Purpose: Within literature as well as in practice there is no one common standard of
measuring portfolio credit risk of credit exposures toward retail clients. Therefore,
the Article’s goal is to present the possibility of using for these purposes so called
factor models.

Approach: The article presents theoretical analysis of factor models’ properties and
then is illustrating theirs usage basing on the data on mortgage backed housing loans
and cash loans from one of the biggest credit institutions licensed in Poland. In the
article techniques of stress testing analysis are being used as well.

Findings: The significant differences in credit value at risk estimates indicate that
parameters and assumptions of factor models have a critical role when we try to use
this group of models. Additionally, the results suggest that it is necessary to use verification
tools like stress tests or expert knowledge.

Value: The article extends the literature findings in two aspects. First, it presents
how to use factor models for retail loans portfolios and shows the results of CVaR
estimates basing on empirical data. Second, it verifies sensitivity of CVaR estimates
to model selection and risk parameters.

Purpose: The article presents the results of research concerning the influence of motives
for choosing a career on the level of work motivation in teaching profession.

Methodology: A survey was conducted among a sample of 111 teachers from 53 schools
located in Mazovian voivodeship. The subject of analysis focused on teachers’
satisfaction from choosing this profession and their level of job satisfaction. The
survey was carried out in 4 groups of teachers characterized by a different motive for
choosing their career.

Findings: The results obtained in the abovementioned survey corroborated the hypothesis
stating that teachers’ desire to do their job (intrinsic motivation) is related to
the effectiveness of motivational systems that do not involve financial rewards.

Practical implications: The results showed by the study can be put into practice
when designing motivational systems for teachers, as well as planning and implementing
recruiting process in case of this occupational group.

Originality: The presented study and its results serve as an attempt to cover the gap
that exists in literature devoted to management. There is a lack of publications that
would showcase empirical evidence proving the significance of intrinsic motivation
in work at school in the context of the effectiveness of teachers’ motivational processes.

Purpose: The article aims to present the financial situation of Polish households
affected by financial and economic crisis.

Method: A direct survey based on questionnaire interviews with 1896 households
was conducted in order to collect full and up-to-date information on the level of their
current incomes, savings, and preventive measures taken to improve the material
situation, the subjective assessment of the material conditions and the allocation of
monetary resources.

Conclusions/Originality: The article provides a thorough insight into the influence
of a financial and economic crisis on the financial situation of Polish households.
Based on the conducted survey, the structure of the households’ savings, the changes
therein, as well as their projected uses were identified. The preventive and remedial measures that households take to improve their material conditions were also analysed. The direct survey provided an opportunity to evaluate the selected households with respect to their material conditions and the allocation of cash resources.

Purpose: The aim of this study is to assess the competitiveness general landscape
of MSMEs (micro, small and medium enterprises) in sub-Saharan Africa through
selected factors driving productivity and effectiveness in doing business, as elements
of the general business environment.

Design: To present a general outlook of competitiveness a narrow number of factors
was chosen – public institutions, infrastructure, women in business and strategic
partnership – corresponding to the contents of four Global Competitiveness Index of
the World Economic Forum pillars (public and private institutions, infrastructure,
labor market efficiency, business sophistication). The factors selected – elements of
the general business environment, have one common feature: all are state-performance-
dependent. The scientific method of research in this study, uses primary sources like the Global Competitiveness Report or The World Bank documents and data. Secondary sources
include a number of syntheses, calculations and interpretations of primary sources
presented by Polish and foreign scientific literature. Primary and secondary sources
gathered became a base for semiotic and semantic analyses.

Findings: The approach in this paper highlights the organization general business
environment elements set by the state and their adverse affect on business environment
of MSMEs across the region. Competitiveness’ paths then may be called
devious.

Originality: This study is at the intersection of two different strands relating to organization
theory: the business environment and competitiveness, and critical management
studies. A qualitative research, a thorough theoretical approach concerns
issues hardly available in Poland.

Purpose: The essay aims at identifying the role of local government in supporting R&D efforts and knowledge transfer mechanisms and diffusion practices within the biotechnology clusters in the Flanders and Wallonia regions (local knowledge exchange and learning), as well as the role of informal interaction between the cluster actors.

Methodology: The main research method chosen for this study was qualitative analysis,
based on interviews with a series of researchers, academic scientists and technology
transfer officers from the Flanders and Wallonia regions. This was undertaken in September-October 2011 as a part of the COST/STRIKE initiative of the European Commission.

Findings: The high patent dynamics within the biotechnology sector is explained
by growing investments into R&D, highly qualified human capital, and geographical
factors such as cluster development. The answers of interviewed experts confirm
the view that the importance of geography should differ by technology type. The importance grows quickly for technologies undergoing radical innovations. Regional policy should therefore focus on promoting innovation through R&D support, improving the quality of human capital and the overall business environment (cluster).