CJFA_2_2017_DRUK.pdf INTRODUCTION Dear Readers and Authors, It is with great pleasure we present the next issue of the scientific quarterly Co- pernican Journal of Finance & Accounting. The challenges of the modern world are visible in economics and finance. The mission of the journal remains to serve for the development of the science of finance as a forum of presentations and analyses of scientific papers in the scope of finance and accounting in the international dimension. Being a scientist requires the curiosity to ask questions, to observe changes in the present world and to research them. Through interactions between re- searchers across different geographical regions, as a scientific journal, we want to play an important role in academic deliberations and create a place for the exchange of scientific views. We hope that the papers contained in our journal will be of value and also interesting for you. I would like to give a special thank you to the Authors, Reviewers, Scientif- ic Council and the Editorial Team for their contribution in the development of the journal and for their involvement in the creation of the next edition of the quarterly. I invite you to read and I encourage you to publish the results of your re- search in our Copernican Journal of Finance & Accounting. Executive Editor, Dorota Krupa, Ph.D.