Julia Koralun-Bereźnicka is Associate Professor in the Department of Corporate Finance, Faculty of Management, University of Gdańsk, Poland. Magdalena Gostkowska-Drzewicka is lecturer in the Department of Corporate Finance, Faculty of Management, University of Gdańsk, Poland. Ewa Majerowska is Associate Professor in the Department of Corporate Finance, Faculty of Management, University of Gdańsk, Poland.