Relationships between forms of financing enterprises as part of banking group activities in Poland in 2009-2019

The article aims to analyze the mechanism explaining the causal relationships between the values of loans to enterprises in banks, assets of factoring companies, and assets of leasing companies in the short and long term, on the Polish financial market in the period 2009-2019. The following research methods were used as part of the study: cross-elasticity of demand, ordinary least squares regression (OLS), the Granger causality analysis was carried out, which was preceded by tests for the presence of unit roots, the Johansen test based on the matrix trace test and the maximum matrix eigenvalue test, and the vector autoregression model with an inbuilt error correction mechanism was used (VECM) with analysis of the impulse response function. The examined financial products are substitutable. Econometric models were developed to enable planning of future values of business loans at banks, assets of factoring and leasing companies. The study complements the pecking order theory by presenting the dynamics of the order of financing sources from the creditor's side. The low level of equity in factoring and leasing companies can be a challenge for regulators. As part of the study, the presence of cointegration between the studied variables was established. Based on the obtained results, postulates were formulated for the directions of the cross-distribution policy and the pricing policy of products financing the activities of enterprises within banking capital groups