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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
hǁĂƌƵŶŬŽǁĂŶŝĂnjĂĐŚŽǁĂŷŶĂďLJǁĐnjLJĐŚĞͲŬŽŶƐƵŵĞŶƚĂ
ǁǁŝĞůŽǁLJŵŝĂƌŽǁĞũƌnjĞĐnjLJǁŝƐƚŽƑĐŝ
ƵƚŽƌ͗ഩ<ĂƚĂƌnjLJŶĂ<ŽůĂƐŝŷƐŬĂͲDŽƌĂǁƐŬĂ
ďƐƚƌĂŬƚ
tƐƉſųĐnjĞƐŶLJŬůŝĞŶƚʹĞͲŬŽŶƐƵŵĞŶƚĨƵŶŬĐũŽŶƵũĞǁǁŝĞůŽǁLJŵŝĂƌŽǁLJŵƑǁŝĞĐŝĞ͕ŐĚnjŝĞƌĞĂůŶĂƌnjĞͲ
ĐnjLJǁŝƐƚŽƑđ ƉƌnjĞƉůĂƚĂ Ɛŝħ nj ǁŝƌƚƵĂůŶLJŵ ŽďƐnjĂƌĞŵ ĨƵŶŬĐũŽŶŽǁĂŶŝĂ͘ hƚƌnjLJŵĂŶŝĞ ƉƌĂǁŝĚųŽǁLJĐŚ
ƌĞůĂĐũŝŵŝħĚnjLJƉƌnjĞĚƐŝħďŝŽƌƐƚǁĞŵĂũĞŐŽŬůŝĞŶƚĂŵŝũĞƐƚƵnjĂůĞǏŶŝŽŶĞŽĚƚĞŐŽ͕ǁũĂŬŝŵƐƚŽƉŶŝƵ
ŽďŝĞ ƐƚƌŽŶLJ njŶĂũČ ƐŝĞďŝĞ ŶĂǁnjĂũĞŵ͘ ůĂ ƉƌnjĞĚƐŝħďŝŽƌƐƚǁ ǁĂǏŶĞ ũĞƐƚ njǁųĂƐnjĐnjĂ ƉŽnjŶĂŶŝĞ ƵǁĂͲ
ƌƵŶŬŽǁĂŷ͕ ŬƚſƌĞ ǁƉųLJǁĂũČ ŶĂ njĂĐŚŽǁĂŶŝĂ ŶŽǁĞŐŽ ŬůŝĞŶƚĂ ʹ ĞͲŬŽŶƐƵŵĞŶƚĂ͘ &ƵŶŬĐũŽŶƵũČĐĞ
ǁŽŬƌĞƑůŽŶLJŵƑƌŽĚŽǁŝƐŬƵũĞĚŶŽƐƚŬŝůƵĚnjŬŝĞŶŝĞƵƐƚĂŶŝĞǁĐŚŽĚnjČnjŶŝŵǁŝŶƚĞƌĂŬĐũĞ͘tĂƌƚLJŬƵůĞ
ĚŽŬŽŶĂŶŽƉƌĞnjĞŶƚĂĐũŝǁLJŶŝŬſǁďĂĚĂŷǁųĂƐŶLJĐŚ͕ƉƌnjĞĚƐƚĂǁŝĞŶŝĂĐŚĂƌĂŬƚĞƌLJƐƚLJŬŝƉƌŽĮůƵŽƌĂnjnjĂͲ
ĐŚŽǁĂŷŬůŝĞŶƚĂĞͲŬŽŶƐƵŵĞŶƚĂ͘WƌĞnjĞŶƚŽǁĂŶLJŵĂƚĞƌŝĂųďĂĚĂǁĐnjLJŽĚŶŽƐŝƐŝħĚŽƵǁĂƌƵŶŬŽǁĂŷ
ƐƚLJŵƵůƵũČĐLJĐŚ ƉƌŽĐĞƐ njĂŬƵƉſǁ Ěſďƌ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ ǁ /ŶƚĞƌŶĞĐŝĞ ŶĂ ƉƌnjLJŬųĂĚnjŝĞ WŽůƐŬŝ͘
DĂƚĞƌŝĂų ŶŝŶŝĞũƐnjLJ ŵŽǏĞ ƐƚĂŶŽǁŝđ ƉŽŵŽĐŶĞ ŶĂƌnjħĚnjŝĞ ƌĞŬŽŵĞŶĚĂĐũŝ ĚůĂ ƉŽĚŵŝŽƚſǁ ŚĂŶĚůƵ
ĚĞƚĂůŝĐnjŶĞŐŽ͕ ŬƚſƌĞ ǁLJŬŽƌnjLJƐƚƵũČ ďČĚǍ ǁ ƉƌnjLJƐnjųŽƑĐŝ njĂŵŝĞƌnjĂũČ ǁLJŬŽƌnjLJƐƚLJǁĂđ ŬĂŶĂų ŽŶůŝŶĞ͘
WŽnjŶĂŶŝĞ ƵǁĂƌƵŶŬŽǁĂŷ ǁƉųLJǁĂũČĐLJĐŚ ŶĂ njĂĐŚŽǁĂŶŝĂ ŶĂďLJǁĐnjĞ ŬůŝĞŶƚſǁ ĞͲŬŽŶƐƵŵĞŶƚſǁ
ĨƵŶŬĐũŽŶƵũČĐLJĐŚǁǁŝĞůŽǁLJŵŝĂƌŽǁĞũƌnjĞĐnjLJǁŝƐƚŽƑĐŝŵŽǏĞƐƚĂŶŽǁŝđŝƐƚŽƚŶČƉŽŵŽĐǁƉƌŽĐĞƐĂĐŚ
ƌĞůĂĐũŝŬŽŵƵŶŝŬĂĐLJũŶŽͲƚƌĂŶƐĂŬĐLJũŶŽͲƐƉŽųĞĐnjŶLJĐŚƉŽŵŝħĚnjLJƵĐnjĞƐƚŶŝŬĂŵŝŐƌLJƌLJŶŬŽǁĞũ͘
^ųŽǁĂŬůƵĐnjŽǁĞ͗ŬůŝĞŶƚ͕ĞͲŬŽŶƐƵŵĞŶƚ͕/ŶƚĞƌͲŶĞƚ͕
ŚĂŶĚĞů͕ ƉƌŽĐĞƐ njĂŬƵƉŽǁLJ͕ ƑƌŽĚŽǁŝƐŬŽ ŐŽƐƉŽͲ
ĚĂƌĐnjĞ
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,ŝƐƚŽƌŝĂ͗ŽƚƌnjLJŵĂŶŽ/sŬǁĂƌƚĂųϮϬϭϰ͕ƉŽƉƌĂǁŝŽͲ
ŶŽϯ͘Ϭϭ͘ϮϬϭϱ͕njĂĂŬĐĞƉƚŽǁĂŶŽϮϭ͘Ϭϰ͘ϮϬϭϱ
tƐƚħƉ
ƌŽůħĚĞƚĞƌŵŝŶĂŶƚĂ͕ŝŶŝĐũƵũČĐƌſǏŶŽƌŽĚŶĞƉƌŽĐĞƐLJ
ŬƌĞƵũČĐĞ ŶŽǁČ ǁŝĞůŽǁLJŵŝĂƌŽǁČ ƌnjĞĐnjLJǁŝƐƚŽƑđ͘
ŐƌĞŐĂƚĞŵ ŝ ĂŬĐĞůĞƌĂƚŽƌĞŵ ƚĞŐŽ ƉƌŽĐĞƐƵ ũĞƐƚ
ŽďĞĐŶŝĞƐŝĞđƐŝĞĐŝ͕ĐnjLJůŝ/ŶƚĞƌŶĞƚ2͕ŬƚſƌLJŶĂďĂnjŝĞ
ǁŝnjƵĂůŶĞũ ŽƌĂnj ĚǍǁŝħŬŽǁĞũ ŬŽŵƵŶŝŬĂĐũŝ ƐƉƌnjLJũĂ
ŬƌĞĂĐũŝ ŝŶƚĞƌĂŬƚLJǁŶLJĐŚ ĨŽƌŵƵų ŝƐƚŶŝĞŶŝĂ ƌĞůĂĐLJũͲ
ŶĞŐŽ ƉŽŵŝħĚnjLJ ƉŽĚŵŝŽƚĂŵŝ ǁƐƉſųƚǁŽƌnjČĐLJŵŝ
ǁƐnjĞĐŚͲŝƐƚŽƚħŵƵůƟƐŝĞĐŝŽǁĞũƐƉŽųĞĐnjŶŽƑĐŝƉƌnjĞͲ
ƐƚƌnjĞŶŝƐƉŽųĞĐnjŶŽͲŐŽƐƉŽĚĂƌĐnjĞũ͘
ŵŝĞŶŝĂ Ɛŝħ ƑǁŝĂƚ͘ ŵŝĞŶŝĂũČ Ɛŝħ ŬůŝĞŶĐŝͲŬŽŶͲ
ƐƵŵĞŶĐŝ͘ ŵŝĞŶŝĂũČ Ɛŝħ ƉƌnjĞĚƐŝħďŝŽƌƐƚǁĂ͘
tnjĂũĞŵŶĂǁƐƉſųnjĂůĞǏŶŽƑđƚǁŽƌnjLJƐLJŵďŝŽƚLJĐnjŶLJ
ZŽnjǁſũ ĐLJǁŝůŝnjĂĐLJũŶLJ ƐƉŽųĞĐnjĞŷƐƚǁ ƉƌnjĞďŝĞŐĂų
ŝ ƉƌnjĞďŝĞŐĂ ǁ ƌſǏŶŽƌŽĚŶLJĐŚ ŽďƐnjĂƌĂĐŚ͕ ǁ ƚLJŵ
ŵŝħĚnjLJ ŝŶŶLJŵŝ ƵƌďĂŶŝƐƚLJĐnjŶLJŵ͕ ŐŽƐƉŽĚĂƌĐnjLJŵ
ŽƌĂnj ƚĞĐŚŶŽůŽŐŝĐnjŶLJŵ͘ KƐƚĂƚŶŝ ŽŬƌĞƐ njĚŽŵŝͲ
ŶŽǁĂŶLJ ũĞƐƚ ƉƌnjĞnj ƌŽƐŶČĐĞ njŶĂĐnjĞŶŝĞ ǁŝĞĚnjLJ͘
'ůŽƌLJĮŬƵũĞ ŽŶ njŵŝĂŶLJ ǁ ŽďƐnjĂƌnjĞ ŝŶĨŽƌŵĂĐLJũͲ
ŶLJŵͣ͘KďĞĐŶŝĞĐLJǁŝůŝnjĂĐũĂnjŶĂũĚƵũĞƐŝħǁŽŬƌĞƐŝĞ
ƐƉŽųĞĐnjĞŷƐƚǁĂ ŝŶĨŽƌŵĂĐLJũŶĞŐŽ1͕ ŬƚſƌĞ ƌŽnjǁŝũĂđ
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ŝ ŝŶ͘ ϮϬϬϵ͗ ϭϭͿ͘ /ŶĨŽƌŵĂĐũĂ nj ŵŽǏůŝǁŽƑĐŝĂŵŝ ũĞũ
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ƌŽnjǁŽũƵ ƐƉŽųĞĐnjĞŷƐƚǁ ŽĚŐƌLJǁĂ ǁƐƉſųĐnjĞƑŶŝĞ
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The Wroclaw School of Banking Research Journal I ISSN 1643-7772 I eISSN 2392-1153 I Vol. 15 I No. 3
ƵŬĂnjƵũČĐĞ ƵǁĂƌƵŶŬŽǁĂŶŝĂ͕ ũĂŬŝŵ ƉŽĚůĞŐĂũČ
ŬůŝĞŶƚ ĞͲŬŽŶƐƵŵĞŶƚ͕ ǁLJƚǁſƌ ŝ ƌĞĂůŝnjĂƚŽƌ njŵŝĂŶ
ƐŝĞĐŝŽǁĞũƌnjĞĐnjLJǁŝƐƚŽƑĐŝǁnjĂǁħǏĞŶŝƵĚŽƌLJŶŬƵ
ĚſďƌĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵ͘
ƐLJƐƚĞŵ ǁƐƉſųnjĂůĞǏŶŽƑĐŝ ŝ ǁƐƉſųŽĚĚnjŝĂųLJǁĂŷ͘
t ƚĞŶ ŶƵƌƚ ǁƉŝƐƵũČ Ɛŝħ ũĞĚŶŽƐƚŬŝ ŚĂŶĚůŽǁĞ͘
WŽǁƐƚĂǁĂŶŝĞŝĚnjŝĂųĂŶŝĞŶŝĞũĞƐƚƚƵnjǁŝČnjĂŶĞũĞͲ
ĚLJŶŝĞnjǁLJŵŝĂƌĞŵƌnjĞĐnjLJǁŝƐƚLJŵ͘tĚŽďŝĞŝŶĨŽƌͲ
ŵĂĐũŝ ŝ ŝŶĨŽƌŵĂƚLJnjĂĐũŝ ƉƌnjĞĚƐŝħďŝŽƌƐƚǁĂ ƐƉƌnjĞͲ
ĚĂǏŽǁĞ͕ ƉŽĚČǏĂũČĐ njĂ ŬůŝĞŶƚĞŵ͕ ƉŽũĂǁŝĂũČ Ɛŝħ
ǁƐnjħĚnjŝĞƚĂŵ͕ŐĚnjŝĞŝŽŶŵŽǏĞƉŽƚĞŶĐũĂůŶŝĞďLJđ͘
ĚƌƵŐŝĞũƐƚƌŽŶLJ͕ǁƐƉſųŝƐƚŶŝĞũČĐǁƉŽŶĂĚǁLJŵŝĂͲ
ƌŽǁŽƑĐŝ ũĂŬŽ ƐŬųĂĚŽǁĂ ǁŝĞůŽǁLJŵŝĂƌŽǁĞũ ƌnjĞͲ
ĐnjLJǁŝƐƚŽƑĐŝ͕ƐƚŽƐƵũČƌŽnjǁŝČnjĂŶŝĂŽƉĂƌƚĞŽŶŽǁĞ
ƚĞĐŚŶŽůŽŐŝĞŝŶƚĞƌŶĞƚŽǁĞ͕ƐƚĂŶŽǁŝČĐƚLJŵƐĂŵLJŵ
ŽŬƐnjƚĂųĐŝĞŝƌĞŐƵųĂĐŚǁƚĞũǏĞƉƌnjĞƐƚƌnjĞŶŝ͘
ĞůĞŵ ĂƌƚŬƵųƵ ũĞƐƚ ƉƌnjĞĚƐƚĂǁŝĞŶŝĞ ƵǁĂƌƵŶŬŽͲ
ǁĂŷ njĂĐŚŽǁĂŷ ŶĂďLJǁĐnjLJĐŚ ĞͲŬŽŶƐƵŵĞŶƚſǁ
ŬƌĞŽǁĂŶLJĐŚ ƉƌnjĞnj ǁŝĞůŽǁLJŵŝĂƌŽǁČ ƉƌnjĞͲ
ƐƚƌnjĞŷ ƌĞĂůŝnjĂĐũŝ ŝŶŶŽǁĂĐLJũŶLJĐŚ ƚĞĐŚŶŽůŽŐŝŝ
ŝŶƚĞƌŶĞƚŽǁLJĐŚ͘
ZŽnjǁĂǏĂŶŝĂ njĂǁĂƌƚĞ ŶĂ ƉŽĐnjĞƚ ƌĞĂůŝnjĂĐũŝ ĐĞůƵ
ŽĚŶŝĞƐŝŽŶĞ njŽƐƚĂųLJ ĚŽ ƉƌŽĐĞƐſǁ ŶĂďLJǁĐnjLJĐŚ
ƌĞĂůŝnjŽǁĂŶLJĐŚ ƉƌnjĞnj ĞͲŬŽŶƐƵŵĞŶƚſǁ ĚůĂ Ěſďƌ
ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ ;&D'Ϳ 3͘ t WŽůƐĐĞ ũĞƐƚ ƚŽ
ŽďĞĐŶŝĞ ƌĂĐnjŬƵũČĐLJ ŽďƐnjĂƌ͕ ĚůĂƚĞŐŽ njĚĂŶŝĞŵ
ĂƵƚŽƌŬŝǁĂƌƚŽƉŽĐŚLJůŝđƐŝħŶĂĚŶŝŵũĂŬŽŽďƐnjĂͲ
ƌĞŵ ďĂĚĂǁĐnjLJŵ͕ ďLJ ƉŽnjŶĂđ ƐŬųĂĚŽǁĞ ŽĚĚnjŝĂͲ
ųƵũČĐĞ ŶĂ ĚLJƐůŽŬĂĐũħ ŬůŝĞŶƚſǁ ŶĂďLJǁĂũČĐLJĐŚ
ĚŽďƌĂ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ njĞ ƑǁŝĂƚĂ ƌĞĂůŶĞŐŽ
ǁ ǁŝƌƚƵĂůŶLJ͘ ǁųĂƐnjĐnjĂ ǁĂƌƚŽ ƉŽnjŶĂđ ƚŽ͕ ƐŬČĚ
ĐnjĞƌƉŝČŝŶĨŽƌŵĂĐũĞŽƌĂnjũĂŬŝŵŝŬƌLJƚĞƌŝĂŵŝŬŝĞƌƵͲ
ũČƐŝħǁǁLJďŽƌnjĞ/ŶƚĞƌŶĞƚƵŶĂŵŝĞũƐĐĞnjĂŬƵƉſǁ͕
ŬƚſƌĞ ƚŽ ĞůĞŵĞŶƚLJ ǁƉŝƐƵũČ Ɛŝħ ǁ ŶƵƌƚ ƵǁĂƌƵŶͲ
ŬŽǁĂŷ ƐƚĂŶŽǁŝČĐLJĐŚ Ž ƉƌnjLJƐnjųŽƑĐŝ ƉƌŽĐĞƐſǁ
ĚLJƐƚƌLJďƵĐLJũŶLJĐŚ͘
WŽĚƐƚĂǁħ ǍƌſĚųŽǁČ ŶŝŶŝĞũƐnjĞŐŽ ŵĂƚĞƌŝĂųƵ ƐƚĂͲ
ŶŽǁŝČƉƵďůŝŬŽǁĂŶĞƌĂƉŽƌƚLJnjďĂĚĂŷ;:ĂĐŝŽǁŝŝŶ͘
ϮϬϭϯͿŽƌĂnjŵĂƚĞƌŝĂųĂƵƚŽƌŬŝŐƌŽŵĂĚnjŽŶLJǁƚŽŬƵ
ǁĐnjĞƑŶŝĞũƐnjLJĐŚďĂĚĂŷǁųĂƐŶLJĐŚ4͘dĂŬŝnjĂƐſďnjŽͲ
ƐƚĂų ƉŽƚƌĂŬƚŽǁĂŶLJ ũĂŬŽ ďĂnjĂ ĞŬƐƉůŽƌĂĐLJũŶĂ ĚŽ
njĂƉƌŽũĞŬƚŽǁĂŶŝĂ ŝ ƉƌnjĞƉƌŽǁĂĚnjĞŶŝĂ ǁ ŵĂƌĐƵ
ϮϬϭϰ ƌŽŬƵ ďĂĚĂŷ ƉŝĞƌǁŽƚŶLJĐŚ ĚŽƚLJĐnjČĐLJĐŚ njĂͲ
ĐŚŽǁĂŷ njĂŬƵƉŽǁLJĐŚ ĞͲŬŽŶƐƵŵĞŶƚſǁ ŶĂďLJǁĂͲ
ũČĐLJĐŚĚŽďƌĂĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵ͘
ZŽnjǁĂǏĂŶŝĂ njĂǁĂƌƚĞ ǁ ƉŽŶŝǏƐnjLJŵ ŵĂƚĞƌŝĂůĞ
ƌŽnjƉŽĐnjLJŶĂ ĐnjħƑđ ƉƌĞnjĞŶƚƵũČĐĂ /ŶƚĞƌŶĞƚ ũĂŬŽ
ĐnjLJŶŶŝŬ ƐƉƌĂǁĐnjLJ ǁĂƌƵŶŬƵũČĐLJ nj ũĞĚŶĞũ ƐƚƌŽͲ
ŶLJ ĨƵŶŬĐũŽŶŽǁĂŶŝĞ ǁƐƉſųĐnjĞƐŶLJĐŚ ƉƌnjĞĚƐŝħͲ
ďŝŽƌƐƚǁ͕ njĂƑ nj ĚƌƵŐŝĞũ ŬƌĞƵũČĐLJ ŶŽǁĞŐŽ ŬůŝĞŶƚĂ
ʹĞͲŬŽŶƐƵŵĞŶƚĂũĂŬŽĞŐnjĞŵƉůŝĮŬĂĐũħnjŵŝĂŶŐŽͲ
ƐƉŽĚĂƌĐnjLJĐŚ͘tƚLJŵŬŽŶƚĞŬƑĐŝĞĚŽŬŽŶĂŶŽ ƉƌĞͲ
njĞŶƚĂĐũŝ ǁƐƉſųĐnjĞƐŶĞŐŽ ŬůŝĞŶƚĂ ĞͲŬŽŶƐƵŵĞŶƚĂ͘
EĂ ƚĞũ ǁĂƌƐƚǁŝĞ njĂƉƌĞnjĞŶƚŽǁĂŶŽ ǁLJŶŝŬŝ ďĂĚĂŷ
/ŶƚĞƌŶĞƚŝŶƚĞŐƌĂƚŽƌĞŵƐƉŽųĞĐnjĞŷƐƚǁĂ
ŝŶĨŽƌŵĂĐLJũŶĞŐŽĨƵŶŬĐũŽŶƵũČĐĞŐŽǁŶŽǁĞũ
ƉƌnjĞƐƚƌnjĞŶŝŬŽŵƵŶŝŬĂĐLJũŶŽͲƚƌĂŶƐĂŬĐLJũŶĞũ
ZŽnjǁſũƐƉŽųĞĐnjĞŷƐƚǁĂŝŶĨŽƌŵĂĐũŝ͕ďħĚČĐŶŝĞũĂŬŽ
ǁLJŶŝŬŝĞŵ ƉŽƐƚħƉƵ ƚĞĐŚŶŝĐnjŶŽͲƚĞĐŚŶŽůŽŐŝĐnjŶĞͲ
ŐŽ ;'ƌŽƐƐŵĂŶŶ ϭϵϵϱ͕ ŚĞůƚĞŶŚĂŵ ϭϵϵϳͿ͕ ũĞƐƚ
ƌĞƉƌĞnjĞŶƚĂĐũČnjŵŝĂŶ͕ũĂŬŝĞŽďũħųLJƐƉŽųĞĐnjŶLJi ŐŽͲ
ƐƉŽĚĂƌĐnjLJƑǁŝĂƚyy/ǁŝĞŬƵ͘dĂŬŝƐƚĂŶƌnjĞĐnjLJnjŶĂũͲ
ĚƵũĞǁLJƌĂnjǁƐƉŽƐŽďŝĞĨƵŶŬĐũŽŶŽǁĂŶŝĂnjĂƌſǁŶŽ
ŽƌŐĂŶŝnjĂĐũŝ͕ũĂŬi njǁLJŬųLJĐŚŽďLJǁĂƚĞůŝ͘<ŽŵƉƵƚĞƌLJ
njĞƐƉŽůŽŶĞǁƐŝĞđƚŽǁĂƌnjLJƐnjČǁnjǁLJŬųĞũůƵĚnjŬŝĞũ
ĐŽĚnjŝĞŶŶŽƑĐŝ͕ƉƌnjĞƚǁĂƌnjĂũČĐĚĂŶĞ͕ǁƉŝĞƌĂũČƉƌŽͲ
ĐĞƐLJ ďĂĚĂŷ i ĂŶĂůŝnj͘ tŝnjLJƚſǁŬŝ͕ ƐƚƌŽŶLJ ŝŶƚĞƌŶĞͲ
ƚŽǁĞ͕ƉŽĐnjƚĂĞůĞŬƚƌŽŶŝĐnjŶĂ͕ƉŽƌƚĂůĞŽƌĂnjŬŽŵƵͲ
ŶŝŬĂƚŽƌLJƚŽƚLJůŬŽŶŝĞŬƚſƌĞnjǁŝĞůƵƌĞƉƌĞnjĞŶƚĂĐũŝ͕
ũĂŬŝĞŽĨĞƌƵũĞǁŝƌƚƵĂůŶĂƉƌnjĞƐƚƌnjĞŷ͘LJŶĂŵŝĐnjŶĞ
ƌŽnjƉƌnjĞƐƚƌnjĞŶŝĂŶŝĞ Ɛŝħ ŝŶŶŽǁĂĐLJũŶLJĐŚ ƚĞĐŚŶŽͲ
ůŽŐŝŝ ŽƉĂƌƚLJĐŚ ŶĂ ĞůĞŬƚƌŽŶŝĐnjŶLJĐŚ ƐLJƐƚĞŵĂĐŚ
ŝŶĨŽƌŵĂĐũŝ /d5 ŽƉĂŶŽǁƵũČ ĐŽƌĂnj ƐnjĞƌƐnjĞ ŽďͲ
ƐnjĂƌLJ ƐƉŽųĞĐnjŶŽͲĞŬŽŶŽŵŝĐnjŶĞ͕ ǁ ƚLJŵ ŽďƌŽƚƵ
ƚŽǁĂƌŽǁĞŐŽ͘
dLJůŬŽǁWŽůƐĐĞǁϮϬϭϯƌ͘ŬŽŵƉƵƚĞƌLJǁLJŬŽƌnjLJƐƚLJͲ
ǁĂųŽϵϱйƉƌnjĞĚƐŝħďŝŽƌƐƚǁ͕ǁƚLJŵƉƌĂǁŝĞǁƐnjLJƐƚͲ
ŬŝĞƉŽĚŵŝŽƚLJĚƵǏĞ͘ŽƐƚħƉĚŽ/ŶƚĞƌŶĞƚƵƉŽƐŝĂͲ
ĚĂųŽ ƉƌĂǁŝĞ ϵϰй ƉƌnjĞĚƐŝħďŝŽƌƐƚǁ͘ EĂũĐnjħƑĐŝĞũ
ƉƌnjĞĚƐŝħďŝŽƌƐƚǁĂ ŬŽƌnjLJƐƚĂųLJ nj ųČĐnjLJ ƐnjĞƌŽŬŽͲ
ƉĂƐŵŽǁLJĐŚ ;ϴϯйͿ͘ hǏLJǁĂŶŝĞ ŵŽďŝůŶLJĐŚ ųČĐnjLJ
ƐnjĞƌŽŬŽƉĂƐŵŽǁLJĐŚnjĚĞŬůĂƌŽǁĂųŽϰϰйƉƌnjĞĚƐŝħͲ
ďŝŽƌƐƚǁ͘tƚLJŵƚĞǏǁϮϬϭϯƌ͘ƚƌnjLJĐnjǁĂƌƚĞŐŽƐƉŽͲ
ĚĂƌƐƚǁnjĐŽŶĂũŵŶŝĞũũĞĚŶČŽƐŽďČǁǁŝĞŬƵϭϲͲϳϰ
ůĂƚĂ ďLJųŽ ǁLJƉŽƐĂǏŽŶLJĐŚ ǁ ŬŽŵƉƵƚĞƌ͘ ǁŝħŬƐnjĂ
ƐŝħƌſǁŶŝĞǏŽĚƐĞƚĞŬŐŽƐƉŽĚĂƌƐƚǁƉŽƐŝĂĚĂũČĐLJĐŚ
ĚŽƐƚħƉ ĚŽ /ŶƚĞƌŶĞƚƵ͕ ŬƚſƌLJ ǁ ϮϬϭϯ ƌ͘ ŽƐŝČŐŶČų
ƉŽnjŝŽŵϳϮй͕ƉƌnjLJĐnjLJŵϲϵйŐŽƐƉŽĚĂƌƐƚǁŬŽƌnjLJͲ
ƐƚĂųŽnjųČĐnjLJƐnjĞƌŽŬŽƉĂƐŵŽǁLJĐŚ;^ƉŽųĞĐnjĞŷƐƚǁŽ
ŝŶĨŽƌŵĂĐLJũŶĞǁWŽůƐĐĞǁϮϬϭϯƌ͘Ϳ͘
WŽĚŵŝŽƚLJ ŐŽƐƉŽĚĂƌĐnjĞ͕ ŬŽŶƚĂŬƚƵũČĐ Ɛŝħ nj ŬůŝĞŶͲ
ƚĂŵŝ͕ǁLJŬŽƌnjLJƐƚƵũČƐLJƐƚĞŵLJŬŽŵƵŶŝŬĂĐũŝŽƉĂƌƚĞ
Ž/ŶƚĞƌŶĞƚ͕ǁƚLJŵ͗ǁŝnjLJƚſǁŬŝŝŶƚĞƌŶĞƚŽǁĞ͕ƐƚƌŽͲ
ŶLJ͕ ƉŽĐnjƚĂ ĞͲŵĂŝů͕ ŬŽŵƵŶŝŬĂƚŽƌLJ͕ ĨŽƌĂ ĚLJƐŬƵƐLJũͲ
ŶĞ͕ ƐĞƌǁŝƐLJ ƐƉŽųĞĐnjŶŽƑĐŝŽǁĞ͕ ƐƉĞĐũĂůŝƐƚLJĐnjŶĞ
7HFKQRORJLD,7MHVWGH¿QLRZDQDMDNR]GRE\ZDQLH
SU]HWZDU]DQLH SU]HFKRZ\ZDQLH L SUH]HQWRZDQLH
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RSURJUDPRZDQLD RUD] PLNURHOHNWURQLNL L WHOHNRPXQLNDFML 1D SRGVWDZLH + & /XNDV Information
Systems Concepts for Management. 0F*UDZ+LOO
%RRN&RPSDQ\1RZ\-RUNV
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356
<ĂƚĂƌnjLJŶĂ<ŽůĂƐŝŷƐŬĂͲDŽƌĂǁƐŬĂͮhǁĂƌƵŶŬŽǁĂŶŝĂnjĂĐŚŽǁĂŷŶĂďLJǁĐnjLJĐŚĞͲŬŽŶƐƵŵĞŶƚĂǁǁŝĞůŽǁLJŵŝĂƌŽǁĞũƌnjĞĐnjLJǁŝƐƚŽƑĐŝ
ƌŽǁŶ^D'ͬ<ZnjĂϮϬϭϬƌŽŬͿ͘tĞĚųƵŐƌĂƉŽƌƚƵ
/ŶƚĞƌŶĞƚ^ƚĂŶĚĂƌĚ ĞŽŵŵĞƌĐĞ ϮϬϭϬ ǁ WŽůƐĐĞ
ƉƌnjĞĚƐŝħďŝŽƌƐƚǁĂŽĨĞƌƵũČĐĞƐƉƌnjĞĚĂǏĚſďƌ&D'
ŽŶůŝŶĞƐƚĂŶŽǁŝųLJǁϮϬϭϬƌŽŬƵďůŝƐŬŽϮƉƌŽĐ͘ĚnjŝĂͲ
ųĂũČĐLJĐŚŽŐſůŶŝĞƐŬůĞƉſǁŝŶƚĞƌŶĞƚŽǁLJĐŚ͘tƚLJŵ
ŽŬƌĞƐŝĞŝĐŚŽďƌŽƚLJŽƐŝČŐŶħųLJŽŬŽųŽϭϱϬŵůŶnjų͕ĐŽ
ƐƚĂŶŽǁŝϬ͕ϭͲϬ͕ϮйǁĂƌƚŽƑĐŝĐĂųĞŐŽƌLJŶŬƵƐƉŽǏLJǁͲ
ĐnjĞŐŽ;ZĂƉŽƌƚ/ŶƚĞƌŶĞƚ^ƚĂŶĚĂƌĚĞŽŵŵĞƌĐĞnjĂ
ϮϬϭϬƌŽŬͿ͘<ŽůĞũŶLJƌĂƉŽƌƚ͕ƚLJŵƌĂnjĞŵED/ŶĐŝƚĞ͕
ƌſǁŶŝĞǏ ǁƐŬĂnjƵũĞ ŶĂ ĚŽƑđ ĚLJŶĂŵŝĐnjŶLJ ƌŽnjǁſũ
ƐĞŬƚŽƌĂ ŝŶƚĞƌŶĞƚŽǁLJĐŚ ƐŬůĞƉſǁ ƐƉŽǏLJǁĐnjLJĐŚ͘
WƌŽŐŶŽnjĂŽďƌŽƚſǁŝŶƚĞƌŶĞƚŽǁLJĐŚƐŬůĞƉſǁƐƉŽͲ
ǏLJǁĐnjLJĐŚǁϮϬϭϰƌŽŬƵŵſǁŝųĂŽƐĐLJůŽǁĂųĂǁŽŬſų
ŬǁŽƚLJ ϰϱϬ ŵůŶ njų͘ t ƉĞƌƐƉĞŬƚLJǁŝĞ ƉŝħĐŝƵ͕ ƐnjĞͲ
ƑĐŝƵůĂƚƌLJŶĞŬƉƌnjĞĚƐŝħďŝŽƌƐƚǁĚĞƚĂůŝĐnjŶLJĐŚŽĨĞͲ
ƌƵũČĐLJĐŚ ĚŽďƌĂ &D' ʹ ĞͲŐƌŽĐĞƌLJ ǁnjƌŽƑŶŝĞ ĚŽ
ϭ͕ϱй͕ĂǁſǁĐnjĂƐǁĂƌƚŽƑđƚĞŐŽƐĞŐŵĞŶƚƵƉƌnjĞͲ
ŬƌŽĐnjLJϭ͕ϱŵůĚnjųƌŽĐnjŶŝĞ͘<ůŝĞŶĐŝũƵǏŶŝĞŵƵƐnjČ
ĮnjLJĐnjŶŝĞ ƉŽũĂǁŝĂđ Ɛŝħ ǁ ƉĂůĐſǁĐĞ ŚĂŶĚůŽǁĞũ
ƉŽƚŽ͕ďLJŬƵƉŝđĂƌƚLJŬƵųLJƐƉŽǏLJǁĐnjĞ͘dŽŶŝĞŬůŝĞŶƚ
ǁLJĐŚŽĚnjŝ ĚŽ ƐŬůĞƉƵ͘ dŽ ƐŬůĞƉ ĚŽĐŝĞƌĂ ĚŽ ŬůŝĞŶͲ
ƚĂ͘ ͲŬŽŶƐƵŵĞŶƚ ŵŽǏĞ ŬƵƉŽǁĂđ ƉƌĂŬƚLJĐnjŶŝĞ
ǁ ĚŽǁŽůŶLJŵ ŵŝĞũƐĐƵ͘ Ă ŬŝůŬĂ ůĂƚ ŶŝĞ ƉŽǁŝŶŶŽ
ŶĂƐ ďLJŶĂũŵŶŝĞũ Ěnjŝǁŝđ͕ ǏĞ ŬĂǏĚLJ͕ ŶĂǁĞƚ ŵĂųLJ
ƐŬůĞƉŝŬ ďħĚnjŝĞ ƉŽƐŝĂĚĂų ƐǁŽũČ ƌĞƉƌĞnjĞŶƚĂĐũħ
ǁ/ŶƚĞƌŶĞĐŝĞ͘
ƐĞƌǁŝƐLJ ƚĞŵĂƚLJĐnjŶĞ ŽƌĂnj ǁŝƌƚƵĂůŶĞ ũĞĚŶŽƐƚŬŝ
ŽƌŐĂŶŝnjĂĐLJũŶĞ͕ ĐŽ ǁ ǁLJĚĂŶŝƵ ƉƌnjĞĚƐŝħďŝŽƌƐƚǁ
ŚĂŶĚůŽǁLJĐŚŽnjŶĂĐnjĂĞͲƐŬůĞƉLJŝƉůĂƞŽƌŵLJĞͲŚĂŶͲ
ĚůƵ͘ tŝƌƚƵĂůŶĂ ƌnjĞĐnjLJǁŝƐƚŽƑđ ǁLJŵƵƐŝųĂ ŶĂ
ƉƌnjĞĚƐŝħďŝŽƌƐƚǁĂĐŚ ŚĂŶĚůŽǁLJĐŚ ƉŽĚČǏĂŶŝĞ njĂ
ŬůŝĞŶƚĞŵ ǁƐnjħĚnjŝĞ ƚĂŵ͕ ŐĚnjŝĞ ŽŶ Ɛŝħ njŶĂũĚƵũĞ͘
ĂƚĞŵƉŽĚČǏĂŶŝĞnjĂĞͲŬůŝĞŶƚĞŵĨƵŶŬĐũŽŶƵũČĐLJŵ
ǁǁŝƌƚƵĂůŶLJŵƑǁŝĞĐŝĞǁŝČǏĞƐŝħnjŬŽŶŝĞĐnjŶŽƑĐŝČ
ǁŝƌƚƵĂůŝnjĂĐũŝĨŽƌŵƵųŝƐƚŶŝĞŶŝĂũĞĚŶŽƐƚĞŬƐƉƌnjĞĚĂͲ
ǏŽǁLJĐŚ͘^ŬƵƚŬƵũĞƚŽƉƌŽǁĂĚnjĞŶŝĞŵĚnjŝĂųĂůŶŽƑĐŝ
ǁ/ŶƚĞƌŶĞĐŝĞ͘
,ĂŶĚĞů ĞůĞŬƚƌŽŶŝĐnjŶLJ ǁ WŽůƐĐĞ ŽĚŐƌLJǁĂ ĐŽƌĂnj
ǁŝħŬƐnjČƌŽůħ͕ƚũ͘ƌŽƑŶŝĞũĞŐŽǁĂƌƚŽƑđ͕ũĂŬŝƵĚnjŝĂų
ǁ W<͕ Ă ǁŬųĂĚ ǁ ĐĂųŽƑđ ŚĂŶĚůƵ ĚĞƚĂůŝĐnjŶĞŐŽ
ƐŝħŐĂũƵǏϯ͕ϭй;ǁƵƌŽƉŝĞĂĐŚŽĚŶŝĞũ͕ŐĚnjŝĞƉŽͲ
ǁƐnjĞĐŚŶŝĞũƐnjĞ ďLJųLJ ŬĂƚĂůŽŐŝ ǁLJƐLJųŬŽǁĞ͕ ƵĚnjŝĂų
ƚĞŶ ǁLJŶŽƐŝ ŶƉ͗͘ ǁĞ &ƌĂŶĐũŝ ϳ͕ϯй͕ ǁ EŝĞŵĐnjĞĐŚ
ϵй͕njĂƑǁtŝĞůŬŝĞũƌLJƚĂŶŝŝϭϮйͿʹƐƚĂŶŶĂϮϬϭϭ
ƌ͘ ǁŐ ƌĂƉŽƌƚƵ /ŶƚĞƌŶĞƚ ^ƚĂŶĚĂƌĚ ĞͲĐŽŵŵĞƌĐĞ
ϮϬϭϭ;ŝĐŚŽŷŝŝŶ͘ϮϬϭϯ͗ϭϴͿ͘tĂƌƚŽƑđƐƉƌnjĞĚĂǏLJ
ĚĞƚĂůŝĐnjŶĞũǁWŽůƐĐĞũĞƐƚƐnjĂĐŽǁĂŶĂƉƌnjĞnjWDZ
ŶĂϭϳ͕ϵŵůĚW>EŝƌŽŬƌŽĐnjŶŝĞǁnjƌĂƐƚĂŽŬŝůŬĂŶĂͲ
ƑĐŝĞƉƌŽĐĞŶƚ;DĂnjƵƌŬŝĞǁŝĐnjͿ͘
WŽƐƚħƉƵũČĐĂ ŝŶƚĞƌŶĞƚLJnjĂĐũĂ ƉƌŽĐĞƐſǁ njĂŬƵƉŽͲ
ǁLJĐŚ ƚŽ ƐƚŽƉŶŝŽǁĞ ƉƌnjĞŶŝĞƐŝĞŶŝĞ ŵŝĞũƐĐ njĂͲ
ŬƵƉſǁ nj ƌĞĂůŶĞũ ƌnjĞĐnjLJǁŝƐƚŽƑĐŝ ƚƌĂĚLJĐLJũŶLJĐŚ
ƉůĂĐſǁĞŬ ŚĂŶĚůŽǁLJĐŚ ǁ ǁŝƌƚƵĂůŶČ ƉƌnjĞƐƚƌnjĞŷ
/ŶƚĞƌŶĞƚƵ͘ Ž ĚnjŝĂųĂŷ ƐƉƌnjĞĚĂǏŽǁLJĐŚ ƐŝĞĐŝŽǁĞ
ƉƌnjĞĚƐŝħďŝŽƌƐƚǁĂ ŚĂŶĚůƵ ĚĞƚĂůŝĐnjŶĞŐŽ ƉŽĚĐŚŽͲ
ĚnjČŬŽŵƉůĞŬƐŽǁŽ͕njŐŽĚŶŝĞnjƚLJŵ͕ũĂŬƉƌnjĞďŝĞŐĂ
ƉƌŽĐĞƐ ƉŽĚĞũŵŽǁĂŶŝĂ ĚĞĐLJnjũŝ ŬŽŶƐƵŵĞŶĐŬŝĐŚ͘
hǁnjŐůħĚŶŝĂũČĐƉƌnjLJƚLJŵĨĂŬƚ͕ǏĞǁLJďſƌĨŽƌŵƵųLJ
njĂŬƵƉſǁ͕ ƉůĂĐſǁĞŬ ŚĂŶĚůŽǁLJĐŚ ŽƌĂnj ƉƌŽĚƵŬͲ
ƚſǁ ũĞƐƚ ǁLJƉĂĚŬŽǁČ ƐƉŽƐŽďƵ ŬŽŵƵŶŝŬĂĐũŝ ƉůĂͲ
ĐſǁŬĂͲŽƚŽĐnjĞŶŝĞ ŽƌĂnj ĐŚĂƌĂŬƚĞƌLJƐƚLJŬ ůĞǏČĐLJĐŚ
ƉŽ ƐƚƌŽŶŝĞ ŬůŝĞŶƚĂ͗ ĞŬŽŶŽŵŝĐnjŶLJĐŚ ŝ ďĞŚĂǁŝŽͲ
ƌĂůŶLJĐŚ͘WƌŽĐĞƐƚĞŶǁĚŽďŝĞŬŽƌnjLJƐƚĂŶŝĂnjŶŽǁŽͲ
ĐnjĞƐŶLJĐŚƌŽnjǁŝČnjĂŷƚĞĐŚŶŽůŽŐŝĐnjŶLJĐŚƐĐĂůĂƐŬųĂͲ
ĚŽǁĞŬŽŵƵŶŝŬĂĐLJũŶĞŽƌĂnjƌĞĂůŝnjĂĐLJũŶĞǁũĞĚŶČ
ĐĂųŽƑđ͘
WŽnjĂ ƑǁŝĂƚĞŵ ƌĞĂůŶLJŵ ĐŽƌĂnj ĐnjħƑĐŝĞũ ƐŝĞĐŝŽͲ
ǁĞ ƉƌnjĞĚƐŝħďŝŽƌƐƚǁĂ ŚĂŶĚůŽǁĞ ƌĞƉƌĞnjĞŶƚƵũČͲ
ĐĞ ďƌĂŶǏĞ &D' ĨƵŶŬĐũŽŶƵũČ ƌſǁŶŝĞǏ ǁ ƑǁŝĞͲ
ĐŝĞ ǁŝƌƚƵĂůŶLJŵ͘ :ĂŬ ƉŽŬĂnjƵũĞ ƌĂƉŽƌƚ nj ďĂĚĂŶŝĂ
DŝůůǁĂƌĚ ƌŽǁŶ ^D'ͬ<Z ŶĂ ŶĂũďĂƌĚnjŝĞũ ĚŽũͲ
ƌnjĂųLJĐŚƌLJŶŬĂĐŚ͕ũĞƑůŝĐŚŽĚnjŝŽƌŽnjǁſũĞͲĐŽŵŵĞƌͲ
ĐĞ͕ƵĚnjŝĂųƐƉƌnjĞĚĂǏLJĂƌƚLJŬƵųſǁ&D'ƐŝħŐĂƉƌnjĞͲ
ĐŝħƚŶŝĞ ŽŬŽųŽ ϭ͕ϱй͘ t ^ƚĂŶĂĐŚ ũĞĚŶŽĐnjŽŶLJĐŚ
ǁƐŬĂǍŶŝŬƚĞŶŽƐĐLJůƵũĞŶĂƉŽnjŝŽŵŝĞϭй͕ĂŶĂŶĂũͲ
ůĞƉŝĞũ ƌŽnjǁŝŶŝħƚLJŵ ƌLJŶŬƵ ĞͲŐƌŽĐĞƌLJ ǁ tŝĞůŬŝĞũ
ƌLJƚĂŶŝŝ6 ŽƐŝČŐĂ ƉŽnjŝŽŵ ϰй ;ZĂƉŽƌƚ DŝůůǁĂƌĚ
tƐƉſųĐnjĞƐŶLJŬůŝĞŶƚĞͲŬŽŶƐƵŵĞŶƚ
<ůŝĞŶƚ ũĞĚŶŽnjŶĂĐnjŶŝĞ ŝĚĞŶƚLJĮŬŽǁĂŶLJ ũĞƐƚ ũĂŬŽ
ƉŽĚƐƚĂǁĂ ďLJƚƵ ƉƌnjĞĚƐŝħďŝŽƌƐƚǁ͕ ĚĞƚĞƌŵŝŶƵũĞ
ŝĐŚĨƵŶŬĐũŽŶŽǁĂŶŝĞ͕ĂůĞƐĂŵŽƵũħĐŝĞĚĞĮŶŝĐLJũŶĞ
ƉŽũħĐŝĂŬůŝĞŶƚĂŶŝĞƉƌnjLJũŵƵũĞũĞĚŶŽůŝƚĞũĨŽƌŵƵųLJ͘
tƑƌſĚǁŝĞůƵĚĞĮŶŝĐũŝƐČƚĞ͕ŬƚſƌĞŽĚŶŽƐnjČƐŝħĚŽ
ŝƐƚŽƚLJǏLJǁŽƚŶŽƑĐŝ͕ŐĚnjŝĞŵŽǏĞŵLJŵſǁŝđŽ͗ũĞĚͲ
ŶŽƐƚŬĂĐŚ ǏLJǁŽƚŶLJĐŚ ʹ ůƵĚnjŝĂĐŚ ŽƌĂnj ŶŝĞǏLJǁŽƚͲ
ŶLJĐŚʹŽƌŐĂŶŝnjĂĐũĂĐŚ͘ŬŽůĞŝŝŶŶĞŬĂƚĞŐŽƌLJnjƵũČ
ŬůŝĞŶƚſǁ ǁnjŐůħĚĞŵ ĨŽƌŵĂůŝnjĂĐũŝ ƉƌĂǁŶĞũ͕ ũĂŬ
ŝŵŝĞũƐĐĂ͕ƌŽůŝŽƌĂnjnjŶĂĐnjĞŶŝĂŵƵƉƌnjLJƉŝƐLJǁĂŶĞͲ
ŐŽǁƉƌŽĐĞƐĂĐŚƌLJŶŬŽǁLJĐŚ͘/ƚĂŬǁƑƌſĚƚĞũŵŶŽͲ
ŐŽƑĐŝ ĚĞĮŶŝĐũŝ ǁĂƌƚŽ ǁƐƉŽŵŶŝĞđ ƚĞ ŽĚŶŽƐnjČĐĞ
ƐŝħĚŽŬƌLJƚĞƌŝƵŵƐƚŽƉŶŝĂƌĞĂůŶŽƑĐŝƌLJŶŬƵ͕ŶĂŬƚſͲ
ƌLJŵĨƵŶŬĐũŽŶƵũČŬůŝĞŶĐŝ;ƌnjĞĐnjLJǁŝƐƚLJŽƌĂnjǁŝƌƚƵͲ
ĂůŶLJͿ͘ tſǁĐnjĂƐ ŵŽǏĞŵLJ ǁLJŽĚƌħďŶŝđ ŬůŝĞŶƚſǁ͕
ŬƚſƌnjLJ ŵŽŐČ ŝ ĨƵŶŬĐũŽŶƵũČ ŶĂ ƌLJŶŬĂĐŚ ǁŝƌƚƵĂůͲ
ŶLJĐŚʹĞͲŬůŝĞŶƚſǁ͘'ųŽƐŬĂͣĞ͟ǁƐŬĂnjƵũĞǁųĂƑŶŝĞ
ŶĂ ǁŝƌƚƵĂůŶĞ ƑƌŽĚŽǁŝƐŬŽ ƚƌĂŶƐĂŬĐũŝ ƌLJŶŬŽǁLJĐŚ͘
dŽƚĞŶŬůŝĞŶƚ͕ĐŚĐČĐnjƌĞĂůŝnjŽǁĂđƐǁŽũĞƉŽƚƌnjĞďLJ͕
ŬŽŵƵŶŝŬƵũĞƐŝħnjŽĨĞƌĞŶƚĞŵ͕ŬŽƌnjLJƐƚĂũČĐnjƚĞĐŚͲ
ŶŽůŽŐŝŝ ŽƉĂƌƚLJĐŚ Ž /ŶƚĞƌŶĞƚ͕ ũĂŬ ŝ ǁ ĚnjŝħŬŝ Ŷŝŵ
ĚŽŬŽŶƵũĞ ƚƌĂŶƐĂŬĐũŝ͕ ĐŽ ũĞĚŶŽĐnjĞƑŶŝĞ ŶŝĞ ŽnjŶĂͲ
ĐnjĂ͕ǏĞĮŶĂůŝnjĂĐũĂƚƌĂŶƐĂŬĐũŝŶĂƐƚħƉƵũĞǁǁŝƌƚƵĂůͲ
ŶLJŵƑƌŽĚŽǁŝƐŬƵ͘
ͲŬůŝĞŶƚŵŽǏĞƉŽƐnjƵŬŝǁĂđŝŶĨŽƌŵĂĐũŝǁƌĞĂůŶLJĐŚ
ƉůĂĐſǁŬĂĐŚ ŚĂŶĚůŽǁLJĐŚ͕ Ă ĮŶĂůŝnjŽǁĂđ ƚƌĂŶƐͲ
ĂŬĐũħ njĂ ƉŽƑƌĞĚŶŝĐƚǁĞŵ ǁŝƌƚƵĂůŶĞũ ƉƌnjĞƐƚƌnjĞŶŝ
::ON%U\WDQLLVWRSLHĔ]URVWXHJURFHU\ZODWDFK
Z\QLyVáRSURFF]\OLĞUHGQLRURF]QH
WHPSRZ]URVWXMHVWQDSR]LRPLHSURF*HQHUDOQLH
SRS\WQDEU\W\MVNLPU\QNXHPDUNHWyZMHVWV]DFRZDQ\QDSR]LRPLHPLOLDUGyZIXQWyZF]\OLEOLVNR
PLOLDUGyZ]á
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The Wroclaw School of Banking Research Journal I ISSN 1643-7772 I eISSN 2392-1153 I Vol. 15 I No. 3
ƐŬůĞƉƵďČĚǍŽĚǁƌŽƚŶŝĞ͘DŽǏůŝǁŽƑĐŝ͕ũĂŬŝĞŽĨĞƌƵͲ
ũČƌŽnjǁŝČnjĂŶŝĂƚĞĐŚŶŽůŽŐŝĐnjŶĞŬůŝĞŶƚŽǁŝ͕ƚŽǁŝĞͲ
ůŽƌĂŬŽƑđŵŽǏůŝǁŽƑĐŝƌĞĂůŝnjĂĐũŝƚƌĂŶƐĂŬĐũŝ͘
/ƐƚŶŝĞŶŝĞŬůŝĞŶƚĂǁǁŝƌƚƵĂůŶLJŵŝƌĞĂůŶLJŵƑǁŝĞͲ
ĐŝĞ ŽnjŶĂĐnjĂ͕ ǏĞ ƉƌnjĞĚƐŝħďŝŽƌƐƚǁĂ͕ ĐŚĐČĐ ƉŽnjLJͲ
ƐŬĂđ ŬůŝĞŶƚĂ͕ ŵƵƐnjČ ǁLJŬŽƌnjLJƐƚLJǁĂđ ƚĂŬŝĞ ƌŽnjͲ
ǁŝČnjĂŶŝĂ ƚĞĐŚŶŝĐnjŶŽͲƚĞĐŚŶŽůŽŐŝĐnjŶĞ ŶĂ ďĂnjŝĞ
/ŶƚĞƌŶĞƚƵ͕ŬƚſƌĞƉŽnjǁŽůČŵƵŶĂďŝĞǏČĐŽǁƐƉſųͲ
ƵĐnjĞƐƚŶŝĐnjLJđ ǁ ǏLJĐŝƵ ŬůŝĞŶƚĂ͘ ǁųĂƐnjĐnjĂ ƉŽ ƚŽ͕
ďLJ ǁƐƉſųƵĐnjĞƐƚŶŝĐnjLJđ ǁ ĚĂůƐnjLJĐŚ ƉƌŽĐĞƐĂĐŚ
njǁŝČnjĂŶLJĐŚnjƉŽǏLJƚŬŽǁĂŶŝĞŵĚſďƌďČĚǍƵƐųƵŐ͕
ŬƚſƌĞ ƐƚĂųLJ Ɛŝħ ǁ ƉŽƐŝĂĚĂŶŝƵ ĞͲŬŽŶƐƵŵĞŶƚĂ
;:ĂĐŝŽǁ͕ tŽůŶLJ ϮϬϭϬ͗ ϭϬͿ͘ tƐnjĂŬ ƉŽũĞĚLJŶĐnjLJ
ŬůŝĞŶƚ͕ ĐŚĐČĐ njĂƐƉŽŬŽŝđ ƐǁŽũĞ ƉŽƚƌnjĞďLJ ŽƐŽďŝͲ
ƐƚĞ͕ ŵŽǏĞ ƚĞŐŽ ĚŽŬŽŶĂđ ƉŽƉƌnjĞnj njƵǏLJĐŝĞ͕ ƵǏLJƚͲ
ŬŽǁĂŶŝĞĚſďƌŝƵƐųƵŐ͕ĐnjLJůŝŬŽŶƐƵŵƉĐũħ͘ĂƚĞŵ
njĂĐŚŽǁĂŶŝĞ ĞͲŬŽŶƐƵŵĞŶƚĂ ĨƵŶŬĐũŽŶƵũČĐĞŐŽ
njĂƌſǁŶŽ ǁ ƌĞĂůŶĞũ͕ ũĂŬ ŝ ǁŝƌƚƵĂůŶĞũ ƉƌnjĞƐƚƌnjĞͲ
Ŷŝ ũĞƐƚ ĞĨĞŬƚĞŵ ŝŶƚĞƌĂŬĐũŝ͕ ǁ ũĂŬŝĐŚ ƵĐnjĞƐƚŶŝĐnjLJ
ŬŽŶƐƵŵĞŶƚ ǁ ŽďƐnjĂƌnjĞ ĞŬŽŶŽŵŝĐnjŶLJŵ ŽďĞũͲ
ŵƵũČĐLJŵ ǁƐnjLJƐƚŬŽ ƚŽ͕ ĐŽ ƉŽƉƌnjĞĚnjĂ͕ njĂĐŚŽĚnjŝ
ǁƚƌĂŬĐŝĞŽƌĂnjŶĂƐƚħƉƵũĞƉŽŶĂďLJĐŝƵƉƌŽĚƵŬƚſǁ
ďČĚǍ ƵƐųƵŐ͕ ŬƚſƌĞ ŵŽǏŶĂ njĂŵŬŶČđ ǁ ŬůĂŵƌĂĐŚ
ƉƌŽĐĞƐƵ͘
EĂ ƉƌŽĐĞƐLJ ĚĞĐLJnjLJũŶĞ ŶŽǁĞŐŽ ĞͲŬŽŶƐƵŵĞŶƚĂ
ŵĂũČǁƉųLJǁĐnjLJŶŶŝŬŝƐǁŽŝƐƚĞĚůĂũĞŐŽŽƐŽďLJ͕ũĂŬ
ĐnjLJŶŶŝŬŝ njĞǁŶħƚƌnjŶĞ͕ ŬƚſƌĞ ŵŽǏŶĂ ŽĚŶŝĞƑđ ĚŽ
ŽƚŽĐnjĞŶŝĂ͕ ǁ ŬƚſƌLJŵ ĨƵŶŬĐũŽŶƵũĞ͘ / ƚƵ ĚŽƐƚħƉͲ
ŶŽƑđ/ŶƚĞƌŶĞƚƵǁƌĂnjnjƚĞůĞĨŽŶŝČŬŽŵſƌŬŽǁČŽƌĂnj
ŐůŽďĂůŝnjĂĐũĂ ŝ ŝŶƚĞƌŶĂĐũŽŶĂůŝnjĂĐũĂ njƌĞǁŽůƵĐũŽŶŝͲ
njŽǁĂųLJƐĨĞƌħŬŽŶƐƵŵƉĐũŝ͘tLJƌſǏŶŝĞŶŝĞĞͲŬůŝĞŶƚĂ
ʹ ĞͲŬŽŶƐƵŵĞŶƚĂ ŝŵƉůŝŬƵũĞ njĂŵŝĂŶLJ ǁ njĂŬƌĞƐŝĞ
ƐƉŽƐŽďƵ ƉŽƐƚƌnjĞŐĂŶŝĂ ƉƌnjĞnj ƉŽĚŵŝŽƚLJ ŐŽƐƉŽͲ
ĚĂƌĐnjĞƉŽĚƐƚĂǁŽǁĞŐŽŽďƐnjĂƌƵŝĐŚĚnjŝĂųĂŷ͘
tŽďĞĐ ƉƌnjĞŵŝĂŶ͕ ũĂŬŝŵ ƉŽĚůĞŐĂũČ njĂƌſǁŶŽ
ƉƌnjĞĚƐŝħďŝŽƌƐƚǁĂ͕ ũĂŬ ŝ ŝĐŚ ŬůŝĞŶĐŝ͕ ƐnjĐnjĞŐſůŶŝĞ
ŝŶƚĞƌĞƐƵũČĐLJŵ ĚůĂ ĂƵƚŽƌŬŝ ŶŝŶŝĞũƐnjĞŐŽ ŽƉƌĂĐŽͲ
ǁĂŶŝĂũĞƐƚŽďƐnjĂƌďĂĚĂǁĐnjLJnjǁŝČnjĂŶLJnjƵǁĂƌƵŶͲ
ŬŽǁĂŶŝĞŵnjĂĐŚŽǁĂŷnjĂŬƵƉŽǁLJĐŚĞͲŬŽŶƐƵŵĞŶͲ
ƚſǁ ŶĂďLJǁĂũČĐLJĐŚ ĚŽďƌĂ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ
ǁ /ŶƚĞƌŶĞĐŝĞ͕ Ă njǁųĂƐnjĐnjĂ ƚLJĐŚ͕ ŬƚſƌnjLJ ŬƵƉƵũČ
ǁ ƐŬůĞƉĂĐŚ ŝŶƚĞƌŶĞƚŽǁLJĐŚ͕ ŬƚſƌĞ ũƵǏ ĚnjŝƑ ŵĂũČ
ƐǁŽũČ ƌĞƉƌĞnjĞŶƚĂĐũħ ǁ ƑǁŝĞĐŝĞ ƌnjĞĐnjLJǁŝƐƚLJŵ͘
ƵƚŽƌŬĂƵǁĂǏĂ͕ǏĞƉŽnjŶĂŶŝĞŝnjƌŽnjƵŵŝĞŶŝĞŝƐƚŽƚLJ
ŝĐŚǁƉųLJǁƵŵŽǏĞǁƐƉŽŵſĐƉƌŽĐĞƐŬƐnjƚĂųƚŽǁĂͲ
ŶŝĂ Ɛŝħ ǁƐƉſųƉƌĂĐLJ ŬŽŵƵŶŝŬĂĐLJũŶŽͲƚƌĂŶƐĂŬĐLJũͲ
ŶŽͲƐƉŽųĞĐnjŶĞũ ƉŽŵŝħĚnjLJ ƉƌnjĞĚƐŝħďŝŽƌƐƚǁĂŵŝ
ĂŝĐŚŬůŝĞŶƚĂŵŝ͘
ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ ;&D'Ϳ͘ <ǁĞƐƟĞ njǁŝČnjĂŶĞ
nj ǁLJũĂƑŶŝĞŶŝĞŵ ƐƉƌŽǁĂĚnjĂųLJ Ɛŝħ ĚŽ ǁƐŬĂnjĂŶŝĂ
ƉƌnjLJĐnjLJŶ ŬŽƌnjLJƐƚĂŶŝĂ ŬůŝĞŶƚſǁ ĞͲŬŽŶƐƵŵĞŶƚſǁ
nj ĨŽƌŵƵųLJ ƐƉƌnjĞĚĂǏŽǁĞũ͕ ũĂŬŝŵ ũĞƐƚ ƐŬůĞƉ ŝŶƚĞƌͲ
ŶĞƚŽǁLJ͘ĞůĞŵďĂĚĂŶŝĂďLJųŽƐƉŽƌnjČĚnjĞŶŝĞƉƌŽͲ
ĮůƵ ŬůŝĞŶƚſǁ ĞͲŬŽŶƐƵŵĞŶƚſǁ ŶĂďLJǁĂũČĐLJĐŚ
ĚŽďƌĂĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵ;&D'Ϳǁ/ŶƚĞƌŶĞĐŝĞ͘
ĂĚĂŶŝĞ njŽƐƚĂųŽ ƉƌnjĞƉƌŽǁĂĚnjŽŶĞ ǁ ŽƉĂƌĐŝƵ
Ž ĂŶŬŝĞƚħ ŽŶůŝŶĞ͕ njĂƑ ŶĂƌnjħĚnjŝĞŵ ďĂĚĂǁĐnjLJŵ
ďLJų ǁLJƐƚĂŶĚĂƌLJnjŽǁĂŶLJ ŝŶƐƚƌƵŵĞŶƚ ƉŽŵŝĂƌŽǁLJ
ʹŬǁĞƐƟŽŶĂƌŝƵƐnj͘ĂĚĂŶŝĞŵŽďũħƚŽŽƐŽďLJ͕ŬƚſƌĞ
ǁ ŐŽƐƉŽĚĂƌƐƚǁĂĐŚ ĚŽŵŽǁLJĐŚ ŽĚƉŽǁŝĂĚĂųLJ njĂ
njĂŬƵƉLJ Ěſďƌ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ ĚŽ ĚLJƐƉŽnjLJĐũŝ
ƐǁŽũĞũ͕ũĂŬŝŐŽƐƉŽĚĂƌƐƚǁĂĚŽŵŽǁĞŐŽ͘
WƌĞnjĞŶƚĂĐũĂƉƌnjĞďĂĚĂŶĞũnjďŝŽƌŽǁŽƑĐŝ
t ďĂĚĂŶŝƵ ƵĐnjĞƐƚŶŝĐnjLJųŽ ϭϯϱϬ ƌĞƐƉŽŶĚĞŶƚſǁ͘
tƑƌſĚ ŶŝĐŚ ƉŽųŽǁħ ƐƚĂŶŽǁŝųLJ ŽƐŽďLJ͕ ŬƚſƌĞ ĚĞͲ
ŬůĂƌŽǁĂųLJ ŬŽƌnjLJƐƚĂŶŝĞ nj /ŶƚĞƌŶĞƚƵ ũĂŬŽ ŝŶƐƚƌƵͲ
ŵĞŶƚĂƌŝƵŵĚŽƐƚħƉŽǁĞŐŽĚŽƐĨĞƌLJnjĂŬƵƉſǁ͘dŽ
njŶĂĐnjLJ͕ǏĞƉŽũĞĚLJŶĐnjLJďĂĚĂŶLJǁŽŬƌĞƐŝĞƐnjĞƑĐŝƵ
ŵŝĞƐŝħĐLJƉƌnjĞĚďĂĚĂŶŝĞŵŵŝŶŝŵƵŵƌĂnjĚŽŬŽŶĂų
njĂŬƵƉƵ ũĂŬŝĞŐŽŬŽůǁŝĞŬ ĚŽďƌĂ͕ ŬŽƌnjLJƐƚĂũČĐ nj ĚŽͲ
ƐƚħƉƵĚŽ/ŶƚĞƌŶĞƚƵ͘ƉŽƑƌſĚƚLJĐŚϳϵϬďĂĚĂŶLJĐŚ
ďůŝƐŬŽƉŽųŽǁĂʹƚŽũĞƐƚϯϱϴŽƐſď;ϰϱ͕ϯйͿʹĚĞͲ
ŬůĂƌŽǁĂųĂ͕ǏĞŬƵƉƵũĞĚŽďƌĂĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵ
ǁ/ŶƚĞƌŶĞĐŝĞ͘
tƑƌſĚ ƵĐnjĞƐƚŶŝŬſǁ ďĂĚĂŶŝĂ ŬƵƉƵũČĐLJĐŚ ĚŽďƌĂ
ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ ǁ /ŶƚĞƌŶĞĐŝĞ ŶŝĞnjŶĂĐnjŶŝĞ
ƉƌnjĞǁĂǏĂųLJŬŽďŝĞƚLJ;ϱϰ͕ϮйͿǁƐƚŽƐƵŶŬƵĚŽŵħǏͲ
ĐnjLJnjŶ;ϰϱ͕ϴйͿ͘tLJŶŝŬĂƚŽnjĨĂŬƚƵ͕ǏĞŬŽďŝĞƚLJƐČ
ĐnjħƑĐŝĞũ ĚĞĐLJĚĞŶƚŬĂŵŝ ǁ ŽďƐnjĂƌnjĞ njĂŬƵƉŽǁLJŵ
Ěſďƌ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ ŶĂ ƉŽƚƌnjĞďLJ ŐŽƐƉŽͲ
ĚĂƌƐƚǁĂĚŽŵŽǁĞŐŽ͘ŬŽůĞŝƵǁnjŐůħĚŶŝĂũČĐǁŝĞŬ͕
ĐnjħƑĐŝĞũŶĂnjĂŬƵƉLJĚſďƌĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵĚĞͲ
ĐLJĚƵũČƐŝħŽƐŽďLJŵųŽĚĞďČĚǍǁƑƌĞĚŶŝŵǁŝĞŬƵ͘
ůŝƐŬŽƚƌnjLJĐnjǁĂƌƚĞďĂĚĂŶLJĐŚ;ϳϯ͕ϮϱйͿƚŽŽƐŽďLJ͕
ŬƚſƌĞŶŝĞƵŬŽŷĐnjLJųLJϯϰůĂƚ͕ĂĐŽƉŝČƚLJũĞƐƚǁǁŝĞͲ
ŬƵϯϱͲϰϰůĂƚĂ;ϭϵ͕ϬйͿ͘tŐƌƵƉŝĞŽƐſď ǁǁŝĞŬƵ
ŽĚ ϭϴ ĚŽ Ϯϰ ůĂƚ ƉƌnjĞǁĂǏĂũČ ŶŝĞnjŶĂĐnjŶŝĞ ŵħǏͲ
ĐnjLJǍŶŝ;ϯϬ͕ϱйͿǁƉŽƌſǁŶĂŶŝƵĚŽŬŽďŝĞƚ;Ϯϴ͕ϵйͿ͘
ŬŽůĞŝǁŐƌƵƉŝĞŽĚϮϱĚŽϯϰůĂƚǁŝĚĂđƉƌnjĞǁĂŐħ
ƉŽ ƐƚƌŽŶŝĞ ŬŽďŝĞƚ ;ϰϰ͕ϯйͿ ǁ ƐƚŽƐƵŶŬƵ ĚŽ ŵħǏͲ
ĐnjLJnjŶ;ϰϮ͕ϳйͿ͘ŬŽůĞŝǁƑƌſĚŽƐſďǁǁŝĞŬƵϯϱͲϰϰ
ůĂƚĂƉƌĂǁŝĞƚLJůĞƐĂŵŽŬŽďŝĞƚĐŽŵħǏĐnjLJnjŶ;ŽĚƉŽͲ
ǁŝĞĚŶŝŽϭϵ͕ϲйŽƌĂnjϭϴ͕ϯйͿĚĞĐLJĚŽǁĂųŽƐŝħŶĂ
njĂŬƵƉLJ nj ǁLJŬŽƌnjLJƐƚĂŶŝĞŵ /ŶƚĞƌŶĞƚƵ͘ WŽĚŽďŶŝĞ
ƉƌĂǁŝĞƚƌnjLJĐnjǁĂƌƚĞƌĞƐƉŽŶĚĞŶƚſǁůĞŐŝƚLJŵŽǁĂͲ
ųĂ Ɛŝħ ǁLJŬƐnjƚĂųĐĞŶŝĞŵ ǁLJǏƐnjLJŵ ;ϳϰ͕ϵйͿ͕ ũĞĚŶĂ
ĐnjǁĂƌƚĂ ƑƌĞĚŶŝŵ ;Ϯϰ͕ϲйͿ͕ Ă njŶŝŬŽŵĂ ŝůŽƑđ ǁLJͲ
ŬƐnjƚĂųĐĞŶŝĞŵnjĂǁŽĚŽǁLJŵ;Ϭ͕ϲйͿ͘
DųŽĚLJ ǁŝĞŬ ƵǏLJƚŬŽǁŶŝŬſǁ /ŶƚĞƌŶĞƚƵ ǁLJƐƚħͲ
ƉƵũČĐLJĐŚ ǁ ƌŽůŝ ĚĞĐLJĚĞŶƚſǁ ǁ njĂŬƵƉĂĐŚ Ěſďƌ
ĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵƐƉƌĂǁŝĂ͕ǏĞƐČƚŽŶŝĞnjŶĂĐnjͲ
ŶŝĞĐnjħƑĐŝĞũŽƐŽďLJŶŝĞnjĂŵħǏŶĞ;ϱϴ͕ϭйͿ͘:ĞĚLJŶŝĞ
ĂnjŽǁĞŝŶĨŽƌŵĂĐũĞŽŵĞƚŽĚLJĐĞďĂĚĂŷ
ĂĚĂŶŝĞ Ž ĐŚĂƌĂŬƚĞƌnjĞ ŽƉŝƐŽǁŽͲǁLJũĂƑŶŝĂũČĐLJŵ
njŽƐƚĂųŽ njƌĞĂůŝnjŽǁĂŶĞ ŶĂ ƉŽĐnjČƚŬƵ ϮϬϭϰ ƌŽŬƵ͘
t ǁLJŶŝŬƵ ũĞŐŽ ƉƌnjĞƉƌŽǁĂĚnjĂŶŝĂ ŵŽǏŶĂ ďLJųŽ
ĚŽŬŽŶĂđĐŚĂƌĂŬƚĞƌLJƐƚLJŬŝŬůŝĞŶƚĂʹĞͲŬŽŶƐƵŵĞŶͲ
ƚĂ ƐŬůĞƉſǁ ŝŶƚĞƌŶĞƚŽǁLJĐŚ ŽĨĞƌƵũČĐLJĐŚ ĚŽďƌĂ
358
<ĂƚĂƌnjLJŶĂ<ŽůĂƐŝŷƐŬĂͲDŽƌĂǁƐŬĂͮhǁĂƌƵŶŬŽǁĂŶŝĂnjĂĐŚŽǁĂŷŶĂďLJǁĐnjLJĐŚĞͲŬŽŶƐƵŵĞŶƚĂǁǁŝĞůŽǁLJŵŝĂƌŽǁĞũƌnjĞĐnjLJǁŝƐƚŽƑĐŝ
ĐnjƚĞƌĞĐŚ ŶĂ ĚnjŝĞƐŝħĐŝƵ ďĂĚĂŶLJĐŚ ĚĞŬůĂƌƵũĞ͕
ǏĞ ƉŽnjŽƐƚĂũĞ ǁ njǁŝČnjŬƵ ŵĂųǏĞŷƐŬŝŵ ;ϰϭ͕ϵйͿ͘
ĚĞĐLJĚŽǁĂŶŝĞ ĐnjħƑĐŝĞũ ǁ ƐƚĂŶŝĞ ǁŽůŶLJŵ ƉŽnjŽͲ
ƐƚĂũČŵħǏĐnjLJǍŶŝ;ϲϴ͕ϯйͿŶŝǏŬŽďŝĞƚLJ;ϰϵ͕ϱйͿ͘
Ğ ǁnjŐůħĚƵ ŶĂ ŵŝĞũƐĐĞ njĂŵŝĞƐnjŬĂŶŝĂ njĚĞĐLJͲ
ĚŽǁĂŶĂ ǁŝħŬƐnjŽƑđ ƌĞƐƉŽŶĚĞŶƚſǁ ĚĞŬůĂƌƵũĞ͕
ǏĞ ŵŝĞƐnjŬĂ ǁ ŵŝĂƐƚĂĐŚ ;ϳϳ͕ϳйͿ ǁ ƐƚŽƐƵŶŬƵ ĚŽ
ŵŝĞƐnjŬĂũČĐLJĐŚ ŶĂ ǁƐŝ ;ϮϮ͕ϯйͿ͘ <ƵƉŽǁĂŶŝĞ njĂ
ƉŽƑƌĞĚŶŝĐƚǁĞŵ/ŶƚĞƌŶĞƚƵũĞƐƚǁnjǁŝČnjŬƵnjƚLJŵ
ďĂƌĚnjŝĞũ ŵŽǏůŝǁĞ ĚŽ ŽƐŝČŐŶŝĞĐŝĂ ƉƌnjĞnj ŽƐŽďLJ͕
ĚŽŬƚſƌLJĐŚũĞƐƚųĂƚǁŝĞũƐnjLJĚŽƐƚħƉnjĞǁnjŐůħĚƵŶĂ
ŵŽǏůŝǁŽƑĐŝĚŽũĂnjĚƵ͘
dƌnjĞĐŚ ŶĂ ĚnjŝĞƐŝħĐŝƵ ƌĞƐƉŽŶĚĞŶƚſǁ ĚĞŬůĂƌƵũĞ͕
ǏĞ ŝĐŚ ŐŽƐƉŽĚĂƌƐƚǁŽ ĚŽŵŽǁĞ ůŝĐnjLJ ƚƌnjLJ ŽƐŽďLJ
;ϯϰ͕ϲйͿ͕ ĐŽ ĐnjǁĂƌƚLJ͕ ŝǏ ŐŽƐƉŽĚĂƌƐƚǁŽ ĚŽŵŽǁĞ
ǁƐƉſųƚǁŽƌnjČĐnjƚĞƌLJŽƐŽďLJ;Ϯϲ͕ϯйͿ͕njĂƑĐŽƉŝČƚLJ͕
ǏĞƐČƚŽĚǁŝĞŽƐŽďLJ;ϮϬ͕ϭйͿ͘EŝĞǁŝĞůŬČnjďŝŽƌŽͲ
ǁŽƑđƐƚĂŶŽǁŝČŽƐŽďLJnjũĞĚŶŽŽƐŽďŽǁLJĐŚŐŽƐƉŽͲ
ĚĂƌƐƚǁĚŽŵŽǁLJĐŚ;ϲ͕ϳйͿ͘
hǁnjŐůħĚŶŝĂũČĐ ƉŽnjŝŽŵ ĚŽĐŚŽĚƵ ŐŽƐƉŽĚĂƌƐƚǁĂ
ĚŽŵŽǁĞŐŽ͕ ĐnjƚĞƌĞĐŚ ŶĂ ĚnjŝĞƐŝħĐŝƵ ƌĞƐƉŽŶĚĞŶͲ
ƚſǁ;ϰϬ͕ϮйͿǁƐŬĂnjĂųŽ͕ǏĞųČĐnjŶLJĚŽĐŚſĚŝĐŚŐŽͲ
ƐƉŽĚĂƌƐƚǁĂ ĚŽŵŽǁĞŐŽ ŵŝĞƑĐŝ Ɛŝħ ǁ ŐƌĂŶŝĐĂĐŚ
ŽĚ ϯϬϬϬ ĚŽ ϱϬϬϬ njų͕ ũĞĚŶĂ ƚƌnjĞĐŝĂ ;ϯϭ͕ϯйͿ ƉŽͲ
ĚĂųĂ͕ŝǏũĞƐƚƚŽŬǁŽƚĂƉŽǁLJǏĞũϱϬϬϬnjų͕njĂƑũĞĚŶĂ
ĐnjǁĂƌƚĂ;Ϯϱ͕ϳйͿ͕ǏĞĚŽĐŚſĚĚŽĚLJƐƉŽnjLJĐũŝŵŝĞƑĐŝ
ƐŝħǁŐƌĂŶŝĐĂĐŚŽĚϭϱϬϬĚŽϯϬϬϬnjų͘njħƑĐŝĞũƚŽ
ŬŽďŝĞƚLJ ;ϰϰ͕ϯйͿ ŶŝǏ ŵħǏĐnjLJǍŶŝ ;ϯϱ͕ϰйͿ ǁƐŬĂnjLJͲ
ǁĂųLJ͕ ŝǏ ŐŽƐƉŽĚĂƌƐƚǁŽ ĚLJƐƉŽŶƵũĞ ĚŽĐŚŽĚĞŵ
ǁŐƌĂŶŝĐĂĐŚŽĚϯϬϬϬĚŽϱϬϬϬnjų͘ŬŽůĞŝŵħǏĐnjLJǍͲ
Ŷŝ ;ϰϯ͕ϵйͿ ĐnjħƑĐŝĞũ ŶŝǏ ŬŽďŝĞƚLJ ;ϮϬ͕ϲйͿ ǁƐŬĂnjLJͲ
ǁĂůŝ͕ǏĞĚŽĐŚſĚŝĐŚŐŽƐƉŽĚĂƌƐƚǁĂĚŽŵŽǁĞŐŽƚŽ
ŬǁŽƚĂƉŽǁLJǏĞũϱϬϬϬnjų͘
ZĞĂƐƵŵƵũČĐ͕ ĂŶĂůŝnjĂ ƉŽnjLJƐŬĂŶĞŐŽ ŵĂƚĞƌŝĂųƵ
ďĂĚĂǁĐnjĞŐŽ ƉŽnjǁĂůĂ njĂƌLJƐŽǁĂđ ŶĂƐƚħƉƵũČĐLJ
ƉŽƌƚƌĞƚŬůŝĞŶƚĂĞͲŬŽŶƐƵŵĞŶƚĂĚĞĐLJĚƵũČĐĞŐŽƐŝħ
ŶĂ njĂŬƵƉ Ěſďƌ ĐŽĚnjŝĞŶŶĞŐŽ njĂ ƉŽƑƌĞĚŶŝĐƚǁĞŵ
/ŶƚĞƌŶĞƚƵ͘ dĂŬŝ ŬůŝĞŶƚ ĞͲŬŽŶƐƵŵĞŶƚ ũĞƐƚ ŵųŽĚLJ
ǁŝĞŬŝĞŵ͕ ŶŝĞnjŶĂĐnjŶŝĞ ĐnjħƑĐŝĞũ ƐƚĂŶƵ ǁŽůŶĞŐŽ
ŽƌĂnj ƉŽƐŝĂĚĂ ǁLJǏƐnjĞ ǁLJŬƐnjƚĂųĐĞŶŝĞ͘ dĂŬŝ ĚĞĐLJͲ
ĚĞŶƚnjĚĞĐLJĚŽǁĂŶŝĞĐnjħƑĐŝĞũŵŝĞƐnjŬĂǁŵŝĞƑĐŝĞ͕
ũĞƐƚ ĐnjųŽŶŬŝĞŵ ƚƌnjLJŽƐŽďŽǁĞŐŽ ŐŽƐƉŽĚĂƌƐƚǁĂ
ĚŽŵŽǁĞŐŽ͕ ŬƚſƌĞŐŽ ųČĐnjŶĞ ĚŽĐŚŽĚLJ ŶĞƩŽ
ŵŝĞƐnjĐnjČƐŝħǁŐƌĂŶŝĐĂĐŚŽĚϯϬϬϬĚŽϱϬϬϬnjų͘
ƐĂŵLJŵ ŽďƐnjĂƌ ĨƵŶŬĐũŽŶŽǁĂŶŝĂ ĞͲŬŽŶƐƵŵĞŶƚĂ
ǁǁŝĞůŽǁLJŵŝĂƌŽǁĞũƉƌnjĞƐƚƌnjĞŶŝ͘
ĂĚĂŶŝĚĞŬůĂƌƵũČĐLJ͕ǏĞǁĐŝČŐƵŽƐƚĂƚŶŝĐŚƐnjĞƑĐŝƵ
ŵŝĞƐŝħĐLJƉŽƉƌnjĞĚnjĂũČĐLJĐŚďĂĚĂŶŝĞƉƌnjLJŶĂũŵŶŝĞũ
ƌĂnjĚŽŬŽŶĂůŝnjĂŬƵƉƵǁ/ŶƚĞƌŶĞĐŝĞ͕ǁƐŬĂnjLJǁĂůŝ͕ǏĞ
ŐĞŶĞƌĂůŶŝĞƉŝĞƌǁƐnjĞŐŽnjĂŬƵƉƵnjǁLJŬŽƌnjLJƐƚĂŶŝĞŵ
/ŶƚĞƌŶĞƚƵ ĚŽŬŽŶĂůŝ njŶĂĐnjŶŝĞ ǁĐnjĞƑŶŝĞũ͕ ďŽ ǁŝħͲ
ĐĞũŶŝǏƉŝħđůĂƚƉƌnjĞĚƌĞĂůŝnjĂĐũČďĂĚĂŶŝĂ;ϰϲ͕ϵйͿ͘
dƌnjĞĐŚŶĂĚnjŝĞƐŝħĐŝƵďĂĚĂŶLJĐŚƉƌnjLJnjŶĂųŽ͕ǏĞŝĐŚ
ƉŝĞƌǁƐnjĞ njĂŬƵƉLJ nj ǁLJŬŽƌnjLJƐƚĂŶŝĞŵ /ŶƚĞƌŶĞƚƵ
ƉƌnjĞďŝĞŐųLJ ĚǁĂ ĚŽ ĐnjƚĞƌĞĐŚ ůĂƚ ƚĞŵƵ ;Ϯϳ͕ϰйͿ͘
 ƚĞŐŽ ƉųLJŶŝĞǁŶŝŽƐĞŬ͕ŝǏ ƌĞƐƉŽŶĚĞŶƚǁLJƐƚħƉƵͲ
ũČĐLJ ǁ ƌŽůŝ ĞͲŬŽŶƐƵŵĞŶƚĂ ŶĂďLJǁĂũČĐĞŐŽ ĚŽďƌĂ
ĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵũĞƐƚďĂƌĚnjŽĚŽďƌnjĞŽďĞnjŶĂͲ
ŶLJnjǁŝƌƚƵĂůŶLJŵƑǁŝĂƚĞŵŚĂŶĚůƵ͘ŶĂĐnjŶŝĞĚųƵǏͲ
ƐnjLJŵƐƚĂǏĞŵnjĂŬƵƉŽǁLJŵǁƐŝĞĐŝĐŚĂƌĂŬƚĞƌLJnjƵũČ
ƐŝħŵħǏĐnjLJǍŶŝ;ϱϳ͕ϯйͿʹƚŽnjŶĂĐnjLJǁŝħĐĞũŶŝǏŬŽͲ
ďŝĞƚ;ϯϴ͕ϭйͿĚŽŬŽŶĂųŽƉŝĞƌǁƐnjLJĐŚnjĂŬƵƉſǁǁŝħͲ
ĐĞũŶŝǏƉŝħđůĂƚƚĞŵƵ͘
DŝĞũƐĐĞŵ njĂŬƵƉſǁ ŬůŝĞŶƚſǁ ĞͲŬŽŶƐƵŵĞŶƚſǁ
ŶĂďLJǁĂũČĐLJĐŚ ĚŽďƌĂ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ ƐČ
ƐŬůĞƉLJŝŶƚĞƌŶĞƚŽǁĞĚnjŝĂųĂũČĐĞǁŵŽĚĞůƵďƌŝĐŬƐͲ
ͲĂŶĚͲĐůŝĐŬƐďČĚǍƉƵƌĞƉůĂLJĞƌƐ͕ũĂŬƌſǁŶŝĞǏĂƵŬĐũĞ
ŝŶƚĞƌŶĞƚŽǁĞ͘
tƑƌſĚ ũĞĚŶŽƐƚĞŬ ŚĂŶĚůŽǁLJĐŚ ĨƵŶŬĐũŽŶƵũČĐLJĐŚ
ŶĂ ďĂnjŝĞ ƉĂůĐſǁĞŬ ŚĂŶĚůŽǁLJĐŚ njĚĞĐLJĚŽǁĂŶŝĞ
ĐnjħƑĐŝĞũƌĞƐƉŽŶĚĞŶĐŝǁLJďŝĞƌĂũČŶĂŵŝĞũƐĐĂnjĂŬƵͲ
ƉƵƚĞ͕ŬƚſƌLJĐŚŝŶƚĞƌŶĞƚŽǁĞũĞĚŶŽƐƚŬŝŚĂŶĚůŽǁĞ
ŵĂũČ ƐǁŽũČ ƌĞƉƌĞnjĞŶƚĂĐũħ ǁ ƉŽƐƚĂĐŝ ƐƚĂĐũŽŶĂƌͲ
ŶLJĐŚ ƉůĂĐſǁĞŬ ŚĂŶĚůŽǁLJĐŚ͘ tƑƌſĚ ŶŝĐŚ ĚŽŵŝͲ
ŶƵũĞƚĞƐĐŽ͘Ɖů͕ǁƐŬĂnjLJǁĂŶĞƉƌnjĞnjƉƌĂǁŝĞĐŽƉŝČͲ
ƚĞŐŽ ƌĞƐƉŽŶĚĞŶƚĂ ;ϭϳ͕ϯйͿ ŬƵƉƵũČĐĞŐŽ ĂƌƚLJŬƵųLJ
ĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵǁ/ŶƚĞƌŶĞĐŝĞ͘<ŽůĞũŶČƐŝĞĐŝČ
ŚĂŶĚůŽǁČǁLJďŝĞƌĂŶČƉƌnjĞnjďĂĚĂŶLJĐŚŶĂŵŝĞũƐĐĞ
njĂŬƵƉſǁũĞƐƚĂůŵĂϮϰ͘Ɖů͘dħƐŝĞđǁLJďŝĞƌĂƉƌĂǁŝĞ
ĐŽ ĚnjŝĞƐŝČƚLJ ƌĞƐƉŽŶĚĞŶƚ ŶĂ ŵŝĞũƐĐĞ njĂŬƵƉſǁ
Ěſďƌ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ͘ EĂ ƚƌnjĞĐŝŵ ŵŝĞũƐĐƵ
ǁǁLJďŽƌĂĐŚƉůĂƐƵũĞƐŝħƐŝĞđŚĂŶĚůŽǁĂƉŝŽƚƌŝƉĂͲ
ǁĞů͘Ɖů͘
EĂƚŽŵŝĂƐƚ ƉĂƚƌnjČĐ ŶĂ ŝŶŶĞ ĨŽƌŵƵųLJ ŚĂŶĚůŽǁĞ
ǁLJďŝĞƌĂŶĞƉƌnjĞnjŬůŝĞŶƚſǁĞͲŬŽŶƐƵŵĞŶƚſǁũĂŬŽ
ǍƌſĚųĂƉŽnjLJƐŬĂŶŝĂĚſďƌĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵ͕ǁLJͲ
ďŝĞƌĂŶĞƐČŝŶŶĞĞͲƐŬůĞƉLJĨƵŶŬĐũŽŶƵũČĐĞũĞĚLJŶŝĞ
ǁĨŽƌŵƵůĞǁŝƌƚƵĂůŶĞũ;ϯϲ͕ϯйͿďČĚǍŝŶŶĞĨŽƌŵƵͲ
ųLJ ĞůĞŬƚƌŽŶŝĐnjŶĞ͕ ŶƉ͘ ĂƵŬĐũĞ ƚĂŬŝĞ ũĂŬ ĂůůĞŐƌŽ͘Ɖů
;ϴϵ͕ϰйͿ͘
ŐŽĚŶŝĞ nj ǁLJŶŝŬĂŵŝ ďĂĚĂŷ ŵŽǏŶĂ ƉƌnjLJũČđ͕ ǏĞ
njĂŬƵƉLJ Ěſďƌ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ ǁ /ŶƚĞƌŶĞĐŝĞ
ŶŝĞ ŶĂůĞǏČ ĚŽ ŶĂũĐnjħƐƚƐnjLJĐŚ͘ WƌĂǁŝĞ ƉŽųŽǁĂ
ƌĞƐƉŽŶĚĞŶƚſǁ ;ϰϱ͕ϴйͿ ǁƐŬĂnjƵũĞ͕ ǏĞ njĂŬƵƉLJ
ǁ /ŶƚĞƌŶĞĐŝĞ ƌŽďŝ ƌnjĂĚnjŝĞũ ŶŝǏ ƌĂnj ǁ ŵŝĞƐŝČĐƵ͘
tƚĞũŐƌƵƉŝĞƉƌnjĞǁĂǏĂũČŬŽďŝĞƚLJ;ϰϵ͕ϱйͿ͘ŬŽůĞŝ
ŶĂnjĂŬƵƉLJĚſďƌĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵƌĂnjǁŵŝĞͲ
ƐŝČĐƵ ĚĞĐLJĚƵũĞ Ɛŝħ ĐŽ ĐnjǁĂƌƚLJ ďĂĚĂŶLJ ;Ϯϰ͕ϬйͿ͘
tƚĞũŐƌƵƉŝĞǁŝħŬƐnjŽƑđƐƚĂŶŽǁŝČƌſǁŶŝĞǏŬŽďŝĞͲ
ƚLJ ;Ϯϱ͕ϴйͿ͘  ŬŽůĞŝ ĐŽ ƉŝČƚLJ ƵĐnjĞƐƚŶŝŬ ďĂĚĂŶŝĂ
;ϮϬ͕ϳйͿ ĚĞĐLJĚƵũĞ Ɛŝħ ŶĂ njĂŬƵƉLJ ǁ /ŶƚĞƌŶĞĐŝĞ
ĂĐŚŽǁĂŶŝĂŶĂďLJǁĐnjĞĞͲŬŽŶƐƵŵĞŶƚĂ
ǁƑǁŝĞƚůĞǁLJŶŝŬſǁďĂĚĂŷ
tLJŶŝŬŝƉŽnjLJƐŬĂŶĞǁƚŽŬƵĂŶĂůŝnjLJĚĂŶLJĐŚnjďĂĚĂŷ
ŶĂĚ njĂĐŚŽǁĂŶŝĂŵŝ ŬůŝĞŶƚſǁ ĞͲŬŽŶƐƵŵĞŶƚſǁ
ŬƵƉƵũČĐLJĐŚĚŽďƌĂĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵ͕njĂƌſǁŶŽ
ǁƚƌĂĚLJĐLJũŶLJĐŚƉůĂĐſǁŬĂĐŚŚĂŶĚůŽǁLJĐŚǁƌĞĂůͲ
ŶLJŵƑǁŝĞĐŝĞ͕ũĂŬŝǁũĞĚŶŽƐƚŬĂĐŚƐƉƌnjĞĚĂǏŽǁLJĐŚ
ǁ ƑǁŝĞĐŝĞ ǁŝƌƚƵĂůŶLJŵ͕ ƉŽnjǁĂůĂũČ ŶĂnjŶĂĐnjLJđ
ƉƌnjLJĐnjLJŶŬŝƉƌnjĞŵŝĞƐnjĐnjĂŶŝĂƐŝħƐƚƌĞĨLJnjĂŬƵƉŽǁĞũ
nj ƌĞĂůŶĞũ ǁ ƉƌnjĞƐƚƌnjĞŷ ǁŝƌƚƵĂůŶČ͕ ƚǁŽƌnjČĐ ƚLJŵ
ϯϱϵ
The Wroclaw School of Banking Research Journal I ISSN 1643-7772 I eISSN 2392-1153 I Vol. 15 I No. 3
dĂďĞůĂϭ͘njħƐƚŽƚůŝǁŽƑđnjĂŬƵƉƵĚſďƌĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵǁ/ŶƚĞƌŶĞĐŝĞ;ǁƉƌŽĐĞŶƚĂĐŚͿ
njħƐƚŽƚůŝǁŽƑđnjĂŬƵƉſǁ
KŐſųĞŵ
ĐnjħƑĐŝĞũŶŝǏƌĂnjǁƚLJŐŽĚŶŝƵ
ƌĂnjǁƚLJŐŽĚŶŝƵ
ĚǁĂƌĂnjLJǁŵŝĞƐŝČĐƵ
ƌĂnjǁŵŝĞƐŝČĐƵ
ƌnjĂĚnjŝĞũ
Ϭ͕ϲ
ϴ͕ϵ
ϮϬ͕ϳ
Ϯϰ͕Ϭ
ϰϱ͕ϴ
ZĞƐƉŽŶĚĞŶĐŝǁĞĚųƵŐƉųĐŝ
<ŽďŝĞƚLJ
DħǏĐnjLJǍŶŝ
ϭ͕Ϭ
Ϭ͕Ϭ
ϳ͕Ϯ
ϭϭ͕Ϭ
ϭϲ͕ϱ
Ϯϱ͕ϲ
Ϯϱ͕ϴ
ϮϮ͕Ϭ
ϰϵ͕ϱ
ϰϭ͕ϱ
€ƌſĚųŽ͗ŽƉƌĂĐŽǁĂŶŝĞŶĂƉŽĚƐƚĂǁŝĞǁLJŶŝŬſǁďĂĚĂŷ͕ŵĂƌnjĞĐϮϬϭϰ͘
ƉƌnjLJŶĂũŵŶŝĞũ ĚǁĂ ƌĂnjLJ ǁ ŵŝĞƐŝČĐƵ͘ njħƑĐŝĞũ ƐČ
ƚŽŵħǏĐnjLJǍŶŝ;Ϯϱ͕ϲйͿ͘ĂƑďůŝƐŬŽĐŽĚnjŝĞƐŝČƚLJďĂͲ
ĚĂŶLJ;ϴ͕ϵйͿĚĞŬůĂƌƵũĞnjĂŬƵƉLJĚſďƌĐŽĚnjŝĞŶŶĞŐŽ
ƵǏLJƚŬƵƉƌnjLJŶĂũŵŶŝĞũƌĂnjǁƚLJŐŽĚŶŝƵ͘/ƚƵƌſǁŶŝĞǏ
ĐnjħƑĐŝĞũŬƵƉƵũČŵħǏĐnjLJǍŶŝ;ϭϭ͕ϬйͿ͘
ĂŬƵƉLJ ǁ /ŶƚĞƌŶĞĐŝĞ njĂũŵƵũČ ƌĞƐƉŽŶĚĞŶƚŽŵ
ŶĂũĐnjħƑĐŝĞũŵŶŝĞũŶŝǏϮŐŽĚnjŝŶLJƚLJŐŽĚŶŝŽǁŽ͘dĂŬ
ƚǁŝĞƌĚnjŝ ďůŝƐŬŽ ƚƌnjLJ ĐnjǁĂƌƚĞ ďĂĚĂŶLJĐŚ ;ϳϳ͕ϭйͿ͘
njħƑĐŝĞũƚŽŵħǏĐnjLJǍŶŝ;ϴϬ͕ϱйͿŶŝǏŬŽďŝĞƚLJ;ϳϰ͕ϮйͿ
ĚĞŬůĂƌƵũČ͕ŝǏǁ/ŶƚĞƌŶĞĐŝĞŶĂnjĂŬƵƉĂĐŚƐƉħĚnjĂũČ
ŵŶŝĞũ ŶŝǏ Ϯ ŐŽĚnjŝŶLJ ƚLJŐŽĚŶŝŽǁŽ͘ EŝĞǁŝĞůƵ ƌĞͲ
ƐƉŽŶĚĞŶƚſǁ ;ϭϲ͕ϴйͿ ƉƌnjLJnjŶĂũĞ͕ ǏĞ ŶĂ njĂŬƵƉLJ
ǁƐŝĞĐŝƉƌnjĞnjŶĂĐnjĂŽŬŽųŽϮĚŽϯŐŽĚnjŝŶƚLJŐŽĚŶŝŽͲ
ǁŽ͘ dĂŬŝĞ ĚĞŬůĂƌĂĐũĞ ĐŽ ĚŽ ƐƉħĚnjĂŶŝĂ ĐnjĂƐƵ ŶĂ
njĂŬƵƉĂĐŚ ƐČ ŶŝĞũĂŬŽ njďŝĞǏŶĞ nj ĐnjħƐƚŽƚůŝǁŽƑĐŝČ
ƌŽďŝĞŶŝĂ njĂŬƵƉſǁ Ěſďƌ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ
ǁ /ŶƚĞƌŶĞĐŝĞ͘ /ŵ ƌnjĂĚnjŝĞũ ŬƵƉƵũČ͕ ƚLJŵ ŵŶŝĞũͲ
ƐnjLJ ųČĐnjŶLJ ĐnjĂƐ ƐƉħĚnjĂŶŝĂ ŶĂ njĂŬƵƉĂĐŚ ǁ ƐŝĞĐŝ͘
ŽĐŚŽĚnjŝĚŽƚĞŐŽũĞƐnjĐnjĞŬǁĞƐƟĂnjǁŝČnjĂŶĂnjǁLJͲ
ƐnjƵŬŝǁĂŶŝĞŵƉƌŽĚƵŬƚſǁǁǁLJƐnjƵŬŝǁĂƌŬĂĐŚ͕ĐŽ
ũĞƐƚ ĐnjĂƐŽĐŚųŽŶŶLJŵ ƉƌŽĐĞƐĞŵ ǁ ƐƚŽƐƵŶŬƵ ĚŽ
ŐĞŶĞƌŽǁĂŶLJĐŚ ĂƵƚŽŵĂƚLJĐnjŶŝĞ ůŝƐƚ njĂŬƵƉŽǁLJĐŚ
ŶĂƉŽĚƐƚĂǁŝĞŚŝƐƚŽƌŝŝnjĂŬƵƉſǁǁƉƌnjLJƉĂĚŬƵƌĞͲ
ƐƚLJƚƵĐLJũŶLJĐŚnjĂŬƵƉſǁǁƐŝĞĐŝĂĐŚŚĂŶĚůŽǁLJĐŚ͘
ZĞƐƉŽŶĚĞŶĐŝ ĚĞŬůĂƌƵũČ͕ ǏĞ ŶĂũĐnjħƑĐŝĞũ ũĞĚŶŽƌĂͲ
njŽǁĂ ŬǁŽƚĂ ǁLJĚĂƚŬŽǁĂŶĂ ƉƌnjĞnj ŶŝĐŚ ŶĂ njĂŬƵͲ
ƉLJĚſďƌĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵŵŝĞƑĐŝƐŝħǁŐƌĂŶŝͲ
ĐĂĐŚϱϭʹϭϱϬnjų;ϲϰ͕ϴйͿ͘tƚĞũŐƌƵƉŝĞƚŽŬŽďŝĞƚLJ
;ϲϲ͕ϬйͿĐnjħƑĐŝĞũŶŝǏŵħǏĐnjLJǍŶŝ;ϲϯ͕ϰйͿŬƵƉƵũČŶĂ
ƚĂŬČ ǁųĂƑŶŝĞ ŬǁŽƚħ͘  ŬŽůĞŝ ďůŝƐŬŽ ĐŽ ƉŝČƚLJ ďĂͲ
ĚĂŶLJ;ϭϳ͕ϵйͿƉƌnjLJnjŶĂũĞ͕ǏĞũĞĚŶŽƌĂnjŽǁŽŬƵƉƵũĞ
ǁ /ŶƚĞƌŶĞĐŝĞ ŶĂ ŬǁŽƚħ ϭϱϭʹϯϬϬ njų͘ t ƚĞũ ŐƌƵͲ
ƉŝĞƉƌnjĞǁĂǏĂũČŵħǏĐnjLJǍŶŝ;ϮϬ͕ϳйͿ͘ŽĚnjŝĞƐŝČƚLJ
ƵĐnjĞƐƚŶŝŬďĂĚĂŶŝĂ;ϭϭ͕ϳйͿǁLJĚĂƚŬƵũĞƚLJŐŽĚŶŝŽͲ
ǁŽŵŶŝĞũŶŝǏϱϬnjų͘
<ƵƉƵũČĐ ǁ ƐŝĞĐŝ ĂƌƚLJŬƵųLJ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ͕
ƌĞƐƉŽŶĚĞŶĐŝƉƌnjLJnjŶĂũČ͕ǏĞŶĂũĐnjħƑĐŝĞũǁLJĚĂƚŬƵũČ
ŬǁŽƚLJŵŝħĚnjLJϱϭnjųĂϭϱϬnjų͘dĂŬĚĞŬůĂƌƵũĞĐŽƐnjſͲ
ƐƚLJďĂĚĂŶLJ;ϲϰ͕ϴйͿ͘ůŝƐŬŽĐŽĚƌƵŐŝƌĞƐƉŽŶĚĞŶƚ
;ϭϳ͕ϵйͿ ƉƌnjLJnjŶĂũĞ͕ ǏĞ ŬǁŽƚLJ ƚĞ ƐČ ǁLJǏƐnjĞ͕ ƚnjŶ͘
ŵŝħĚnjLJϭϱϭnjųĂϯϬϬnjų͘<ǁŽƚLJǁLJĚĂǁĂŶĞǁƐŝĞĐŝ
ƉƌnjĞnjĞͲŬŽŶƐƵŵĞŶƚſǁƉƌnjĞnjŶĂĐnjĂŶĞƐČŶĂnjĂŬƵƉ
ƉƌŽĚƵŬƚſǁ nj ƌſǏŶLJĐŚ ŬĂƚĞŐŽƌŝŝ͘ ŽŵŝŶƵũČ ƚĞ͕
ŬƚſƌĞ ƐČ ǁLJƐŽŬŽ ƉƌnjĞƚǁŽƌnjŽŶĞ͕ ŵĂũČ ǁLJĚųƵǏŽͲ
ŶĞƚĞƌŵŝŶLJƉƌnjLJĚĂƚŶŽƑĐŝŽƌĂnjƐČƉŽƌſǁŶLJǁĂůŶĞ͘
tƑƌſĚǁŝĞůƵŬĂƚĞŐŽƌŝŝƚŽĐŚĞŵŝĂƉŝĞůħŐŶĂĐLJũŶĂ
ĚŽĐŝĂųĂũĞƐƚŶĂũĐnjħƑĐŝĞũǁLJďŝĞƌĂŶĂ͘dĂŬƚǁŝĞƌĚnjŝ
ďůŝƐŬŽƚƌnjLJĐnjǁĂƌƚĞďĂĚĂŶLJĐŚ;ϳϬ͕ϵйͿ͘WŽŶĂĚƉŽͲ
ųŽǁĂ ďĂĚĂŶLJĐŚ ;ϱϲ͕ϰйͿ ĚĞĐLJĚƵũĞ Ɛŝħ ŶĂ njĂŬƵƉ
ǁƐŝĞĐŝĐŚĞŵŝŝŐŽƐƉŽĚĂƌĐnjĞũ͘ŬŽůĞŝĐnjƚĞƌĞĐŚŶĂ
ĚnjŝĞƐŝħĐŝƵ ;ϰϬ͕ϮйͿ ďĂĚĂŶLJĐŚ ĚĞŬůĂƌƵũĞ njĂŬƵƉ
ŚĞƌďĂƚLJ ŝ ŬĂǁLJ͘ :ĞĚŶĂ ƚƌnjĞĐŝĂ ƌĞƐƉŽŶĚĞŶƚſǁ
;Ϯϵ͕ϭйͿ ŬƵƉƵũĞ ǁ ƐŝĞĐŝ ƉƌŽĚƵŬƚLJ ĚůĂ njǁŝĞƌnjČƚ͘
ŬŽůĞŝĐŽƉŝČƚLJďĂĚĂŶLJƉƌnjLJnjŶĂũĞ͕ǏĞĐŚħƚŶŝĞǁLJͲ
ďŝĞƌĂƐŝĞđǁſǁĐnjĂƐ͕ŐĚLJŬƵƉƵũĞƐųŽĚLJĐnjĞ;ϮϮ͕ϵйͿ͕
ƉƌnjLJƉƌĂǁLJ͕ƐŽƐLJŝŵĂŬĂƌŽŶLJ;Ϯϭ͕ϮйͿ͕ŶĂƉŽũĞďĞnjͲ
ĂůŬŽŚŽůŽǁĞ;Ϯϭ͕ϮйͿŽƌĂnjĂƌƚLJŬƵųLJƐLJƉŬŝĞ;ŵČŬĂ͕
ŬĂƐnjĞ͕ƌLJǏ͕ŵĂŬĂƌŽŶLJ͕ĐƵŬŝĞƌͿ;Ϯϭ͕ϮйͿ͘DŶŝĞũƐnjČ
ŐƌƵƉħ ƐƚĂŶŽǁŝČ ďĂĚĂŶŝ͕ ŬƚſƌnjLJ ŬƵƉƵũČ ǁ ƐŝĞĐŝ
ŶĂďŝĂų;ϭϳ͕ϯйͿ͕ŶĂƉŽũĞĂůŬŽŚŽůŽǁĞ;ϭϲ͕ϮйͿŽƌĂnj
ƉƌnjĞƚǁŽƌLJ ƐųŽĚŬŝĞ ;ϭϱ͕ϲйͿ͘ ĚĞĐLJĚŽǁĂŶŝĞ ƌnjĂͲ
ĚnjŝĞũďĂĚĂŶŝŬƵƉƵũČŝŶŶĞŬĂƚĞŐŽƌŝĞƉƌŽĚƵŬƚŽǁĞ͕
ŬƚſƌĞ ĐŚĂƌĂŬƚĞƌLJnjƵũČ Ɛŝħ ŵŽǏůŝǁŽƑĐŝĂŵŝ ƵƐnjŬŽͲ
ĚnjĞŶŝĂ͕ŵĂũČŬƌſƚƐnjĞƚĞƌŵŝŶLJƉƌnjLJĚĂƚŶŽƑĐŝŽƌĂnj
ŵŽŐČ ƐƚƌĂĐŝđ ŶĂ ƑǁŝĞǏŽƑĐŝ͘ EĂũŵŶŝĞũ ƌĞƐƉŽŶͲ
ĚĞŶƚſǁ ĚĞŬůĂƌŽǁĂųŽ njĂŬƵƉ ǁ ƐŝĞĐŝ ƌLJď ;ϱ͕ϲйͿ͕
ŐŽƚŽǁLJĐŚĐŝĂƐƚ;ϳ͕ϯйͿ͕ŵŝħƐĂŝĚƌŽďŝƵŽƌĂnjǁħͲ
ĚůŝŶ;ϵ͕ϱйͿ͘dLJůŬŽĐŽĚnjŝĞƐŝČƚLJďĂĚĂŶLJƉƌnjLJnjŶĂų͕
ǏĞ ŬƵƉƵũĞ ǁ ƐŝĞĐŝ ƉŝĞĐnjLJǁŽ ;ϭϬ͕ϲйͿ͕ ŵƌŽǏŽŶŬŝ
;ϭϬ͕ϲйͿ͕ ǁĂƌnjLJǁĂ ŝ ŽǁŽĐĞ ;ϭϰ͕ϱйͿ ŽƌĂnj ŵĂƐųŽ
ŝƚųƵƐnjĐnjĞ;ϭϰ͕ϱйͿ͘
ZĞƐƉŽŶĚĞŶĐŝ ĚĞĐLJĚƵũČ Ɛŝħ ŶĂ njĂŬƵƉLJ Ěſďƌ ĐŽͲ
ĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ ǁ /ŶƚĞƌŶĞĐŝĞ njĞ ǁnjŐůħĚƵ ŶĂ͗
ǁLJŐŽĚħĚŽŬŽŶLJǁĂŶŝĂnjĂŬƵƉƵ;ϳϱ͕ϰйͿ͕ŽƐnjĐnjħĚͲ
ŶŽƑđ ĐnjĂƐƵ ;ϲϴ͕ϳйͿ͕ ƐǁŽďŽĚħ ŵŝĞũƐĐĂ ŽƌĂnj
ĚŽƐƚħƉŶŽƑđ Ϯϰ ŐŽĚnjŝŶLJ ŶĂ ĚŽďħ ;ϰϱ͕ϯйͿ͕ ũĂŬ
ƌſǁŶŝĞǏŵŽǏůŝǁŽƑđƉŽƌſǁŶĂŶŝĂŽĨĞƌƚŬŝůŬƵƐƉƌnjĞͲ
ĚĂǁĐſǁ;ϰϭ͕ϵйͿ͘ŶĂĐnjŶŝĞǁŝħĐĞũŵħǏĐnjLJnjŶŶŝǏ
ŬŽďŝĞƚǁƐŬĂnjƵũĞ͕ǏĞǁLJŐŽĚĂĚŽŬŽŶLJǁĂŶŝĂnjĂŬƵͲ
Ɖſǁ ;ŽĚƉŽǁŝĞĚŶŝŽ ϳϴ͕Ϭй ǁŽďĞĐ ϳϯ͕ϮйͿ ŽƌĂnj
ŽƐnjĐnjħĚŶŽƑđ ĐnjĂƐƵ ;ŽĚƉŽǁŝĞĚŶŝŽ ϳϬ͕ϳй ǁŽďĞĐ
ϲϳ͕ϬйͿƐČĚůĂŶŝĐŚŝƐƚŽƚŶLJŵŝŬƌLJƚĞƌŝĂŵŝǁLJďŽƌƵ
ŝŶƚĞƌŶĞƚŽǁLJĐŚ ũĞĚŶŽƐƚĞŬ ŚĂŶĚůŽǁLJĐŚ ŶĂ ŵŝĞũͲ
ƐĐĂnjĂŬƵƉſǁ͘
tŝħĐĞũ ŬŽďŝĞƚ ;ϰϯ͕ϯйͿ ŶŝǏ ŵħǏĐnjLJnjŶ ;ϰϬ͕ϮйͿ
ǁƐŬĂnjƵũĞ ŶĂ ŵŽǏůŝǁŽƑđ ƐnjLJďŬŝĞŐŽ ƉŽƌſǁŶĂŶŝĂ
ŽĨĞƌƚŬŝůŬƵƐƉƌnjĞĚĂǁĐſǁ͘ŬŽůĞŝĐŽƉŝČƚLJďĂĚĂŶLJ
;ϮϬ͕ϭйͿĚĞĐLJĚƵũĞƐŝħŶĂnjĂŬƵƉLJĚſďƌĐŽĚnjŝĞŶŶĞͲ
ŐŽƵǏLJƚŬƵǁƐŝĞĐŝ͕ƉŽŶŝĞǁĂǏƵǁĂǏĂ͕ǏĞǁſǁĐnjĂƐ
ũĞŐŽ njĂŬƵƉLJ ƐČ ďĂƌĚnjŝĞũ ƉƌnjĞŵLJƑůĂŶĞ ŝ ŬƵƉƵũĞ
ƚLJůŬŽƚŽ͕ĐŽũĞƐƚŵƵƉŽƚƌnjĞďŶĞ͘njħƑĐŝĞũŵħǏĐnjLJǍͲ
Ŷŝ ;ϮϮ͕ϬйͿ ŶŝǏ ŬŽďŝĞƚLJ ;ϭϴ͕ϲйͿ ƉƌnjLJnjŶĂũČ͕ ŝǏ ƚŽ
ϯϲϬ
<ĂƚĂƌnjLJŶĂ<ŽůĂƐŝŷƐŬĂͲDŽƌĂǁƐŬĂͮhǁĂƌƵŶŬŽǁĂŶŝĂnjĂĐŚŽǁĂŷŶĂďLJǁĐnjLJĐŚĞͲŬŽŶƐƵŵĞŶƚĂǁǁŝĞůŽǁLJŵŝĂƌŽǁĞũƌnjĞĐnjLJǁŝƐƚŽƑĐŝ
dĂďĞůĂϮ͘njLJŶŶŝŬŝǁLJďŽƌƵũĞĚŶŽƐƚĞŬŚĂŶĚůŽǁLJĐŚŽďĞĐŶLJĐŚǁ/ŶƚĞƌŶĞĐŝĞ
ũĂŬŽŵŝĞũƐĐnjĂŬƵƉƵĚſďƌĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵ;ǁƉƌŽĐĞŶƚĂĐŚͿ
njLJŶŶŝŬŝ
KŐſųĞŵ
ŵŽĚĂŶĂnjĂŬƵƉLJǁ/ŶƚĞƌŶĞĐŝĞ
ǁLJŐŽĚĂĚŽŬŽŶLJǁĂŶŝĂnjĂŬƵƉſǁ
ŽƐnjĐnjħĚŶŽƑđĐnjĂƐƵ
ƐǁŽďŽĚĂŵŝĞũƐĐĂŽƌĂnjĚŽƐƚħƉͲ
ŶŽƑđϮϰŐŽĚnjŝŶLJŶĂĚŽďħ
njĂŬƵƉLJƐČďĂƌĚnjŝĞũƉƌnjĞŵLJƑůĂŶĞʹŬƵͲ
ƉƵũħƚLJůŬŽƚŽ͕ĐŽũĞƐƚƉŽƚƌnjĞďŶĞ
ďƌĂŬŵŽǏůŝǁŽƑĐŝǁLJũƑĐŝĂnjĚŽŵƵ
;ŶƉ͘ŽƐŽďLJŶŝĞƉĞųŶŽƐƉƌĂǁŶĞ͕ŵĂŵLJ
njŵĂųLJŵŝĚnjŝĞđŵŝ͕͘͘͘Ϳ
ŵŽǏůŝǁŽƑđƐnjLJďŬŝĞŐŽƉŽƌſǁŶĂͲ
ŶŝĂŽĨĞƌƚŬŝůŬƵƐƉƌnjĞĚĂǁĐſǁ
ϭ͕ϳ
ϳϱ͕ϰ
ϲϴ͕ϳ
ZĞƐƉŽŶĚĞŶĐŝǁĞĚųƵŐƉųĐŝ
<ŽďŝĞƚLJ
DħǏĐnjLJǍŶŝ
Ϯ͕ϭ
ϭ͕Ϯ
ϳϯ͕Ϯ
ϳϴ͕Ϭ
ϲϳ͕Ϭ
ϳϬ͕ϳ
ϰϱ͕ϯ
ϰϲ͕ϰ
ϰϯ͕ϵ
ϮϬ͕ϭ
ϭϴ͕ϲ
ϮϮ͕Ϭ
ϯ͕ϰ
ϱ͕Ϯ
ϭ͕Ϯ
ϰϭ͕ϵ
ϰϯ͕ϯ
ϰϬ͕Ϯ
€ƌſĚųŽ͗ŽƉƌĂĐŽǁĂŶŝĞŶĂƉŽĚƐƚĂǁŝĞǁLJŶŝŬſǁďĂĚĂŷ͕ŵĂƌnjĞĐϮϬϭϰ͘
ŬƌLJƚĞƌŝƵŵũĞƐƚĚůĂŶŝĐŚŝƐƚŽƚŶĞ͘EŝĞǁŝĞůŬĂŐƌƵƉĂ
ƌĞƐƉŽŶĚĞŶƚſǁ;ϯ͕ϰйͿƉŽĚĂũĞ͕ǏĞnjĂŬƵƉLJǁƐŝĞĐŝ
ƐČĚůĂŶŝĐŚũĞĚLJŶČĂůƚĞƌŶĂƚLJǁČnjĂŬƵƉſǁǁŽďĞĐ
ŶŝĞŵŽǏŶŽƑĐŝǁLJũƑĐŝĂnjĚŽŵƵ͘
ZĞƐƉŽŶĚĞŶĐŝ ƉŽĚŬƌĞƑůĂũČ͕ ǏĞ ĐŚħƚŶŝĞ ŬƵƉƵͲ
ũČ ǁ /ŶƚĞƌŶĞĐŝĞ ĚŽďƌĂ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ njĞ
ǁnjŐůħĚƵ ŶĂ ŬŽŶŬƌĞƚŶĞ ĂƚƵƚLJ ƚĞũ ĨŽƌŵƵųLJ njĂŬƵͲ
ƉŽǁĞũ͕ĂƐČƚŽ͗ĚƵǏLJǁLJďſƌƉƌŽĚƵŬƚſǁ;Ϯϱ͕ϴйͿ͕
ĐĞŶLJ ;Ϯϱ͕ϴйͿ͕ ƉƌŽŵŽĐũĞ ;ϭϳ͕ϬйͿ͕ ŬŽƐnjƚLJ ĚŽͲ
ƐƚĂƌĐnjĂŶŝĂ ƉƌŽĚƵŬƚſǁ ;ϭϭ͕ϲйͿ ŽƌĂnj ƌſǏŶŽƌŽĚŶĞ
ĨŽƌŵLJĚŽƐƚĂƌĐnjĂŶŝĂƉƌŽĚƵŬƚſǁ;ϭϭ͕ϭйͿ͘ĂƌĚnjŽ
ŝƐƚŽƚŶĂ ũĞƐƚ ĚůĂ ƌĞƐƉŽŶĚĞŶƚſǁ ŬǁĞƐƟĂ ǁLJŐŽĚLJ
ŝųĂƚǁĞŐŽŶĂǁŝŐŽǁĂŶŝĂƉŽƐƚƌŽŶŝĞŝŶƚĞƌŶĞƚŽǁĞũ
ĚĂŶĞŐŽƐŬůĞƉƵ;ϭϭ͕ϰйͿ͕ǁųĂƐŶĞĚŽďƌĞĚŽƑǁŝĂĚͲ
ĐnjĞŶŝĞǁŬŽŶƚĂŬƚĂĐŚnjĚĂŶČũĞĚŶŽƐƚŬČŚĂŶĚůŽǁČ
;ϭϴ͕ϳйͿŽƌĂnjƉƌnjLJnjǁLJĐnjĂũĞŶŝĞ;ϴ͕ϰйͿ͘
ZĞĂƐƵŵƵũČĐ͕ ǁ ĐnjĂƐĂĐŚ͕ ŐĚLJ ƚƌĂĚLJĐLJũŶĞ ĨŽƌŵƵͲ
ųLJ ƐƉƌnjĞĚĂǏŽǁĞ ƉƌnjĞǏLJǁĂũČ njĂƐƚſũ͕ ŶŽǁĞ ƚĞĐŚͲ
ŶŽůŽŐŝĞ njLJƐŬƵũČ ŶĂ njŶĂĐnjĞŶŝƵ͘ ŽƐƚħƉ ƉŽůƐŬŝĐŚ
ŐŽƐƉŽĚĂƌƐƚǁ ĚŽŵŽǁLJĐŚ ĚŽ /ŶƚĞƌŶĞƚƵ͕ ƌŽƐŶČĐĂ
ůŝĐnjďĂ ƐŬůĞƉſǁ ŝŶƚĞƌŶĞƚŽǁLJĐŚ͕ ƵƉŽǁƐnjĞĐŚŶŝĞͲ
ŶŝĞ ŬĂƌƚ ƉųĂƚŶŝĐnjLJĐŚ ŝ ŬŽŶƚ ŝŶƚĞƌŶĞƚŽǁLJĐŚ ŽƌĂnj
ƉƌnjĞŽďƌĂǏĞŶŝĂ ĚĞƚĂůŝƐƚſǁ njŵŝĞŶŝĂũČ ŽďůŝĐnjĞ ƌĞͲ
ůĂĐũŝƉŽŵŝħĚnjLJƉƌnjĞĚƐŝħďŝŽƌƐƚǁĂĂŝĐŚŬůŝĞŶƚĂŵŝ͘
tŝƌƚƵĂůŝnjĂĐũĂ ǁ ŽďƌŽĐŝĞ ĚŽďƌĂŵŝ ĐŽĚnjŝĞŶŶĞŐŽ
ƵǏLJƚŬƵ njŵŝĞŶŝĂ ƵǁĂƌƵŶŬŽǁĂŶŝĂ njǁŝČnjĂŶĞ nj ŬŽͲ
ŵƵŶŝŬŽǁĂŶŝĞŵƐŝħƵĐnjĞƐƚŶŝŬſǁƌLJŶŬƵ͕ƐƉŽũƌnjĞͲ
ŶŝĞ ŶĂ ĐnjĂƐ ŝ ũĞŐŽ ǁLJŬŽƌnjLJƐƚĂŶŝĞ͕ ĨŽƌŵƵųħ ŬŽŶͲ
ƚĂŬƚŽǁĂŶŝĂ Ɛŝħ nj ŽďƐųƵŐČ ƐƉƌnjĞĚĂǏŽǁČ ŽƌĂnj
ŵŽǏůŝǁŽƑđ ƉųĂƚŶŽƑĐŝ͘ WŽǁƐƚĂũČĐĞ ƵĚŽŐŽĚŶŝĞŶŝĂ
njǁŝČnjĂŶĞnjƌĞĂůŝnjĂĐũČƚƌĂŶƐĂŬĐũŝĚſďƌĐŽĚnjŝĞŶŶĞͲ
ŐŽƵǏLJƚŬƵƉŽƉƌnjĞnjƐŝĞđnjŶĂũĚƵũČƐǁŽŝĐŚnjǁŽůĞŶͲ
ŶŝŬſǁ͘ŚŽđĚnjŝƑŐųſǁŶŝĞƐŝĞĐŝŽǁĞƉƌnjĞĚƐŝħďŝŽƌͲ
ƐƚǁĂǁŝŽĚČƉƌLJŵ͕njƉĞǁŶŽƑĐŝČǁŬƌſƚĐĞƉŽũĂǁŝČ
Ɛŝħ ŝĐŚ ŶĂƑůĂĚŽǁĐLJ͘ ͲŬŽŶƐƵŵĞŶĐŝ͕ ŵĂũČĐ ĚŽ
ǁLJďŽƌƵƌſǏŶŽƌŽĚŶŽƑđĨŽƌŵƵųŝĨŽƌŵĂƚſǁƐƉƌnjĞͲ
ĚĂǏŽǁLJĐŚ͕ ĐŚħƚŶŝĞ ǁLJďŝĞƌĂũČ /ŶƚĞƌŶĞƚ͕ ŶĂďLJͲ
ǁĂũČĐƚĂŵĚŽďƌĂĐŽĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵ͘&ŽƌŵƵųĂ
njĂŬƵƉſǁ Ěſďƌ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ ƚŽ ŬŽůĞũŶLJ
ŬƌŽŬ ǁ ƚƌĂŶƐĨŽƌŵĂĐũŝ njǁLJĐnjĂũſǁ njĂŬƵƉŽǁLJĐŚ
ŐŽƐƉŽĚĂƌƐƚǁĚŽŵŽǁLJĐŚ͘
WŽĚƐƵŵŽǁĂŶŝĞ
&ƵŶŬĐũŽŶŽǁĂŶŝĞ ƉƌnjĞĚƐŝħďŝŽƌƐƚǁ ŽĨĞƌƵũČĐLJĐŚ
ĚŽďƌĂ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ ŵƵƐŝ ŝƑđ nj ĚƵĐŚĞŵ
ƉƌnjĞŵŝĂŶ͕ ũĂŬŝŵ ƉŽĚůĞŐĂ ƐƉŽųĞĐnjĞŷƐƚǁŽ ŝŶĨŽƌͲ
ŵĂĐLJũŶĞ͘ ŶĂůŝnjĂ ƵǁĂƌƵŶŬŽǁĂŷ njǁŝČnjĂŶLJĐŚ
nj ƉŽƐƚĞƉŽǁĂŶŝĞŵ njĂŬƵƉŽǁLJŵ ĞͲŬŽŶƐƵŵĞŶͲ
ƚſǁ ũĞƐƚ ĚůĂ ŶŝĐŚ ǁĂƌƵŶŬŝĞŵ ƐŝŶƋƵĂ ŶŽŶ͕ ũĞƑůŝ
ŶŝĞĐŚĐČďLJđǁLJŬůƵĐnjŽŶĞnjŐƌLJŽƉŽƌƞĞůŬůŝĞŶƚĂ͘
ŽǁŝĞŵ ĚnjŝƐŝĞũƐnjLJ ŬůŝĞŶƚ njĂŶƵƌnjŽŶLJ ǁ ŝŶĨŽƌŵĂͲ
ĐLJũŶLJŵ ƑǁŝĞĐŝĞ /ŶƚĞƌŶĞƚƵ͕ ŬƚſƌLJ ƐƚĂũĞ Ɛŝħ ĚůĂ
ŶŝĞŐŽ ƑƌŽĚŽǁŝƐŬŝĞŵ ŶĂƚƵƌĂůŶĞũ ĞŐnjLJƐƚĞŶĐũŝ͕ ĐĞͲ
ĐŚƵũĞƐŝħŽŬƌĞƑůŽŶLJŵƚLJƉĞŵĚnjŝĂųĂŶŝĂ͘EŝĞĐŚĐĞ
ŵĂƌŶŽƚƌĂǁŝđ ĐnjĂƐƵ͕ ĐŚĐĞ ŵŝĞđ ǁLJďſƌ ŝ ŵŽǏůŝͲ
ǁŽƑđ ƉŽƌſǁŶLJǁĂŶŝĂ͕ ŶŝĞ ĐŚĐĞ ƉƌnjĞƉųĂĐĂđ͕ ĐĞŶŝ
ǁLJŐŽĚħŝƐǁŽďŽĚħĚĞĐLJnjLJũŶČ͘KďĞĐŶŝĞƐƉƌnjĞĚĂǏ
Ěſďƌ ĐŽĚnjŝĞŶŶĞŐŽ ƵǏLJƚŬƵ ũĞƐƚ ƐŬŽŶĐĞŶƚƌŽǁĂŶĂ
ǁ ƚƌĂĚLJĐLJũŶLJĐŚ ŬĂŶĂųĂĐŚ ƐƉƌnjĞĚĂǏLJ ĚĞƚĂůŝĐnjŶĞũ͕
ŶĂ ĐŽ ǁƉųLJǁĂ ǁŝĞůĞ ĐnjLJŶŶŝŬſǁ ʹ ƉƌnjLJnjǁLJĐnjĂͲ
ũĞŶŝĂ ŬůŝĞŶƚſǁ͕ ĐnjħƐƚŽƚůŝǁŽƑđ njĂŬƵƉſǁ͕ ƐƚƌƵŬͲ
ƚƵƌĂ ǁŝĞŬŽǁĂ ŬůŝĞŶƚſǁ͕ ŵŽǏůŝǁŽƑĐŝ ůŽŐŝƐƚLJĐnjŶĞ
ŝƚƉ͘ :ĞĚŶĂŬǏĞ njŵŝĞŶŝĂũČĐĞ Ɛŝħ ƉƌnjLJnjǁLJĐnjĂũĞŶŝĂ
ŬůŝĞŶƚſǁǁĐnjĂƐĂĐŚďŝnjŶĞƐŽǁĞŐŽǁLJŬŽƌnjLJƐƚĂŶŝĂ
/ŶƚĞƌŶĞƚƵ ƉŽǁŽĚƵũČ͕ ǏĞ ͣǁŝƌƚƵĂůŶĂ ĨƵƌƚŬĂ͟ ĚŽ
ƌLJŶŬƵ &D' ƵĐŚLJůĂ Ɛŝħ ĐŽƌĂnj ƐnjĞƌnjĞũ͘ njŝƐŝĞũƐŝ
ƉŝŽŶŝĞƌnjLJǁŵĂƐŽǁĞũƐƉƌnjĞĚĂǏLJŽŶůŝŶĞĚſďƌĐŽͲ
ĚnjŝĞŶŶĞŐŽƵǏLJƚŬƵƚŽƌƵũČĚƌŽŐħŝǁLJnjŶĂĐnjĂũČŬŝĞͲ
ƌƵŶĞŬ͕ŬƚſƌLJǁŶŝĞĚĂůĞŬŝĞũƉƌnjLJƐnjųŽƑĐŝŶŝĞďħĚnjŝĞ
ũĞĚŶČnjĂůƚĞƌŶĂƚLJǁŶLJĐŚŽƉĐũŝŵŽǏůŝǁŽƑĐŝnjĂŬƵƉƵ͕
ĂůĞ ǁLJŵŽŐŝĞŵ ŽĐnjĞŬŝǁĂŶLJŵ ƉƌnjĞnj ǁŝħŬƐnjŽƑđ
ŬůŝĞŶƚſǁ͘ dĂŬŝ ƐƚĂŶ ƌnjĞĐnjLJ ďħĚnjŝĞ ǁnjŵĂĐŶŝĂŶLJ
ƉƌnjĞnjŝŶŶŽǁĂĐLJũŶĞƌŽnjǁŝČnjĂŶŝĂnjǁŝČnjĂŶĞnjŬŽŶͲ
ĐĞƉĐũČ/ŶƚĞƌŶĞƚƵƌnjĞĐnjLJ;ĂŶŐ͘/ŶƚĞƌŶĞƚŽĨdŚŝŶŐƐͿ͕
ŬƚſƌĂnjĂŬųĂĚĂ͕ŝǏǁƐnjĞůŬŝĞƵƌnjČĚnjĞŶŝĂ͕ĂǁƚLJŵ
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The Wroclaw School of Banking Research Journal I ISSN 1643-7772 I eISSN 2392-1153 I Vol. 15 I No. 3
ǁŬƚſƌLJŵƚĞĐŚŶŽůŽŐŝĂŬƌĞƵũĞƉŽƚƌnjĞďLJŝďĞnjƉŽͲ
ƑƌĞĚŶŝŽ ǁƉųLJǁĂ ŶĂ njĂĐŚŽǁĂŶŝĂ ŶĂďLJǁĐſǁ͕ ŶŝĞ
ďħĚnjŝĞ ŵŝĞũƐĐĂ ĚůĂ ƉƌnjĞĚƐŝħďŝŽƌƐƚǁ ĚĞƚĂůŝĐnjͲ
ŶLJĐŚ͕ŬƚſƌĞŶŝĞďħĚČŐŽƚŽǁĞŶĂŽďƐųƵǏĞŶŝĞƚĂͲ
ŬŝĞŐŽŬůŝĞŶƚĂĞͲŬŽŶƐƵŵĞŶƚĂ͘
ƵƌnjČĚnjĞŶŝĂŐŽƐƉŽĚĂƌƐƚǁĂĚŽŵŽǁĞŐŽ͕ďħĚČƉŽͲ
ųČĐnjŽŶĞǁƐŝĞđ͘KĚƚĞũĨƵƚƵƌLJƐƚLJĐnjŶĞũǁŝnjũŝũƵǏƚLJůͲ
ŬŽŬƌŽŬĚŽŝŶƚĞůŝŐĞŶƚŶLJĐŚůŽĚſǁĞŬ͕ŬƚſƌĞƐĂŵĞ
ŬŽŶƚƌŽůƵũČ ƐǁŽũČ njĂǁĂƌƚŽƑđ ŝ njĂŵĂǁŝĂũČ ŽŶůŝŶĞ
ďƌĂŬƵũČĐĞƉƌŽĚƵŬƚLJ&D'͘tƚĂŬŝŵƑƌŽĚŽǁŝƐŬƵ͕
ŝďůŝŽŐƌĂĮĂ
ŝĐŚŽŷD͘ŝŝŶ͘;ϮϬϭϯͿ͕ŝďůŝĂĞͲŝnjŶĞƐƵ͕'ůŝǁŝĐĞ͕
,ĞůŝŽŶ͘
>ƵŬĂƐ,͘͘;ϭϵϵϴͿ͕/ŶĨŽƌŵĂƟŽŶ^LJƐƚĞŵƐŽŶĐĞƉƚƐ
ĨŽƌDĂŶĂŐĞŵĞŶƚ͕EĞǁzŽƌŬ͕DĐ'ƌĂǁͲ,ŝůůŽŽŬ
ŽŵƉĂŶLJ͘
ČďƌŽǁƐŬĂ ͕͘ :ĂŶŽƑͲ<ƌĞƐųŽ D͕͘ tſĚŬŽǁƐŬŝ ͘
;ϮϬϬϵͿ͕ ͲƵƐųƵŐŝ Ă ƐƉŽųĞĐnjĞŷƐƚǁŽ ŝŶĨŽƌŵĂĐLJũŶĞ͕
tĂƌƐnjĂǁĂ͕ŝĮŶ͘
DĂnjƵƌŬŝĞǁŝĐnj W͕͘ ŽĚnjŝĞŶŶĞ njĂŬƵƉLJ ǁ ƐŝĞĐŝ͕
ͣZnjĞĐnjƉŽƐƉŽůŝƚĂ͟njĚŶŝĂϭϰ͘Ϭϵ͘ϮϬϭϮ͘
ZĂƉŽƌƚ /ŶƚĞƌŶĞƚ^ƚĂŶĚĂƌĚ ĞŽŵŵĞƌĐĞ njĂ ϮϬϭϬ
ƌŽŬ͘
'ƌŽƐƐŵĂŶŶ '͘D͕͘ ,ĞůƉŵĂŶ t͘ ;ϭϵϵϱͿ͕
dĞĐŚŶŽůŽŐLJ ĂŶĚ dƌĂĚĞ͘ ͣŝƐĐƵƐƐŝŽŶ ƉĂƉĞƌƐ͕͟ ŶŽ
ϭϭϯϰ͕>ŽŶĚŽŶ͘
ZĂƉŽƌƚ 'h^ ^ƉŽųĞĐnjĞŷƐƚǁŽ ŝŶĨŽƌŵĂĐLJũŶĞ
ǁWŽůƐĐĞǁϮϬϭϯƌŽŬƵ.
:ĂĐŝŽǁD͕͘tŽůŶLJZ͘;ϮϬϭϭͿ͕WŽůƐŬŝĞͲŬŽŶƐƵŵĞŶƚ͘
dLJƉŽůŽŐŝĂ͕njĂĐŚŽǁĂŶŝĂ͕'ůŝǁŝĐĞ͕,ĞůŝŽŶ͘
ZĂƉŽƌƚDŝůůǁĂƌĚƌŽǁŶ^D'ͬ<ZnjĂϮϬϭϬƌŽŬ͘
^ƚƌŽŶĂ'h^͕ŚƩƉ͗ͬͬǁǁǁ͘ƐƚĂƚ͘ŐŽǀ͘Ɖůͬ͘
:ĂĐŝŽǁ D͕͘ tŽůŶLJ Z͕͘ ^ƚŽůĞĐŬĂͲDĂŬŽǁƐŬĂ ͘
;ϮϬϭϯͿ͕ͲŬŽŶƐƵŵĞŶƚǁƵƌŽƉŝĞ͘<ŽŵƉĂƌĂƚLJǁŶĂ
ĂŶĂůŝnjĂnjĂĐŚŽǁĂŷ͕'ůŝǁŝĐĞ͕,ĞůŝŽŶ͘
tĂŬĞůŝŶ<͕͘dƌĂĚĞĂŶĚ/ŶŶŽǀĂƟŽŶ͘ŚĞůƚĞŶŚĂŵ͕
EŽƌƚŚĂŵƉƚŽŶ͕͘ůŐĂƌ͘
ĞƚĞƌŵŝŶĂŶƚƐŽĨƉƵƌĐŚĂƐŝŶŐďĞŚĂǀŝŽƵƌŽĨƚŚĞĞͲĐŽŶƐƵŵĞƌŝŶĂŵƵůƟĚŝŵĞŶƐŝŽŶĂůƌĞĂůŝƚLJ
ďƐƚƌĂĐƚ
dŽĚĂLJ͛ƐĐƵƐƚŽŵĞƌ Ͳ ĞͲĐŽŶƐƵŵĞƌ ĨƵŶĐƟŽŶƐŝŶ ĂŵƵůƟͲĚŝŵĞŶƐŝŽŶĂů ǁŽƌůĚǁŚĞƌĞƚŚĞ ƌĞĂů ƌĞĂůŝƚLJ ŝƐŝŶͲ
ƚĞƌƚǁŝŶĞĚǁŝƚŚƚŚĞ ǀŝƌƚƵĂů area ŽĨŽƉĞƌĂƟŽŶ͘ DĂŝŶƚĂŝŶŝŶŐŐŽŽĚ ƌĞůĂƟŽŶƐ ďĞƚǁĞĞŶƚŚĞĐŽŵƉĂŶLJ ĂŶĚŝƚƐ
ĐƵƐƚŽŵĞƌƐ ŝƐ ĚĞƉĞŶĚĞŶƚŽŶ ƚŚĞĞdžƚĞŶƚƚŽǁŚŝĐŚ ďŽƚŚƉĂƌƟĞƐ ŬŶŽǁ ĞĂĐŚŽƚŚĞƌ. KƉĞƌĂƟŶŐŝŶ ĂƉĂƌƟĐƵůĂƌ
ĞŶǀŝƌŽŶŵĞŶƚŵĂŬĞƐ ŚƵŵĂŶďĞŝŶŐƐ ĐŽŶƟŶƵĂůůLJ ŝŶƚĞƌĂĐƚǁŝƚŚŝƚ. The paper ƉƌĞƐĞŶƚƐƚŚĞƌĞƐƵůƚƐŽĨ ƚŚĞŝƌ
ƌĞƐĞĂƌĐŚŽŶƚŚĞĐŚĂƌĂĐƚĞƌŝƐƟĐƐŽĨ ƚŚĞƉƌŽĮůĞĂŶĚ ďĞŚĂǀŝŽƵƌŽĨƚŚĞĞͲĐƵƐƚŽŵĞƌ͘dŚĞƉƌĞƐĞŶƚĞĚ ƌĞƐĞĂƌĐŚ
ƌĞůĂƚĞƐƚŽ ĐŽŶĚŝƟŽŶƐ ƚŚĂƚƐƟŵƵůĂƚĞ ƚŚĞƉƌŽĐĞƐƐŽĨ ƉƵƌĐŚĂƐŝŶŐ ŐŽŽĚƐ ŽĨĚĂŝůLJ ƵƐĞŽŶƚŚĞ/ŶƚĞƌŶĞƚ ŽŶƚŚĞ
ĞdžĂŵƉůĞŽĨƚŚĞWŽůŝƐŚŵĂƌŬĞƚ. dŚĞŵĂƚĞƌŝĂů ĐĂŶďĞĂ ŚĞůƉĨƵůƌĞĐŽŵŵĞŶĚĂƟŽŶƚŽŽů ĨŽƌƌĞƚĂŝůĞƌƐ ƚŚĂƚƵƐĞ
or ŝŶƚĞŶĚƚŽƵƐĞ ŽŶůŝŶĞĐŚĂŶŶĞůƐŝŶƚŚĞĨƵƚƵƌĞ. hŶĚĞƌƐƚĂŶĚŝŶŐƚŚĞĚĞƚĞƌŵŝŶĂŶƚƐ ŝŶŇƵĞŶĐŝŶŐƚŚĞ ďƵLJŝŶŐ
ďĞŚĂǀŝŽƵƌŽĨĞͲĐƵƐƚŽŵĞƌƐ ŽƉĞƌĂƟŶŐŝŶ ĂŵƵůƟͲĚŝŵĞŶƐŝŽŶĂů ƌĞĂůŝƚLJ ĐĂŶďĞĂ ƐŝŐŶŝĮĐĂŶƚŚĞůƉ ŝŶĐŽŵŵƵͲ
ŶŝĐĂƟŽŶƉƌŽĐĞƐƐĞƐĂŶĚ ƚƌĂŶƐĂĐƟŽŶĂů ĂŶĚƐŽĐŝĂů ƌĞůĂƟŽŶƐŚŝƉƐ ĂŵŽŶŐŵĂƌŬĞƚƉĂƌƟĐŝƉĂŶƚƐ. ƐƉĞĐŝĂůůLJ ŝƚŝƐ
ŝŵƉŽƌƚĂŶƚ ĨŽƌĐŽŵƉĂŶŝĞƐ ƚŽŬŶŽǁ ƚŚĞĐŽŶĚŝƟŽŶƐ ƚŚĂƚĂīĞĐƚ ƚŚĞďĞŚĂǀŝŽƵƌ ŽĨŶĞǁ ĞͲĐƵƐƚŽŵĞƌƐ͘
<ĞLJǁŽƌĚƐ͗ĐƵƐƚŽŵĞƌ͕ĞͲĐƵƐƚŽŵĞƌ͕/ŶƚĞƌŶĞƚ͕ƌĞƚĂŝů͕ƉƵƌĐŚĂƐŝŶŐƉƌŽĐĞƐƐ͕ĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚ
:>͗ D12
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