EDITORIAL PAGES

Copernican Journal of

Finance & Accounting

e-ISSN: 2300-3065

p-ISSN: 2300-1240

Volume 6

Issue 1

2017

quarterly

E

DITORIAL

B

OARD

E

DITOR IN

C

HIEF

:

prof. dr hab. Leszek Dziawgo

E

XECUTIVE

E

DITOR

:

dr Dorota Krupa

A

SSOCIATE

E

DITORS

:

S

ECRETARY

:

dr Damian Walczak

S

CIENTIFIC

C

OUNCIL

Prof. Luis Otero González, Universidade de Santiago de Compostela, Spain

Prof. M. Peter van der Hoek, Erasmus University, Rotterdam, Netherlands, Academy of Economic Studies, Bucharest, Romania Prof. Günter Hofbauer, Technische Hochschule Ingolstadt Business School, Ingolstadt, Germany

Prof. Juan-Antonio Mondéjar-Jiménez, Universidad de Castilla - La Mancha, Spain

Prof. Mustafa Akan, Dogus University, Istanbul, Turkey

Prof. Sandra Isabel Goncalves da Saude, Instituto Politecnico de Beja, Portugal Prof. Monika Marcinkowska, University of Lodz, Poland

Prof. David Naranjo-Gil, Universidad Pablo de Olavide, Sevilla, Spain Prof. Christiane Goodfellow, Jade Hochschule Wilhelmshaven, Germany S t a t i s t i c a l E d i t o r : dr hab. Piotr Fiszeder, prof. UMK

E n g l i s h P r o o f R e a d e r : dr hab. Richard Nicholls, mgr Hazel Pearson

S

UBJECT

E

DITORS A c c o u n t i n g

F i n a n c e : prof. dr hab. Danuta Dziawgo

B e h a v i o r a l F i n a n c e a n d F i n a n c i a l E n g e e n e r i n g : prof. dr hab. Józef Stawicki

L

IST OF

R

EVIEWERS

Prof. Andrzej Buszko, University of Warmia and Mazury in Olsztyn, Poland Prof. José Raúl Canay-Pazos, Universidade de Santiago de Compostela, Spain Prof. Nicola Giuseppe Castellano, University of Macerata, Italy

Prof. Andrzej Cwynar, University of Economics and Innovation, Poland Prof. Catherine Deffains-Crapsky, Université d’Angers, France Prof. Jerzy Gierusz, Gdansk University, Poland

Prof. Dirk Kiesewetter, Julius-Maximilians-Universität Würzburg, Germany Prof. Natalia Konovalova, RISEBA University, Riga, Latvia

Prof. Nicoletta Marinelli, University of Macerata, Italy Prof. Lyudmila Mihaylova, University of Ruse, Bulgaria

Prof. Emil Papazov, University of National and World Economy, Sofia, Bulgaria Prof. Ángel Peiró Signes, Universidad Politécnica de Valencia, Spain Prof. Adalmiro Pereira, Politécnico do Porto, Portugal

Prof. Wojciech Piotrowicz, University of Oxford, Great Britain

Prof. Maria del Val Segarra -Oña, Universidad Politécnica de Valencia, Spain Prof. Gerard Olivar Tost, National University of Colombia, Colombia Prof. Jan Turyna, Warsaw University, Poland

Prof. Maciej Wiatr, Warsaw School of Economics, Poland

Dr Tomáš Heryán, Silesian University, School of Business Administration, Czech Republic C o v e r D e s i g n :

The primary version of the Journal is the on-line version (www.cjfa.umk.pl), however the Journal is available both in print and electronic form.

e-ISSN: 2300-3065 p-ISSN: 2300-1240

i dystrybuowane w wersji ICV 2015: 101.52

A

DDRESS OF THE

P

UBLISHER

, phone: +48 56 611 40 10 kontakt@umk.pl, www.umk.pl

Print: Drukarnia WN UMK

E

DITORIAL

O

FFICE

phone: + 48 56 611 46 34 (mgr Agnieszka ), fax: +48 56 654 24 93

TABLE OF CONTENTS

Leszek Dziawgo

Introduction

...

7

Zbigniew Drewniak

An Analysis of Brokerage Recommendations for the Biggest Companies of WIG20 ... 9

Danuta Dziawgo, Isidro Féria, Sandra Saúde

Higher Education Funding: comparative analysis of Portugal and Poland public

systems ... 33

Socially Responsible Investment in Asia ... 55

Eka Lekashvili, Veko Dodashvili

Legal Regulation of Tourism Business in Georgia ... 67

Jan Pys

Robustness of the bank resolution framework in the European Union ... 77

Jurijs Spiridonovs, Olga Bogdanova

EU Energy Union: adjustment to the new development cycle ... 89