docRyzyko konsumenckie w procesie zakupu żywności funkcjonalnej
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Ryzyko konsumenckie w procesie zakupu żywności funkcjonalnej
The Wroclaw School of Banking Research Journal ISSN 1643-7772 I eISSN 2392-1153 Vol. 15 I No. 3 ĞƐnjLJƚLJEĂƵŬŽǁĞtLJǏƐnjĞũ^njŬŽųLJ ĂŶŬŽǁĞũǁĞtƌŽĐųĂǁŝƵ ISSN 1643-7772 I eISSN 2392-1153 R. 15 I Nr 3 ZLJnjLJŬŽŬŽŶƐƵŵĞŶĐŬŝĞǁƉƌŽĐĞƐŝĞnjĂŬƵƉƵǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũ ƵƚŽƌ͗DĂŐĚĂůĞŶĂKůĞũŶŝĐnjĂŬ ďƐƚƌĂŬƚ <ŽŶƐƵŵƉĐũĂǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũǁWŽůƐĐĞŽĚŬŝůŬƵůĂƚƉŽnjŽƐƚĂũĞŶĂƌĞůĂƚLJǁŶŝĞŶŝƐŬŝŵƉŽnjŝŽͲ ŵŝĞǁƐƚŽƐƵŶŬƵĚŽƉŽnjŝŽŵƵnjĂŝŶƚĞƌĞƐŽǁĂŶŝĂŽďƐĞƌǁŽǁĂŶĞŐŽǁŬƌĂũĂĐŚƵƌŽƉLJĂĐŚŽĚŶŝĞũ͘ /ƐƚŽƚŶLJŵĐnjLJŶŶŝŬŝĞŵĚĞƚĞƌŵŝŶƵũČĐLJŵũĞũƉŽnjŝŽŵũĞƐƚƉŽƐƚƌnjĞŐĂŶĞƌLJnjLJŬŽŬŽŶƐƵŵĞŶĐŬŝĞ͕ŬƚſƌĞ ƐŬƵƚĞĐnjŶŝĞƉŽǁƐƚƌnjLJŵƵũĞƉŽƚĞŶĐũĂůŶLJĐŚŶĂďLJǁĐſǁĚŽnjĂŬƵƉſǁƉƌŽĚƵŬƚſǁǏLJǁŶŽƑĐŝĨƵŶŬĐũŽͲ ŶĂůŶĞũ͘KĚĐnjƵǁĂŶĞǁČƚƉůŝǁŽƑĐŝŬŽŶƐƵŵĞŶƚſǁǁLJǁŽųƵũČƵŶŝĐŚƐƚĂŶŶĂƉŝħĐŝĂĞŵŽĐũŽŶĂůŶĞŐŽ͕ ŬƚſƌLJĐnjħƐƚŽƐŬƵƚĞĐnjŶŝĞƉŽǁƐƚƌnjLJŵƵũĞƉŽĚũħƚĞnjĂŵŝĂƌLJnjĂŬƵƉŽǁĞ͘<ŽŶƐƵŵĞŶƚ͕ƉŽĚĞũŵƵũČĐĚĞͲ ĐLJnjũħŽnjĂŬƵƉŝĞŶŽǁĞŐŽƉƌŽĚƵŬƚƵ;ĂĚůĂǁŝĞůƵƉƌŽĚƵŬƚLJǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũƐČŶŽǁŽƑĐŝČͿ͕ ůŝĐnjLJƐŝħnjƌLJnjLJŬŝĞŵŶŝĞƵĚĂŶĞŐŽnjĂŬƵƉƵ;ĐnjLJůŝƉŽƐƚƌnjĞŐĂƌLJnjLJŬŽͿ͕ĂƚLJŵƐĂŵLJŵŽĚĐnjƵǁĂƉĞǁŶĞ njĂŐƌŽǏĞŶŝĞƉŽŶŝĞƐŝĞŶŝĂƐƚƌĂƚLJ͘ĞůĞŵĂƌƚLJŬƵųƵũĞƐƚŽŬƌĞƑůĞŶŝĞĐnjLJŶŶŝŬſǁŬƐnjƚĂųƚƵũČĐLJĐŚƌLJnjLJŬŽ ŬŽŶƐƵŵĞŶĐŬŝĞƵũĂǁŶŝĂũČĐĞƐŝħǁƉƌŽĐĞƐŝĞnjĂŬƵƉƵǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũ͘ ^ųŽǁĂ ŬůƵĐnjŽǁĞ͗ ƌLJnjLJŬŽ ŬŽŶƐƵŵĞŶĐŬŝĞ͕ ǏLJǁͲ ŶŽƑđĨƵŶŬĐũŽŶĂůŶĂ͕njĂĐŚŽǁĂŶŝĂŬŽŶƐƵŵĞŶƚſǁ :>͗ϭϬ͕ϭϮ ,ŝƐƚŽƌŝĂ͗ŽƚƌnjLJŵĂŶŽ/sŬǁĂƌƚĂųϮϬϭϰ͕ƉŽƉƌĂǁŝŽͲ ŶŽϭϬ͘Ϭϯ͘ϮϬϭϱ͕njĂĂŬĐĞƉƚŽǁĂŶŽϭϬ͘Ϭϰ͘ϮϬϭϱ tƐƚħƉ njǁLJďŽƌĞŵƉƌŽĚƵŬƚƵůƵďƵƐųƵŐŝ͕ĂƚĂŬǏĞŵŝĞũƐĐĂ ŝ ĐnjĂƐƵ njĂŬƵƉƵ͖ ĐŽ ǁ ƉĞƌŵĂŶĞŶƚŶŝĞ njŵŝĞŶŝĂũČͲ ĐLJŵƐŝħŽƚŽĐnjĞŶŝƵũĞƐƚĐŽƌĂnjƚƌƵĚŶŝĞũƐnjĞ͘tũħnjLJͲ ŬƵƉŽůƐŬŝŵƉŽƚŽĐnjŶLJŵƉŽũħĐŝĞƌLJnjLJŬĂŬŽũĂƌnjŽŶĞ ũĞƐƚŶĂũĐnjħƑĐŝĞũnjďƌĂŬŝĞŵƉĞǁŶŽƑĐŝĚŽƉŽŵLJƑůͲ ŶĞŐŽ njĂŬŽŷĐnjĞŶŝĂ ƉŽĚũħƚĞŐŽ ƉƌnjĞĚƐŝħǁnjŝħĐŝĂ͘ ^ųŽǁŽͣƌLJnjLJŬŽǁĂđ͟ǁ^ųŽǁŶŝŬƵũħnjLJŬĂƉŽůƐŬŝĞŐŽ WtEŽŬƌĞƑůĂŶĞũĞƐƚŵŝĂŶĞŵͣŵŽǏůŝǁŽƑĐŝ͕ƉƌĂǁͲ ĚŽƉŽĚŽďŝĞŷƐƚǁĂ͕ ǏĞ ĐŽƑ Ɛŝħ ŶŝĞ ƵĚĂ͕ ƉƌnjĞĚƐŝħͲ ǁnjŝħĐŝĂ͕ ŬƚſƌĞŐŽ ǁLJŶŝŬ ũĞƐƚ ŶŝĞnjŶĂŶLJ͕ ŶŝĞƉĞǁͲ ŶLJ͕ ƉƌŽďůĞŵĂƚLJĐnjŶLJ͟ ;^ųŽǁŶŝŬ ũħnjLJŬĂ ƉŽůƐŬŝĞŐŽ WtEͿ͘ ZLJnjLJŬŽ ǁLJŶŝŬĂ nj ĨĂŬƚƵ ƉŽĚĞũŵŽǁĂŶŝĂ ĚĞĐLJnjũŝĚŽƚLJĐnjČĐLJĐŚƉƌnjLJƐnjųŽƑĐŝ͕ďŽǁŝĞŵŬŽŶƐƵͲ ŵĞŶƚ͕ƉŽĚĞũŵƵũČĐŽŬƌĞƑůŽŶĞĚnjŝĂųĂŶŝĞ͕ŶŝĞũĞƐƚ ƉĞǁŝĞŶ ;ŝ ŶŝĞ ŵŽǏĞ ďLJđͿ ƉƌnjLJƐnjųLJĐŚ ƌĞnjƵůƚĂƚſǁ͘ njŝĂųĂŶŝĞ ǁ ǁĂƌƵŶŬĂĐŚ ƌLJnjLJŬĂ nj ƵǁĂŐŝ ŶĂ ŶŝĞͲ njŶĂŶČ ƉƌnjLJƐnjųŽƑđ ŽnjŶĂĐnjĂ ƉŽĚĞũŵŽǁĂŶŝĞ ĚĞĐLJͲ njũŝ ǁ ƐLJƚƵĂĐũŝ ďƌĂŬƵ ǁLJĐnjĞƌƉƵũČĐLJĐŚ ŝŶĨŽƌŵĂĐũŝ͕ njĂƚĞŵŽƐŝČŐŶŝħĐŝĞĐĞůƵũĞƐƚŵŽǏůŝǁĞ͕ĂůĞŶŝĞũĞƐƚ ƉĞǁŶĞ;DĂĐŝĞũĞǁƐŬŝϮϬϭϬ͗ϯϳͿ͖ƐŬƵƚŬƵũĞƚŽǁLJͲ ƐƚČƉŝĞŶŝĞŵ ƐƚĂŶƵ ŶŝĞƉĞǁŶŽƑĐŝ ;dĂƌĂŶŬŽ ϮϬϬϱ͗ ϭϮϯͿ͘ ĂĐŚŽǁĂŶŝĂnjĂŬƵƉŽǁĞŬŽŶƐƵŵĞŶƚſǁŽďĞũŵƵũČ ƐƉſũŶČ ĐĂųŽƑđ ƌĞĂŬĐũŝ njǁŝČnjĂŶLJĐŚ nj ĚŽŬŽŶLJǁĂͲ ŶŝĞŵǁLJďŽƌſǁ͕ŬƚſƌĞŵĂũČŶĂĐĞůƵnjĂƐƉŽŬŽũĞŶŝĞ ƉŽƚƌnjĞď ŝŶĚLJǁŝĚƵĂůŶLJĐŚ ŝ ƐČ ĞĨĞŬƚĞŵ ŽĚĚnjŝĂųLJͲ ǁĂŶŝĂ ǁŝĞůƵ ĚĞƚĞƌŵŝŶĂŶƚ ĚnjŝĂųĂũČĐLJĐŚ nj ƌſǏŶČ ƐŝųČŝǁƌſǏŶLJĐŚŬŝĞƌƵŶŬĂĐŚ͘ EĂũǁĂǏŶŝĞũƐnjLJŵŬŽŵƉŽŶĞŶƚĞŵŬĂǏĚĞŐŽnjĂĐŚŽͲ ǁĂŶŝĂ ůƵĚnjŬŝĞŐŽ ũĞƐƚ ƉŽĚĞũŵŽǁĂŶŝĞ ĚĞĐLJnjũŝ͘ ĞĐLJnjũĂũĞƐƚƑǁŝĂĚŽŵLJŵ͕ŶŝĞůŽƐŽǁLJŵǁLJďŽƌĞŵ ũĞĚŶĞŐŽnjǁŝĞůƵŵŽǏůŝǁLJĐŚƐƉŽƐŽďſǁĚnjŝĂųĂŶŝĂ͕ ǁĞĚųƵŐ ŬƚſƌĞŐŽ ďħĚnjŝĞ ƉŽƐƚħƉŽǁĂų ĚĞĐLJĚĞŶƚ ;<ƌĂŵĞƌ ϭϵϵϰ͗ ϳϱͿ͘ t ŶĂƵŬĂĐŚ ĞŬŽŶŽŵŝĐnjŶLJĐŚ ƉƌnjĞǁĂǏŶŝĞ njĂŝŶƚĞƌĞƐŽǁĂŶŝĞ ďĂĚĂĐnjLJ ƐŬƵƉŝŽŶĞ ũĞƐƚŶĂƉƌŽĐĞƐŝĞƉŽĚĞũŵŽǁĂŶŝĂĚĞĐLJnjũŝnjĂŬƵƉŽͲ ǁLJĐŚ͕ĐnjLJůŝƉŽƐƚĂŶŽǁŝĞŶŝĂŬŽŶƐƵŵĞŶƚĂŽƉŽĚũħͲ ĐŝƵŽŬƌĞƑůŽŶĞŐŽĚnjŝĂųĂŶŝĂ;ŶƉ͘njĂŬƵƉƵƉƌŽĚƵŬƚƵ ůƵďƵƐųƵŐŝͿ;'ĂũĞǁƐŬŝϭϵϵϯ͗ϭϯͿ͘ <ĂǏĚĂĚĞĐLJnjũĂƉŽĚĞũŵŽǁĂŶĂƉƌnjĞnjŬŽŶƐƵŵĞŶƚĂ ũĞƐƚ ŽďĂƌĐnjŽŶĂ ƉĞǁŶLJŵ ƌLJnjLJŬŝĞŵ͘ <ŽŶƐƵŵĞŶƚ ŶŝĞƵƐƚĂŶŶŝĞŵƵƐŝƉŽĚĞũŵŽǁĂđĚĞĐLJnjũĞnjǁŝČnjĂŶĞ DŐƌŝŶǏ͘DĂŐĚĂůĞŶĂKůĞũŶŝĐnjĂŬ tLJǏƐnjĂ^njŬŽųĂĂŶŬŽǁĂǁWŽnjŶĂŶŝƵ ŵĂŐĚĂůĞŶĂ͘ŽůĞũŶŝĐnjĂŬΛǁƐď͘ƉŽnjŶĂŶ͘Ɖů The Wroclaw School of Banking Research Journal I ISSN 1643-7772 I eISSN 2392-1153 I Vol. 15 I No. 3 dĂďĞůĂϭ͘ZŽĚnjĂũĞƌLJnjLJŬĂ ZŽĚnjĂũƌLJnjLJŬĂ tČƚƉůŝǁŽƑĐŝƚŽǁĂƌnjLJƐnjČĐĞŬŽŶƐƵŵĞŶƚŽǁŝƉƌnjLJǁLJďŽƌnjĞƉƌŽĚƵŬƚƵǏLJǁŶŽƑĐŝŽǁĞŐŽ ZLJnjLJŬŽĨƵŶŬĐũŽŶĂůŶĞ njLJƉƌŽĚƵŬƚƐƉĞųŶŝĂŽĐnjĞŬŝǁĂŶĞĨƵŶŬĐũĞ;ǁĂůŽƌLJƐŵĂŬŽǁĞ͕ĨƵŶŬĐũŽŶĂůŶĞ͕ǁƉųLJǁŶĂnjĚƌŽǁŝĞͿ͍ ZLJnjLJŬŽĮnjLJĐnjŶĞ;njǁŝČnjĂŶĞ njďĞnjƉŝĞĐnjĞŷƐƚǁĞŵͿ ZLJnjLJŬŽƐƉŽųĞĐnjŶĞ ZLJnjLJŬŽƉƐLJĐŚŽůŽŐŝĐnjŶĞ ZLJnjLJŬŽĮŶĂŶƐŽǁĞ ZLJnjLJŬŽƐƚƌĂƚLJĐnjĂƐƵ ZLJnjLJŬŽƵƚƌĂĐŽŶLJĐŚ ŵŽǏůŝǁŽƑĐŝ njLJƉƌŽĚƵŬƚũĞƐƚďĞnjƉŝĞĐnjŶLJ͍ njLJnjŽƐƚĂųƉƌnjĞďĂĚĂŶLJ͍ njLJũĞƐƚƐnjŬŽĚůŝǁLJĚůĂƑƌŽĚŽǁŝƐŬĂ͍ njLJŵŽũĂƌŽĚnjŝŶĂŝnjŶĂũŽŵŝƉŽƉŝĞƌĂũČĚĞĐLJnjũħŽnjĂŬƵƉŝĞƉƌŽĚƵŬƚƵ͍ njLJƉŽĚŽďŶĞƉƌŽĚƵŬƚLJƐČƵǏLJƚŬŽǁĂŶĞƉƌnjĞnjŽƐŽďLJ͕njŬƚſƌLJŵŝƐŝħŝĚĞŶƚLJĮŬƵũħ͍ njLJƵǏLJƚŬŽǁĂŶŝĞƉƌŽĚƵŬƚƵƐƉƌĂǁŝĂŵŝnjĂĚŽǁŽůĞŶŝĞ͍ njLJƉƌŽĚƵŬƚǁĂƌƚũĞƐƚnjĂƉųĂĐĞŶŝĂǏČĚĂŶĞũĐĞŶLJ͍ /ůĞĐnjĂƐƵnjĂďŝĞƌĂƉŽƐnjƵŬŝǁĂŶŝĞŝǁLJďſƌƉƌŽĚƵŬƚƵ͍ njLJŶĂƉƌĂǁĚħƉƌŽĚƵŬƚƚĞŶǁŶĂũůĞƉƐnjLJƐƉŽƐſďnjĂƐƉŽŬŽŝŵŽũČƉŽƚƌnjĞďħ͍ njLJŶŝĞďħĚħǏĂųŽǁĂđ͕ǁLJĚĂũČĐŶĂƚĞŶƉƌŽĚƵŬƚŽƐƚĂƚŶŝĞƉŝĞŶŝČĚnjĞ͍ ƌſĚųŽ͗ŽƉƌĂĐŽǁĂŶŝĞǁųĂƐŶĞŶĂƉŽĚƐƚĂǁŝĞ͗>͘'ĂƌďĂƌƐŬŝ͕ĂĐŚŽǁĂŶŝĂŶĂďLJǁĐſǁ͕Wt͕tĂƌƐnjĂǁĂϭϵϵϴ͖ ^͘^ŵLJĐnjĞŬ͕/͘^ŽǁĂ͕<ŽŶƐƵŵĞŶƚŶĂƌLJŶŬƵ͘ĂĐŚŽǁĂŶŝĂ͕ŵŽĚĞůĞ͕ĂƉůŝŬĂĐũĞ͕ŝĮŶ͕tĂƌƐnjĂǁĂϮϬϬϱ͕Ɛ͘ϭϲϱ͘ WŽƐƚƌnjĞŐĂŶĞ ƌLJnjLJŬŽ ũĞƐƚ ĚĞĮŶŝŽǁĂŶĞ ũĂŬŽ ŶŝĞͲ ƉĞǁŶŽƑđ͕njŬƚſƌČŬŽŶƐƵŵĞŶƚƐƉŽƚLJŬĂƐŝħǁſǁͲ ĐnjĂƐ͕ŐĚLJŶŝĞŵŽǏĞƉƌnjĞǁŝĚnjŝĞđƌĞnjƵůƚĂƚſǁũĞŐŽ ĚĞĐLJnjũŝŽnjĂŬƵƉŝĞ;<ŝĞǏĞůϮϬϬϮ͗ϳϵͿ͘ƚĞŐŽƉƵŶŬƚƵ ǁŝĚnjĞŶŝĂŵŽǏŶĂǁLJƌſǏŶŝđŶŝĞƉĞǁŶŽƑđǁLJƐƚħƉƵͲ ũČĐČƉƌnjĞĚnjĂŬƵƉĞŵ;ŝǁƚƌĂŬĐŝĞƉŽĚĞũŵŽǁĂŶŝĂ ĚĞĐLJnjũŝ Ž njĂŬƵƉŝĞͿ ŽƌĂnj ŶŝĞƉĞǁŶŽƑđ ƉŽ ĚŽŬŽͲ ŶĂŶŝƵ njĂŬƵƉƵ ;ĚLJƐŽŶĂŶƐ ƉŽnjĂŬƵƉŽǁLJͿ͘ EĂůĞǏLJ ƉŽĚŬƌĞƑůŝđ͕ ǏĞ ŽďƐnjĂƌ ǁČƚƉůŝǁŽƑĐŝ ŬŽŶƐƵŵĞŶĐͲ ŬŝĐŚ njǁŝħŬƐnjĂ Ɛŝħ ǁƌĂnj njĞ ǁnjƌŽƐƚĞŵ ŵŽǏůŝǁLJĐŚ ĂůƚĞƌŶĂƚLJǁŶLJĐŚ ƐŬƵƚŬſǁ ĚnjŝĂųĂŷ ŬŽŶƐƵŵĞŶƚſǁ ;ǁƉųLJǁŶĂǁųĂƐŶČƐĂƚLJƐĨĂŬĐũħ͕ŽĐĞŶĂŽƚŽĐnjĞŶŝĂ ŝƚƉ͘Ϳ;DĂnjƵƌĞŬϮϬϬϵ͗ϴϬͲϴϭͿ͘:ĂŬǁƐŬĂnjƵũČǁLJŶŝͲ ŬŝƌſǏŶŽƌŽĚŶLJĐŚďĂĚĂŷ͕ƐƚŽƉŝĞŷƌLJnjLJŬĂǁLJƌĂǍŶŝĞ ŽŬƌĞƑůĂũČ͗ ůŝĐnjďĂ ǁĂƌŝĂŶƚſǁ ǁLJďŽƌƵ ;njƌſǏŶŝĐŽͲ ǁĂŶŝĞĂƐŽƌƚLJŵĞŶƚƵͿ͕ĐĞĐŚLJƚŽǁĂƌſǁ;ŶƉ͘ĚŽďƌĂ ƉŽĚƐƚĂǁŽǁĞͿ͕ĐĞŶLJũĞĚŶŽƐƚŬŽǁĞ͕njŶĂĐnjĞŶŝĞnjĂͲ ŬƵƉƵ͕ƐƚŽƉŝĞŷŝŶŶŽǁĂĐLJũŶŽƑĐŝĐnjLJǁĂƌƵŶŬŝŶĂďLJͲ ĐŝĂ͘ŬŽůĞŝŽĐĞŶħƌLJnjLJŬĂŝƉŽƐƚƌnjĞŐĂŶŝĞŶŝĞƉĞǁͲ ŶŽƑĐŝĚĞƚĞƌŵŝŶƵũČĐĞĐŚLJŬŽŶƐƵŵĞŶƚĂ͕ƚĂŬŝĞũĂŬ ƉųĞđ͕ ǁŝĞŬ͕ ǁLJŬƐnjƚĂųĐĞŶŝĞ͕ ƐLJƚƵĂĐũĂ ĞŬŽŶŽŵŝĐnjͲ ŶĂĐnjLJŽƐŽďŽǁŽƑđ;<ŝĞǏĞůϮϬϬϵ͗ϭϲϴͲϭϲϵͿ͘ ^ƚŽƉŝĞŷ ƌLJnjLJŬĂ͕ ŬƚſƌLJ ũĞƐƚ ƉŽƐƚƌnjĞŐĂŶLJ ƉƌnjĞnj ŬŽŶƐƵŵĞŶƚĂ ŽƌĂnj ũĞŐŽ ǁųĂƐŶLJ ƐƚŽƉŝĞŷ ƚŽůĞƌĂŶͲ Đũŝ ĚůĂ ƉŽĚĞũŵŽǁĂŶĞŐŽ ƌLJnjLJŬĂ ƐČ ĐnjLJŶŶŝŬĂŵŝ͕ ŬƚſƌĞǁƉųLJǁĂũČŶĂũĞŐŽƉŽƐƚħƉŽǁĂŶŝĞŶĂƌLJŶŬƵ͘ EĂůĞǏLJũĞĚŶĂŬƉŽĚŬƌĞƑůŝđ͕ǏĞŬŽŶƐƵŵĞŶĐŝƐČƉŽĚ ǁƉųLJǁĞŵƚLJůŬŽƚĂŬŝĞŐŽƌLJnjLJŬĂ͕ŬƚſƌĞũĞƐƚƉƌnjĞnj ŶŝĐŚ ƉŽƐƚƌnjĞŐĂŶĞ͘ ZLJnjLJŬŽ͕ ŬƚſƌĞ ũĞƐƚ ŶŝĞnjĂƵǁĂͲ ǏŽŶĞ͕ ŶŝĞ ǁƉųLJǁĂ ŶĂ njĂĐŚŽǁĂŶŝĂ ŬŽŶƐƵŵĞŶƚĂ͘ ůĂƚĞŐŽnjĂůŝĐnjĂƐŝħŽŶŽĚŽŐƌƵƉLJĐnjLJŶŶŝŬſǁƐƵͲ ďŝĞŬƚLJǁŶLJĐŚ͘ WŽƐƚƌnjĞŐĂůŶŽƑđ ƌLJnjLJŬĂ ƐƚĂŶŽǁŝ ǁĂƌƵŶĞŬŬŽŶŝĞĐnjŶLJƌŽnjƉĂƚƌLJǁĂŶŝĂƌLJnjLJŬĂǁŬĂͲ ƚĞŐŽƌŝĂĐŚ ĚĞƚĞƌŵŝŶĂŶƚLJ njĂĐŚŽǁĂŷ ŶĂďLJǁĐnjLJĐŚ ŬŽŶƐƵŵĞŶƚſǁ͘EĂƚLJŵǁųĂƑŶŝĞƉŽůĞŐĂƐƉĞĐLJĮŬĂ ƚĞũ ĚĞƚĞƌŵŝŶĂŶƚLJ ŽƌĂnj ƐƵďŝĞŬƚLJǁŶLJ ũĞũ ĐŚĂƌĂŬͲ ƚĞƌ ;DĂĐŝĞũĞǁƐŬŝ ϮϬϭϭ͗ ϴϲͿ͘ <ŽŶƐƵŵĞŶƚ ŵŽǏĞ ƌĞĂŐŽǁĂđŝƌĂĚnjŝđƐŽďŝĞnjƌLJnjLJŬŝĞŵƚLJůŬŽǁƚĞĚLJ͕ ŐĚLJ ũĞ ƉŽƐƚƌnjĞŐĂ͘ ^ŬĂůĂ ŝ ƌŽĚnjĂũ ƌĞĂŬĐũŝ njĂůĞǏLJ ŽĚƐƚŽƉŶŝĂƌLJnjLJŬĂ͕ŬƚſƌLJũĞƐƚƉŽƐƚƌnjĞŐĂŶLJƉƌnjĞnj ŬŽŶƐƵŵĞŶƚĂŽƌĂnjŽĚũĞŐŽǁųĂƐŶĞŐŽƐƚŽƉŶŝĂƚŽͲ ůĞƌĂŶĐũŝĚůĂƉŽĚĞũŵŽǁĂŶĞŐŽƌLJnjLJŬĂ;^ĐŚŝīŵĂŶ͕ <ĂŶƵŬϭϵϵϰ͗ϱϲϮͿ͘ 'ųſǁŶLJŵŝ ƚLJƉĂŵŝ ƌLJnjLJŬĂ͕ ŬƚſƌĞ ƉŽƐƚƌnjĞŐĂ ŬŽŶͲ ƐƵŵĞŶƚƉŽĚĐnjĂƐƉŽĚĞũŵŽǁĂŶŝĂĚĞĐLJnjũŝŽǁLJďŽͲ ƌnjĞƉƌŽĚƵŬƚƵ͕ƉƌnjĞĚƐƚĂǁŝĂƉŽŶŝǏƐnjĂƚĂďĞůĂϭ͘ ŽƚLJĐŚĐnjĂƐŽǁĞ ďĂĚĂŶŝĂ ŶĂĚ ǁLJƐƚħƉŽǁĂŶŝĞŵ ƌLJnjLJŬĂǁƉƌnjLJƉĂĚŬƵnjĂŬƵƉƵǏLJǁŶŽƑĐŝǁLJŬĂnjƵũČ ũĞŐŽ ƐƚŽƐƵŶŬŽǁŽ ŶŝƐŬŝ ǁƉųLJǁ ũĂŬŽ ďĂƌŝĞƌLJ njĂͲ ŬƵƉƵ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝŽǁLJĐŚ ;DĂĐŝĞũĞǁƐŬŝ ϮϬϭϭ͗ϭϲϰͲϭϴϳͿ͘tLJŶŝŬĂƚŽŶĂũƉƌĂǁĚŽƉŽĚŽďŶŝĞũ ƐƚČĚ͕ǏĞƌLJŶĞŬǏLJǁŶŽƑĐŝǁĐŝČǏƉŽnjŽƐƚĂũĞƌLJŶŬŝĞŵ ŵĂƐŽǁLJŵ͕ ŬƚſƌLJ ĐŚĂƌĂŬƚĞƌLJnjƵũĞ Ɛŝħ ŵŶŽŐŽƑĐŝČ ƌƵƚLJŶŽǁLJĐŚƚƌĂŶƐĂŬĐũŝŬƵƉŶĂͲƐƉƌnjĞĚĂǏLJ͕ĂƐĂŵĞ njĂŬƵƉLJ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝŽǁLJĐŚ ƵǁĂǏĂŶĞ ƐČ ƉƌnjĞnj ŬŽŶƐƵŵĞŶƚſǁ njĂ ĐnjLJŶŶŽƑĐŝ ƉŽǁƚĂƌnjĂŶĞ͕ Ž ŶŝƐŬŝŵ ƉŽnjŝŽŵŝĞ ƌLJnjLJŬĂ͘ ZĞůĂƚLJǁŶŝĞ ĐnjħƑĐŝĞũ ƉŽnjŝŽŵƌLJnjLJŬĂŽĚĐnjƵǁĂŶLJũĞƐƚƉƌnjĞnjŬŽŶƐƵŵĞŶͲ ƚſǁ ƉƌnjLJ njĂŬƵƉŝĞ ŶŽǁLJĐŚ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽͲ ƑĐŝŽǁLJĐŚ;KůĞũŶŝĐnjĂŬϮϬϭϭ͗ϵϲͲϭϬϬͿ͘ ZLJŶĞŬǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũǁWŽůƐĐĞ ZLJŶĞŬ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ǁ WŽůƐĐĞ ƐƚĂůĞ njLJƐŬƵũĞ ĐŽƌĂnj ůŝĐnjŶŝĞũƐnjĞ ŐƌŽŶŽ njǁŽůĞŶŶŝŬſǁ͕ Ž ĐnjLJŵ ƑǁŝĂĚĐnjLJ ĨĂŬƚ͕ ǏĞ ǁŝĞůƵ ƉƌŽĚƵĐĞŶƚſǁ ŶŝĞƵƐƚĂŶŶŝĞ ƉŽƐnjĞƌnjĂ ƐǁŽũČ ŽĨĞƌƚħ Ž ƚĞŐŽ ƚLJƉƵ ƉƌŽĚƵŬƚLJ͘ WŽůƐĐLJ ŬŽŶƐƵŵĞŶĐŝ ƉŽǁŽůŝ ĂĚĂƉƚƵũČ njĂĐŚŽǁĂŶŝĂŶŽǁŽĐnjĞƐŶLJĐŚƐƉŽųĞĐnjĞŷƐƚǁ͕ƚĂŬŝĐŚ ũĂŬ^ƚĂŶLJũĞĚŶŽĐnjŽŶĞĐnjLJ:ĂƉŽŶŝĂ͕ŬƚſƌĞƐČůŝĚĞͲ ƌĂŵŝǁnjĂŬƌĞƐŝĞǁLJƚǁĂƌnjĂŶŝĂnjĚƌŽǁĞũǏLJǁŶŽƑĐŝ͘ ^ĂŵĂŝĚĞĂǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũǁLJǁŽĚnjŝƐŝħ nj :ĂƉŽŶŝŝ͕ ŐĚnjŝĞ njǁLJŬųŽ Ɛŝħ ƉƌnjLJũŵŽǁĂđ͕ ǏĞ ƉŽͲ ǏLJǁŝĞŶŝĞƉŽǁŝŶŶŽďLJđůĞŬĂƌƐƚǁĞŵ͘tŽďĞĐŶLJĐŚ ĐnjĂƐĂĐŚũĞũŵŝĂŶĞŵŽŬƌĞƑůĂŶĞƐČƉƌŽĚƵŬƚLJŝƉƌĞͲ ƉĂƌĂƚLJ ƐƉŽǏLJǁĐnjĞ Ž ŶĂƵŬŽǁŽ ƵĚŽǁŽĚŶŝŽŶLJŵ͕ ŬŽƌnjLJƐƚŶLJŵ ǁƉųLJǁŝĞ ŶĂ ŽƌŐĂŶŝnjŵ ĐnjųŽǁŝĞŬĂ͘ t ůŝƚĞƌĂƚƵƌnjĞ ƉƌnjĞĚŵŝŽƚƵ ƐƉŽƚŬĂđ ŵŽǏŶĂ ǁŝĞͲ ůĞ ĚĞĮŶŝĐũŝ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ͘ t ƵƌŽƉŝĞ 418 Magdalena Olejniczak | ZLJnjLJŬŽŬŽŶƐƵŵĞŶĐŬŝĞǁƉƌŽĐĞƐŝĞnjĂŬƵƉƵǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũ ŬƚſƌĞ ŵƵƐnjČ ďLJđ ƐƉĞųŶŝŽŶĞ ǁ njĂŬƌĞƐŝĞ ďĞnjƉŝĞͲ ĐnjĞŷƐƚǁĂ ǏLJǁŶŽƑĐŝ͕ ŶĂƚŽŵŝĂƐƚ ŶĂǁĞƚ ƚĂ ƵƐƚĂͲ ǁĂŶŝĞƉŽĚĂũĞĚĞĮŶŝĐũŝǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũ͘ ĂǁŝĞƌĂ ƚLJůŬŽ ĚĞĮŶŝĐũħ ŶŽǁĞũ ǏLJǁŶŽƑĐŝ͕ ƑƌŽĚŬĂ ƐƉŽǏLJǁĐnjĞŐŽ ƐƉĞĐũĂůŶĞŐŽ ƉƌnjĞnjŶĂĐnjĞŶŝĂ ǏLJͲ ǁŝĞŶŝŽǁĞŐŽ͕ ƐƵƉůĞŵĞŶƚƵ ĚŝĞƚLJ ŝ ǁnjďŽŐĂĐĂŶĞũ ǏLJǁŶŽƑĐŝ͘ ĞĮŶŝĐũĂ ƚĞũ ŽƐƚĂƚŶŝĞũ ũĞƐƚ ŶĂũďůŝǏͲ ƐnjĂ ĚĞĮŶŝĐũŝ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ŝ ďƌnjŵŝ͗ ͣtnjďŽŐĂĐĂŶŝĞǏLJǁŶŽƑĐŝƚŽĚŽĚĂǁĂŶŝĞĚŽƑƌŽĚͲ Ŭſǁ ƐƉŽǏLJǁĐnjLJĐŚ ŶŝĞnjĂůĞǏŶŝĞ ŽĚ ƚĞŐŽ͕ ĐnjLJ ŶĂͲ ƚƵƌĂůŶŝĞ ǁLJƐƚħƉƵũČ ŽŶĞ ǁ ƚLJŵ ƑƌŽĚŬƵ ƐƉŽǏLJǁͲ ĐnjLJŵ͕ĐnjLJŶŝĞ͕ǁĐĞůƵnjĂƉŽďŝĞŐĂŶŝĂŶŝĞĚŽďŽƌŽŵ ůƵď ŬŽƌLJŐŽǁĂŶŝĂ ŶŝĞĚŽďŽƌſǁ ƚLJĐŚ ƐŬųĂĚŶŝŬſǁ ŽĚǏLJǁĐnjLJĐŚ ǁ ĐĂųLJĐŚ ƉŽƉƵůĂĐũĂĐŚ ůƵď ŽŬƌĞƑůŽͲ ŶLJĐŚŐƌƵƉĂĐŚůƵĚŶŽƑĐŝ͘͟ ƵǁĂŐŝŶĂƚŽ͕ǏĞǏLJǁŶŽƑđĨƵŶŬĐũŽŶĂůŶĂŶŝĞũĞƐƚ ƉŽũħĐŝĞŵͣůĞŐĂůŶLJŵ͕͟ƚnjŶ͘ŶŝĞũĞƐƚnjĚĞĮŶŝŽǁĂŶĞ ǁ ǏĂĚŶLJŵ ƉŽǁƐnjĞĐŚŶŝĞ ŽďŽǁŝČnjƵũČĐLJŵ ĂŬĐŝĞ ƉƌĂǁŶLJŵ͕ njĂƌſǁŶŽ ŶĂ ƉŽnjŝŽŵŝĞ ŬƌĂũŽǁLJŵ͕ ũĂŬ ŝƵŶŝũŶLJŵ͕ũĞƐƚƚŽŶŝĞǁČƚƉůŝǁŝĞĐnjLJŶŶŝŬnjǁŝħŬƐnjĂͲ ũČĐLJ ƐƚŽƉŝĞŷ ƌLJnjLJŬĂ ǁ ƉƌŽĐĞƐŝĞ ĚŽŬŽŶLJǁĂŶLJĐŚ njĂŬƵƉſǁƉƌŽĚƵŬƚſǁƚĞũŬĂƚĞŐŽƌŝŝ͘ ZſǏŶŽƌŽĚŶŽƑđ ƉŽƐƚƌnjĞŐĂŶŝĂ ŬĂƚĞŐŽƌŝŝ ǏLJǁŶŽͲ ƑĐŝ ƐƚĂŶŽǁŝ ƚƌƵĚŶŽƑđ ǁ ĚŽŬųĂĚŶLJŵ ŽƐnjĂĐŽͲ ǁĂŶŝƵ ǁĂƌƚŽƑĐŝ ƑǁŝĂƚŽǁĞŐŽ ƌLJŶŬƵ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ͘ tĞĚųƵŐ ĚĂŶLJĐŚ ĂŐĞŶĐũŝ ďĂĚĂǁͲ ĐnjĞũ >ĞĂƚŚĞƌŚĞĂĚ &ŽŽĚ ZĞƐĞĂƌĐŚ ŽŐſůŶČ ǁĂƌͲ ƚŽƑđ ƌLJŶŬƵ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ƐnjĂĐƵũĞ Ɛŝħ ŶĂ Ϯϰ ďŝůŝŽŶLJ ĚŽůĂƌſǁ ǁ ϮϬϭϬ ƌŽŬƵ ;DƌŽnjŝĂŬ ϮϬϭϮͿ͘ Ă ũĞĚĞŶ nj ŶĂũďĂƌĚnjŝĞũ ĚLJŶĂŵŝĐnjŶŝĞ ƌŽnjͲ ǁŝũĂũČĐLJĐŚ Ɛŝħ ƌLJŶŬſǁ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ƵǁĂǏĂ Ɛŝħ ƌLJŶĞŬ ĂŵĞƌLJŬĂŷƐŬŝ͕ ǁLJĐĞŶŝĂŶLJ ŶĂ ϳ͕ϱ ŵůĚ ĚŽůĂƌſǁ ;ŽŐĂĐnj ϮϬϭϭͿ͘ :ĂŬ ŝŶĨŽƌŵƵũĞ ǁƐƉŽŵŶŝĂŶĂ ĂŐĞŶĐũĂ ďĂĚĂǁĐnjĂ͕ ƵĚnjŝĂų ^ƚĂŶſǁ ũĞĚŶŽĐnjŽŶLJĐŚǁƑǁŝĂƚŽǁLJŵƌLJŶŬƵƉƌŽĚƵŬƚſǁ ĨƵŶŬĐũŽŶĂůŶLJĐŚǁLJŶŽƐŝϯϭ͕ϭй͕ĐŽĚĂũĞŵƵĚƌƵͲ ŐŝĞ ŵŝĞũƐĐĞ njĂ :ĂƉŽŶŝČ͕ ŬƚſƌĂ ŵĂ ϯϵ͕Ϯй ƵĚnjŝĂͲ ųƵ ǁ ƑǁŝĂƚŽǁLJŵ ƌLJŶŬƵ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ;ŽŐĂĐnj ϮϬϭϬͿ͘ tĞĚųƵŐ ŶŝĞŬƚſƌLJĐŚ ĞŬƐƉĞƌƚLJnj ƌLJŶĞŬ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ďħĚnjŝĞ ƐƚĂŶŽǁŝų ƉŽŶĂĚ ƉŽųŽǁħ ƌLJŶŬƵ ǏLJǁŶŽƑĐŝ ǁ ƉƌnjLJƐnjųŽƑĐŝ͕ ďŽǁŝĞŵ ũĂŬ ƉŽŬĂnjƵũČ ǁLJŶŝŬŝ ďĂĚĂŷ͕ ǁ ƐĂŵLJĐŚ ^ƚĂŶĂĐŚ ũĞĚŶŽĐnjŽŶLJĐŚ ũƵǏ ƉƌĂǁŝĞ ϱϬй ǏLJǁͲ ŶŽƑĐŝ ũĞƐƚ ŶĂďLJǁĂŶĂ nj ƉƌnjLJĐnjLJŶ njĚƌŽǁŽƚŶLJĐŚ͘ ZſǁŶŝĞǏǁŬƌĂũĂĐŚƵƌŽƉLJĂĐŚŽĚŶŝĞũƚĂŬĂƚĞŐŽͲ ƌŝĂƉƌŽĚƵŬƚſǁŝŶƚĞŶƐLJǁŶŝĞƐŝħƌŽnjǁŝũĂʹǁĞĚųƵŐ ƐnjĂĐƵŶŬſǁŬŽŶƐƵŵĞŶĐŝǁtŝĞůŬŝĞũƌLJƚĂŶŝŝǁLJͲ ĚĂůŝ ǁ ϮϬϭϮ ƌŽŬƵ ŶĂ ǏLJǁŶŽƑđ ĨƵŶŬĐũŽŶĂůŶČ ŽŬ͘ ϱ͕ϳŵůĚĞƵƌŽ;ZnjĞĐnjƉŽƐƉŽůŝƚĂϮϬϭϮͿ . ZLJŶĞŬƉƌŽĚƵŬƚſǁĨƵŶŬĐũŽŶĂůŶLJĐŚǁWŽůƐĐĞũĞƐƚ ŶŝĞǁČƚƉůŝǁŝĞ ĚŽƉŝĞƌŽ ǁ ƉŽĐnjČƚŬŽǁLJŵ ƐƚĂĚŝƵŵ ƌŽnjǁŽũƵ͘ tĞĚųƵŐ ďĂĚĂŷ ƉƌnjĞƉƌŽǁĂĚnjŽŶLJĐŚ ƉƌnjĞnjƵƌŽŵŽŶŝƚŽƌ/ŶƚĞƌŶĂƟŽŶĂůŽƐŝČŐŶČųǁϮϬϭϮ ƌŽŬƵ ĚŽƉŝĞƌŽ ǁĂƌƚŽƑđ ϭ͕Ϯ ŵůĚ ĞƵƌŽ ;tĂůħŐĂ ϮϬϭϮͿ͘:ĂŬƉŽƚǁŝĞƌĚnjĂũČĞŬƐƉĞƌĐŝ͕ǁĂƌƚŽƑĐŝƚĞŶŝĞ ƐČƐĂƚLJƐĨĂŬĐũŽŶƵũČĐĞǁƉŽƌſǁŶĂŶŝƵnjĞǁnjƌŽƐƚĞŵ ƐĞŐŵĞŶƚƵ ƉƌŽĚƵŬƚſǁ ĨƵŶŬĐũŽŶĂůŶLJĐŚ ǁ ŝŶŶLJĐŚ ŶĂũĐnjħƑĐŝĞũƉƌnjLJƚĂĐnjĂŶČĚĞĮŶŝĐũČũĞƐƚƚĂƐĨŽƌŵƵͲ ųŽǁĂŶĂ ǁ ϭϵϵϵ ƌŽŬƵ ǁ ƌĂŵĂĐŚ ƉƌŽŐƌĂŵƵ ďĂͲ ĚĂǁĐnjĞŐŽ &h&K^ ;&ƵŶĐƟŽŶĂů &ŽŽĚ ^ĐŝĞŶĐĞ ŝŶ ƵƌŽƉĞͿ1͘ ĞĮŶŝĐũĂ ƚĂ njŽƐƚĂųĂ ŽŐſůŶŝĞ ƉƌnjLJũħƚĂ ŝũĞƐƚĐLJƚŽǁĂŶĂǁǁŝĞůƵƉƵďůŝŬĂĐũĂĐŚ2. 'ųſǁŶLJŵ njĂųŽǏĞŶŝĞŵ ĚnjŝĂųĂŶŝĂ ƚĞŐŽ ƚLJƉƵ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝŽǁLJĐŚ ũĞƐƚ ǁŝħĐ ƉŽƉƌĂͲ ǁĂ ƐƚĂŶƵ njĚƌŽǁŝĂ ŽƌĂnj ƐĂŵŽƉŽĐnjƵĐŝĂ͕ Ă ƚĂŬǏĞ njŵŶŝĞũƐnjĂŶŝĞ ƌLJnjLJŬĂ ĐŚŽƌſď͕ njǁųĂƐnjĐnjĂ ƚLJĐŚ ĐLJͲ ǁŝůŝnjĂĐLJũŶLJĐŚ ;ĐŚŽƌŽďLJ ƐĞƌĐĂ͕ ƵŬųĂĚƵ ŬƌČǏĞŶŝĂ͕ ŶŽǁŽƚǁŽƌLJͿ͘ WŽŵŝŵŽǏĞǏLJǁŶŽƑđĨƵŶŬĐũŽŶĂůŶĂũƵǏŽĚůĂƚũĞƐƚ ŽďĞĐŶĂ ŶĂ ƌLJŶŬƵ ŝ ƉƌŽǁĂĚnjŽŶĞ ƐČ ŶŝĞƉƌnjĞƌǁĂͲ ŶŝĞďĂĚĂŶŝĂŶĂĚũĞũĚnjŝĂųĂŶŝĞŵƉƌŽnjĚƌŽǁŽƚŶLJŵ͕ ƚŽ ŶĂĚĂů ďƌĂŬƵũĞ ƉƌnjĞƉŝƐſǁ ƉƌĂǁŶLJĐŚ ǁ ŽĚͲ ŶŝĞƐŝĞŶŝƵ ĚŽ ƉƌŽĚƵŬĐũŝ ƚĞŐŽ ƌŽĚnjĂũƵ ǏLJǁŶŽƑĐŝ͘ t WŽůƐĐĞ͕ ƉŽĚŽďŶŝĞ ũĂŬ ǁ ŝŶŶLJĐŚ ŬƌĂũĂĐŚ hŶŝŝ ƵƌŽƉĞũƐŬŝĞũ͕ ŶŝĞ ŽƉƌĂĐŽǁĂŶŽ ƉƌnjĞƉŝƐſǁ ƉƌĂǁͲ ŶLJĐŚ͕ ŬƚſƌĞ ŽŬƌĞƑůĂųLJďLJ njĂƐĂĚLJ ŶĂĚnjŽƌƵ ŶĂĚ ƉƌŽĚƵŬĐũČ ŝ ŽďƌŽƚĞŵ ǏLJǁŶŽƑĐŝČ ĨƵŶŬĐũŽŶĂůŶČ͘ EŝĞŬƚſƌnjLJĂƵƚŽƌnjLJ;KůħĚnjŬĂϮϬϬϳ͗ϭͲϴͿǁƐǁŽŝĐŚ ƉƌĂĐĂĐŚƵǁĂǏĂũČ͕ǏĞĚŽƉƌŽĚƵŬĐũŝǏLJǁŶŽƑĐŝĨƵŶŬͲ ĐũŽŶĂůŶĞũ ǁLJƐƚĂƌĐnjČ ƉƌnjĞƉŝƐLJ ƌŽnjƉŽƌnjČĚnjĞŶŝĂ Ŷƌ ϭϳϴͬϮϬϬϮWĂƌůĂŵĞŶƚƵƵƌŽƉĞũƐŬŝĞŐŽŝZĂĚLJnjϮϴ ƐƚLJĐnjŶŝĂ ϮϬϬϮ ƌ͘ ƵƐƚĂŶĂǁŝĂũČĐĞ ŽŐſůŶĞ njĂƐĂĚLJ ŝǁLJŵĂŐĂŶŝĂƉƌĂǁĂǏLJǁŶŽƑĐŝŽǁĞŐŽ͕ƉŽǁŽųƵũČĐĞ ƵƌŽƉĞũƐŬŝ hƌnjČĚ ĚƐ͘ ĞnjƉŝĞĐnjĞŷƐƚǁĂ LJǁŶŽƑĐŝ ŽƌĂnj ƵƐƚĂŶĂǁŝĂũČĐĞ ƉƌŽĐĞĚƵƌLJ ǁ njĂŬƌĞƐŝĞ ďĞnjͲ ƉŝĞĐnjĞŷƐƚǁĂǏLJǁŶŽƑĐŝ;ZŽnjƉŽƌnjČĚnjĞŶŝĞ;tͿŶƌ ϭϳϴͬϮϬϬϮͿ͘hƐƚĂǁĂŽďĞnjƉŝĞĐnjĞŷƐƚǁŝĞǏLJǁŶŽƑĐŝ ŝǏLJǁŝĞŶŝĂnjϮϱƐŝĞƌƉŶŝĂϮϬϬϲƌ͘ĚĞĮŶŝƵũĞƉŽũħĐŝĞ ďĞnjƉŝĞĐnjĞŷƐƚǁĂ ǏLJǁŶŽƑĐŝ ũĂŬŽ ŽŐſų ǁĂƌƵŶŬſǁ͕ 1 :HGáXJ GH¿QLFML VWZRU]RQHM SU]H] )XQFWLRQDO )RRG 6FLHQFH LQ (XURSH )8)26( Ī\ZQRĞü PRĪH E\ü X]QDQD ]D IXQNFMRQDOQą MHĞOL XGRZRGQLRQR MHM NRU]\VWQ\ ZSá\Z QD MHGQą OXE ZLĊFHM IXQNFML RUJDQL]PXSRQDGHIHNWRGĪ\ZF]\:Sá\ZWHQSROHJDQD SRSUDZLH VWDQX ]GURZLD RUD] VDPRSRF]XFLD LOXE ]PQLHMV]DQLD U\]\ND FKRUyE ĩ\ZQRĞü IXQNFMRQDOQD PXVL SU]\SRPLQDü VZRMą SRVWDFLą Ī\ZQRĞü NRQZHQFMRQDOQą L Z\ND]\ZDü NRU]\VWQH G]LDáDQLH QD RUJDQL]P Z LORĞFLDFK NWyUH RF]HNXMH VLĊ ĪH EĊGą QRUPDOQLHVSRĪ\ZDQH]GLHWą±SU]\F]\PQLHVąWR WDEOHWNLNDSVXáNLDQLNURSOHDOHF]ĊĞüVNáDGRZDSUDZLGáRZHM GLHW\ ± KWWSZZZLOVLRUJ(XURSH3DJHV 7)B)XQFWLRQDO)RRGVDVS[>@ 2 'H¿QLFMD SU]\WDF]DQD PLQ 5 2OĊG]ND 1XWUDFHXW\NL Ī\ZQRĞü IXQNFMRQDOQD ± UROD L EH]SLHF]HĔVWZR VWRVRZDQLD Ä%URPDWRORJLD L &KHPLD 7RNV\NRORJLF]QD´ ;/ V &5 6LUWRUL -: $QGHUVRQ ( 6LUWRUL $ $UQROGL Functional food for dyslipidemia and cardiovascular system risk prevention, ³1XWULWLRQ 5HVHDUFK 5HYLHZ´ V1%LQQV-+RZOHWWFunctional food in Europe: International developments in science and health claims, Summary report of an international symposium held 9-11 May 2007, Portomaso, Malta ³(XURSHDQ-RXUQDORI1XWULWLRQ´V ϰϭϵ The Wroclaw School of Banking Research Journal I ISSN 1643-7772 I eISSN 2392-1153 I Vol. 15 I No. 3 dĂďĞůĂϮ͘njħƐƚŽƚůŝǁŽƑđnjĂŬƵƉƵƉƌŽĚƵŬƚſǁǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũ WƌŽĚƵŬƚLJĨƵŶŬĐũŽŶĂůŶĞ ũŽŐƵƌƚLJ ƐŽŬŝ͕ŶĞŬƚĂƌLJŝŶĂƉŽũĞŽǁŽĐŽǁĞŵƵůƟǁŝƚĂŵŝŶŽǁĞ ƉųĂƚŬŝƑŶŝĂĚĂŶŝŽǁĞ͕ŵƵƐůŝ ŚĞƌďĂƚŬŝŽǁŽĐŽǁĞ͕njŝŽųŽǁĞŝŵŝĞƐnjĂŶŬŝnjŝſų ŽůĞũĞƌŽƑůŝŶŶĞ ŵĂƌŐĂƌLJŶLJŝŵŝŬƐLJĚŽƐŵĂƌŽǁĂŶŝĂƉŝĞĐnjLJǁĂ ŵĂũŽŶĞnjLJŝƐŽƐLJĨƵŶŬĐũŽŶĂůŶĞ ŶŝƐŬŽƚųƵƐnjĐnjŽǁĞŝǁnjďŽŐĂĐŽŶĞƐĞƌLJ͕ƐĞƌŬŝŝŬĞĮƌLJ ŶĂƉŽũĞĞŶĞƌŐĞƚLJnjƵũČĐĞŝŝnjŽƚŽŶŝĐnjŶĞ KĚƐĞƚĞŬďĂĚĂŶLJĐŚ ϳϬй ϲϲй ϱϯй ϱϮй ϱϭй ϰϮй ϯϳй ϯϳй Ϯϳй ƌſĚųŽ͗ŽƉƌĂĐŽǁĂŶŝĞǁųĂƐŶĞŶĂƉŽĚƐƚĂǁŝĞǁLJŶŝŬſǁďĂĚĂŷKŶŽĂƌĚWZϮϬϭϭ͘ ƉĂŷƐƚǁĂĐŚĞƵƌŽƉĞũƐŬŝĐŚ͘ŽĚĂƚŬŽǁŽǁƉŽƌſǁͲ ŶĂŶŝƵnjĐnjŽųſǁŬČƉĂŷƐƚǁĞƵƌŽƉĞũƐŬŝĐŚƑǁŝĂĚŽͲ ŵŽƑđ ƉŽůƐŬŝĐŚ ŬŽŶƐƵŵĞŶƚſǁ ĚŽƚLJĐnjČĐĂ ŝƐƚŶŝĞͲ ŶŝĂ ƉƌŽĚƵŬƚſǁ ĨƵŶŬĐũŽŶĂůŶLJĐŚ ũĞƐƚ ŶĂĚĂů ŶŝƐŬĂ ʹũĂŬǁLJŬĂnjĂųLJďĂĚĂŶŝĂ͕ƉŽũħĐŝĞǏLJǁŶŽƑĐŝĨƵŶŬͲ ĐũŽŶĂůŶĞũ ŶŝĞ ũĞƐƚ njŶĂŶĞ ƉƌĂǁŝĞ ϳϬй WŽůĂŬſǁ ;DƌŽnjŝĂŬϮϬϭϮͿ͘ ĂĚĂŶŝĞ ƚŽ ũĞĚŶĂŬ ǁLJŬĂnjĂųŽ͕ ǏĞ ŵŝŵŽ ŶŝĞnjŶĂͲ ũŽŵŽƑĐŝ ƉŽũħĐŝĂ͕ WŽůĂĐLJ ŝŶƚƵŝĐLJũŶŝĞ ƌŽnjƉŽnjŶĂũČ ƉƌŽĚƵŬƚLJŶĂůĞǏČĐĞĚŽƚĞũŬĂƚĞŐŽƌŝŝǏLJǁŶŽƑĐŝ;ƚĂͲ ďĞůĂϮͿ͘ njĂƐƚŽƐŽǁĂŶŽ ĚŽďſƌ ĐĞůŽǁLJ͘ <ƌLJƚĞƌŝƵŵ ĚŽďŽƌƵ ďLJųĂƉųĞđŽƌĂnjƐĂŵŽĚnjŝĞůŶĞƉƌŽǁĂĚnjĞŶŝĞŐŽƐƉŽͲ ĚĂƌƐƚǁĂ ĚŽŵŽǁĞŐŽ͕ Ă ƐƚƌƵŬƚƵƌĂ ƉƌŽĐĞŶƚŽǁĂ ƉƌſďLJ ďLJųĂ ƚŽǏƐĂŵĂ njĞ ƐƚƌƵŬƚƵƌČ ƉƌŽĐĞŶƚŽǁČ tŝĞůŬŽƉŽůĂŶĞŬ͘ :ĞĚŶLJŵ nj ŽďƐnjĂƌſǁ ƉŽĚĚĂŶLJĐŚ ďĂĚĂŶŝƵ ďLJųLJ ƉŽƚĞŶĐũĂůŶĞ ĐnjLJŶŶŝŬŝ ǁLJǁŽųƵũČĐĞ ƌLJnjLJŬŽ njĂŬƵͲ ƉŽǁĞ͕ njǁŝČnjĂŶĞ nj njĂŬƵƉĞŵ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽͲ ƑĐŝŽǁLJĐŚ͕ŽŬƌĞƑůĂŶLJĐŚŵŝĂŶĞŵĨƵŶŬĐũŽŶĂůŶLJĐŚ͘ :ĂŬƉŽŬĂnjƵũČǁLJŶŝŬŝ͕ŶĂũǁŝħŬƐnjLJŽďƐnjĂƌƉŽũĂǁŝĂͲ ũČĐĞŐŽƐŝħƌLJnjLJŬĂƉƌnjLJnjĂŬƵƉŝĞƚĞŐŽƌŽĚnjĂũƵƉƌŽͲ ĚƵŬƚſǁ ƐƚĂŶŽǁŝ ŵĂųĂ ǁŝĞĚnjĂ Ž ƉƌŽĚƵŬĐŝĞ ;ĚĞͲ ŬůĂƌĂĐũĞƌĞƐƉŽŶĚĞŶƚſǁʹďĂƌĚnjŽĐnjħƐƚŽŝĐnjħƐƚŽ ϯϵ͕ϰйͿ͘^ƚŽƐƵŶŬŽǁŽǁLJƐŽŬŽƌĞƐƉŽŶĚĞŶƚŬŝǁƐŬĂͲ njLJǁĂųLJ͕ ǏĞ ǁČƚƉůŝǁŽƑĐŝ ƉƌnjĞĚnjĂŬƵƉŽǁĞ njǁŝČͲ njĂŶĞ ƐČ nj ŶŝĞnjďĂĚĂŶLJŵ ǁƉųLJǁĞŵ ŶĂ njĚƌŽǁŝĞ ŬŽŶƐƵŵƉĐũŝ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ;Ϯϱ͕ϳй ŽĚƉŽǁŝĞĚnjŝ ďĂĚĂŶLJĐŚͿ͘ WŽƚǁŝĞƌĚnjĂ ƚŽ ďƌĂŬƑǁŝĂĚŽŵŽƑĐŝŝŶŝĞǁŝĞůŬŝƉŽnjŝŽŵǁŝĞĚnjLJǏLJͲ ǁŝĞŶŝŽǁĞũǁnjĂŬƌĞƐŝĞƚĞŐŽƐĞŐŵĞŶƚƵǏLJǁŶŽƑĐŝ͘ ŽĐŝĞŬĂǁĞ͕ǁƑƌſĚƚĞũŐƌƵƉLJŶĂũǁŝħŬƐnjLJŽĚƐĞƚĞŬ ƐƚĂŶŽǁŝųLJ ŬŽďŝĞƚLJ ǁ ǁŝĞŬƵ ϱϬͲϱϵ͕ ůĂƚ ĚĞŬůĂƌƵͲ ũČĐĞ͕ǏĞƐČŶĂƐƉĞĐũĂůŶĞũĚŝĞĐŝĞ;ǁųĂƐŶĂĚĞĐLJnjũĂ ůƵď ǁLJŵſŐ ůĞŬĂƌnjĂͿ ŝ ŽŬƌĞƑůĂũČĐĞ ƐǁŽũČ ǁŝĞĚnjħ ǏLJǁŝĞŶŝŽǁČ ũĂŬŽ ƌĂĐnjĞũ ŶŝĞǁŝĞůŬČ͘ ^ŬƵƚĞĐnjŶŝĞ ƉŽǁƐƚƌnjLJŵƵũČ ƉƌnjĞĚ njĂŬƵƉĞŵ ŬŽŶƐƵŵĞŶƚſǁ ƌſǁŶŝĞǏ ŽďĂǁLJ ĐŽ ĚŽ ǁĂůŽƌſǁ ƐĞŶƐŽƌLJĐnjŶLJĐŚ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ʹ ŶŝĞĚŽďƌLJ ƐŵĂŬ͕ ŶŝĞĚŽďƌLJ njĂƉĂĐŚ ʹ ǁƐŬĂnjĂŶŝĂ ƉƌnjĞƐnjųŽ ϯϬй ďĂĚĂŶLJĐŚ͘ EĂũŵŶŝĞũƐnjĞ njŶĂĐnjĞŶŝĞ ǁ ŽďƌħͲ ďŝĞďĂĚĂŶLJĐŚĐnjLJŶŶŝŬſǁŵŝĂųĂŶĞŐĂƚLJǁŶĂŽƉŝŶŝĂ ZLJnjLJŬŽŬŽŶƐƵŵĞŶĐŬŝĞǁƉƌŽĐĞƐŝĞnjĂŬƵƉƵ ǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũǁƑǁŝĞƚůĞ ǁLJŶŝŬſǁďĂĚĂŷ ĞůĞŵƉƌnjĞƉƌŽǁĂĚnjŽŶĞŐŽďĂĚĂŶŝĂďLJųŽŵŝħĚnjLJ ŝŶŶLJŵŝ ƵŬĂnjĂŶŝĞ njŶĂĐnjĞŶŝĂ ƌLJnjLJŬĂ ŬŽŶƐƵŵĞŶĐͲ ŬŝĞŐŽ ĚĞƚĞƌŵŝŶƵũČĐĞŐŽ njĂĐŚŽǁĂŶŝĂ njĂŬƵƉŽǁĞ ŬŽŶƐƵŵĞŶƚſǁ ŶĂ ƌLJŶŬƵ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝŽͲ ǁLJĐŚnjŬĂƚĞŐŽƌŝŝǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũ͘ ĂĚĂŶŝĞ njĂĐŚŽǁĂŷ ŬŽŶƐƵŵĞŶƚſǁ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũƉƌnjĞƉƌŽǁĂĚnjŽŶŽŵĞƚŽͲ ĚČǁLJǁŝĂĚƵŽƐŽďŝƐƚĞŐŽƉƌnjLJƵǏLJĐŝƵŬǁĞƐƟŽŶĂͲ ƌŝƵƐnjĂǁLJǁŝĂĚƵŽƐŽďŝƐƚĞŐŽƐŬĂƚĞŐŽƌLJnjŽǁĂŶĞŐŽ ŶĂ ƚĞƌĞŶŝĞ ǁŽũĞǁſĚnjƚǁĂ ǁŝĞůŬŽƉŽůƐŬŝĞŐŽ ǁ /s ŬǁĂƌƚĂůĞ ϮϬϭϯ ƌŽŬƵ͘ t ďĂĚĂŶŝƵ ŽďĞũŵƵũČĐLJŵ ŐƌƵƉħ ϮϴϬϵ ŬŽďŝĞƚ ƉƌŽǁĂĚnjČĐLJĐŚ ƐĂŵŽĚnjŝĞůͲ ŶŝĞ ŐŽƐƉŽĚĂƌƐƚǁŽ ĚŽŵŽǁĞ ŽƌĂnj ƉƌnjLJŐŽƚŽǁƵͲ ũČĐLJĐŚ ƉŽƐŝųŬŝ ĚůĂ ƐŝĞďŝĞ͕ ƉĂƌƚŶĞƌĂ ŝͬůƵď ĚnjŝĞĐŝ dĂďĞůĂϯ͘ZŽĚnjĂũƉŽũĂǁŝĂũČĐLJĐŚƐŝħǁČƚƉůŝǁŽƑĐŝǁƉƌŽĐĞƐŝĞnjĂŬƵƉƵƉƌŽĚƵŬƚſǁǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũ ZLJnjLJŬŽnjĂŬƵƉŽǁĞʹƑƌĞĚŶŝĂ͕ŐĚnjŝĞϭŽnjŶĂĐnjĂďĂƌĚnjŽĐnjħƐƚŽ͕ϱďĂƌĚnjŽƌnjĂĚŬŽ DĂųĂǁŝĞĚnjĂŽƉƌŽĚƵŬĐŝĞ Ϯ͕ϳϴ EŝĞĚŽďƌLJƐŵĂŬƉƌŽĚƵŬƚſǁ Ϯ͕ϵϳ EŝĞnjďĂĚĂŶLJǁƉųLJǁŶĂnjĚƌŽǁŝĞ ϯ͕Ϭϰ EŝĞųĂĚŶLJnjĂƉĂĐŚƉƌŽĚƵŬƚſǁ ϯ͕Ϭϱ EŝĞŽĚƉŽǁŝĞĚŶŝƐŬųĂĚƉƌŽĚƵŬƚſǁ ϯ͕Ϭϱ EĞŐĂƚLJǁŶĂŽƉŝŶŝĂnjŶĂũŽŵLJĐŚ ϯ͕ϭϰ ƌſĚųŽ͗ŽƉƌĂĐŽǁĂŶŝĞǁųĂƐŶĞ͘ ϰϮϬ Magdalena Olejniczak | ZLJnjLJŬŽŬŽŶƐƵŵĞŶĐŬŝĞǁƉƌŽĐĞƐŝĞnjĂŬƵƉƵǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũ tLJŬƌĞƐϭ͘WŽnjŝŽŵǁŝĞĚnjLJŽǏLJǁŶŽƑĐŝʹĚĞŬůĂƌĂĐũĞƌĞƐƉŽŶĚĞŶƚĞŬnjĂŬƵƉŽǁLJĐŚ ƌſĚųŽ͗ŽƉƌĂĐŽǁĂŶŝĞǁųĂƐŶĞ͘ njŶĂũŽŵLJĐŚ͕ĐŽŵŽǏĞǁƐŬĂnjLJǁĂđ͕ǏĞƉƌnjLJnjĂŬƵƉŝĞ ƚĞŐŽƌŽĚnjĂũƵƉƌŽĚƵŬƚſǁǏLJǁŶŽƑĐŝŽǁLJĐŚŬŽŶƐƵͲ ŵĞŶƚŬŝŶŝĞƐƵŐĞƌƵũČƐŝħŽƉŝŶŝĂŵŝŝŶŶLJĐŚďČĚǍƚĞǏ ŶŝĞǁLJŵŝĞŶŝĂũČƐŝħŽƉŝŶŝĂŵŝǁƐǁŽŝŵŽƚŽĐnjĞŶŝƵ ǁƚLJŵŽďƐnjĂƌnjĞ;ĞĨĞŬƚŶŝĞǁŝĞůŬŝĞũŐƌƵƉLJŬƵƉƵũČͲ ĐLJĐŚƉƌŽĚƵŬƚLJƚĞŐŽƌŽĚnjĂũƵͿ͘ t njĂŬƌĞƐŝĞ ƉŽƌƵƐnjĂŶĞũ ƉƌŽďůĞŵĂƚLJŬŝ ŬŽŶŝĞĐnjͲ ŶLJŵ ǁƌħĐnj ďLJųŽ njďĂĚĂŶŝĞ ƐƚŽƉŶŝĂ ǁŝĞĚnjLJ ǏLJͲ ǁŝĞŶŝŽǁĞũ ƌĞƐƉŽŶĚĞŶƚĞŬ͕ ďŽǁŝĞŵ ƉŽnjŝŽŵ ƑǁŝĂĚŽŵŽƑĐŝ ǏLJǁŝĞŶŝŽǁĞũ ŝ ǁŝĞĚnjLJ nj njĂŬƌĞƐƵ ǏLJǁŝĞŶŝĂŶŝĞǁČƚƉůŝǁŝĞŵĂǁƉųLJǁŶĂƐƚŽƉŝĞŷƌLJͲ njLJŬĂ ŬŽŶƐƵŵĞŶĐŬŝĞŐŽ ǁ ƉƌŽĐĞƐŝĞ njĂŬƵƉŽǁLJŵ ŬŽŶƐƵŵĞŶƚĂ͘ EĂ ƉŽĚƐƚĂǁŝĞ ƵnjLJƐŬĂŶLJĐŚ ǁLJŶŝŬſǁ ŵŽǏŶĂ ƐƚǁŝĞƌĚnjŝđ͕ ǏĞ ƉŽĚƐƚĂǁŽǁLJŵ ƌŽĚnjĂũĞŵ ǁČƚƉůŝͲ ǁŽƑĐŝ ƉŽǁƐƚƌnjLJŵƵũČĐLJŵ ŬŽŶƐƵŵĞŶƚŬŝ ƉƌnjĞĚ ĚŽŬŽŶĂŶŝĞŵ njĂŬƵƉƵ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ũĞƐƚ ďƌĂŬ ǁŝĞĚnjLJ Ž ƉƌŽĚƵŬĐŝĞ͘ WŽƚǁŝĞƌĚnjĂũČ ƚŽ ƌſǁŶŝĞǏ ǁLJŶŝŬŝ ĚŽƚLJĐŚĐnjĂƐ ƉƌnjĞƉƌŽǁĂĚnjŽŶLJĐŚ ďĂĚĂŷ ǁ WŽůƐĐĞ ŵſǁŝČĐĞ Ž ǁĐŝČǏ ŶŝƐŬŝĞũ ǁŝĞĚnjLJ ǁ njĂŬƌĞƐŝĞ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ;:ĞǏĞǁƐŬĂͲLJĐŚŽǁŝĐnj͕ ĂďŝĐnjͲŝĞůŝŷƐŬĂϮϬϬϵ͗ϭϮͲϳϴͿ͘ůĂƚĞŐŽƚĞǏǁnjƌĞͲ ĂůŝnjŽǁĂŶLJĐŚ ďĂĚĂŶŝĂĐŚ njĂƉLJƚĂŶŽ ŬŽŶƐƵŵĞŶƚŬŝ Ž ŽĐĞŶħ ƐǁŽũĞŐŽ ƉŽnjŝŽŵƵ ǁŝĞĚnjLJ Ž ǏLJǁŶŽƑĐŝ͘ WƌĂǁŝĞ ƉŽųŽǁĂ ďĂĚĂŶLJĐŚ ;ϰϳ͕ϰйͿ ŽĐĞŶŝųŽ Ɛǁſũ ĚŽƐƚħƉŶLJ njĂƐſď ǁŝĞĚnjLJ ũĂŬŽ ĚŽďƌLJ ůƵď ďĂƌĚnjŽ ĚŽďƌLJ͘ t ĂŶĂůŝnjŝĞ ƉƌnjĞƉƌŽǁĂĚnjŽŶLJĐŚ ďĂĚĂŷ ƐnjĐnjĞŐſůͲ ŶŝĞ njĂƐŬĂŬƵũČĐLJ ũĞƐƚ ĨĂŬƚ͕ ǏĞ ƉŽĚŽďŶĂ ŐƌƵƉĂ ďĂĚĂŶLJĐŚ;ϰϮ͕ϯйͿŶŝĞďLJųĂǁƐƚĂŶŝĞŽŬƌĞƑůŝđƐǁŽͲ ũĞũǁŝĞĚnjLJǏLJǁŝĞŶŝŽǁĞũ͘:ĂŬŵŽǏŶĂƉƌnjLJƉƵƐnjĐnjĂđ͕ ŽďĂǁĂǁƐƚLJĚƵnjǁŝČnjĂŶĞŐŽnjĞƐǁŽŝŵƉŽnjŝŽŵĞŵ ŶŝĞǁŝĞĚnjLJǁƚLJŵƉŽĚƐƚĂǁŽǁLJŵŽďƐnjĂƌnjĞǏLJĐŝĂ ʹ ŬŽŶƐƵŵƉĐũĂ ǏLJǁŶŽƑĐŝ ʹ ƐŬƵƚĞĐnjŶŝĞƉŽǁƐƚƌnjLJͲ ŵLJǁĂųĂ ďĂĚĂŶĞ ŬŽŶƐƵŵĞŶƚŬŝ ƉƌnjĞĚ ƵĚnjŝĞůĞͲ ŶŝĞŵŽĚƉŽǁŝĞĚnjŝ͘ EŝĞǁLJƐƚĂƌĐnjĂũČĐLJ ƉŽnjŝŽŵ ǁŝĞĚnjLJ ǏLJǁŝĞŶŝŽǁĞũ ũĂŬŽ ŝƐƚŽƚŶĞŐŽ ŽďƐnjĂƌƵ ŬƐnjƚĂųƚƵũČĐĞŐŽ ŽďƐnjĂƌ ƌLJnjLJŬĂ ŬŽŶƐƵŵĞŶĐŬŝĞŐŽ ƉŽƚǁŝĞƌĚnjĂũČ ŬŽůĞũŶĞ ǁLJŶŝŬŝ͕ ďħĚČĐĞ ŽďƌĂnjĞŵ njĂĐŚŽǁĂŷ ŬŽŶƐƵŵĞŶͲ ƚĞŬ ǁ ƉƌŽĐĞƐŝĞ njĂŬƵƉƵ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ͘ KŬĂnjƵũĞ Ɛŝħ ďŽǁŝĞŵ͕ ǏĞ ƉƌĂǁŝĞ ϲϬй ƌĞƐƉŽŶͲ ĚĞŶƚĞŬ ;ϱϲ͕ϱйͿ ŶŝĞ ďLJųŽ ǁ ƐƚĂŶŝĞ ŽŬƌĞƑůŝđ͕ ĐnjLJ ƉƌŽĚƵŬƚLJ ĨƵŶŬĐũŽŶĂůŶĞ njŽƐƚĂųLJ ũƵǏ ĚŽƐƚĂƚĞĐnjŶŝĞ ƉƌnjĞďĂĚĂŶĞ ǁ njĂŬƌĞƐŝĞ ďĞnjƉŝĞĐnjĞŷƐƚǁĂ ǏLJǁŝĞͲ ŶŝŽǁĞŐŽ͕ĂƉƌĂǁŝĞƉŽųŽǁĂ;ϰϴ͕ϯйͿŶŝĞƉŽƚƌĂĮųĂ ũĞĚŶŽnjŶĂĐnjŶŝĞŽĚƉŽǁŝĞĚnjŝĞđ͕ĐnjLJũĞƐƚƚŽũĞĚLJŶŝĞ ĐŚǁLJƚƌĞŬůĂŵŽǁLJ͘<ŽůĞũŶČƚƌƵĚŶŽƑĐŝČĚůĂďĂĚĂͲ ŶLJĐŚ ŬŽŶƐƵŵĞŶƚĞŬ ďLJųŽ ŽŬƌĞƑůĞŶŝĞ͕ ĐnjLJ ƐƉŽǏLJͲ ǁĂũČƚĞŐŽƌŽĚnjĂũƵƉƌŽĚƵŬƚLJ͕ďŽǁŝĞĚnjČ͕ǏĞŵĂũČ ŬŽƌnjLJƐƚŶLJǁƉųLJǁŶĂŝĐŚnjĚƌŽǁŝĞ͘ dĂŬĚƵǏLJŽĚƐĞƚĞŬŬŽŶƐƵŵĞŶƚĞŬ͕ŬƚſƌĞŵĂũČŬůƵͲ ĐnjŽǁĞ ǁČƚƉůŝǁŽƑĐŝ ĐŽ ĚŽ ďĞnjƉŝĞĐnjĞŷƐƚǁĂ ƐƉŽͲ ǏLJǁĂŶLJĐŚ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝŽǁLJĐŚ͕ ƉŽnjǁĂůĂ ƉƌnjLJƉƵƐnjĐnjĂđ͕ ŝǏ ƉŽnjŝŽŵ ǁŝĞĚnjLJ ǏLJǁŝĞŶŝŽǁĞũ ŶĂ ƚLJŵ ƌLJŶŬƵ ǏLJǁŶŽƑĐŝ ũĞƐƚ ŶŝĞǁLJƐƚĂƌĐnjĂũČĐLJ͘ WŽŬĂnjƵũĞũĞĚŶŽĐnjĞƑŶŝĞ͕ũĂŬǁŝĞůŬŝǁLJƐŝųĞŬŝŶĨŽƌͲ ŵĂĐLJũŶLJ ŝ ĞĚƵŬĂĐLJũŶLJ ƐƚŽŝ ƉƌnjĞĚ ƉƌŽĚƵĐĞŶƚĂŵŝ ǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũ͘ŽƐnjĐnjĞŐſůŶŝĞǁnjďƵĚnjĂ dĂďĞůĂϰ͘KƉŝŶŝĞƌĞƐƉŽŶĚĞŶƚĞŬĚŽƚLJĐnjČĐĞĐnjLJŶŶŝŬſǁŬƐnjƚĂųƚƵũČĐLJĐŚƌLJnjLJŬŽ ŬŽŶƐƵŵĞŶĐŬŝĞǁnjĂŬƵƉŝĞƉƌŽĚƵŬƚſǁǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũ KƉŝŶŝĞ͗ũĞŵƉƌŽĚƵŬƚLJnjƚĂŬŝŵŝ ŝŶĨŽƌŵĂĐũĂŵŝ͕ďŽǁŝĞŵ͕ǏĞŵĂũČ ŬŽƌnjLJƐƚŶLJǁƉųLJǁŶĂŵŽũĞnjĚƌŽǁŝĞ njĚĞĐLJĚŽǁĂŶŝĞƚĂŬ ϭϬ͕Ϭй ƌĂĐnjĞũƚĂŬ ϯϮ͕ϰй ƚƌƵĚŶŽƉŽǁŝĞĚnjŝĞđ ϯϳ͕Ϯй ƌĂĐnjĞũŶŝĞ ϭϲ͕ϯй njĚĞĐLJĚŽǁĂŶŝĞŶŝĞ ϰ͕Ϯй KƉŝŶŝĞ͗ƵǁĂǏĂŵ͕ǏĞƚĞƉƌŽͲ ĚƵŬƚLJŶŝĞƐČũĞƐnjĐnjĞĚŽͲ ƐƚĂƚĞĐnjŶŝĞƉƌnjĞďĂĚĂŶĞ ϰ͕Ϭй ϭϯ͕ϯй ϱϲ͕ϱй ϮϬ͕ϯй ϱ͕ϵй ƌſĚųŽ͗ŽƉƌĂĐŽǁĂŶŝĞǁųĂƐŶĞ͘ 421 KƉŝŶŝĞ͗ũĞƐƚƚŽũĞĚLJŶŝĞ ĐŚǁLJƚƌĞŬůĂŵŽǁLJ͕ŶŝĞǁŝĞͲ ƌnjħǁƚĂŬŝĞŝŶĨŽƌŵĂĐũĞ ϳ͕Ϯй ϭϲ͕Ϭй ϰϴ͕ϯй Ϯϯ͕ϯй ϱ͕ϯй The Wroclaw School of Banking Research Journal I ISSN 1643-7772 I eISSN 2392-1153 I Vol. 15 I No. 3 dĂďĞůĂϱ͘WƌnjLJĐnjLJŶLJǁČƚƉůŝǁŽƑĐŝnjĂŬƵƉŽǁLJĐŚ ƌĂŬŝŶĨŽƌŵĂĐũŝ njĚĞĐLJĚŽǁĂŶŝĞ ƐŝħnjŐĂĚnjĂŵ ƌĂĐnjĞũƐŝħnjŐĂĚnjĂŵ ƚƌƵĚŶŽƉŽǁŝĞĚnjŝĞđ ƌĂĐnjĞũƐŝħŶŝĞnjŐĂĚnjĂŵ njĚĞĐLJĚŽǁĂŶŝĞƐŝħ ŶŝĞnjŐĂĚnjĂŵ ƐƚŽƐŽǁĂŶŝĞƉƌŽĚƵŬƚƵ ϭϯ͕Ϯй ĚĂǁŬŽǁĂŶŝĞƉƌŽĚƵŬƚƵ ǁLJŶŝŬŝďĂĚĂŷůĞŬĂƌƐŬŝĐŚ ϭϮ͕ϵй ϭϳ͕ϴй Ϯϳ͕Ϯй ϰϮ͕ϲй ϭϰ͕ϳй Ϯ͕ϯй Ϯϴ͕ϯй ϯϵ͕Ϯй ϭϲ͕ϳй Ϯ͕ϵй Ϯϱ͕ϳй ϰϯ͕ϯй ϭϬ͕ϰй Ϯ͕ϳй ŽƉŝŶŝĞĞŬƐƉĞƌƚſǁ ϭϴ͕Ϯй Ϯϲ͕ϱй ϰϬ͕ϲй ϭϭ͕ϲй ϯ͕ϭй ƌſĚųŽ͗ŽƉƌĂĐŽǁĂŶŝĞǁųĂƐŶĞ͘ njĂŝŶƚĞƌĞƐŽǁĂŶŝĞʹďƌĂŬƉĞǁŶŽƑĐŝĐŽĚŽĚŽƐƚĂͲ ƚĞĐnjŶĞŐŽ njďĂĚĂŶŝĂ ƉƌŽĚƵŬƚſǁ ĨƵŶŬĐũŽŶĂůŶLJĐŚ ŽĨĞƌŽǁĂŶLJĐŚǁƐƉƌnjĞĚĂǏLJnjŐųĂƐnjĂũČŽƐŽďLJŵųŽͲ ĚĞ ;ĚŽ ϯϰ ƌŽŬƵ ǏLJĐŝĂͿ ŽƌĂnj ŽŬƌĞƑůĂũČĐĞ ƐǁŽũČ ǁŝĞĚnjħ ǏLJǁŝĞŶŝŽǁČ ũĂŬŽ ďĂƌĚnjŽ ŶŝĞǁŝĞůŬČ ;ĂǏ ϳϭйͿ͘ <ŽůĞũŶĞ ŽďƐnjĂƌLJ ǁČƚƉůŝǁŽƑĐŝ njĂŬƵƉŽǁLJĐŚ ŶĂ ƌLJŶŬƵ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ďĂͲ ĚĂŶLJĐŚ ƌĞƐƉŽŶĚĞŶƚĞŬ ĚŽƚLJĐnjLJųLJ ŵŝħĚnjLJ ŝŶŶLJͲ ŵŝ ƐƚŽƐŽǁĂŶŝĂ ŝ ĚĂǁŬŽǁĂŶŝĂ ƉƌŽĚƵŬƚƵ͕ ǁLJŶŝͲ Ŭſǁ ďĂĚĂŷ ůĞŬĂƌƐŬŝĐŚ ŽƌĂnj ŽƉŝŶŝŝ ĞŬƐƉĞƌƚſǁ͘ hnjLJƐŬĂŶĞǁLJŶŝŬŝƉƌnjĞĚƐƚĂǁŝĂƚĂďĞůĂϱ͘ WŽ ƌĂnj ŬŽůĞũŶLJ ŶĂũǁŝħŬƐnjLJ ŽĚƐĞƚĞŬ ƐƚĂŶŽǁŝųLJ ƉĂŶŝĞ ŶŝĞƉŽƚƌĂĮČĐĞ ŽĚƉŽǁŝĞĚnjŝĞđ͕ ĐnjLJ ďƌĂŬ ŝŶĨŽƌŵĂĐũŝ ǁ ďĂĚĂŶLJĐŚ ŽďƐnjĂƌĂĐŚ ǁƉųLJǁĂ ŶĂ ƉŽĚĞũŵŽǁĂŶĞ ĚĞĐLJnjũĞ njĂŬƵƉŽǁĞ ŶĂ ƌLJŶŬƵ ƉƌŽĚƵŬƚſǁ nj ƐĞŐŵĞŶƚƵ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůͲ ŶĞũ͘ tƑƌſĚ ƌĞƐƉŽŶĚĞŶƚĞŬ ŵĂũČĐLJĐŚ ƚƌƵĚŶŽƑđ ǁŽĚƉŽǁŝĞĚnjŝnjŶĂůĂnjųLJƐŝħŐųſǁŶŝĞŽƐŽďLJƐƚĂƌͲ ƐnjĞ;ƉŽǁLJǏĞũϲϬ͘ƌŽŬƵǏLJĐŝĂͿ͕ŬƚſƌĞƌſǁŶŝĞǏŶŝĞ ƉŽƚƌĂĮųLJ ũĞĚŶŽnjŶĂĐnjŶŝĞ ŽŬƌĞƑůŝđ ƐǁŽũĞŐŽ ƐƚLJůƵ ǏLJǁŝĞŶŝŽǁĞŐŽʹǁƉLJƚĂŶŝĂĐŚĚŽƚLJĐnjČĐLJĐŚƐƉŽͲ ǏLJǁĂŶŝĂ ƌĞŐƵůĂƌŶLJĐŚ ŝ ƌſǏŶŽƌŽĚŶLJĐŚ ƉŽƐŝųŬſǁ ǁ ĐŝČŐƵ ĚŶŝĂ ŶĂũĐnjħƑĐŝĞũ ƉĂĚĂųLJ ŽĚƉŽǁŝĞĚnjŝ ͣƚƌƵĚŶŽ ƉŽǁŝĞĚnjŝĞđ͘͟ WŽŶĂĚƚŽ ŽƐŽďLJ ƚĞ ŽĐĞͲ ŶŝĂųLJƐǁſũƐƚĂŶnjĚƌŽǁŝĂũĂŬŽƌĂĐnjĞũnjųLJ;ƉƌnjĞƐnjųŽ ƉŽųŽǁĂďĂĚĂŶLJĐŚͿ͘ ǁƑƌſĚŬŽŶƐƵŵĞŶƚĞŬǏLJǁŶŽƑĐŝŶŝƐŬŽŬĂůŽƌLJĐnjŶĞũ ;ůŝŐŚƚͿ͘ t ƉƌnjLJƉĂĚŬƵ ǁLJŬƐnjƚĂųĐĞŶŝĂ͕ ũĂŬ ŵŽǏŶĂ ƉƌnjLJͲ ƉƵƐnjĐnjĂđ͕ ĚŽƐƚƌnjĞŐĂ Ɛŝħ ƌĞůĂĐũħ ǁƉƌŽƐƚ ƉƌŽͲ ƉŽƌĐũŽŶĂůŶČ ʹ ƉŽƐƚƌnjĞŐĂŶĞ ƌLJnjLJŬŽ njĂŬƵƉŽǁĞ ƉƌnjLJ njĂŬƵƉŝĞ ƉƌŽĚƵŬƚſǁ ĨƵŶŬĐũŽŶĂůŶLJĐŚ ŵĂͲ ůĞũĞ ǁƌĂnj njĞ ǁnjƌŽƐƚĞŵ ƉŽnjŝŽŵƵ ǁLJŬƐnjƚĂųĐĞͲ ŶŝĂ͘ KƐƚĂƚŶŝŵ njŝĚĞŶƚLJĮŬŽǁĂŶLJŵ ĐnjLJŶŶŝŬŝĞŵ ŬƐnjƚĂųƚƵũČĐLJŵ ƌLJnjLJŬŽ ŬŽŶƐƵŵĞŶĐŬŝĞ ǁ ƉƌŽĐĞͲ ƐŝĞ njĂŬƵƉƵ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ũĞƐƚ ƐƚĂŶ njĚƌŽǁŝĂ ďĂĚĂŶLJĐŚ͘ ŶĂůŝnjĂ ǁLJŶŝŬſǁ ďĂĚĂŷ ǁ ƚLJŵ ƉƵŶŬĐŝĞ ũĞƐƚ njĂƐŬĂŬƵũČĐĂ ŝ ǁLJŵĂŐĂ ƉŽͲ ŐųħďŝŽŶLJĐŚ ďĂĚĂŷ ǁLJũĂƑŶŝĂũČĐLJĐŚ ŽĚŬƌLJƚĞ njũĂͲ ǁŝƐŬŽ͘ KŬĂnjƵũĞ Ɛŝħ͕ ǏĞ ŶĂũĐnjħƑĐŝĞũ ŽƐŽďLJ ĐŚŽƌĞ ŶŝĞ ĚŽƐƚƌnjĞŐĂũČ njĂůĞƚ njĚƌŽǁŽƚŶLJĐŚ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ʹ ŝŵ ǁŝħĐĞũ ĚŽůĞŐůŝǁŽƑĐŝ͕ ƚLJŵ ǁŝħŬƐnjĞ ǁČƚƉůŝǁŽƑĐŝ ĐŽ ĚŽ njĂŬƵƉƵ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ;ϯϯ͕ϳй ŽĚĐnjƵǁĂũČĐLJĐŚ ƌLJnjLJŬŽƌĞƐƉŽŶĚĞŶƚĞŬĚĞŬůĂƌƵũĞƉƌŽďůĞŵLJnjĚƌŽͲ ǁŽƚŶĞŝŬŽŶŝĞĐnjŶŽƑđďLJĐŝĂŶĂƐƉĞĐũĂůŶĞũĚŝĞĐŝĞ͕ Ă Ϯϵ͕ϯй ŽŬƌĞƑůĂ Ɛǁſũ ƐƚĂŶ njĚƌŽǁŝĂ ũĂŬŽ ƌĂĐnjĞũ njųLJ ʹ ĐŚŽƌŽďĂ ƉƌnjĞǁůĞŬųĂͿ͘ ĂƐŬĂŬƵũČĐLJŵ ũĞƐƚ ƌſǁŶŝĞǏ ĨĂŬƚ͕ ǏĞ ŝŵ ĐnjħƑĐŝĞũ ŽƐŽďLJ ĚĞŬůĂƌƵũČ ͣũĞƐƚĞŵ ŶĂ ĚŝĞĐŝĞ͕͟ ƚLJŵ ĐnjħƑĐŝĞũ ŝ ǁŝħĐĞũ njŐųĂͲ ƐnjĂũČ ǁČƚƉůŝǁŽƑĐŝ ĚŽƚLJĐnjČĐLJĐŚ ǁƉųLJǁƵ ǏLJǁͲ ŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ŶĂ njĚƌŽǁŝĞ ʹ ƉŽŶĂĚ ϰϬй ďĂĚĂŶLJĐŚďħĚČĐLJĐŚŶĂĚŝĞĐŝĞŵĂǁČƚƉůŝǁŽƑĐŝ͕ ĐnjLJƉƌŽĚƵŬƚLJƐČŽĚƉŽǁŝĞĚŶŝŽnjďĂĚĂŶĞ͘DŽǏŶĂ ƉŽƐƚĂǁŝđŚŝƉŽƚĞnjħ͕ǏĞǁƌĂnjnjƌŽnjƉŽĐnjħĐŝĞŵƉƌŽͲ ĐĞƐƵ ĚďĂŶŝĂ Ž njĚƌŽǁŝĞ ŬŽŶƐƵŵĞŶĐŝ njĂĐnjLJŶĂũČ ŽĚĐnjƵǁĂđ ǁŝħŬƐnjĞ ƌLJnjLJŬŽͬǁČƚƉůŝǁŽƑĐŝ njǁŝČͲ njĂŶĞ nj njĂŬƵƉĞŵ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝ ĨƵŶŬͲ ĐũŽŶĂůŶĞũ͘ tnjƌĂƐƚĂũČ ŝĐŚ ƉŽƚƌnjĞďLJ ŝŶĨŽƌŵĂĐũŝ͕ ŬƚſƌĞ ƐƉŽƚLJŬĂũČ Ɛŝħ ŶĂ ƌLJŶŬƵ nj ďƌĂŬŝĞŵ ŬŽŵƵͲ ŶŝŬĂƚƵ ŬƐnjƚĂųƚŽǁĂŶĞŐŽ ƉƌnjĞnj ƉƌŽĚƵĐĞŶƚſǁ͘ dŽ ŵŽǏĞ ďLJđ ŶŝĞďĞnjƉŝĞĐnjŶĞ ǁ ŬŽŶƚĞŬƑĐŝĞ ŬƐnjƚĂųͲ ƚŽǁĂŶŝĂ Ɛŝħ ƉĞƌƐƉĞŬƚLJǁ ƌŽnjǁŽũŽǁLJĐŚ ƌLJŶŬƵ ŝ ƉŽǁŝŶŶŽ ƐƚĂŶŽǁŝđ ǁLJƌĂǍŶLJ ƐLJŐŶĂų ĚůĂ ŝŶƚĞͲ ƌĞƐĂƌŝƵƐnjLJ ƌLJŶŬƵ ʹ ĞĚƵŬĂĐũĂ ŝ ŝŶĨŽƌŵĂĐũĂ ũĞƐƚ ŶŝĞǁLJƐƚĂƌĐnjĂũČĐĂ͘ :ĂŬ ũƵǏ ǁƐƉŽŵŶŝĂŶŽ͕ ŬĂƚĞŐŽƌŝĂ ǏLJǁŶŽƑĐŝ ĨƵŶŬͲ ĐũŽŶĂůŶĞũ ŶŝĞ ũĞƐƚ njĚĞĮŶŝŽǁĂŶĂ ǁ ǏĂĚŶLJŵ ĂŬͲ ĐŝĞƉƌĂǁŶLJŵ͕njĂƌſǁŶŽǁWŽůƐĐĞ͕ũĂŬŝƵƌŽƉŝĞ͘ ƌĂŬ ĚĞĮŶŝĐũŝ ƚnjǁ͘ ĨƵŶŬĐũŽŶĂůŶŽƑĐŝ ƉƌŽĚƵŬƚƵ ƉŽǁŽĚƵũĞ͕ ǏĞ ǁŝnjĞƌƵŶĞŬ ƚĂŬŝĞũ ǏLJǁŶŽƑĐŝ ũĞƐƚ WŽĚƐƵŵŽǁĂŶŝĞ hnjLJƐŬĂŶĞǁLJŶŝŬŝďĂĚĂŶŝĂnjĂĐŚŽǁĂŷŬŽŶƐƵŵĞŶͲ ƚſǁ ŶĂ ƌLJŶŬƵ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ ƉŽnjǁŽͲ ůŝųLJ ŶĂ ŽŬƌĞƑůĞŶŝĞ ĐnjLJŶŶŝŬſǁ ĚĞƚĞƌŵŝŶƵũČĐLJĐŚ ŽďƐnjĂƌLJ ƉŽũĂǁŝĂŶŝĂ Ɛŝħ ƌLJnjLJŬĂ njĂŬƵƉŽǁĞŐŽ ǁƑƌſĚ ŬŽŶƐƵŵĞŶƚĞŬ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ͘ ^ƚŽƉŝĞŷ ŝ ǍƌſĚųŽ ƉŽǁƐƚĂǁĂŶŝĂ ƌLJnjLJŬĂ ŝƐƚŽƚŶŝĞ ŬƐnjƚĂųƚƵũĞǁŝĞŬďĂĚĂŶLJĐŚ͘ĚĞĐLJĚŽǁĂŶŝĞǁŝħŬͲ ƐnjĞƌLJnjLJŬŽnjĂŬƵƉŽǁĞŽĚĐnjƵǁĂũČƐƚĂƌƐnjĞŬŽŶƐƵͲ ŵĞŶƚŬŝ ;ǁnjƌŽƐƚ ƉŽ ϱϬ͘ ƌŽŬƵ ǏLJĐŝĂ ƉƌnjĞƐnjųŽ ϭͬϯ ďĂĚĂŶLJĐŚͿ͘ <ŽůĞũŶČĚĞƚĞƌŵŝŶĂŶƚČƉŽũĂǁŝĂũČĐLJĐŚƐŝħǁČƚƉůŝͲ ǁŽƑĐŝ ŬŽŶƐƵŵĞŶƚſǁ ũĞƐƚ ĚŽƑǁŝĂĚĐnjĞŶŝĞ njĂŬƵͲ ƉŽǁĞʹŽŬĂnjƵũĞƐŝħ͕ǏĞŵŶŝĞũƐnjĞŽďĂǁLJƉƌnjLJnjĂͲ ŬƵƉŝĞƉƌŽĚƵŬƚſǁĨƵŶŬĐũŽŶĂůŶLJĐŚǁLJƐƚħƉŽǁĂųŽ 422 Magdalena Olejniczak | ZLJnjLJŬŽŬŽŶƐƵŵĞŶĐŬŝĞǁƉƌŽĐĞƐŝĞnjĂŬƵƉƵǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũ ŶŝĞũĞĚŶŽůŝƚLJ͕ĂĐnjħƐƚŽǁƌħĐnjŶŝĞǁŝĂƌLJŐŽĚŶLJ͕ĐŽ ƌĂnjĞŵnjĐĞŶČƐƚĂŶŽǁŝŝƐƚŽƚŶČďĂƌŝĞƌħǁƌŽnjǁŽũƵ ƚĞŐŽƐĞŐŵĞŶƚƵƌLJŶŬƵŝǁƉųLJǁĂŶĂƉŽǁƐƚĂǁĂŶŝĞ ƌLJnjLJŬĂƉŽĚĐnjĂƐƉŽĚĞũŵŽǁĂŶŝĂĚĞĐLJnjũŝnjĂŬƵƉŽͲ ǁLJĐŚ͘:ĂŬŬŽŶŝĞĐnjŶĞũĞƐƚƵƌĞŐƵůŽǁĂŶŝĞĐŚĂŽƐƵ ŝŶĨŽƌŵĂĐLJũŶĞŐŽ ǁ ƚLJŵ njĂŬƌĞƐŝĞ͕ ƉŽŬĂnjƵũĞ ƌŽnjͲ ƉŽƌnjČĚnjĞŶŝĞ WĂƌůĂŵĞŶƚƵ ƵƌŽƉĞũƐŬŝĞŐŽ ŝ ZĂĚLJ ĚŽƚLJĐnjČĐĞ ŽƑǁŝĂĚĐnjĞŷ ǏLJǁŝĞŶŝŽǁLJĐŚ ŝ njĚƌŽͲ ǁŽƚŶLJĐŚ͕ŽƉƵďůŝŬŽǁĂŶĞǁƌŽŬƵϮϬϬϲ͘WƌnjLJũħƚĞ ǁŶŝŵƌLJŐŽƌLJƐƚLJĐnjŶĞƌŽnjǁŝČnjĂŶŝĂĚŽƚLJĐnjČĐĞnjĂͲ ƐĂĚ njŶĂŬŽǁĂŶŝĂ ƉƌŽĚƵŬƚſǁ njĞ ǁnjŐůħĚƵ ŶĂ ŝĐŚ ƐƉĞĐLJĮĐnjŶĞ ĐĞĐŚLJ ǏLJǁŝĞŶŝŽǁĞ ůƵď njĚƌŽǁŽƚŶĞ ;ĂƚĂŬŝĞǁųĂƑŶŝĞnjŶĂŬŽǁĂŶŝĞǁLJƐƚħƉƵũĞŶĂǁŝħŬͲ ƐnjŽƑĐŝƉƌŽĚƵŬƚſǁƚnjǁ͘ĨƵŶŬĐũŽŶĂůŶLJĐŚͿǁĚƵǏĞũ ŵŝĞƌnjĞƉŽǁŝŶŶLJǁLJĞůŝŵŝŶŽǁĂđnjƌLJŶŬƵŽƑǁŝĂĚͲ ĐnjĞŶŝĂ ǁƉƌŽǁĂĚnjĂũČĐĞ ŬŽŶƐƵŵĞŶƚſǁ ǁ ďųČĚ ůƵďǁƌħĐnjŶŝĞƉŽƐŝĂĚĂũČĐĞƉŽĚƐƚĂǁǁǁŝĂƌLJŐŽĚͲ ŶLJĐŚ ďĂĚĂŶŝĂĐŚ ŶĂƵŬŽǁLJĐŚ͘ WŽǁŝŶŶŽ ƚŽ ĚĂđ ƉŽĚƐƚĂǁLJĚŽƌnjĞĐnjLJǁŝƐƚĞŐŽǁLJŽĚƌħďŶŝĞŶŝĂƚĞũ ŐƌƵƉLJƉƌŽĚƵŬƚſǁŶĂƌLJŶŬƵŝĚŽŝĐŚƌŽnjǁŽũƵ͕ĐŽ ŶŝĞǁČƚƉůŝǁŝĞ ƉƌnjĞųŽǏLJųŽďLJ Ɛŝħ ŶĂ njŵŶŝĞũƐnjĞŶŝĞ ŽĚĐnjƵǁĂŶĞŐŽƌLJnjLJŬĂŬŽŶƐƵŵĞŶĐŬŝĞŐŽƉŽĚĐnjĂƐ ǁLJďŽƌƵ ƉƌŽĚƵŬƚſǁ nj ƚĞũ ŬĂƚĞŐŽƌŝŝ ǏLJǁŶŽƑĐŝ͘ EŝĞnjǁLJŬůĞ ŝƐƚŽƚŶLJŵ ũĞƐƚ ƉƌnjĞŬŽŶĂŶŝĞ ŬŽŶƐƵͲ ŵĞŶƚſǁ ĐŽ ĚŽ ďĞnjƉŝĞĐnjĞŷƐƚǁĂ ƐƉŽǏLJǁĂŶLJĐŚ ƉƌŽĚƵŬƚſǁ ǏLJǁŶŽƑĐŝŽǁLJĐŚ͘ WƌnjLJŬųĂĚŽǁŽ ǁLJͲ ŶŝŬŝ ďĂĚĂŷ ƉƌnjĞƉƌŽǁĂĚnjŽŶLJĐŚ ďĂĚĂŷ ƉƌnjĞͲ ƉƌŽǁĂĚnjŽŶLJĐŚ ƉƌnjĞnj dE^ KƉŝŶŝŽŶ ĂŶĚ ^ŽĐŝĂů ŶĂ njůĞĐĞŶŝĞ <ŽŵŝƐũŝ ƵƌŽƉĞũƐŬŝĞũ ǁ ϮϬϬϵ ƌŽŬƵ ;ƵƌŽƉĞĂŶƐ͕ ĂŐƌŝĐƵůƚƵƌĞ ĂŶĚ ƚŚĞ ŽŵŵŽŶ ŐƌŝĐƵůƚƵƌĂů WŽůŝĐLJͿ ǁLJŬĂnjĂųLJ͕ ǏĞ ƉŽŶĂĚ ϱϬй ŬŽŶƐƵŵĞŶƚſǁ ŶĂ ƌLJŶŬƵ ƵŶŝũŶLJŵ ĐŚĐĞ ŽƚƌnjLJͲ ŵLJǁĂđǁŝħĐĞũŝŶĨŽƌŵĂĐũŝnjnjĂŬƌĞƐƵďĞnjƉŝĞĐnjĞŷͲ ƐƚǁĂŝũĂŬŽƑĐŝǏLJǁŶŽƑĐŝ͕ƉƌnjLJĐnjLJŵϴϬйŬŽŶƐƵͲ ŵĞŶƚſǁƐųLJƐnjĂųŽŝŶĨŽƌŵĂĐũĞŶĂƚĞŵĂƚnjĂŐƌŽǏĞŷ njǁŝČnjĂŶLJĐŚnjǏLJǁŶŽƑĐŝČǁŵĞĚŝĂĐŚ͘EĂƚŽŵŝĂƐƚ ƉƌnjĞĐŝħƚŶŝĞ ϱϬй ŬŽŶƐƵŵĞŶƚſǁ njŵŝĞŶŝĂ ŶĂǁLJͲ Ŭŝ ŬŽŶƐƵŵƉĐLJũŶĞ ŝ ǏLJǁŝĞŶŝŽǁĞ ƉŽ ƵƐųLJƐnjĞŶŝƵ ŝŶĨŽƌŵĂĐũŝ ĚŽƚLJĐnjČĐĞũ ďĞnjƉŝĞĐnjĞŷƐƚǁĂ ǏLJǁŶŽͲ ƑĐŝďČĚǍŬǁĞƐƟŝnjǁŝČnjĂŶLJĐŚnjĚŝĞƚČŝnjĚƌŽǁŝĞŵ ;&ŽŽĚͲƌĞůĂƚĞĚ ƌŝƐŬƐ͗ ϭϬͿ͘ WŽƚƌnjĞďĂ ŽƚƌnjLJŵLJǁĂͲ ŶŝĂŝŶĨŽƌŵĂĐũŝŶĂƚĞŵĂƚǏLJǁŶŽƑĐŝnjǁŝČnjĂŶĂũĞƐƚ nj ƚƌŽƐŬČ Ž ǁųĂƐŶĞ njĚƌŽǁŝĞ ŬŽŶƐƵŵĞŶƚĂ ŽƌĂnj ǁLJƐŽŬŝĞũ ƑǁŝĂĚŽŵŽƑĐŝ ǁƉųLJǁƵ njĂŐƌŽǏĞŷ njǁŝČͲ njĂŶLJĐŚnjǏLJǁŶŽƑĐŝČŶĂnjĚƌŽǁŝĞĐnjųŽǁŝĞŬĂ͘ WŽĚƐƵŵŽǁƵũČĐ͕ ŝƐƚŽƚŶĞ njŶĂĐnjĞŶŝĞ ǁ ƌŽnjǁŽũƵ ƐĞŐŵĞŶƚƵǏLJǁŶŽƑĐŝĨƵŶŬĐũŽŶĂůŶĞũ͕ũĂŬŝnjŵŶŝĞũͲ ƐnjĂŶŝĂ ƵĐnjƵĐŝĂ ŶŝĞƉĞǁŶŽƑĐŝ ƉŽĚĐnjĂƐ ƉƌŽĐĞƐƵ njĂŬƵƉŽǁĞŐŽŬŽŶƐƵŵĞŶƚſǁŶĂƚLJŵƌLJŶŬƵďħĚČ ŵŝĂųLJ ƑǁŝĂĚŽŵŽƑđ ŝ ƌŽnjǁŝũĂŶŝĞ ǁŝĞĚnjLJ ƉƌnjĞnj ƉƌŽĚƵĐĞŶƚſǁ͘ <ŽŶƐƵŵĞŶĐŝ ƉŽǁŝŶŶŝ ǁŝĞĚnjŝĞđ͕ ũĂŬŝĞ ǁĂƌƚŽƑĐŝ ŶŝŽƐČ njĞ ƐŽďČ ƉŽƐnjĐnjĞŐſůŶĞ ƐŬųĂĚŶŝŬŝ njĂǁĂƌƚĞ ǁ ƉƌŽĚƵŬĐŝĞ ǏLJǁŶŽƑĐŝŽǁLJŵ ŝũĂŬŝĞŬŽŶƐĞŬǁĞŶĐũĞŵŽŐČŵŝĞđĚůĂŽƌŐĂŶŝnjŵƵ͘ ƌĂŬ ŬůĂƌŽǁŶĞũ ŝŶĨŽƌŵĂĐũŝ ŬŽŶƐƵŵĞŶĐŬŝĞũ ũĞƐƚ ĚƵǏČ ƉƌnjĞƐnjŬŽĚČ ǁ ƌŽnjǁŽũƵ ƚĞũ ŬĂƚĞŐŽƌŝŝ ǏLJǁͲ ŶŽƑĐŝ͘ ŽĚĂƚŬŽǁŽ ďƌĂŬ ƵƌĞŐƵůŽǁĂŷ ƉƌĂǁŶLJĐŚ ĚŽƚLJĐnjČĐLJĐŚƉƌŽĚƵŬĐũŝƚĞũŐƌƵƉLJǏLJǁŶŽƑĐŝƐƚǁĂͲ ƌnjĂ ŬŽŶƐĞŬǁĞŶĐũĞ ĚůĂ ǁŝnjĞƌƵŶŬƵ ƚĞũ ŬĂƚĞŐŽƌŝŝ ǏLJǁŶŽƑĐŝ͘^ƚĂũĞƐŝħŽŶƉƌnjĞnjƚŽŶŝĞƐƉſũŶLJŝŵŽǏĞ ďƵĚnjŝđďųħĚŶĞƐŬŽũĂƌnjĞŶŝĂ͕ŽďŶŝǏĂũČĐǁƚĞŶƐƉŽͲ ƐſďǁŝĂƌLJŐŽĚŶŽƑđĐĂųĞũŬĂƚĞŐŽƌŝŝƉƌŽĚƵŬƚſǁ͘ ŝďůŝŽŐƌĂĮĂ ĂďŝĐnjͲŝĞůŝŷƐŬĂ͕͘ĂďƌŽĐŬŝZ͘;ϮϬϬϳͿ͕WŽƐƚĂǁLJ ŬŽŶƐƵŵĞŶƚſǁ ǁŽďĞĐ ƉƌŽnjĚƌŽǁŽƚŶĞũ ǁĂƌƚŽͲ ƑĐŝ ǏLJǁŶŽƑđ͕ ͣLJǁŶŽƑđ͘ EĂƵŬĂ͘ dĞĐŚŶŽůŽŐŝĂ͘ :ĂŬŽƑđ͕͟Ŷƌϲ;ϱϱͿ͕Ɛ͘ϴϭͲϴϵ͘ ƌLJŶĞŬͲnjLJǁŶŽƐĐŝͲĨƵŶŬĐũŽŶĂůŶĞũͲǁͲƵƐĂͲǁnjƌŽƐůͲŽͲ ͲϯϭͲƉƌŽĐ͕ϱϮϰϱϯ͘Śƚŵůϭϭ͘Ϭϱ͘ϮϬϭϰ͘ ƵƌŽƉĞĂŶƐ͕ ĂŐƌŝĐƵůƚƵƌĞ ĂŶĚ ƚŚĞ ŽŵŵŽŶ ŐƌŝĐƵůƚƵƌĂůWŽůŝĐLJ͕^ƉĞĐŝĂůƵƌŽďĂƌŽŵĞƚĞƌϯϯϲͬ tĂǀĞϳϮ͘ϱƵƌŽƉĞĂŶKƉŝŶŝŽŶZĞƐĞĂƌĐŚ'ƌŽƵƉ /'͕DĂƌĐŚϮϬϭϬ͕ƵƌŽƉĞĂŶŽŵŵŝƐƐŝŽŶ͕dE^ KƉŝŶŝŽŶĂŶĚ^ŽĐŝĂů͕ƌƵƐƐĞůƐ͕Ɛ͘ϴϳ͘ ŝŶŶƐ E͕͘ ,ŽǁůĞƩ :͘ ;ϮϬϬϵͿ͕ &ƵŶĐƟŽŶĂů ĨŽŽĚ ŝŶ ƵƌŽƉĞ͗ /ŶƚĞƌŶĂƟŽŶĂů ĚĞǀĞůŽƉŵĞŶƚƐ ŝŶ ƐĐŝͲ ĞŶĐĞ ĂŶĚ ŚĞĂůƚŚ ĐůĂŝŵƐ͕ ^ƵŵŵĂƌLJ ƌĞƉŽƌƚ ŽĨ ĂŶ ŝŶƚĞƌŶĂƟŽŶĂů ƐLJŵƉŽƐŝƵŵ ŚĞůĚ ϵͲϭϭ DĂLJ ϮϬϬϳ͕WŽƌƚŽŵĂƐŽ͕DĂůƚĂ͕͞ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨ EƵƚƌŝƟŽŶ͟ϰϴ͕Ɛ͘ϯͲϭϯ͘ &ŽŽĚͲƌĞůĂƚĞĚƌŝƐŬƐ͕^ƉĞĐŝĂůƵƌŽďĂƌŽŵĞƚĞƌϯϱϰ͕ EŽǀĞŵďĞƌ ϮϬϭϬ͕ ƵƌŽƉĞĂŶ ŽŵŝƐƐŝŽŶ͕ dE^ KƉŝŶŝŽŶĂŶĚ^ŽĐŝĂů͕ƌƵƐƐĞůƐ͕Ɛ͘ϭϬ͘ ŽŐĂĐnj ͘ ;ϮϬϭϬͿ͕ ZLJŶĞŬ ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽͲ ŶĂůŶĞũǁh^ǁnjƌŽƑŶŝĞǁƐnjĞƑđůĂƚŽϮϭƉƌŽĐ͕͘ ŚƩƉ͗ͬͬǁǁǁ͘ƉŽƌƚĂůƐƉŽnjLJǁĐnjLJ͘ƉůͬŝŶŶĞͬŶĂƉŽũĞͺ ďĞnjĂůŬŽŚŽůŽǁĞͬǁŝĂĚŽŵŽƐĐŝͬƌLJŶĞŬͲnjLJǁŶŽƐĐŝͲ ĨƵŶŬĐũŽͲŶĂůŶĞũͲǁͲƵƐĂͲǁnjƌŽƐŶŝĞͲǁͲƐnjĞƐĐͲůĂƚͲŽͲ ͲϮϭͲƉƌŽĐ͕ϯϲϵϴϭ͘Śƚŵůϭϭ͘Ϭϱ͘ϮϬϭϰ͘ 'ĂũĞǁƐŬŝ^͘;ϭϵϵϰͿ͕ĂĐŚŽǁĂŶŝĞƐŝħŬŽŶƐƵŵĞŶͲ ƚĂĂǁƐƉſųĐnjĞƐŶLJŵĂƌŬĞƟŶŐ͕BſĚǍ͕hB͘ 'ĂƌďĂƌƐŬŝ >͘ ;ϭϵϵϴͿ͕ ĂĐŚŽǁĂŶŝĂ ŶĂďLJǁĐſǁ͕ tĂƌƐnjĂǁĂ͕Wt͘ ŽŐĂĐnj ͘ ;ϮϬϭϭͿ͕ ZLJŶĞŬ ǏLJǁŶŽƑĐŝ ĨƵŶŬͲ ĐũŽŶĂůŶĞũ ǁ h^ ǁnjƌſƐų Ž ϯϭ ƉƌŽĐ͕͘ Ś ƚ ƚ Ɖ ͗ ͬ ͬ ǁ ǁ ǁ͘ Ɖ Ž ƌ ƚ Ă ů Ɛ Ɖ Ž nj LJ ǁ Đ nj LJ͘ Ɖ ů ͬ ŝ Ŷ Ŷ Ğ ͬ Ŷ Ă Ɖ Ž ũ Ğ ͺ ď ĞnjĂ ů ŬŽ Ś Ž ů ŽǁĞ ͬ ǁ ŝ Ă Ě Ž ŵ Ž Ƒ Đ ŝ ͬ ŚƩƉ͗ͬͬǁǁǁ͘ŝůƐŝ͘ŽƌŐͬƵƌŽƉĞͬWĂŐĞƐͬd&ͺ&ƵŶĐƟŽͲ ŶĂů&ŽŽĚƐ͘ĂƐƉdžϮϵ͘Ϭϱ͘ϮϬϭϰ͘ 423 The Wroclaw School of Banking Research Journal I ISSN 1643-7772 I eISSN 2392-1153 I Vol. 15 I No. 3 :ĞǏĞǁƐŬĂͲLJĐŚŽǁŝĐnj D͕͘ ĂďŝĐnjͲŝĞůŝŷƐŬĂ ͕͘ >ĂƐŬŽǁƐŬŝt͘;ϮϬϬϵͿ͕<ŽŶƐƵŵĞŶƚŶĂƌLJŶŬƵŶŽǁĞũ ǏLJǁŶŽƑĐŝ͕tĂƌƐnjĂǁĂtLJĚĂǁŶŝĐƚǁŽ^''t͘ KůħĚnjŬĂZ͘;ϮϬϬϳͿ͕EƵƚƌĂĐĞƵƚLJŬŝ͕ǏLJǁŶŽƑđĨƵŶŬͲ ĐũŽŶĂůŶĂ ʹ ƌŽůĂ ŝ ďĞnjƉŝĞĐnjĞŷƐƚǁŽ ƐƚŽƐŽǁĂŶŝĂ͕ ͣƌŽŵĂƚŽůŽŐŝĂ ŝ ŚĞŵŝĂ dŽŬƐLJŬŽůŽŐŝĐnjŶĂ͟ y>͕ Ɛ͘ϭͲϴ͘ <ŝĞǏĞů ͘ ;ƌĞĚ͘Ϳ ;ϮϬϬϮͿ͕ ZLJŶŬŽǁĞ njĂĐŚŽǁĂŶŝĂ ŬŽŶƐƵŵĞŶƚſǁ͕<ĂƚŽǁŝĐĞ͘ ZŽnjƉŽƌnjČĚnjĞŶŝĞ ;tͿ Ŷƌ ϭϳϴͬϮϬϬϮ WĂƌůĂŵĞŶƚƵ ƵƌŽƉĞũƐŬŝĞŐŽŝZĂĚLJnjĚŶŝĂϮϴƐƚLJĐnjŶŝĂϮϬϬϮƌ͘ <ŝĞǏĞů ͘ ;ϮϬϬϵͿ͕ ĂĐŚŽǁĂŶŝĂ ƉŽůƐŬŝĐŚ ŬŽŶͲ ƐƵŵĞŶƚſǁ ǁ ǁĂƌƵŶŬĂĐŚ ŶŝĞƉĞǁŶŽƑĐŝ͕ ǁ͗ <ŽŶƚƌŽǁĞƌƐũĞ ǁŽŬſų ŵĂƌŬĞƟŶŐƵ ǁ WŽůƐĐĞ͘ EŝĞƉĞǁŶŽƑđ ŝ njĂƵĨĂŶŝĞ Ă njĂĐŚŽǁĂŶŝĂ ŶĂďLJǁͲ Đſǁ͕ ƌĞĚ͘ >͘ 'ĂƌďĂƌƐŬŝ͕ :͘ dŬĂĐnjLJŬ͕ tĂƌƐnjĂǁĂ͕ tLJĚĂǁŶŝĐƚǁĂ ŬĂĚĞŵŝĐŬŝĞ ŝ WƌŽĨĞƐũŽŶĂůŶĞ͕ ŬĂĚĞŵŝĂ>ĞŽŶĂ<ŽǍŵŝŷƐŬŝĞŐŽ͘ ZnjĞĐnjƉŽƐƉŽůŝƚĂ ;ϮϬϭϮͿ͕ ZLJŶĞŬ ǏLJǁŶŽƑĐŝ ĨƵŶŬͲ ĐũŽŶĂůŶĞũ ǁ WŽůƐĐĞ ŶŝĞ ĚŽŐĂŶŝĂ ƵƌŽƉLJ͕ ŚƩƉ͗ͬͬ ǁǁǁ͘ƉŽƌƚĂůƐƉŽnjLJǁĐnjLJ͘ƉůͬƚĞĐŚŶŽůŽŐŝĞͬǁŝĂĚŽͲ ŵŽƐĐŝͬƌLJŶĞŬͲnjLJǁŶŽƐĐŝͲĨƵŶŬĐũŽŶĂůŶĞũͲǁͲƉŽůƐĐĞͲ ͲŶŝĞͲĚŽŐĂŶŝĂͲĞƵƌŽƉLJ͕ϲϰϱϯϴ͘Śƚŵůϭϭ͘Ϭϱ͘ϮϬϭϰ͘ ^ĐŚŝīŵĂŶ>͘'͕͘<ĂŶƵŬ>͘>͘;ϭϵϵϰͿ͕ŽŶƐƵŵĞƌďĞͲ ŚĂǀŝŽƌ͕EĞǁ:ĞƌƐĞLJ͕WƌĞŶƟĐĞ,Ăůů͘ <ƌĂŵĞƌ:͘;ƌĞĚ͘Ϳ;ϭϵϵϰͿ͕ĂĚĂŶŝĂƌLJŶŬŽǁĞŝŵĂƌͲ ŬĞƟŶŐŽǁĞ͕tĂƌƐnjĂǁĂ͕tLJĚĂǁŶŝĐƚǁŽWt͘ ^ŝƌƚŽƌŝ͘Z͕͘ŶĚĞƌƐŽŶ:͘t͕͘^ŝƌƚŽƌŝ͕͘ƌŶŽůĚŝ͘ ;ϮϬϬϵͿ͗&ƵŶĐƟŽŶĂůĨŽŽĚĨŽƌĚLJƐůŝƉŝĚĞŵŝĂĂŶĚĐĂƌͲ ĚŝŽǀĂƐĐƵůĂƌ ƐLJƐƚĞŵ ƌŝƐŬ ƉƌĞǀĞŶƟŽŶ͕ ͞EƵƚƌŝƟŽŶ ZĞƐĞĂƌĐŚZĞǀŝĞǁ͟ϮϮ͕Ɛ͘ϮϰϰͲϮϲϭ͘ DĂĐŝĞũĞǁƐŬŝ'͘;ϮϬϭϬͿ͕ZLJnjLJŬŽǁĚĞĐLJnjũĂĐŚŶĂͲ ďLJǁĐnjLJĐŚŬŽŶƐƵŵĞŶƚſǁ͕<ĂƚŽǁŝĐĞ͘ DĂĐŝĞũĞǁƐŬŝ'͘;ϮϬϭϭͿ͕ZLJnjLJŬŽũĂŬŽĚĞƚĞƌŵŝŶĂŶͲ ƚĂnjĂĐŚŽǁĂŷnjĂŬƵƉŽǁLJĐŚŬŽŶƐƵŵĞŶƚſǁ͕^ĞƌŝĂ͗ ^ƚƵĚŝĂŝDĂƚĞƌŝĂųLJ͕ŶƌϱϮ͕WŽůƐŬŝĞ^ƚŽǁĂƌnjLJƐnjĞŶŝĞ ĂƌnjČĚnjĂŶŝĂtŝĞĚnjČ͕Ɛ͘ϴϲ͘ ^ųŽǁŶŝŬ ũħnjLJŬĂ ƉŽůƐŬŝĞŐŽ WtE͕ ŚƩƉ͗ͬͬƐũƉ͘ƉǁŶ͘ Ɖů͘ ^ŵLJĐnjĞŬ ^͕ ^ŽǁĂ /͘ ;ϮϬϬϱͿ͕ <ŽŶƐƵŵĞŶƚ ŶĂ ƌLJŶͲ ŬƵ͘ ĂĐŚŽǁĂŶŝĂ͕ ŵŽĚĞůĞ͕ ĂƉůŝŬĂĐũĞ͕ tĂƌƐnjĂǁĂ͕ ŝĮŶ͘ DĂnjƵƌĞŬ '͕͘ tƉųLJǁ njĂƐŽďſǁ ŝŶĨŽƌŵĂĐLJũŶLJĐŚ /ŶƚĞƌŶĞƚƵŶĂnjŵŶŝĞũƐnjĂŶŝĞŶŝĞƉĞǁŶŽƑĐŝǁƉƌŽĐĞͲ ƐĂĐŚĚĞĐLJnjLJũŶLJĐŚŬŽŶƐƵŵĞŶƚſǁ͕ǁ͗<ŽŶƚƌŽǁĞƌƐũĞ ǁŽŬſų ŵĂƌŬĞƟŶŐƵ ǁ WŽůƐĐĞ͘ DƌŽnjŝĂŬ W͘ ;ϮϬϭϮͿ͕ ZĂƉŽƌƚ͗WƌĂǁŝĞϳϬƉƌŽĐ͘WŽůĂŬſǁŶŝŐĚLJŶŝĞƐųLJͲ ƐnjĂųŽ Ž ǏLJǁŶŽƑĐŝ ĨƵŶŬĐũŽŶĂůŶĞũ͕ ŚƩƉ͗ͬͬǁǁǁ͘ ƉŽƌƚĂůƐƉŽnjLJǁĐnjLJ͘ƉůͬĨŝŶĂŶƐĞͬǁŝĂĚŽŵŽƐĐŝͬƉƌĂͲ ǁŝĞͲϳϬͲƉƌŽĐͲƉŽůĂŬŽǁͲŶŝŐĚLJͲŶŝĞͲƐůLJƐnjĂůŽͲŽͲnjLJǁͲ ŶŽƐĐŝͲĨƵŶŬĐũŽŶĂůŶĞũ͕ϲϰϯϮϰ͘Śƚŵůϭϭ͘Ϭϱ͘ϮϬϭϰ͘ ^njĂƉŝƌŽ d͘ ;ϭϵϵϯͿ͕ Ž ĚĞĐLJĚƵũĞ Ž ĚĞĐLJnjũŝ͕ tĂƌƐnjĂǁĂ͕tLJĚĂǁŶŝĐƚǁŽWtE͘ EŝĞƉĞǁŶŽƑđ ŝ njĂƵĨĂŶŝĞ Ă njĂĐŚŽǁĂŶŝĂ ŶĂďLJǁͲ Đſǁ͕ ƌĞĚ͘ >͘ 'ĂƌďĂƌƐŬŝ͕ :͘ dŬĂĐnjLJŬ͕ tĂƌƐnjĂǁĂ͕ tLJĚĂǁŶŝĐƚǁĂ ŬĂĚĞŵŝĐŬŝĞ ŝ WƌŽĨĞƐũŽŶĂůŶĞ͕ ŬĂĚĞŵŝĂ>ĞŽŶĂ<ŽǍŵŝŷƐŬŝĞŐŽ͘ dĂƌĂŶŬŽ d͘ ;ϮϬϬϱͿ͕ tƉųLJǁ njũĂǁŝƐŬĂ ŶŝĞƉĞǁŶŽͲ ƑĐŝŶĂĞĨĞŬƚLJǁŶŽƑđŵĂƌŬĞƟŶŐƵ͕ǁ͗ĨĞŬƚLJǁŶŽƑđ ŵĂƌŬĞƟŶŐƵ͕ ƌĞĚ͘ t͘ tƌnjŽƐĞŬ͕ tĂƌƐnjĂǁĂ͕ tLJĚĂǁŶŝĐƚǁŽWt͘ KůĞũŶŝĐnjĂŬd͘;ϮϬϭϭͿ͕ĂŬƵƉLJŝŶŶŽǁĂĐũŝƉƌŽĚƵŬƚŽͲ ǁLJĐŚŶĂƌLJŶŬƵǏLJǁŶŽƑĐŝʹǁƑǁŝĞƚůĞďĂĚĂŷŬŽŶͲ ƐƵŵĞŶĐŬŝĐŚ͕ ͣĞƐnjLJƚLJ EĂƵŬŽǁĞ tLJǏƐnjĞũ ^njŬŽųLJ ĂŶŬŽǁĞũǁĞtƌŽĐųĂǁŝƵ͟EƌϮϱ͕Ɛ͘ϵϲͲϭϬϬ͘ tĂůħŐĂ͘;ϮϬϭϮͿ͕ZLJŶĞŬƉƌŽĚƵŬƚſǁĨƵŶŬĐũŽŶĂůͲ ŶLJĐŚ ǁ WŽůƐĐĞ͕ ŚƩƉ͗ͬͬǁǁǁ͘ŶĞƚǁŽƌŬŵĂŐĂnjLJŶ͘ ƉůͬZLJŶĞŬйϮϬƉƌŽĚƵŬƚйϯйϯǁйϮϬĨƵŶŬĐũŽŶĂůͲ ŶLJĐŚйϮϬǁйϮϬWŽůƐĐĞϭϭ͘Ϭϱ͘ϮϬϭϰ͘ ^ŽũŬŝŶ͕͘DĂųĞĐŬĂD͕͘KůĞũŶŝĐnjĂŬd͕͘ĂŬĂůĂƌƐŬĂ D͘ ;ϮϬϬϵͿ͕ <ŽŶƐƵŵĞŶƚ ǁŽďĞĐ ŝŶŶŽǁĂĐũŝ ƉƌŽĚƵŬƚŽǁLJĐŚ ŶĂ ƌLJŶŬƵ ǏLJǁŶŽƑĐŝ͕ WŽnjŶĂŷ͕ tLJĚĂǁŶŝĐƚǁŽhǁWŽnjŶĂŶŝƵ͘ ŽŶƐƵŵĞƌƌŝƐŬŝŶƚŚĞĨƵŶĐƟŽŶĂůĨŽŽĚƉƵƌĐŚĂƐĞƉƌŽĐĞƐƐ ďƐƚƌĂĐƚ dŚĞĐŽŶƐƵŵƉƟŽŶŽĨĨƵŶĐƟŽŶĂůĨŽŽĚƐŝŶWŽůĂŶĚŝƐƐƟůůƌĞůĂƟǀĞůLJůŽǁĐŽŵƉĂƌĞĚƚŽƚŚĞůĞǀĞůŽĨŝŶͲ ƚĞƌĞƐƚŽďƐĞƌǀĞĚŝŶƚŚĞĐŽƵŶƚƌŝĞƐŽĨtĞƐƚĞƌŶƵƌŽƉĞ͘ŶŝŵƉŽƌƚĂŶƚĨĂĐƚŽƌŝŶĚĞƚĞƌŵŝŶŝŶŐŝƚƐůĞǀĞů ŝƐƉĞƌĐĞŝǀĞĚďLJĐŽŶƐƵŵĞƌƌŝƐŬ͕ǁŚŝĐŚĞīĞĐƟǀĞůLJƉƌĞǀĞŶƚƐƉŽƚĞŶƟĂůďƵLJĞƌƐĨƌŽŵŵĂŬŝŶŐĂƉƵƌͲ ĐŚĂƐĞ͘ŽŶƐƵŵĞƌƐǁĞƌĞĐŽŶĐĞƌŶĞĚĂďŽƵƚƚŚĞŝƌƐƚĂƚĞŽĨĞŵŽƟŽŶĂůƚĞŶƐŝŽŶƚŚĂƚŽŌĞŶƉƌĞǀĞŶƚĞĚ ƚŚĞŵ ĨƌŽŵ ƐƵĐĐĞƐƐĨƵů ƉƵƌĐŚĂƐŝŶŐ͘ tŚŝůĞ ĚĞĐŝĚŝŶŐ ƚŽ ƉƵƌĐŚĂƐĞ Ă ŶĞǁ ƉƌŽĚƵĐƚ ƚŚĞ ĐŽŶƐƵŵĞƌ ;ŵĂŶLJĨƵŶĐƟŽŶĂůĨŽŽĚƉƌŽĚƵĐƚƐĂƌĞŶĞǁͿƚĂŬĞƚŚĞƌŝƐŬŽĨĂĨĂŝůĞĚƉƵƌĐŚĂƐĞ;ƉĞƌĐĞŝǀĞĚƌŝƐŬͿ͕ĂŶĚ ƚŚƵƐŚĂƐĂĨĞĞůŝŶŐŽĨůŽƐƐ͘dŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐĂƌƟĐůĞŝƐƚŽŝĚĞŶƟĨLJĨĂĐƚŽƌƐŝŶŇƵĞŶĐŝŶŐĐŽŶƐƵŵĞƌ ƌŝƐŬƌĞǀĞĂůĞĚŝŶƚŚĞƉƌŽĐĞƐƐŽĨƉƵƌĐŚĂƐŝŶŐĨƵŶĐƟŽŶĂůĨŽŽĚƐ͘ <ĞLJǁŽƌĚƐ͗ĐŽŶƐƵŵĞƌƌŝƐŬ͕ĨƵŶĐƟŽŶĂůĨŽŽĚ͕ĐŽŶƐƵŵĞƌďĞŚĂǀŝŽƵƌ :>͗ϭϬ͕ϭϮ 424
