Copernican Journal of Finance & Accounting Copernican Journal of Finance & Accounting e-ISSN: 2300-3065 p-ISSN: 2300-1240 Volume 3 Issue 1 2014 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. 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. Dr. Sandra Isabel Gonçalves da Saúde, Instituto Politécnico de Beja, Portugal Prof. dr hab. Małgorzata Zaleska, Szkoła Główna Handlowa w Warszawie, Warsaw School of Economics, Poland S t a t i s t i c a l E d i t o r : dr hab. Piotr Fiszeder, prof. UMK P o l i s h P r o o f R e a d e r : dr Dominika Wojtasińska 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. 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. 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. 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 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 © 2014 Copyright by Uniwersytet Mikołaja Kopernika Toruń 2014 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 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 ICV 2012: 4.41 table of contents Leszek Dziawgo Introduction ........................................................................................................................... 7 Stanisław Adamiak, Damian Walczak Catholic social teaching, sustainable development and social solidarism in the context of social security .......................................................................................... 9 Bartosz Bartniczak State aid as a tool encouraging production of energy from renewable sources ..... 19 Piotr Bolibok The impact of IFRS on the value relevance of accounting data of banks listed on the Warsaw Stock Exchange ....................................................................................... 33 Michał Buszko Investments in stock of banks implementing high social responsibility standards listed on the Warsaw Stock Exchange ............................................................................ 45 Ewa Dziawgo Real options in the assessment of the company’s pro-ecological investments ........ 61 Anna Karmańska The imperative of sustainable growth and reporting integration. Three eras in the corporate reporting development ........................................................................ 73 Bożena Kołosowska, Grażyna Voss Authorised Adviser – as a company of public trust in the NewConnect OTC (Over-The-Counter) exchange ........................................................................................ 83 Tomasz Kopyściański, Tomasz Rólczyński Application of statistical methods in the diagnosis of environmental conditions of development of Lower Silesian voivodship in years 2006–2012 ............................... 97 Robert Kurek The efficiency of public insurance supervision vs. Pareto efficiency ......................... 109 Michał Moszyński, Marcelina Więckowska Evolution of ecological financial market from the perspective of institutional economics ................................................................................................ 121 Monika Raulinajtys-Grzybek, Gertruda Krystyna Świderska Object-based costing as an important tool for the economic analysis of sustainable development ........................................................................................... 135 Joanna Szlęzak-Matusewicz Models of tax incentives for R&D activities of enterprises in European Union countries ........................................................................................... 145 Tomasz Uryszek Public finance crisis and sustainable development financing – evidence from EU economies ........................................................................................................................ 161 For Authors ......................................................................................................................... 175