1. Proceedings-Finance
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Contemporary Issues in Economy 9 Proceedings of the International Conference on Applied Economics: FINANCE edited by ADAM P. BALCERZAK, ILONA PIETRYKA Toruń, Poland HONORARY PATRONAGE THIS PUBLICATION WAS COFUNDED BY CITY OF TORU Ń The project implemented with Narodowy Bank Polski under the economic education programme Contemporary Issues in Economy 9 Proceedings of the International Conference on Applied Economics: Finance edited by Adam P. Balcerzak, Ilona Pietryka 2017 Toru ń, Poland Cover Design Nikodem Pr ęgowski The Proceeding is indexed in: Economic Publishing Platform; RePEc EconPapers Books and Chapters; Google Scholar © Copyright by Institute of Economic Research Website: http://www.contemporary-issues.pl/proceedings DOI: 10.24136/eep.proc.2017.2 (eBook) ISBN 978-83-65605-05-4 ISSN 2544-2384 (Online); 2544-2392 (CD-ROM) Publisher Institute of Economic Research e-mail: [email protected] www.badania-gospodarcze.pl // www.economic-research.pl ul. Kopernika 21 87-100 Toru ń Poland Conference Organizers Institute of Economic Research Nicolaus Copernicus University Faculty of Economic Sciences and Management Polish Economic Society Branch in Toru ń and Brno University of Technology (Czech Republic), Eastern Macedonia and Thrace Institute of Technology (Greece), Hungarian Academy of Sciences, Centre for Economic and Regional Studies, Institute of World Economics (Hungary), Kaunas University of Technology (Lith- uania), Pablo de Olavide University (Spain), University of Economics in Bratislava (Slovakia) in cooperation with Pan-European University (Slovakia), Private Hochschule für Wirtschaft und Technik (Germany), Riga Technical University (Lat- via), Tomas Bata University in Zlín (Czech Republic), University of Economics and Culture (Latvia), University of Entrepreneurship and Law (Czech Republic) INTERNATIONAL SCIENTIFIC INSTITUTIONAL PARTNERS European Regional Science Association Slovak Society for Operations Research Scientific Committee Brno University of Technology (Czech Republic) doc. Ing. Stanislav Škapa, PhD; doc. Ing. Tomáš Meluzín, PhD; doc. Ing. Marek Zinecker, PhD Eastern Macedonia and Thrace Institute of Technology (Greece) professor Dimitrios I. Maditinos European Regional Science Association Polish Section dr Katarzyna Kopczewska; prof. dr hab. Paweł Churski Hungarian Academy of Sciences, Centre for Economic and Regional Studies, Institute of World Economics (Hungary) professor Miklós Szanyi; Andrea Szalavetz, Ph.D. Institute of Economic Research prof. Tomasz Bernat (University of Szczecin); dr Grzegorz Szczubełek (University of Warmia and Mazury in Olsztyn) Kaunas University of Technology (Lithuania) dr. Evelina Meilien ė, professor Čiutien ė R ūta; professor Gražina Startien ė Pablo de Olavide University (Spain) professor José Antonio Ordaz; professor María del Carmen Melgar Pan-European University (Slovakia) doc. Ing. Antonín Korauš, PhD., LL.M., MBA; doc. Mgr. Ing. Ladislav Mura, PhD; Ing. Aleksandr Klju čnikov PhD; Ing. Monika Sobeková Majková, PhD Private Hochschule für Wirtschaft und Technik (Germany) professor Norbert Meiners; professor Piotr Pysz Riga Technical University (Latvia) professor Natalja Lace Nicolaus Copernicus University (Poland) professor Jerzy Boehlke; professor Bo żena Kołosowska; professor Justyna Łapi ńska; professor Maciej Zastempowski Slovak Society for Operations Research (Slovakia) prof. Mgr Juraj Pekár, PhD; doc. Ing. Martin Luka čik, PhD; Ing. Marian Reiff, PhD Tomas Bata University in Zlín (Czech Republic) assoc. prof. David Tu ček, PhD; assoc. prof. Boris Popesko, PhD; assoc. prof. Zuzana Tu čková, PhD; Dr. Petr Novák University of Entrepreneurship and Law (Czech Republic) doc. Dr. Vladimír Kraj čík, PhD; doc. Dr. Ing. Ivo Formánek; Dr. Ji ří Mezuláník, CSc.; Dr. Lukáš Durda Organizing Committee President of Organizing Committee: Adam P. Balcerzak, PhD Vice President of Organizing Committee: Ilona Pietryka, PhD Brno University of Technology Ing. Tomáš Meluzín, PhD Pablo de Olavide University Carmen M. Rubio Nicolaus Copernicus University Michał Moszy ński, PhD; Michał Pietrzak, PhD; Karolina Mularczyk; Małgorzata Niewiadomska; Paulina Piórkowska; Marcin Sadowski; Małgorzata Wi ęckowska; Sylwia Siuda; Maciej Zygadlewicz Reviewing Committee dr hab. Paweł Baranowski (University of Łód ź); Ing. Blanka Bazsova, PhD (VSB - Technical University of Ostrava (Czech Republic); dr hab. Joanna Bednarz, prof. UG (University of Gda ńsk); dr hab. Tomasz Bernat, prof. US (University of Szczecin); dr hab. Tomasz Berent, prof. SGH (Warsaw School of Economics); professor Jaroslav Belas (Tomas Bata University in Zlín, Czech Republic); dr hab. Jacek Białek (University of Łód ź); dr Paweł Błaszczyk (Pozna ń University of Economics and Business); dr Marcin Bła żejewski (WSB University in Toru ń); dr hab. Bo żena Borkowska, prof. UE (Wrocław University of Economics); dr Marcin Brycz (University of Gda ńsk); dr hab. Andrzej Buszko, prof. UWM (University of Warmia and Mazury in Olsztyn); dr Katarzyna Cheba (West Pomeranian University of Technology Szczecin); dr Marcin Chlebus (University of Warsaw); dr Ag- nieszka Cholewa-Wojcik (Cracow University of Economics); prof. dr hab. El żbieta Czarny (Warsaw School of Economics (SGH)); dr Sławomir Czech (University of Economics in Katowice); dr hab. Bazyli Czy żewski, prof. UEP (Pozna ń University of Economics and Business); dr Beata Do- ma ńska-Szaruga (Siedlce University of Natural Sciences and Humanities); dr Paweł Dykas (Jagiellonian University); dr hab. Ryta Dziemianowicz, prof. UwB (University of Białystok); dr Aneta Dzik-Walczak (University of Warsaw); dr Joanna Dzionek-Kozłowska (University of Lodz); dr Olaf Flak (University of Silesia in Katowice); dr hab. Waldemar Florczak, prof. UJ (Jagiellonian University); prof. dr hab. Bogna Gawro ńska-Nowak (Łazarski University); dr Marcin G ębarowski (Rzeszów University of Technology); dr Łukasz Goczek (University of Warsaw); prof. dr hab. Ja- nina Godłów-Legi ędź (University of Łód ź); dr hab.Ewa Gruszewska (Uni- versity of Białystok); dr hab. Małgorzata Magdalena Hybka, prof. UEP (Pozna ń University of Economics); prof. dr hab. El żbieta Janto ń- Drozdowska (Adam Mickiewicz University in Pozna ń); dr hab. Izabela Jonek-Kowalska, prof. Pol. Śl. (Silesian University of Technology); prof. dr hab. Witold Jurek (Pozna ń University of Economics and Business); as- sociate professor Jana Kajanova, PhD (Comenius University in Bratislava, Slovakia); dr Agnieszka Kawecka (Cracow University of Economics); prof. dr hab. Roman Kisiel (University of Warmia and Mazury in Olsztyn); dr Mikołaj Klimczak (Wrocław University of Economics); dr Artur Klimek (Wrocław University of Economics); dr Katarzyna Kopczewska (Universi- ty of Warsaw); dr Artur Jacek Ko żuch (University of Agriculture in Kra- ków); dr Krzysztof Krukowski (University of Warmia and Mazury in Ol- sztyn); dr Marta Kuc (Gda ńsk University of Technology); dr Tomasz Lis (University of Economics in Katowice); dr Piotr Łasak (Jagiellonian Uni- versity); dr Edyta Łaszkiewicz (University of Łód ź); dr hab. Michał Mackiewicz (University of Łód ź); dr Joanna Mackiewicz-Łyziak (Universi- ty of Warsaw); profesor Dimitrios I. Maditinos (Eastern Macedonia and Thrace Institute of Technology, Greece); dr hab. Maria Majewska (Adam Mickiewicz University in Pozna ń); dr Maciej Malaczewski (University of Łód ź); dr hab.Renata Marks-Bielska, prof. UWM (University of Warmia and Mazury in Olsztyn); profesor Tewolde Melles Hagos (Edutus College, Hungary); dr hab. Paweł Miłob ędzki, prof. UG (University of Gda ńsk); dr Tomasz Misiak (Rzeszow University of Technology); dr hab. Sylwia Morawska (Warsaw School of Economics); prof. Nikolai Mouraviev (Uni- versity of Abertay Dundee, United Kingdom); dr hab. Anna Maria Ni- kodemska-Wołowik, prof. UG (University of Gda ńsk); dr Marian Oli ński (University of Warmia and Mazury in Olsztyn); dr Małgorzata Olszak (University of Warsaw); dr hab. Marcin Olszak (University of Warsaw); dr Dawid Pi ątek (Pozna ń University of Economics and Business); dr hab. Jacek Pietrucha, prof. UEK (University of Economics in Katowice); dr Jurate Pridotkiene (Kaunas University of Technology, Litwa); dr hab. Mar- iusz Próchniak (Warsaw School of Economics (SGH)); dr in ż. Paula Pypłacz (University of Technology in Cz ęstochowa); dr hab. Michał Ramsza, prof. SGH (Warsaw School of Economics); dr El żbieta Roszko- Wójtowicz (University of Łód ź); dr Janusz Sasak (Jagiellonian University); dr Inna Semenenko (Volodymyr Dahl East Ukrainian National University, Ukraine); dr Dariusz Siemieniako (University of Technology in Białystok); dr Tomasz Sosnowski (University of Łód ź); dr Grzegorz Szczodrowski (University of Gda ńsk); dr Andrzej Sztando (Wrocław University of Eco- nomics); dr Magdalena Szyszko (WSB Pozna ń School of Banking); dr Iwona Świeczewska (University of Łód ź); dr hab. Arkadiusz Świadek, prof. UZ (University of Zielona Góra); dr Anna Świrska (Siedlce Universi- ty of Natural Sciences and Humanities); professor Nikolaos Theriou (East- ern Macedonia and Thrace Institute of Technology, Greece); dr hab. Piotr Urbanek prof. UŁ (University of Łód ź); dr Monika Wakuła (Siedlce Uni- versity of Natural Sciences and Humanities); dr Justyna Wilk (Wrocław University of Economics); dr hab. Bartosz Witkowski (Warsaw School of Economics (SGH)); prof. Marco Wolfle (Steinbeis-Hochschule Berlin, Germany); prof. Denys Verba (Vadim Getman Kyiv National Economic University, Ukraine); dr Anna Zachorowska (Jagiellonian University); dr hab. Mariusz Zieli ński (University