Copernican Journal of Finance & Accounting Copernican Journal of Finance & Accounting e-ISSN: 2300-3065 p-ISSN: 2300-1240 Volume 6 Issue 1 2017 quarterly EDITORIAL BOARD EDITOR IN CHIEF: prof. dr hab. Leszek Dziawgo EXECUTIVE EDITOR: dr Dorota Krupa ASSOCIATE EDITORS: SECRETARY: dr Damian Walczak SCIENTIFIC COUNCIL 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 SUBJECT EDITORS 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 LIST OF REVIEWERS 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 ADDRESS OF THE PUBLISHER , phone: +48 56 611 40 10 kontakt@umk.pl, www.umk.pl Print: Drukarnia WN UMK EDITORIAL OFFICE phone: + 48 56 611 46 34 (mgr Agnieszka ), fax: +48 56 654 24 93 cjfa@umk.pl, www.cjfa.umk.pl 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 For Authors ........................................................................................................................... 103