Copernican Journal of Finance & Accounting Copernican Journal of Finance & Accounting e-ISSN: 2300-3065 p-ISSN: 2300-1240 Volume 4 Issue 2 2015 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 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, Czechy 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 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 © 2015 Copyright by Uniwersytet Mikołaja Kopernika Toruń 2015 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 2014: 94.90 table of contents Leszek Dziawgo Introduction ........................................................................................................................... 7 Heitham Al-Hajieh, Hashem AlNemer, Timothy Rodgers, Jacek Niklewski Forecasting the Jordanian stock index: modelling asymmetric volatility and distribution effects within a GARCH framework ....................................................... 9 Hakan Çelıkkol, Fatma Köse SWOT analysis of Turkish Energy Market in the context of Electricity Market in the context of electricity market .................................................................................. 27 Mediha Mine Çelikkol, Hakan Çelikkol The evaluation of the students in Dumlupinar University Vocational School of Social sciences about levels of financial literacy ...................................................... 43 Marlena Ciechan-Kujawa Professional financial and accounting services in the light of European Union directives and the deregulation of professions in Poland – current status and research needs ................................................................................................................... 65 Monika Czerwonka The exploration of disposition effect among business undergraduates in Poland .... 79 Ieva Kozlovska The impact of long-lived non-financial assets depreciation/amortization method on financial statements ..................................................................................................... 91 Milena Peršić, Katarina Bakija, Dubravka Vlašić Framework for improving quality and comparability of non-financial reporting system ................................................................................................................................ 109 David Procházka Lobbying on the IASB Standards: An analysis of the Lobbyists’ Behaviour over Period 2006–2014 .............................................................................................................. 129 Magdalena Redo The importance of prudential regulations in the process of transmitting monetary policy to economy ........................................................................................................... 145 Tigor Sitorus The Study of Risk-Weighted Assets on the Effects of Loan Exposure Valuation to- wards Credit Default (an empirical study on middle and top local banks listed in Indonesia stock exchange period 2008–2012) ........................................................ 159 Diana Larisa Tampu Human motivation and corporate governance .......................................................... 177 Adam Zaremba The January seasonality and the performance of country-level value and mo- mentum strategies ............................................................................................................ 195 Gediminas Žylius Evaluation of ATM Cash Demand Process Factors Applied for Forecasting with CI Models ............................................................................................................................... 211 For Authors ......................................................................................................................... 237