The paper aims to develop instruments supporting the comparability of social disclosures and ipso facto business transparency. This research study aims to assess the possibility of achieving social disclosure comparability based on research of the Polish listed companies and to develop an authorial tools which may support stakeholders in comparing social performance and thus help them make business decisions.To attain the goals, this article introduced practical and theoretical premises of sustainability reporting development in its social dimension. Based on that, an empirical study was conducted on the comparability of social disclosures in sustainability reporting of Polish listed (WIG20) companies. For this purpose, a social disclosure index was developed by the authors. The findings of our study indicate that corporate social disclosures can be the subject of comparisons supporting stakeholders in the decision-making process. The conducted comparability analysis refers to the comparison of the scope of disclosures between the WIG20 companies, as well as the scope of disclosures over three years, and helps us to construct the index as a tool for social disclosure benchmarking. This paper contributes to filling the gap relating the social disclosure comparability. The results of this study may help compare any social disclosures, and the proposed index may be a practical instrument of benchmarking. The research originality refers to the research niche relating to the difficult comparison of non-financial data and the scope of social disclosures in sustainability reporting. It extends the knowledge on this area by giving a new perspective on the comparison of social disclosures.

The importance of the digitization is in the area of financial services is growing. One of the manifestations of the development of financial technology in finance is the use of the so-called robo-advisors in financial services, which offer asset and wealth management services using fintech technology. The aim of the article is to present the essence of financial services offered by robo-advisors and indicate the development trends of these services in the field of asset management on the German market. Moreover, the article presents the benefits and limitations associated with the use of robo-advisors in asset management. The results of the research show that it is very fast developing services' market, which is characterised by relative low cost; but-because of its nascent level-there is lack of long-term benchmark and investment returns history that would enable further studies on that issue

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Streszczenie: Cel-analiza form i wartości wsparcia sektora MSP w dostępie do rynku kapitałowego. Metodologia badania-dla realizacji celu wykorzystano metodę opisową, metodę porównawczą oraz wybrane techniki statystyki opisowej. Użyto źródeł wtórnych, w tym przede wszystkim statystyk podsumowujących poddziałanie 3.3.2 "Wsparcie dla MSP" Programu Operacyjnego Innowacyjna Gospodarka oraz informacje dotyczące poddziałania 3.1.5 "Wsparcie MSP w dostępie do rynku kapitałowego-4 Stock" w ramach Programu Operacyjnego Inteligentny Rozwój. Wynik-relatywnie duże zainteresowanie przedsiębiorstw z sektora MSP rzeczonym wsparciem wskazuje na jego zasadność. Poszerzenie zakresu wsparcia (o dofinansowanie usług niezbędnych do pozyskania finansowania obcego) w perspektywie 2014-2020 oraz sprecyzowanie warunków wsparcia świadczą o przekonaniu instytucji o istotności tej formy wsparcia. Ponadto mogą wpłynąć nie tylko na zwiększenie zainteresowania przedsiębiorców, ale również na rozwój rynku kapitałowego. Oryginalność/wartość-artykuł wypełnia lukę w zakresie informacji o wsparciu małych i średnich przedsiębiorstw w dostępie do rynku kapitałowego, stanowi podsumowanie wsparcia udzielonego w latach 2007-2013 oraz przedstawia zakres i wysokość dofinansowania w nowej perspektywie 2014-2020.

Financing with the use of municipal bonds is gaining in importance, especially regarding implementation investment projects financed from European Union funds. Local government units have the choice of emissions on the market organized and unorganized market. The aim of the article is to examine the degree of marketization of municipal bonds in Poland in the years 2009-2015 by comparing the emissions markets, liquidity analysis and evaluation of the structure of investors. The results indicate a low level of marketization of municipal bonds in Poland, low illiquidity and the dominance of banks among the bondholders.

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Streszczenie: W artykule przedstawiono wciąż relatywnie nową w Polsce formę finansowania podmiotów gospodarczych, czyli crowdfunding udziałowy. Celem artykułu jest przybliżenie istoty crowdfundingu udziałowego oraz możliwości wykorzystania crowdfundingu udziałowego w finansowaniu młodych i innowacyjnych przedsiębiorstw w Polsce. Badaniem objęto działające w Polsce platformy crowdfundingu udziałowego oraz przeanalizowano i scharakteryzowano finansowane za ich pośrednictwem spółki. Wyniki przeprowadzonych badań wskazują, że crowdfunding udziałowy znajduje się w Polsce in statu nascendi, nie ma kompleksowych uregulowań prawnych, a liczba podmiotów wykorzystujących tę formę finansowania jest niewielka. Należy jednak zwrócić uwagę na fakt, że przeprowadzone przez spółki kampanie w większości przypadków kończyły się sukcesem, czyli pozyskaniem planowanego kapitału.Słowa kluczowe: crowdfunding, alternatywne instrumenty finansowania, finansowanie przedsiębiorstw. Summary:The article focuses a relatively new form of financing which is equity crowdfunding. The aim of this article is to present the key point of equity crowdfunding and its use among young enterprises in Poland. The research was conducted among crowdfunding platforms active in Poland, as well as among the companies which had used equity crowdfunding as a financial source. The results of the research indicate that the development level of equity crowdfunding is really low. First of all there is a lack of complex legal regulations. In consequence the number of entities that have used this form of financing is small. However, it should be noted that the campaigns carried out by the companies in most cases ended in success, which is obtaining the planned capital.

The aim of the paper is to assess the financial condition of micro, small and medium-sized enterprises in Poland during and after financial crisis 2008-2010 and the economic downturn. In this paper a thesis was advanced that the consequences of the downturn were felt by the entire sector, but each group of the companies was affected to a different degree. The companies in the sector of SME were assessed based on selected financial data. Moreover, the article includes assessment of the sector's importance for the polish economy. The analysis is based on data from secondary sources published by Central Statistical Office, Eurostat and Polish Agency for Enterprise Development. The temporal scope of the study encompasses the years 2007-2016. The analysis of selected financial data is enough to state that although the economic downturn led to a temporary fall in the revenue level, financial result or profitability, the economic standing of the sector generally improved throughout the period analysed (2007-2016).