{"title":"Financial Sustainability and Value of Joint-Stock Companies from Food Industry in Central and Eastern Europe","authors":"S. Zabolotnyy, Natalia Wasilewska, M. Wasilewski","doi":"10.22630/PRS.2019.19.1.14","DOIUrl":"https://doi.org/10.22630/PRS.2019.19.1.14","url":null,"abstract":"The research presents the analysis of relations between financial sustainability and value of joint-stock companies from food industry in Central and Eastern Europe. Increase of volume of assets, shareholders’ equity and revenues demonstrated an improvement of financial sustainability and resulted in growing valuations of companies in the study period. Sample business entities achieved relatively high liquidity and profitability that proved their financial sustainability in terms of risk and return. At the same time rising operating profit margins and liquidity ratios determined higher enterprise value of joint-stock companies. This emphasized a positive relation between enterprise value and financial sustainability. Joint-stock companies demonstrated a robust capital structure with a minor decrease of corporate debt in 2011-2015. However changes in sources of financing could provoke a trade-off between financial sustainability and enterprise value. According to a regression model factors positively influencing enterprise value included revenue, cash and cash equivalents, operating profit, current liabilities and shareholder’s equity. Stimulating revenue and increasing operating profit as well as maintaining higher cash balances improves financial sustainability while debt extension can significantly deteriorate continuity of business.","PeriodicalId":34485,"journal":{"name":"Zeszyty Naukowe Szkoly Glownej Gospodarstwa Wiejskiego w Warszawie Problemy Rolnictwa Swiatowego","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47670338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Impact of Innovation on the Global Competitiveness of Polish Meat and Dairy Enterprises","authors":"A. Tul-Krzyszczuk, P. Jankowski","doi":"10.22630/PRS.2019.19.1.11","DOIUrl":"https://doi.org/10.22630/PRS.2019.19.1.11","url":null,"abstract":"The aim of the study was to analyse innovations implemented in the milk and meat industries, and their impact on increasing competitiveness. The study showed that the 2010-12 period saw the most product and process innovations being introduced. On the other hand, innovations in marketing were found to be more popular in 2013. Three groups of similar innovations were distinguished. The milk industry stood out when it comes to the extent of innovations implemented. Fewer innovations were found in the poultry meat industry. Beef and pork meat processing was the least innovative. The innovativeness of enterprises is greater with larger numbers of employees and the increase in scope of their field of operation. The implementation of innovations resulted in: improvement of the quality of goods (services), increase in stock, productive capabilities and revenues from sales, emergence of new markets, increase in competitiveness and prestige of the firm. Those are confirmed by the very good performance of foreign trade and better competitiveness rates of Polish meat producers.","PeriodicalId":34485,"journal":{"name":"Zeszyty Naukowe Szkoly Glownej Gospodarstwa Wiejskiego w Warszawie Problemy Rolnictwa Swiatowego","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68310709","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Environmental Assessment of the Life Cycle of Bovine Compound Feeds from a Feed Milling Plant in a Large Commercial Farm in Wielkopolska Region, Poland","authors":"J. Bieńkowski, M. Holka","doi":"10.22630/PRS.2019.19.1.2","DOIUrl":"https://doi.org/10.22630/PRS.2019.19.1.2","url":null,"abstract":"In recent years, the importance of environmental threats associated with intensive livestock production has been emphasized. Compound feeds make up a part of the animal production chain. A complete assessment of the animal production system with regard to environmental criteria is therefore impossible without considering the environmental consequences of feed production. The goal of this research is to fill the gap in an environmental assessment of production processes of compound feeds in Poland. The study presents an assessment of production impacts of bovine compound feeds according to Life Cycle Analysis (LCA) methodology. The data for analysis were based on the set of information obtained from the feed milling plant located in a commercial agricultural enterprise in the Wielkopolska region in the years 2015-2016. An inventory table of inputs was prepared in relation to the functional unit of 1 ton of compound feeds and two phases of production processes, i.e. upstream and core. For average compound feed, the impact category indicators for the global warming potential, acidification, eutrophication, photochemical ozone formation, consumption of mineral resources, fossil fuel resources and the emission of the respirable particles were respectively: 605.9 kg CO2 eq, 8.73 kg SO2 eq, 3.32 kg PO4 eq, 0.73 kg ethylene eq, 3.4x10-3 kg antimony eq, 5141.1 MJ and 2.25 kg PM2.5 eq. The upstream phase had the greatest effect on investigated impacts, while the core processes phase had a relatively low impact on environmental threats. It is recommended to broaden the scope of the research for a larger group of feed milling plants with more complex manufacturing processes, with a more branched supply structure and a wide range of compound feeds for different animal types. The obtained data can be a valuable source base in prospective analyses of the life cycle of various animal products in Poland.","PeriodicalId":34485,"journal":{"name":"Zeszyty Naukowe Szkoly Glownej Gospodarstwa Wiejskiego w Warszawie Problemy Rolnictwa Swiatowego","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68311044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Ocena postaw prozdrowotnych konsumentów nabywających żywność w sklepach specjalistycznych","authors":"B. Grabowska, M. Radzymińska","doi":"10.22630/PRS.2019.19.1.18","DOIUrl":"https://doi.org/10.22630/PRS.2019.19.1.18","url":null,"abstract":"The aim of the paper was to assess pro-health attitudes of consumers purchasing food in specialist stores. The type and frequency of food purchase was determined and respondents were classified due to pro-health attitude. The research was conducted using personal interview. A total of 190 interviews were gathered. The results showed that for customers of specialist stores, healthiness of consumed food is significant. They pay attention to its ingredients buying natural products with low content of preservatives, less processed. These consumers are willing to pay more for guaranteed quality products. Three clusters of pro-health attitudes representing: 22, 18 and 60% of surveyed population were distinguished. Cluster 1 was represented mostly by men who do not care about the amount of calories consumed and do not interested in knowledge about healthy eating. This group pay attention on purchased food quality, and they are able to pay more for guaranteed quality products. Whereas cluster 2 focused mainly men with moderate pro-health attitudes, not interested in expanding nutrition knowledge. The most-represented cluster of 3 was predominantly women with strong pro-health attitudes, counting consumed calories, seeking and exploring healthy eating knowledge.","PeriodicalId":34485,"journal":{"name":"Zeszyty Naukowe Szkoly Glownej Gospodarstwa Wiejskiego w Warszawie Problemy Rolnictwa Swiatowego","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49048222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Federalizm fiskalny i środowiskowy a polityka rolna","authors":"B. Wieliczko","doi":"10.22630/PRS.2019.19.1.13","DOIUrl":"https://doi.org/10.22630/PRS.2019.19.1.13","url":null,"abstract":"The creation of an effective and efficient agricultural policy by the state is an extremely difficult task. It seems that designing proper agricultural policy becomes more difficult the larger the area. The aim of the article is to try to answer the question of what role in the creation and implementation of agricultural policy in the EU should be played by the European Commission, and by individual Member States. The answer to this question is based on the theories of fiscal and environmental federalism. The article is based on a review of literature and analysis of the optimal scope of public administration's competences in the creation and implementation of agricultural policy. The obtained results allow to determine how to optimize the division of tasks related to the agricultural policy between the levels of administration, which enables the implementation of a more effective and more efficient agricultural policy.","PeriodicalId":34485,"journal":{"name":"Zeszyty Naukowe Szkoly Glownej Gospodarstwa Wiejskiego w Warszawie Problemy Rolnictwa Swiatowego","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68310731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Wyniki produkcyjne i ekonomiczne gospodarstw nastawionych na produkcję zwierzęcą","authors":"D. Komorowska","doi":"10.22630/PRS.2019.19.1.6","DOIUrl":"https://doi.org/10.22630/PRS.2019.19.1.6","url":null,"abstract":"The aim of the study is to assess the results of managing production resources in farms focused on animal production, which were covered by agricultural accounting in the FADN system in 2016. The analysis covered the production and economic results as well as the productivity and profitability of land, labor and capital resources of farms focused on dairy cattle, swine and slaughter cattle, sheep and goats. The results of the researched farms presented in the study point to a significantly higher level of production and economic results as well as resource management efficiency in pig farms, especially in relation to farms keeping cattle for slaughter, sheep and goats, which resulted from their larger scale and intensity of production. Farms specializing in slaughter of cattle, sheep and goats obtained a negative economic result, therefore subsidies for the operation of such farms were conditioned by their positive final result and economic efficiency of resource management.","PeriodicalId":34485,"journal":{"name":"Zeszyty Naukowe Szkoly Glownej Gospodarstwa Wiejskiego w Warszawie Problemy Rolnictwa Swiatowego","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68311155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Uwarunkowania zachowań konsumentów na rynku żywności ekologicznej","authors":"Piotr Kułyk, P. Dubicki","doi":"10.22630/PRS.2019.19.1.7","DOIUrl":"https://doi.org/10.22630/PRS.2019.19.1.7","url":null,"abstract":"Understanding the changing needs of consumers is an important element of building a competitive advantage of the company. The aim of the article is to present consumer behavior on the local market of organic products. The article presents issues related to the organic food market. The concept of organic product was defined and characterized, control and certification of organic production as well as factors affecting food quality and demand for organic products were discussed. In addition, a survey was conducted on the local market to show the determinants of consumer behaviour on the organic food market. Based on the surveys carried out and the analysis of statistical data, it can be seen that the modern consumer is aware of what he is buying. The quality and composition of the product are the most important factors that influence the decision they make. Consumers are increasingly giving up the consumption of traditional food in favor of organic products.","PeriodicalId":34485,"journal":{"name":"Zeszyty Naukowe Szkoly Glownej Gospodarstwa Wiejskiego w Warszawie Problemy Rolnictwa Swiatowego","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68311167","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Konwergencja typu sigma cen gruntów rolnych w państwach Unii Europejskiej","authors":"A. Twardowska","doi":"10.22630/PRS.2019.19.1.12","DOIUrl":"https://doi.org/10.22630/PRS.2019.19.1.12","url":null,"abstract":"The article raises the issue of dependence between agricultural land prices in the European Union countries. The aim of the article is to provide an answer to the following question: if the level of agricultural land price differentiation in the European Union is diminishing. The analysis covered prices of agricultural land in selected the EU countries in the period 2006 - 2016. The study was based on the occurrence of convergence in three dimensions: throughout the European Union, between the so-called old EU and between the so-called new EU countries. As a result of the conducted analyses, the phenomenon of sigma-convergence of agricultural land prices across the EU was confirmed. It was also found that in the so-called new EU countries and in so-called old EU countries there is no sigma convergence of agricultural land prices.","PeriodicalId":34485,"journal":{"name":"Zeszyty Naukowe Szkoly Glownej Gospodarstwa Wiejskiego w Warszawie Problemy Rolnictwa Swiatowego","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68310718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Kapitał obcy a potencjał wytwórczy i wyniki produkcyjno-ekonomiczne towarowych gospodarstw rolnych","authors":"A. Strzelecka, A. Kurdyś-Kujawska, D. Zawadzka","doi":"10.22630/PRS.2019.19.1.10","DOIUrl":"https://doi.org/10.22630/PRS.2019.19.1.10","url":null,"abstract":"The aim of the research is to find an answer to the question: Does the use of debt by commodity farms contribute to the increase of production potential and improvement of production and economic conditions? The research was based on data collected as part of the Polish FADN for 2015. The research sample consisted of 12021 commodity farms, of which almost half (48.61%), apart from equity also used external sources of financing agricultural activity. To describe the features characterizing the studied entities, positional measures were used due to strong asymmetry. The U Mann-Whitney rank sum test was used to assess the significance of differences in distributions. The obtained research results indicate the existence of significant differences in production potential as well as production and economic efficiency of commodity farms financing agricultural activity with debt and farms that use only own capital. Entities that use debt to finance agricultural activities, apart from equity, are characterized by a higher production potential and obtain higher production and economic results than farms using only equity.","PeriodicalId":34485,"journal":{"name":"Zeszyty Naukowe Szkoly Glownej Gospodarstwa Wiejskiego w Warszawie Problemy Rolnictwa Swiatowego","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47445177","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Unknown Future of the Banking Union’s Third Pillar","authors":"Klaudia Zielińska","doi":"10.22630/PRS.2019.19.1.16","DOIUrl":"https://doi.org/10.22630/PRS.2019.19.1.16","url":null,"abstract":"The aim of the article is to evaluate the process of building the third pillar of the banking union. The analysis of the problem required both subject literature studies and descriptive statistics. Time scope of the analysis covers the years 2012 until 2017. The relevant data used came from the European Central Bank and the European Banking Authority. The results of the study suggest that the creation of a European Deposit Guarantee Scheme is inevitable for further financial integration in the Eurozone but more detailed conditions need to be added to its implementation plan in order to have the scheme established. This stems from both the bad financial standing of some of the euro area banks and their dependency on the sovereign debt of their home and host countries. Studies also indicate low operational readiness of the national schemes, so a transition from re-insurance onto co-insurance phase will require increased efforts of both the Member States and the banks themselves.","PeriodicalId":34485,"journal":{"name":"Zeszyty Naukowe Szkoly Glownej Gospodarstwa Wiejskiego w Warszawie Problemy Rolnictwa Swiatowego","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68310998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}