Copernican Journal of Finance & Accounting Copernican Journal of Finance & Accounting e-ISSN: 2300-3065 p-ISSN: 2300-1240 Volume 3 Issue 2 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. Dirk Kiesewetter, Julius-Maximilians-Universität Würzburg, Germany Prof. Miloš Král doc. Ing., Tomas Bata University in Zlín, Czech Republic 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. 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 2013: 6.55 table of contents Leszek Dziawgo Introduction ........................................................................................................................... 7 Leszek Dziawgo Greening financial market ................................................................................................. 9 Bogna Janik Market and non-market factors influencing the development of green energy producers ............................................................................................................................ 25 Marcin Kalinowski Stock Exchanges Sustainability Support Assessment ...................................................... 37 Anna Karmańska The imperative of sustainable growth and reporting integration. The fourth era in the corporate reporting development ........................................................................ 49 Stanisław Kasiewicz, Lech Kurkliński Problems of regulations for SME in Poland – institutional and cultural context ........... 67 Nadezda Kirillova Regulation of financial condition insurers in the Russian Federation and assessment the insurers by insured ........................................................................... 79 Kamil Nowak Advanced Private Banking in Terms of Ecology ............................................................. 91 Dariusz Piotrowski The financial aspect of intergenerational solidarity from the point of view of the senior .................................................................................................................................. 111 Michał Ptak Environmental charges levied on power plants ........................................................... 127 Anna Pyka, Joanna Błach Business-to-business platforms as a part of e-commerce – possibilities of practical use by Polish enterprises .................................................................................................. 137 Sandra Saúde, Carlos Borralho, Isidro Féria, Sandra Lopes The impact of a Higher Education Institution on Socioeconomic Development – the Study Case of the Polytechnic Institute of Beja, Portugal .................................. 151 Adam Zaremba, Radosław Żmudziński IPO Initial Underpricing Anomaly: the Election Gimmick Hypothesis ......................... 167 For Authors ......................................................................................................................... 182