Copernican Journal of Finance & AccountingCopernican Journal of Finance & Accounting Copernican Journal of Finance & Accounting Copernican Journal of Finance & Accounting Copernican Journal of Finance & Accounting e-ISSN: 2300-3065 p-ISSN: 2300-1240 Volume 5 Issue 1 2016 biannual Finance & Accounting 2012 Volume 1 Copernican Journal of biannual Issue 1 Uniwersytet Mikołaja Kopernika w Toruniu Nicolaus Copernicus University Editorial Board Editor in ChiEf: prof. dr hab. Leszek Dziawgo ExECutivE Editor: dr Dorota Krupa assoCiatE Editors: dr Ewa Chojnacka, mgr Agnieszka Żołądkiewicz sECrEtary: dr Damian Walczak sCiEntifiC CounCil Prof. Dr. M. Peter van der Hoek, Erasmus University, Rotterdam, Netherlands, Academy of Economic Studies, Bucharest, Romania Prof. Dr. Günter Hofbauer, Technische Hochschule Ingolstadt Business School, Ingolstadt, Germany Prof. Dr. Juan-Antonio Mondéjar-Jiménez, Universidad de Castilla - La Mancha, Spain Prof. dr hab. Stanisław Owsiak, Uniwersytet Ekonomiczny w Krakowie, Cracow University of Economics, Poland Prof. dr hab. Wiesława Przybylska-Kapuścińska, Uniwersytet Ekonomiczny w Poznaniu, Poznan University of Economics, Poland Prof. Mustafa Akan, Dogus University, Istanbul, Turkey Prof. Dr. Sandra Isabel Goncalves da Saude, Instituto Politecnico de Beja, Portugal Prof. dr hab. Małgorzata Zaleska, Szkoła Główna Handlowa w Warszawie, Warsaw School of Economics, Poland Prof. Dr. David Naranjo-Gil, Universidad Pablo de Olavide, Sevilla, Spain Prof. Dr. Christiane Goodfellow, Jade University 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 suBjECt Editors A c c o u n t i n g : prof. dr hab. Sławomir Sojak 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 list of rEviEwErs Prof. Dr. Catherine Deffains-Crapsky, Université d’Angers, France Prof. dr hab. Jerzy Gierusz, Uniwersytet Gdański, Gdansk University, Poland Prof. Dr. Dirk Kiesewetter, Julius-Maximilians-Universität Würzburg, Germany Prof. Miloš Král doc. Ing., Tomas Bata University in Zlín, Czech Republic Prof. Dr. Natalia Konovalova, RISEBA University, Riga, Latvia Prof. Emil Papazov, University of National and World Economy, Sofia, Bulgaria Prof. Dr. Ángel Peiró Signes, Universidad Politécnica de Valencia, Spain Prof. Dr. Adalmiro Pereira, Politécnico do Porto, Portugal Prof. dr hab. Bogusław Pietrzak, Szkoła Główna Handlowa w Warszawie, Warsaw School of Economics, Poland Prof. dr hab. Waldemar Tarczyński, Uniwersytet Szczeciński, Szczecin University, Poland Prof. Titular Gerard Olivar Tost, National University of Colombia, Colombia Prof. Siniša Zarić, Ph.D., University of Belgrade, Serbia Prof. dr hab. Jan Turyna, Uniwersytet Warszawski, Warsaw University, Poland Prof. dr hab. Maciej Wiatr, Szkoła Główna Handlowa w Warszawie, Warsaw School of Economics, Poland Dr hab. Andrzej Cwynar, prof. WSEI, Wyższa Szkoła Ekonomii i Innowacji, University of Economics and Innovation, Poland Dr hab. Zbigniew Krysiak, Szkoła Główna Handlowa w Warszawie, Warsaw School of Economics, Poland Dr hab. Joanna Wielgórska-Leszczyńska, prof. SGH, Szkoła Główna Handlowa w Warszawie, Warsaw School of Economics, Poland Dr Tomáš Heryán, Silesian University, School of Business Administration, Czech Republic Dr Wojciech Piotrowicz, University of Oxford, Great Britain Prof. Dr. Maria del Val Segarra Oña, Universidad Politécnica de Valencia, Spain Prof. Dr. Lyudmila Mihaylova, University of Ruse, Bulgaria Prof. Dr. Domagoja Buljan Barbača, University of Split, Croatia C o v e r D e s i g n : Miłosława Cichosz 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 Czasopismo jest wydawane na zasadach licencji niewyłącznej Creative Commons i dystrybuowane w wersji elektronicznej Open Acceses poprzez Platformę Czasopism UMK. Wersja papierowa jest dostępna w druku na żądanie na stronie internetowej Wydawnictwa www.wydawnictwoumk.pl © 2016 Copyright by Uniwersytet Mikołaja Kopernika Toruń 2016 ICV 2014: 94.90 addrEss of thE PuBlishEr Nicolaus Copernicus University in Toruń, Gagarina 11, 87-100 Toruń, phone: +48 56 611 40 10 kontakt@umk.pl, www.umk.pl Print: Drukarnia WN UMK, Printed in 300 copies Editorial offiCE Gagarina 13a, 87-100 Toruń, phone: + 48 56 611 46 34 (mgr Agnieszka Żołądkiewicz), fax: +48 56 654 24 93 cjfa@umk.pl, www.cjfa.umk.pl table of contents Leszek Dziawgo Introduction ........................................................................................................................... 7 Mustafa Akan A dynamic model of a nonlife insurance company .......................................................... 9 Piotr Bolibok An empirical evaluation of selected accounting-based value drivers in the Polish banking sector ....................................................................................................................... 25 João Paulo Braga, Luís M. Pereira Gomes The Impact of the Preliminary Announcement on the Abnormal Returns of the Companies Involved in Takeover Bids in the Portuguese Stock Market between 2000 and 2014 ........................................................................................................................ 39 Namık Kemal Erdoğan, Serpil Altınırmak, Çağlar Karamaşa Comparison of multi criteria decision making (MCDM) methods with respect to performance of food firms listed in BIST ......................................................................... 67 Günter Hofbauer, Monika Klimontowicz, Aleksandra Nocoń Basel III Equity Requirements and a Contemporary Rating Approach .......................... 91 Natalia Konovalova, Snezhana Dalecka Analysis and evaluation of capital adequacy in Latvian banking system .................. 107 Angelika Kuligowska Scope and assessment of the insurance for members of voluntary fire brigades provided by local government ......................................................................................... 125 Aušrinė Lakštutienė, Aida Barkauskaitė Evaluation of relationship between banks lending activities and the economies in Baltic countries ................................................................................................................ 141 Iwona Maciejczyk-Bujnowicz Capital Flows in European Union on the Basis of International Investment Position – Selected Aspects ................................................................................................................ 157 Emil Papazov, Lyudmila Mihaylova Accountancy-Based Sources of Information for Planning Purposes in SMEs ............... 173 Bożena Ryszawska Sustainability transition needs sustainable finance ......................................................... 185 For Authors ......................................................................................................................... 195