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Labour productivity is commonly considered as one of the most important parameters of development of economies, because it is conductive to reduction of costs, increase in supply of cheaper goods and services, higher dynamics of the market and higher purchasing power of societies, their wealth and competitive ability. But labour productivity is – at the backdrop of the EU countries – highly diversified, including in particular in agriculture where its level is much lower than in other sectors of the economy. The main objective of the presented paper is to examine and assess the changes in labour productivity in the EU agriculture in the context of the diversity of its level and dynamics of change underlying the identification of labour productivity convergence/divergence processes taking place in agriculture. The labour productivity convergence processes in the EU agriculture were analysed based on data from the period between 2005 and 2016, by testing two its basic types, namely sigma and beta convergence. The analysis applied statistical measures describing the degree of labour productivity differentiation in agriculture of the EU countries and cross-sectional regression function. The research showed that sigma and beta convergence exist in general in the EU-28 countries and in the group of the new Member States (UE-13). In the group of old Member States, however, no sigma convergence/divergence was identified, but statistically significant beta divergence was noted., DOI: 10.30858/zer/103140

This paper analyzes the relationships between the productivity of stocks and the return on assets of milk processing companies. Productivity of stocks was measured as the Days Sales of Inventory (DSI) for materials, intermediate products, work-in-progress, finished products and commodities, and as the DSI for total stocks. The study was based on corporate micro-data from 2007-2016 retrieved from the EMIS database. Based on panel regression models, it was concluded that an improvement in stock management efficiency, measured with the Days Sales of Inventory, is positively correlated to the return on assets of milk processing companies. Although it was considerably shorter in the milk sector than in the entire food industry throughout the study period, it grew longer each year. This evolution means a deterioration in the efficiency of stock management of finished products which, in the long run, may adversely affect the financial performance of milk producers. The parameters of the estimated regression models clearly confirm it is reasonable to reduce DSIs.

The main aim of the article is to present multidimensional analysis of profitability of common wheat production in EU farms. The research focused on EU member states in years 2007-2013 and was based on statistical data published by the European Commission in EU Cereal Farms Reports. The profitability of common wheat production was analysed on the basis of income and expenditure accounts, which allowed to conduct multileveled evaluation of farms' ability to generate income from wheat production measured with gross and net margins. Furthermore, the panel regression model was used in order to identify strenght and direction of influence of chosen technical and economic price and cost characteristics on profitability of wheat production. In the light of panel model parameters, price and yield of wheat and both energy and fertilisation costs should be considered as most influential factors. / Synopsis. Głównym celem artykułu była wielowymiarowa analiza rentowności produkcji pszenicy zwyczajnej w gospodarstwach rolnych krajów UE. Badania przeprowadzono w układzie krajów Unii Europejskiej za lata 2007-2013 na podstawie danych publikowanych przez Komisję Europejską w raportach EU Cereal Farms Report. Rentowność produkcji pszenicy analizowano na podstawie rachunku przychodów i kosztów, który umożliwia wielowymiarową ocenę zdolności gospodarstw do generowania zysków z produkcji pszenicy mierzoną rentownością brutto i netto. Ponadto, w celu identyfikacji siły i kierunku wpływu wybranych charakterystyk techniczno-ekonomicznych, cenowych oraz kosztowych na rentowność produkcji pszenicy zastosowano metody regresji panelowej. W świetle parametrów regresji panelowej na zmienność rentowność produkcji pszenicy najsilniej wpływały ceny i plony pszenicy oraz koszty nawożenia i koszty energii., eISSN 2544-0659

The main aim of the paper is to assess the financial situation of beverages production sector in Poland and Germany. Comparative research was carried on the basis of size classes of enterprises estimated with databases of European Central Bank that allowed to assess different economic sectors in aspects of financial structure, financial liquidity, indebtedness, activity and profitability. The research proved that Polish enterprises – comparing to German ones – apply more aggressive financial strategies, experience worse financial liquidity, less effective management of working capital, possess weaker ability to service its debts, evidence lower markup from sales but higher rate of return from own capital – as the consequence of interest shield and high capital leverage.

The main aim of the article is to characterize development of organic farming in Poland in 2004–2014. The research refers to aspects such as the number and structure of organic producers, the structure of ecological land and organization, and the productivity and profi tability of organic farmsin comparison to conventional farms. The research shows that since the accession of Poland into the EU, the domestic organic farming sector has developed dynamically. The number of organic producers increased sevenfold in 2004–2014 and the observed changes were caused by an increase in both the number of ecological farms and organic food processing enterprises. Organic and conventional farms clearly diff er in terms of organization, productivity and profi tability. Conventional farms experienced higher rates of productivity, land profi tability, and work profi tability. Furthermore, the financial situation of organic farms was vastly determined by state subsidies, which constituted almost 80% of income accrued from agricultural production.

The main aim of the article is to present multidimensional assessment of the financial condition of food sector production in Poland and Germany by size of enterprises. Comparative study was based on European Central Bank’s database that allows assessment of different economic sectors in five different areas: financial structure, financial liquidity, indebtedness, activity and profitability. The research proved that Polish enterprises (compared to German enterprises) apply more conservative financial strategies, experience better financial liquidity, are betted adapted to debt service, less productively use their assets, obtain higher sale markups and are comparable to German return rates from own capital. / Synopsis. Głównym celem artykułu była wielowymiarowa ocena kondycji finansowej sektora produkcji artykułów spożywczych w Polsce i Niemczech w układzie klas wielkości przedsiębiorstw. Badania porównawcze przeprowadzono na podstawie bazy danych Europejskiego Banku Centralnego, która umożliwia ocenę różnych sektorów gospodarki w pięciu obszarach: struktury finansowej, płynności finansowej, zadłużenia, aktywności oraz rentowności. Badania wykazały, że przedsiębiorstwa w Polsce – w stosunku do przedsiębiorstw w Niemczech - stosują bardziej konserwatywne strategie finansowe, mają lepszą płynność finansową, posiadają większą zdolność do obsługi długu, mniej produktywnie wykorzystują posiadany majątek, uzyskują wyższą marżę na sprzedaży oraz porównywalną z firmami niemieckimi stopę zwrotu z kapitału własnego.

The main goal of the paper was to analyze the changes in the work profitability of Croatian agriculture. The analysis was based on the Economic Accounts for Agriculture. The basis of the research was formed by proposed indicator systems operating profitability and factor analysis. Studies have shown that in the post-accession period, the profitability in Croatian agriculture has experienced marginal increase, and in the years 2013-2014 in relation to years 2011-2012, the level of profitability of labor was higher in real terms by only 1%. In the light of the factor analysis, as the main determinants of changes in operating profitability in the Croatian agriculture, changes in labor productivity, production subsidies and level and structure of employment shall be indicated.

The main objective of this paper was to evaluate the fi nancial condition of the rural communes of Wielkopolska in 2007-2011. In assessing the fi nancial performance using ratio analysis, TOPSIS method and regression analysis were applied. Studies have shown that synthetic partial measure of the relationship of budget, indicators per capita and debt, as well as the average synthetic assessment of the fi nancial condition of rural communities did not differ from the rural communes and of Wielkopolska in Poland. Rural communes of Wielkopolska best and worst fi nancial condition constituted about 15% of communes, low-and middle-level characterised more than 30% of communes. Typological class communes were strongly differentiated primarily by synthetic measure of the debt. Parameters of the regression model indicated that signifi cant determinants of fi nancial condition are: the ability to create income, expenditure policy and sovereign debt, as well as the scale of unemployment, demographic structure of communes and age structure of the councilors.

The aim of the study was to present the diversity and conditions of companies’ liquidity in the Polish furniture industry. In the analysis, the statistical data, CSO, 2006–2013 for the furniture manufacturing enterprise sector (Chapter 31 manufacturing, PKD 2007) was used. The carried out analysis showed that the furniture industry companies in Poland in the years 2006–2013 in general had the ability to meet their current liabilities. Current and quick liquidity developed for them on a stable and positive level, coinciding with the recommendations of the theory of fi nance. However, from the working capital cycle’s point of view, the assessment of liquidity furniture manufacturing sector is clearly less favourable, and it results from relatively long collecting dues cycles ranging close to 60 days. The less favourable assessment comes from the fact that the long collecting dues cycles have eff ects on exceeding duration of the recovery measures’ applications, which in turn, may turn into a build-up of the payment backlogs, and thus into reductions of the ability to fi nance business and into the risk of production’s reduction

Direct payments are most common of transferred financial support for Polish agriculture which, unlike other aid programs is not under verification of use. Therefore, the article described directions for distribution of direct payments on example of research carried out in Lubelskie voivodeship, which is one of the most representative regions of agricultural Poland. Analysis of the results has allowed to point out three main directions of allocation for received payments. Assets and investments (linked to production) as well as other means (non-productive) has been distinguished. Regardless of the amount of received aid, farm size or age of the person managing it, the main direction of distribution were assets. There was little interest in the case of non-production means. However, in none of the surveyed households, there was no interest in investment spending.

The main goal of the work is to analyse the changes in the work profitability of Polish agriculture. The analysis was based on the Economic Accounts for Agriculture, i.e. the current EU harmonized financial statements allowing for analysis of the economic situation in agriculture according to uniform principles. The basis of the research was formed by proposed indicator systems operating profitability and factor analysis (method logarithm). Studies have shown that in the post-accession period, the profitability in agriculture was increasing in real terms on average by 4.47%, and in 2013 in relation to 2004, the level of profitability of labour was higher in real terms by almost 60%. In the light of the factor analysis, as the main determinants of changes in operating profitability in the domestic agriculture, the increase in labour productivity and production subsidies will be indicated.

The main purpose of this work is to analyse the phenomenon of enterprises’ bankruptcy in Poland in 2004-2013 and attempt to build regression models defining the relationship between the number of bankrupted companies and selected macroeconomic parameters of the national economy. The analysis is based on Coface Poland reports presenting the phenomenon of bankruptcy in Poland of branches, provinces, legal forms of companies and types of bankruptcy proceedings. Studies have shown that the greatest risk of bankruptcy refers to metals production and fabricated metal products enterprises, manufacture of food products and beverages, wholesale trade, construction, micro and small enterprises, enterprises under the age of 10 years and companies from Mazovia region, Silesia and Lower Silesia. The estimated parameters of the regression models showed that the number of bankruptcies in Poland is strongly determined i.a. by the number of registered companies, GDP growth, dynamics of changes in fixed capital formation and changes in foreign exchange rates.

The article presents an analysis of regional differentiation activity of agricultural producers in applying for direct payments. In the national context, reference was made to the number of applications registered from 2004 to 2013, and also set out the reasons for the quantitative changes observed over the period. It was found that each year the number of applications registered by the ARiMR, at national and regional level decreases, and the main reason are structural changes. It was also noted that the pace and rate of change in the number of registered applications are similar for the country and individual regions. When analysing the activity of entities in applying for area payments large differences were found between areas that are the result of the development of agro-economic and social of particular parts of the country.

The article discusses the causes of regional variation in the direct payments. The publication data has been used from ARiMR, publications which spans the time included the amount of subsidies paid throughout the post-accession period. Both at national and regional level, the total amount of payments increased from year to year, average 10%, which was connected to the principle phasing in. The amount of aid received by individual regions and individual farms varied widely, which had a direct relationship with the agrarian structure and the average total area of farms in these areas. The bigger number of small farms, as well as the smaller average total surface area of a single voivodeship, the lower sum of the payments.