HONORARY PATRONAGE

MAYOR OF TORUŃ

MICHAŁ ZALESKI

THIS PUBLICATION WAS COFUNDED BY CITY OF TORUŃ

STRATEGIC PARTNER

INTERNATIONAL SCIENTIFIC INSTITUTIONAL PARTNER

European Regional Science Association

Institute of Economic Research

Nicolaus Copernicus University Faculty of Economic Sciences and Management

Polish Economic Society

Branch in Toruń

8th International Conference on Applied Economics

Contemporary Issues in Economy – Market or Government?

edited by

Adam P. Balcerzak

18-19 June 2015

Toruń, Poland

Cover Design Dominik Romiński

The eBooks attached to this publication are indexed in: RePEc EconPapers Books and Chapters; Google Scholar

© Copyright by Institute of Economic Research and Polish Economic

Society Branch in Toruń

All rights reserved. No part of this book may be reproduced in any form or in any means without the prior permission in writing

of the Publisher.

ISBN 978-83-937843-6-3

Institute of Economic Research e-mail: biuro@badania-gospodarcze.pl

www.badania-gospodarcze.pl

Polish Economic Society Branch in Toruń

e-mail: pte@umk.pl www.pte.umk.pl

ul. Kopernika 21, 87-100 Toruń, Poland

Conference Organizers

Institute of Economic Research

Nicolaus Copernicus University Faculty of Economic Sciences and Management

Polish Economic Society

Branch in Toruń

and

Brno University of Technology (Czech Republic)

Universidad Pablo de Olavide (Spain)

in cooperation with

Kaunas University of Technology (Lithuania), Kyiv National Economic University named after Vadym Hetman (Ukraine),

Riga Technical University (Latvia), Steinbeis University Berlin (Germany)

Scientific Committee

Brno University of Technology (Czech Republic)

doc. Ing. Stanislav Škapa, Ph.D.; doc. Ing. Tomáš Meluzín, Ph.D. doc. Ing. Marek Zinecker, Ph.D.

European Regional Science Association Polish Section

dr Katarzyna Kopczewska; prof. dr hab. Paweł Churski

Kaunas University of Technology (Lithuania)

Dr. Evelina Meilienė; Professor Čiutienė Rūta

Professor Gražina Startienė

Kyiv National Economic University named after Vadym Hetman (Ukraine)

Professor Larysa Antoniuk

Pablo de Olavide University (Spain)

Professor José Antonio Ordaz

Professor María del Carmen Melgar

Riga Technical University (Latvia)

Professor Natalja Lace

Steinbeis University Berlin (Germany)

Professor Bärbel Held

Nicolaus Copernicus University (Poland)

prof. Jerzy Boehlke; prof. Danuta Dziawgo; prof. Bożena Kołosowska; prof. Tadeusz Kufel; prof. Magdalena Osińska; prof. Ewa Siemińska; prof. Jerzy W. Wiśniewski; prof. Zenon Wiśniewski

Organizing Committee

Adam P. Balcerzak, Ph.D. – Chairman

Brno University of Technology

Ing. Tomáš Meluzín, Ph.D.

Pablo de Olavide University

Carmen M. Rubio

Kyiv National Economic University named after Vadym Hetman

Mariia Tyshchenko, PhD Denys Verba, PhD

Riga Technical University

Dr. oec. Jelena Titko

Nicolaus Copernicus University

dr Michał Moszyński, dr Michał Pietrzak, mgr Magdalena Kuczmarska, mgr Ilona Pietryka, mgr Elżbieta Rogalska, Natalia Bakalarz, Karolina

Boruta,Magdalena Gogol, Joanna Skrzypińska, Marta Sławińska, Aleksandra Strzelecka, Justyna Tomkiewicz

Institutions Represented at the Conference

Australia

University of New South Wales

Brasil

Federal University of Santa Maria

Czech Republic

Brno University of Technology, Masaryk University, School of Business Administration in Karvina, Silesian University in Opava, Technical University

of Liberec, VŠB- Technical University of Ostrava

Egypt

Modern Sciences and Arts University (MSA),

Estonia

University of Tartu

France

University of Montpellier

Germany

Berlin School of Economics and Law, Carl von Ossietzky University Oldenburg, Steinbeis-Hochschule Berlin

Hungary

Budapest Business School, College of Finance and Accounting, University of Miskolc

Italy

University of Salerno

Latvia

BA School of Business and Finance, University of Latvia

Lithuania

Aleksandras Stulginskis University, Kaunas University of Technology, Utena University of Applied Sciences, Vilnius University

Malaysia

Islamic Development Bank (IDB)

Mexico

Universidad Azteca

Nigeria

Federal University, Federal University Dutsin-ma

Poland

Adam Mickiewicz University in Poznań, College of Social and Media Culture in Toruń, Cracow University of Economics, Gdansk University of Technology, Gdynia Maritime University, Institute of Agricultural and Food Economics – National Research Institute, Jagiellonian University in Krakow, John Paul II Catholic University of Lublin, Kielce University of Technology, Łazarski Uni-versity, Łódź University of Technology, Lublin University of Technology, Maria Curie-Skłodowska University (UMCS) in Lublin, National Bank of Poland, Ped-agogical University in Cracow, Pope John Paul II State School of Higher Educa-tion in Piała Podlaska, Poznan School of Banking, Poznan University of Eco-nomics, Poznan University of Technology, Silesian University of Technology, Stanisław Staszic University of Applied Sciences in Piła, State School of Higher Education in Chelm, State School of Higher Education in Oświęcim, Statistical Office in Bygdoszcz, University of Białystok, University of Economics in Kato-wice, University of Gdansk, University of Life Sciences in Lublin, University of Łódź, University of Silesia in Katowice, University of Szczecin, University of Technology and Live Sciences in Bydgoszcz, University of Warmia and Mazury in Olsztyn, University of Warsaw, University of Wrocław, University of Zielo-na Góra, Warsaw School of Economics, Warsaw University of Life Sciences – SGGW, Warsaw University of Technology, West Pomeranian University of

Technology in Szczecin, Wrocław University of Economics, Wroclaw Universi-ty of Technology, WSB School of Banking in Pozniań, Poland

Portugal

Polytechnic Institute of Porto, University of Aveiro

Republic of Moldova

The State Agrarian University of Moldova

Romania

Alexandru Ioan Cuza University of Iași, Aurel Vlaicu University of Arad, Bucha-rest University of Economic Studies, Bucharest University of Economic Stud-ies, Petru Maior University of Tîrgu Mureş, University of Oradea

Russian Federation

Financial University under the Government of the Russian Federation, Gaidar Institute for Economic Policy, Russian Presidential Academy of National Econ-omy and Public Administration, Saint Petersburg Polytechnic University, Saint Petersburg State University, University Higher School of Economics (HSE)

Slovenia

University of Ljubljana

Ukraine

Chernihiv National University of Technology, Kyiv National Economic Univer-sity named after Vadym Hetman, Ukrainian National Academy of Sciences, Volodymyr Dahl East Ukrainian National University

United Kingdom

Middlesex University, University of Huddersfield

United States

Columbia University, Molloy College

Contents _Toc420774692

Keynote Speakers

Market or Government?

Kalim Siddiqui

Economic Policy – State versus Market Controversy ...................................39

Ezra Davar

Unemployment: Walras’s Voluntary and Keynes’s Involuntary ..............65

Andrzej Cieślik, Łukasz Goczek

On the Evolution of Corruption Patterns in the Post-Communist Countries .........................................................................................................................93

List of Papers

Piotr Adamczewski

Conditions of Functional ICT Structure in Network Organization ....... 117

Mieczysław Adamowicz, Aldona Machla

Small and Medium Enterprises and the Support Policy of Local Government ................................................................................................................ 118

Waleed Ahmad Jameel Addas

Is There a Principle of Equivalence in Economics? .................................... 119

Adam A. Ambroziak

Income Tax Exemption as a Regional State Aid in Special Economic Zones and its Impact Upon Development of Polish Districts ................. 120

Lyubov Andrushko

Evaluation of the Meat Industry Efficiency in Poland, in the years 2000-2013 (Based on the data of the Central Statistical Office) .......... 121

14 Contents

Dobrosława Antonów

The Influence of the Stamp Duty on Setting and Running a Business .................................................................................................................... 122

Arzybaev Askar

Synthesis of Pension System Parametric Assessment .............................. 123

Diana Elisabeta Balaciu, Lucian Cernusca

Ioana Teodora Mester

An Empirical Study on Students’ Behaviour Regarding Creative Accounting Techniques .......................................................................................... 124

Adam P. Balcerzak

Europe 2020 Strategy Implementation. Grouping the Countries with the Application of Natural Breaks Method .......................................... 125

Bernadeta Baran

Renewable Energy Support in Germany as an Example of Effective State Policy .......................................................................................... 126

Bartosz Bartniczak

State Aid as a Tool of Market Failures ............................................................. 127

Krzysztof Beck

Business Cycle Synchronization: A Regional Perspective ....................... 128

Joanna Bednarz, Magdalena Markiewicz

From Confrontation to Cooperation – Institutional Support in Building Cooperation of Polish Enterprises ............................................. 129

Tomasz Bernat

Genes and Entrepreneurship – Is There Any Relation? ........................... 130

Dalia Bernatonyte

Estimation of Export Specialization: Lithuanian Case .............................. 131

Contents 15 Kamila Bielawska

Pension Reforms in Central and Eastern European Countries and Fiscal Policy Coordination in the European Union After 2008 ..... 132

Beata Bieszk-Stolorz, Iwona Markowicz

Influence of Unemployment Benefit on the Duration of Registered Unemployment Spells ................................................................ 133

Nina Bočková

R&D Tax Incentives in Industry: Empirical Study Among Small and Medium Electronics Manufacturing Enterprises ............................... 134

Agnieszka Bojanowska

Model of Building Relationships With Customers Via the Use of Mobile Devices...................................................................................................... 135

Katarzyna Boratyńska

Corporate Bankruptcy and Survival on the Market: Lessons from Evolutionary Economics ........................................................................................ 136

Arkadiusz Borowiec

A Model Assessing Innovativeness of Administration Units Awarding Public Contracts as a Tool to Conduct Economic Policy of the State ................................................................................ 137

Krzysztof Borowski

Analysis of Monthly Rates of Return in April and Correlation Analysis of Monthly Rates of Return in April on the Example of Selected World Stock Exchange Indices .................................................... 138

Christophe Boya

Testing Capital Market Efficiency ...................................................................... 139

Sylwia Bożek, Izabela Emerling

Protecting the Organization Against Risk and the Role of Financial Audit ..................................................................................................... 140

16 Contents

Ivars Brīvers

Market or Government – Is There a Third Way? ......................................... 141

Dominika Brózda

Transmission Mechanism of the Federal Reserve System’s Monetary Policy in the Conditions of Zero Bound on Nominal Interest Rates .................................................................................... 142

Jurgita Bruneckienė, Jolita Sinkienė

The Specific of Economic Competitiveness Evaluation of Cities from Cross-border Region Under the Context of Urban Shrinkage ..... 143

Marcin Brycz

How Pension System Investment Contributed to Debt Inflation – Case of Sweden .................................................................................... 144

Katarzyna Budzyńska

Offshoring sector in Poland .................................................................................. 145

Wiesława Caputa

Social Relations and Environmental Influence as a Determinant of Customer Capital ................................................................................................. 146

Katarzyna Cheba

The Influence of Clusters on Economic Development. A Comparative Analysis of Cluster Policy in the European Union and Japan ...................................................................... 147

Elena Cherniavskaya

European Transport Project Rail Baltica: Perspectives for Poland and Russia ............................................................................................. 148

Jadvyga Ciburiene

The Evaluation of Economic Development Index: Theory and Research .............................................................................................................. 149

Andrzej Cieślik

Export Versus FDI in Cournot Duopoly Framework.................................. 150

Contents 17 Andrzej Cieślik, Jan Michałek, Iryna Nasadiuk

Determinants of Export Performance of Ukrainian Firms ...................... 151

Anna Cudowska-Sojko

The Global Economic Crisis and Poland’s State Debt ................................ 152

Agnieszka Czajkowska

Mezzanine as an Alternative Form of Corporate Financing ................... 153

Joanna Czaplak

Analysis of the Effectiveness of Public Services Provision by Local Governments in the Years 2007-2013 ............................................................ 154

Elżbieta Czarny, Jerzy Menkes

European Union and European Germany ...................................................... 155

Elżbieta Czarny, Paweł Folfas

World Trade and Regional Trade Orientation in the Context of Forthcoming Transatlantic Trade and Investment Partnership ..... 156

Sławomir Czech

Choice Overload Paradox and Public Policy Design. The Case of Swedish Pension System .................................................................................. 157

Teresa Czerwińska, Angelika Lala

Globally Systemically Important Insurers – Are They Really Dangerous for Global Financial System? ........................................................ 158

Sławomir Czetwertyński

Internet Peer Production and Unauthorized Copying of Intellectual Property Via BitTorrent Network ........................................ 159

Bazyli Czyżewski, Jan Polcyn, Anna Hnatyszyn-Dzikowska

Concept of Measuring Efficiency of Public Goods Provision Based on Educational Sector in Poland ........................................................... 160

18 Contents

Ezra Davar

General Equilibrium Theory – Walras Versus Post-Walras Economists: “Finding Equilibrium” – Losing Economics ......................... 161

Piotr Dominiak, Ewa Lechman, Anna Okonowicz

Fertility Rebound and Economic Growth. New Evidence for 18 Countries Over the Period 1970-2011 ............................................................ 162

Ryta Dziemianowicz, Aneta Kargol-Wasiluk, Renata Budlewska

Fiscal Councils as a Part of Fiscal Governance in the European Union Member States ............................................................................................. 163

Éva G. Fekete, Zsuzsanna Dabasi-Halász Dániel Kuttor Anna Vizkeleti

Between the Market and the Government – Social Economy Opportunities and Initiatives on Post-communist Peripheries ............ 164

Anna M. Ferragina, Fernanda Mazzotta

Employment Growth in Italy: the Role of Firm Size and Internationalisation................................................................................................. 165

Piotr Fiszeder, Witold Orzeszko

Detecting Nonlinear Causal Relations on the Agricultural Market ...... 166

Olaf Flak, Grzegorz Głód

Features of Polish Companies. Results of the Company Competitiveness Barometer 2014 .................................................................... 167

Anna Fornalska - Skurczyńska

How to Effectively Support Export Activity .................................................. 168

Peter Friedrich

Determining Social Capital by Social Accounting........................................ 169

Waldemar Gajda

Paradigm of Empirical Research of Tools Determining Management of Contemporary Economic Organisations With the Use of the Delphi Method .............................................................................. 170

Contents 19 Małgorzata Gajowiak

Asset Sources of Competitive Advantage of SMEs From High-tech Sector in the Region of Greater Poland ........................................................... 171

Tomasz Galewski

Problems in Measuring Price Dispersion in E-commerce ....................... 172

Bogna Gawrońska-Nowak, Wojciech Grabowski

Using Genetic Algorithm in Dynamic Model of Speculative Attack ..... 173

Aleksandra Gąsior

Innovation and Their Impact on the Environment .................................... 174

Aneta Giedrewicz-Niewińska

Employee Involvement in Corporate Governance in a European Company ...................................................................................................................... 175

Wiesława Gierańczyk, Agata Kordowska

Regional Differences in the Activity of Industrial Enterprises in the Use of Public Financial Instruments to Support Innovation in the Period 2011-2013 ....................................................................................... 176

Katarzyna Glinka

China’s Financial Market Adjustment in the Wake of Global Financial Crisis .......................................................................................................... 177

Beata Glinkowska

Knowledge Acquisition in Small and Medium-sized Enterprises ........ 178

Michał Głuszak, Agnieszka Małkowska

Pro-investment Local Policies in the Area of Real Estate Economics – Similarities and Differences in the Strategies Used by Communes ............................................................................................................ 179

Łukasz Goczek

Semi-strong Informational Efficiency in the Polish Foreign Exchange Market ........................................................................................................................... 180

20 Contents

Jadwiga Gorączkowska

Technological Parks and the Innovation Activity of Enterprises in the Industrial Networks – Developed Regions vs. the Intermediate Ones ..................................................................................... 181

Anna Grześ

Does the Outsourcing Affect Labour Costs in Enterprises? Evidence from Firm-level Data ........................................................................... 182

Katarzyna Gwóźdź

Assessing the Non-financial Investment Profitability with Variable Discount Rate ........................................................................................... 183

Bärbel Held

Comparison of Public, Non-Profit and Private Hospitals ......................... 184

Anna Horodecka

Reasons for the Changes of the Concepts of Human Nature in the Economics Exemplified on the Contemporary Trends ................ 185

Vladimír Hyánek, Zuzana Prouzová

Non-profit Institutions’ Funding Resources in the Time of Crisis: Market or Government? ........................................................................................ 186

Małgorzata Magdalena Hybka

Allocating Tax Revenue to Sub-Central Government Levels: Lessons from Germany and Poland .................................................................. 187

Dmytro Iefremov

The Scale and Structure of Chinese Public Sector: Sources of Anomalies ............................................................................................................... 188

Michał Igielski

Management System of Knowledge Workers in the Contemporary Enterprise .................................................................................................................... 189

Contents 21 Bogna Janik, Krzysztof Kołodziejczyk

Eco-innovations in the Business Practice of the Companies Traded on the Warsaw Stock Exchange – an Overview of Selected Results ................................................................................................... 190

Elżbieta Jantoń-Drozdowska, Maria Majewska

Social Capital as a Key Driver of Productivity Growth of the Economy: Across-countries Comparison .......................................... 191

Elżbieta Jantoń-Drozdowska, Maria Majewska

Investment Attractiveness of Central and Eastern European Countries in the light of New Locational Advantages Development .............................................................................................................. 192

Jakub Janus

The Transmission Mechanism of Unconventional Monetary Policy ... 193

Michal Jarmolovič

Economic and Monetary Union and the Optimal Currency Area Theory: an Attempt at Market design? ................................................. 194

Tomasz Jasiński, Agnieszka Ścianowska

Security Assessment and Optimization of Energy Supply....................... 195

Andrzej Jędruchniewicz

Monetary Policy and Investments in the Polish Economy ...................... 196

Izabela Jonek-Kowalska

State Aid and Competitiveness of the Hard Coal Mining Industry in the European Union ........................................................................................... 197

Aldona Kamela-Sowińska

Accounting Integration issues of EU Member States ................................. 198

Aliyu Ibrahim Kankara, S.S. Ibrahim

Economic Negation of Artisanal Gold Mining at Maiwayo and Gada-Eregi Environ, Northern, Nigeria .................................................. 199

22 Contents

Dorota Kawiorska

Healthcare in the Light of the Concept of Welfare State Regimes – Comparative Analysis of EU MS ...................................................................... 200

Milka Kazandziska

Macroeconomic Policy Regime in Poland ...................................................... 201

Tomasz Kijek

Intellectual Property Rights and Appropriability of Innovation Capital: Evidence From Polish Manufacturing Firms ................................ 202

Emilia Klepczarek

Disclosure of Risk Information in the European Banking Sector ......... 203

Jacek Klich

Health Care Systems’ Evolvement and the Changing Role of the State in Selected CEEC ............................................................................... 204

Lidia Kłos

The Competitiveness of SMEs ............................................................................. 205

Olga Kontorovich, Marina Alekseevna Fedotova

Olga Vladislavovna Loseva

Monetary Valuation of Intellectual Human Capital in Innovative Activity.............................................................................................. 206

Katarzyna Kopyściańska

Admissibility of Optimizing the Tax Burden ................................................. 207

Marek Kopyściański

The Impact of Tax-free Amount of Personal Income Tax on Budget Revenues ................................................................................................ 208

Aleksandra Kordalska, Magdalena Olczyk

Global Competitiveness and Economic Growth: A One-Way or Two-Way Relationship? ................................................................................... 209

Contents 23 Andrzej Kowalczuk

The Analysis of the Competitiveness of the Biggest Enterprises in the Construction Industry in Podlaskie Region Compared to the Sector, Based on the Radar of Nagashima ......................................... 210

Iwona Kowalska

Sources of Financing Knowledge-Based Economy: the Case of Formal, Non-Formal and Informal Education in Poland ..................... 211

Katarzyna Kowalska

Network Organizations and Corporate Social Responsibility ............... 212

Iwona Koza

The Modern Challenges of Regional Development and Socio-economic Potential of Town Districts Belonging to North Macro-region of Poland ......................................................................................... 213

Barbara Kryk

The Accomplishment of the EU Objectives Relating to LLL in Poland ...................................................................................................................... 214

Katarzyna Kubiszewska

Banking Concentration in the Baltic and Western Balkan States – Selected Issues .......................................................................................... 215

Joanna Kuczewska, Joanna Stefaniak-Kopoboru

Export Specialization in Services of the Visegrad Countries ................. 216

George Kudrna

Means Testing of Public Pensions: The Case of Australia ........................ 217

Justyna Kufel

Monopolistic Markups in the Polish Food Sector ...................................... 218

Maria Kukurba

Supply Chain Management and the Value of Enterprise .......................... 219

24 Contents

Jan Kultys

Controversy About Theoretical Fundamentals of Corporate Governance ................................................................................................................. 220

Remigiusz Lewandowski

Economic Sectors of Strategic Importance for the State Security ........ 221

Wiesława Lizińska, Renata Marks-Bielska

Karolina Babuchowska, Magdalena Wojarska

The Institutional Efficiency of the Local Government in Terms of Administrative Decisions ................................................................................. 222

Monika Łobaziewicz

Reporting Process Standardization in B2B System ................................... 223

Błażej Łyszczarz

Public-private Mix and Performance of Health Care Systems in CEE and CIS Countries ....................................................................................... 224

Joanna Machnik-Słomka, Agata Stachowicz-Stanusch

Application of Modern Information Technologies in Prevention of Corruptive Practices in an Organization ................................................... 225

Joanna Mackiewicz-Łyziak

Fiscal Sustainability in CEE Countries – the Case of the Czech Republic, Hungary and Poland ........................................................................... 226

Małgorzata Madrak-Grochowska

The Knowledge-based Economy as a Stage in the Development of the Economy .......................................................................................................... 227

Ireneusz Maj

Asymmetry of the Information and the Knowledge Between Owners and Workers in Large Family Companies, as the Determinant of their Success ................................................................. 228

Contents 25 Ingrid Majerová

The Impact of Selected Variables on the VAT Gap in the Member States of the European Union .............................................................................. 229

Joanna Małecka

Revenues, Expenses, Profitability and Investments of Potential Contenders for the Status of a Listed Company in Poland ...................... 230

Piotr Masiukiewicz

Doctrine of Public Good in Banking Versus State Intervention ............ 231

Agnieszka Matuszewska–Pierzynka

Net Profit Distribution Policy in Companies Using State–owned Enterprises Against Payment ............................................................................. 232

Błażej Mazur, Łukasz Lenart, Mateusz Pipień

Statistical Analysis of Business Cycle Fluctuations in Poland Before and After the Crisis ................................................................................... 233

Marta Mazurowska

Dillemas of Hedge Accounting ............................................................................ 234

Rūta Meištė, Sandra Jakštienė

Crisis Diagnosis in Anti-Crisis Management Process in a Company ... 235

Tomáš Meluzín, Marek Zinecker

Trends in IPOs: The Evidence from CEE Capital Markets ....................... 236

Aneta Michalak

The Cost of Capital in the Effectiveness Assessment of Financial Management in a Company .................................................................................. 237

Wiesława Miemiec

Tax Optimization. The Use of Methods and Rates of Depreciation of Fixed Assets ........................................................................................................... 238

Sławomir Miklaszewicz

Sovereign Debt Crisis of Euro Zone Countries ............................................. 239

26 Contents

Dorota Miłek, Paulina Nowak

Regional Specialisation as an Endogenous Factor in the Development of Poland’s Provinces .................................................... 240

Marta Moczulska, Janina Stankiewicz

The Involvement of Employees in Knowledge Management in the Light of the Research Results ................................................................. 241

Jean-Louis Monino, Christophe Boya

A Non-parametric Modeling Between Time Series: a Qualitative Approach ...................................................................................................................... 242

Sylwia Morawska, Przemysław Banasik

Responsible courts in a Global World: “Managerism” or “Managerialism”?...................................................................................................... 243

Michał Moszyński

Ordoliberalism and the Macroeconomic Policy in the Face of the Euro Crisis ...................................................................................................... 244

Anna Moździerz

Strengthening the Post-crisis Fiscal Rules – the Case of Spain, Slovakia and Sweden .............................................................................................. 245

Anna Murawska

Differentiation of Unemployment Among People in a Special Situation on the Labor Market on the Example of Polish Regions ....... 246

Tomasz L. Nawrocki

R&D Activity and Core Business Efficiency on the Example of Technology Companies ..................................................................................... 247

Quang Nguyen

Linking Group Norm and Status Seeking Preferences: Insights from a Field Experiment on Charitable Giving ............................................. 248

Contents 27 Liudmila Nikolova, Dmitriy Rodionov, Irina Rudskaia

Regional Innovation Programs’ Sustainability Under Risk and Uncertainty ................................................................................................................. 249

Tomasz Norek, Daniel Luis Arenhardt

Comparative Analysis of Innovative Activity Determinants in Companies of Small and Medium Enterprises Sector in Brazil and Poland. Results of Empirical Researches ........................................................ 250

Olena Nykyforuk

Transport Policy of Ukraine in the Context of Ukraine–European Union Association Agreement ............................................................................. 251

Małgorzata Olszak, Mateusz Pipień, Sylwia Roszkowskac

The Impact of Capital Ratio on Lending of EU Banks – the Role of Bank Specialization and Capitalization ...................................................... 252

Izabela Ostrowska

Analysis the Issue of Satisfaction with Online Shopping of Polish Consumers ................................................................................................ 253

Magdalena Owczarczuk

Economic Freedom and FDI in Postsocialist Countries of European Union ................................................................................................... 254

Irina-Doina Păşcan, Ramona Neag

Economic Consequences of the Adoption of the International Financial Reporting Standards: Evidences in the Research Literature ..................................................................................................................... 255

Adalmiro Andrade Pereira, Sara Neves

Investment Analysis Based on the Context of Use ...................................... 256

Iaroslav Petrakov

Between Intervention and Free market: Fiscal Policy Tools Design for Innovative Development of the Depressed Regions (Ukrainian Case) ....................................................................................................... 257

28 Contents

Paweł Piątkowski

Economic Policy Under Influence of Globalization. Opportunities and Threats ................................................................................................................. 258

Anna Piekarczyk

Contemporary Organization and a Perspective on Integration and Development ..................................................................................................... 259

Aleksandra Pieloch-Babiarz

Catering Approach to the Dividend Payment Policy on the Warsaw Stock Exchange .......................................................................... 260

Michał Pilc

What Determines the Reforms of Employment Protection Legislation? A Global Perspective ...................................................................... 261

Aurelian-Petruș Plopeanu, Tiberiu Brăilean

Wall Street’s Culture ............................................................................................... 262

Piotr Podsiadło

The Question of State Aid for Rescuing and Restructuring Undertakings in Difficulty in the Context of the General Government Sector Debt of EU Member States ........................................... 263

Elżbieta Pohulak-Żołędowska

Innovation in Contemporary Economies ....................................................... 264

Mariusz Próchniak, Bartosz Witkowski

On the Use of Panel Stationarity Tests in Convergence Analysis: Empirical Evidence for the EU Countries ....................................................... 265

Michał Ptak

Public Support for Renewable Energy in Poland ........................................ 266

Mirosław Raczyński

Competition Policy and Crisis. Economic Issues ......................................... 267

Contents 29

Tjaša Redek, Matjaž Koman, Janez Prašnikar

Jan Svejnar

The Effect of Crisis on Labor's Bargaining Power and

Wage-employment Outcomes in Europe ........................................................ 268

Agnė Reklaitė

Globalisation Effect Measure via Hierarchical Dynamic Factor

Modelling ..................................................................................................................... 269

Małgorzata Renigier-Biłozor, Andrzej Biłozor

Optimization of the Variables Selection in the Process

of Real Estate Markets Rating ............................................................................. 270

Anita Richert-Kaźmierska

Demographic Changes in Poland – the Regional Dimension .................. 271

Irina Romodina, Maxim Silin

Perspectives of Introduction Sustainable Procurement In Public

Procurement in Russia ........................................................................................... 272

Tomasz Rosiak

Fiscal Capacity for Euro Area – Towards a Bigger EU Budget? ............. 273

Małgorzata Rutkowska-Podołowska, Grzegorz Podołowski

Nina Szczygieł

Vino Therapy and its Impact on Health Attitudes: The Innovation

Perspective .................................................................................................................. 274

Alina Rydzewska

Contemporary Nature of Stock Exchange from the Perspective

of Demutualization Process ................................................................................. 275

Artur Sajnóg

Comparative Analysis of Economic Efficiency of Polish

and German Listed Companies ........................................................................... 276

30 Contents

Iwona Salejko-Szyszczak

Poverty in Poland in the Years 2000-2013 .................................................... 277

Doaa M. Salman

Role of Institution, Government to Robust International Entrepreneurial Activities and Economic Growth: New Evidence ...... 278

Saifullahi Sani Ibrahim

Budgetary Allocation and Poverty situation in Nigeria: the Implication for Economic Insecurity ........................................................ 279

Greg Sand, Leonidas Tsitouras, George Dimitrakopoulos

Vassilis Chatzigiannakis

GlobaliFusion, The First Worldwide, Holistic, Information & Communication Technologies (ICT) and Big Data Aggregation Approach to Social Media Marketing ............................................................... 280

Alicja Sekuła, Joanna Śmiechowicz

Systems of General Grants for Local Governments in Selected EU Countries Against the Background of the General Theory of Fiscal Policy ........................................................................................... 281

Inna Semenenko

Energy security of Ukraine in the Context of its Sustainable Development .............................................................................................................. 282

Łukasz Siemieniuk

Academic Business Incubators as an Institutional Form of Academic Entrepreneurship Development in Poland ......................... 283

Anna Siemionek, Małgorzata Siemionek

Balanced Scorecard Concept in Romanian Small and Medium Enterprises .................................................................................................................. 284

Zaneta Simanaviciene, Andzej Volochovic

Akvile Cibinskiene

Features of Energy Saving Potential in Household Evaluation ............. 285

Contents 31 Ágnes Sipos

Shared State Taxes and Tax Policy of Local Self-governments in Connection With Tax Morale ............................................................................... 286

Beata Skubiak

Financial Instruments for Development the Rural Areas ........................ 287

Ronalds Skulme, Valērijs Praude

Social Media Evaluation Metrics ........................................................................ 288

Katarzyna Smolny

The Processes of Globalisation Versus Fiscal Regulations Regarding to the Debt and the Deficit in the EU .......................................... 289

Konrad Sobański

Valuation Effect as a Determinant of the International Investment Position in Central and Eastern European Economies ............................. 290

Alla V. Sorokina, Stepan P. Zemtsov, Pavel. N. Pavlov

Specifics of Cluster Policy in Russia .................................................................. 291

Tomasz Sosnowski

Motives and Effects of the Initial Public Offerings on the Warsaw Stock Exchange .......................................................................... 292

Zbigniew Stańczyk

Economic Slowdown in BRIC Countries After Global the Financial Crisis ................................................................................................... 293

Vladěna Štěpánková, Jiří Kříž, Lenka Smolíková

Management of Projects Risk with Business Intelligence ....................... 294

Beata Stępień, Monika Sulimowska - Formowicz

Economic vs Managerial Perspective on Inter-organisational Relations’ Analysis – Are Economists on the Dead-end Track? ............ 295

32 Contents

Andrzej Stolarski

The Effect of Pre-emptive Methods and the Maturity of the Corporate Income Tax on the Company's Liquidity Management Strategy. Analysis Based on the Solutions Adopted in the European Union Countries ...................................................................... 296

Joanna Stryjek

Tax Incentives for Innovation ............................................................................. 297

Hana Štverková, Vlasta Humlová

Assessment of the Performance and Competitiveness of the Selected Clusters in the Moravian-Silesian Region ....................... 298

Iwona Szczepaniak

Poland's Export Specialization in Trade with the EU – Food Products vs Selected Groups of Non-food Products .................................. 299

Katarzyna Szopik-Depczyńska

Effects of Innovative Activities of Polish Industrial Enterprises of Western Poland .................................................................................................... 300

Jarosław Szostak

Defining the State’s Responsibility for Social and Economic Development .............................................................................................................. 301

Danuta Szwajca

Corporate Reputation and Customer Loyalty as the Measures of Competitive Enterprise Position – Empirical Analyses on the Example of Banking Sector.................................................................... 302

Paulina Szyja

The Role of the State in Creating a Green Economy ................................... 303

Magdalena Szyszko, Karolina Tura

Can Inflation Forecast and Monetary Policy Path be Really Useful? The Case of Czech Republic .................................................................. 304

Contents 33 Karol Śledzik

“Fettered” and “Unfettered” Capitalism in J.A. Schumpeter’s Concept of Tax State and Economic Development ..................................... 305

Dominik Śliwicki

Decomposing the Net Efficiency of Active Labor Market Programs ... 306

Arkadiusz Świadek

The Economic Cycle and the Innovation Activity of the Polish Industry System ........................................................................................................ 307

Lukáš Turčok, Athanasios Podaras

A VBA Model for Calculating Partnership Efficiency ................................. 308

Kamila Turečková

Income Inequality by Method of Non-weighted Average Absolute Deviation: case study of Central and Eastern European Countries ..... 309

Vlada Vitunskienė, Evaldas Serva

Lithuania’s Agri-food Industry Export Competitiveness ......................... 310

Aneta Waszkiewicz

Shadow Banking – Its Place in the Modern Financial System ................ 311

Joanna Węgrzyn

Research Trends of Public-Private Partnerships (PPPs) in Poland .... 312

Anna Wildowicz-Giegiel, Adam Wyszkowski

Absorption of EU Funds in the Context of Polish Enterprises Competitiveness Measured by Profitability Rates...................................... 313

Anna Witek-Crabb

Maturity of Strategic Management in Organizations................................. 314

Julia Włodarczyk, Jan Acedański

Dispersion of Inflation Expectations in the European Union During the Global Financial Crisis ..................................................................... 315

34 Contents

Dorota Wojtczak – Samoraj

The Independence of the European Central Bank in the Context of the Single Supervisory Mechanism .............................................................. 316

Grażyna Wolska

The Review of Theories of Mainstream Economics on the Example of Economic Models ............................................................... 317

Beata Woźniak-Jęchorek

Institutional Determinants of Regional Diversity of Labor Market in Poland ...................................................................................................... 318

Gabriela Wronowska

Welfare and Higher Education in EU Member States – Comparative Analysis ............................................................................ 319

Silvia Zaharco

The Impact of Integration in the European Union on the Development of Food Products Trade of the Republic of Moldova ................................................................................................................... 320

Magdalena Zajączkowska

Prospects for the Development of Prosumer Energy in Poland ........... 321

Anna Ząbkowicz

A Paradox of Reforming Pensions in Poland ................................................. 322

Małgorzata Zielenkiewicz

The Role of the Level of Development, Geographical Factors, and Culture for the Efficacy of Economic Freedom .................................... 323

Mariusz Zieliński

Unemployment and Labor Market Policy in Visegrad Group Countries ...................................................................................................................... 324

Contents 35 Dorota Żuchowska

Accession to the Eurozone as Lithuania’s Exit Strategy From the Currency Board System ................................................................................. 325

Marek Żukowski, Anna Białek-Jaworska

Determinants of R&D Costs Capitalization for Innovation-active Firms .............................................................................................................................. 326