University of Warmia and Mazury in

FINANCE and MANAGEMENT

Volume 2 • Number 2 2017

ISNN 2451-3903 (online) Finance and Management (ISSN 2451-3903) is published two times a year (June, December) by Faculty of Economic Sciences, University of Warmia and Mazury in Olsztyn.

The Journal is available on the websites: http://www.uwm.edu.pl/wne/fm.php Publishing in Finance and Management: please see our website, http://center.uwm.edu.pl/fmj/ for manuscript preparation and submission guidelines.

Scientific Committee: prof. Kim Møller - Department of Sociology and Social Work, Aalborg University (Denmark) prof. Artur Hołda - CICA Cracow University of Economics () prof. Jacek Grzywacz - Warsaw School of Economics (Poland) prof. Jan Komorowski - Warsaw School of Economics (Poland) prof. Marek Wirkus - Gdańsk Univeristy of Technology (Poland) prof. Nelson Duarte - Porto Polytechnic - School of Management and Technology of Felgueiras (Portugal) prof. Rytis Krušinskas - Kaunas University of Technology/School of Economics and Business (Lithuania) prof. Andrzej Buszko, dr h. c. - University of Warmia and Mazury in Olsztyn (Poland) prof. Radjabov Kuchakovich - Rajab Tajik State University of Commerce (Tajikistan) prof. Szczepan Figiel - University of Warmia and Mazury in Olsztyn (Poland) prof. Mirosław Gornowicz - University of Warmia and Mazury in Olsztyn (Poland) prof. Małgorzata Juchniewicz - University of Warmia and Mazury in Olsztyn (Poland) prof. Wojciech Kozłowski - University of Warmia and Mazury in Olsztyn (Poland)

List of scientific reviewers in 2017: prof. Rytis Krušinskas – Kaunas University of Technology/School of Economics and Business (Lithuania) prof. Rajab Kuchakovich Radjabov – Tajik State University of Commerce (Tajikistan) prof. Małgorzata Juchniewicz – University of Warmia and Mazury in Olsztyn (Poland) prof. Renata Marks-Bielska University of Warmia and Mazury in Olsztyn (Poland) prof. Jan Komorowski – Warsaw School of Economics (Poland) dr hab. Wiesława Lizińska – University of Warmia and Mazury in Olsztyn (Poland)

Editorial Board: Scientific editor – prof. Andrzej Buszko, dr h. c. Deputy of scientific editors – dr Konrad Szydłowski, dr Marek Szturo Associate editors – dr Jarosław Skorwider-Namiotko, dr Karol Wojtowicz Statistical editor – dr Anna Rutkowska-Ziarko Language editor – Michael Thoene Technical editor – Robert Popiołek

© Copyright by FES, UWM in Olsztyn 2017 University of Warmia and Mazury in Olsztyn Faculty of Economic Sciences Department of Finance and Banking M. Oczapowskiego 4, room 106 10-719 Olsztyn, POLAND tel. +48 89 523 3963 e-mail: [email protected]

Finance and Management Journal of the Faculty of Economic Sciences University of Warmia and Mazury in Olsztyn, POLAND 2017 Volume 2(2)

INSIDE F&M

PART 1: Original Research Papers

THE MECHANISM OF INTERACTION BETWEEN INTERNATIONAL AND NATIONAL INSTITUTIONS TO PREVENT AND COMBAT CORRUPTION AS A DRIVER FOR SOCIO-ECONOMIC DEVELOPMENT OF THE COUNTRY ...... 7 Oleg Kuzmin, Olga Melnyk and Marta Adamiv

UNEMPLOYMENT AS A DETERMINANT OF THE VOTING BEHAVIOUR IN LOCAL ELECTIONS: CASE IN POLAND ...... 24 Paweł Galiński

THE IMPORTANCE OF CLUSTERING IN THE DEVELOPMENT OF THE REGION: CASE STUDY OF TAJIKISTAN ...... 34 Umar Abdulloev and Alisher Alikulov

THE ROLE OF THE LIFE CYCLE THEORY IN STARTUPS’ MANAGEMENT ...... 43 Monika Burżacka

PART 2: Miscellanea, Essays, Announcements, Reviews

PERSPECTIVE OF THE EUROPEAN UNION 2014-2020 – CHALLENGES AND BARRIERS ...... 52 Joanna Długosz

THE REPORT of the VIth International Scientific Conference Development of the Financial Services in Tajikistan and Poland ...... 55 Karol Wojtowicz

INFORMATION on the Scientific Conference “Local Governments and Local Development in the 21st century – Experience and Prospects” ...... 58 Research Team

Finance and M