The multiple regression method was used to assess the strength and direction of the influence of selected determinants of financial liquidity. The multiple regression method was used to assess the strength and direction of the influence of selected determinants of financial liquidity. The analysis uses two models of cause-and-effect linkage of factors shaping financial liquidity. The presented research showed that the main factors influencing the liquidity were the structure of assets, the ratio of liabilities coverage, rotation of the current liabilities and the ratio of financing revenues with equity.
Efficiency, as a universal and comprehensive measure of management efficiency, may be referred both to a single enterprise, branch of industry, and the entire economy. The feed industry is a branch of the food industry, which differs greatly from its other sectors. Its specific character results from the generation of products, which are not directly consumed by humans, but are used to feed animals-both pets and farm animals, as a result satisfying human needs. Additionally, enterprises in the feed industry are to a greater extent exposed to the risk of the effects of natural factors than it is the case in other branches of the economy. The multitude of specific conditions influencing the feed industry sectors is reflected in its financial situation, first of all efficiency. The aim of the study was to assess financial efficiency in feed industry enterprises in Poland in the years 2011-2015 and showing its position in relation to the entire food industry sector. The study was conducted based on unpublished data of the Main Statistical Office (GUS). Variation in financial efficiency in individual branches of the food industry sector was assessed using a synthetic measure constructed using the classic TOPSIS method. These analyses indicate relatively good financial efficiency in a group of enterprises producing animal feed and fodder, although it varied in the class system. Generally higher efficiency was recorded for enterprises producing pet food.
The article presents the results of the effectiveness of working capital management in the food industry in Poland. The study was conducted in the 30 branches (classes) of the food industry over the period [2005][2006][2007][2008][2009], based on unpublished data of the Central Statistical Office. The effectiveness of working capital management were evaluated using a cycles of inventories, receivables, liabilities and cash conversion cycle and in relation to rates of return earned on assets. Studies have shown that in industries where these cycles are the shortest achieved the highest rate of return. The beneficial effect of shortening the cycle of working capital on profitability is also verified by using regression analysis.Keywords: cash conversion cycle, cycle of working capital, food industry, return on assets Streszczenie W artykule przedstawiono wyniki badań efektywności zarządzania kapitałem obrotowym w przemyśle spożywczym w Polsce w układzie 30 branż (klas) w okresie [2005][2006][2007][2008][2009]. Efektywność zarządzania kapitałem obrotowym oceniono przy zastosowaniu cyklu zapasów, należności, zobowiązań i konwersji gotówki oraz w odniesieniu do uzyskiwanych stóp zwrotu z aktywów. Badania wykazały, że w branżach, w których wymienione cykle były najkrótsze uzyskiwano najwyższe stopy zwrotu. Korzystny wpływ skracania cykli kapitału obrotowego na rentowność zweryfikowano również przy zastosowaniu analizy regresji.Słowa kluczowe: cykl kapitału obrotowego, cykl konwersji gotówki, przemysł spożywczy, rentowność aktywów 52
Financial liquidity and profitability are two critical phenomena present in the financial economy of a company, whose relations depend on each other and may course in different directions. At the same time, they are an example of the complexity of the problem, which demands a proper approach, allowing one to reconcile two opposing objectives of any enterprise, i.e., maximizing the benefits for the owners and minimizing the risk of losing financial liquidity. Until now, the relationship between liquidity and profitability has not been examined explicitly, using multidimensional methods in particular. Nevertheless, the links between profitability and financial liquidity maintenance ensure the sustainable development of enterprises in different branches. This paper formulates two aims: scientific and practical. The scientific one concerns adopting the canonical variate analysis method to visualize the differences and relationships between food industry companies regarding financial liquidity and profitability. The practical one relates to indicating the relationship between financial liquidity and profitability in different groups of food industry companies. To study the relationships between the selected groups of enterprises and describe them, the liquidity and profitability ratios were utilized, involving canonical variate analysis based on transformation by linear combination and singular value decomposition. The analysis found that the most important feature highlighting the group of the examined entities regarding financial liquidity was the cash conversion cycle. The research results showed the existence of multidirectional relationships between liquidity and profitability. The research indicates that they depend on indicators describing financial dependencies and the industries in which they operate. This led to a much deeper and broader interpretation of the assessment of the financial situation of companies to support their sustainable development.
The aim of the article was to depict the achievable changes in the market for native legumes, in farms and feed production enterprises functioning. In implementing this objective, empirical research was conducted, which involved selected farms from kujawsko-pomorskie and wielkopolskie Province and producing leguminous crops and and feed production enterprises. The research shows that one of the main problems in the functioning of the market of native legumes is the lack of vertical integration between the feeder market contributors. As a result of the research, it was found while organizing market, one should make use of the online information and transaction platform.
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