Joanna Lizińska is associate professor in the Department of Corporate Finance, Poznań University of Economics and Business, Poznań, Poland. Marzena Remlein is tenured professor in the Department of Accounting and Financial Audit, Poznań University of Economics and Business, Poznań, Poland. Leszek Czapiewski is associate professor in the Department of Corporate Finance, Poznań University of Economics and Business, Poznań, Poland.