market. In fact, due to CDO such transfer was enormous and uncontrolled. As CDO are not transparent nor they are traded at stock exchange, their valuation and performance assessment are very difficult. In practice, very fast growth of subprime loans in US boosted development of CDO on global financial market. On the other hand, the mentioned structured products supplied capital to subprime segment, increasing the amount of non-conforming loans and hence the risk level in the global financial sector. Because CDO played significant role in the credit risk proliferating and generation of enormous losses among biggest investment and commercial banks, the aim of this paper is to present the idea, nature and mode of functioning of CDO. Also, the paper describes the CDO market in terms of world financial crisis. W artykule przedstawiono istotę i funkcjonowanie nowoczesnych produktów strukturyzowanych CDO, opisano ich główne typy, konstrukcje oraz sposób emisji. Artykuł zawiera również analizę rynku CDO w latach 2004–2009, tzn. w okresie najszybszego rozwoju rozważanych produktów oraz jednocześnie w okresie narastającego kryzysu finansowego na świecie.

The paper contains the description of problem of credit currency exposure created by foreign currency mortgage loans in Polish banking system. At present foreign currency mortgage loans concentrate the biggest share of all bank assets in Poland. They bring many types of risk to the commercial banks as well as to their clients. As such loans are mostly granted for very long periods (usually more than 25 years), they usually exceed 80% of LtV ratio as well as they are denominated in Swiss francs, thus they significantly increase the systematic risk of whole banking sector. Their threat of insolvency of Polish debtors is very serious, but the bank clients have very few instruments allowing managing foreign currencies loans exposures. One of the latest instruments of its management is coming from an amendment to the banking law, called anti-spread act.

Securitization has been a fast developing financing technique in US and European capital markets for almost thirty years. In Poland, such kind of financial operation is still used very rarely. In practice, there have been conducted just few securitization transactions, mostly related to receivables from medical goods and services supplies. When analyzing the main barriers of securitization in Poland, one has to take into consideration the lack of concise legal regulations, the complicated nature of securitization itself and relatively high costs of agency. To omit the most severe obstacles in developing securitization in Poland, Polish Parliament voted in the year 2004 several acts supporting selling and transferring of receivables. The most important were: the amendment of the Polish banking law and the new investment funds act. These two acts implemented new solutions enhancing securitization of banking assets and enabled establishing of securitization funds. Because the new regulations seem to have critical influence on securitization development process, this paper presents theoretical and practical aspects of implementing of the amended law. The paper describes also participation of investment funds and capital companies in the process of banking assets securitization.

The main objective of the paper is identification and characteristics of a new research area that combines collective investment schemes and process of securitisation. In the paper we provide a descriptive analysis of securitisation investment funds in Poland and consider their role in the process of securitisation. We also identify major issues related to the development of the securitisation and securitisation funds market. The paper contains considerations related to the potential and to the direction of the securitisation funds development in Poland. In the paper we used critical analysis of legal solutions in Poland, as well as statistical data analysis. The work is based on statistical data of the domestic market of investment funds from The Chamber of Fund and Asset Management. The background for the analysis is the results of the original research prepared and conducted by the authors. The questionnaire was directed at management boards of nineteen Investment Fund Companies, which manage securitisation investment funds in Poland. At present a share of securitisation funds in the investment funds market in Poland isn’t large, however it is very quickly increasing. We can observe that the development of the securitisation fund market is intense. Despite this, the participation of investment funds in the process of securitisation is still in an early stage in Poland, however its influence on the future development of securitisation is considered as high. In Poland, Investment Fund Companies systematically increase the offer of securitisation funds by creating funds directed to individual investors (non-dedicated). Investment certificates of non-dedicated securitisation funds may encourage individual investors to diversify their investment portfolios. The potential development of the domestic market of securitisation funds is related to the legal and tax aspects of securitisation in Poland and the efficient cooperation between entities in the securitisation process.