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The purpose of the article is to actualize the challenges faced by Ukrainian agriculture in the context of climate change and the impact of the economic activity of enterprises on the state of natural resources, as well as to consider the ways and mechanisms of the post-war transition of Ukrainian agriculture to sustainable development. In the study, we used monographic, comparative analysis, empirical, abstract, and logical methods. The first consequences of climate change in agricultural sectors of the planet are characterized. Increasing temperatures to a maximum level, longer periods of extreme heat, more intense droughts, increased moisture deficit during the growing season, winter thaws, the spread of pests and diseases, and other manifestations of climate change have a negative impact on agricultural production. In the context of climate change, as highlighted in the paper, these negative processes will significantly intensify, requiring an immediate transition from ecologically and socially destructive monoculture to agroecological agriculture, which is recognized as one of the most affordable, low-cost, socially oriented, and environmentally relevant ways to transition to sustainable development of the industry. The principles and institutional support for such a transition are revealed, taking into account the expected climate change and post-war consequences for Ukrainian agriculture.

The authors study how the financing patterns of agricultural enterprises have changed under the influence of the financial system crisis in Ukraine and the United States (US, USA). The indicators of financing patterns, which are traditionally employed in financial management, were used. However, the main financial indicator which is the financial leverage indicator provides distorted results because agricultural lands are not objects of sale in Ukraine, therefore, they are not considered as assets and are not reflected in the balance sheet of enterprises at fair value. The agricultural lands, which are leased by the agricultural enterprises, were evaluated and the financial leverage indicator was recalculated. After the recalculation, the financial leverage indicator was reduced from 1.081 to 0.128 in 2017 (the latest data available by the beginning of 2020 has been applied). The obtained adjusted value of the financial leverage indicator in Ukraine was even lower than the actual value of 0.149 in the USA in 2017. In addition, the integral indicator of debt capital quality was built to characterize the debt capital of the agricultural enterprises. The analysis showed that the financial system crisis in Ukraine influenced negatively on the financing patterns of the agricultural enterprises. Ukraine lagged far behind in terms of key indicators of the financing patterns of the agricultural enterprises compared with the USA. The study showed the significant statistical relationship between the integral indicator of debt capital quality of the agricultural enterprises and the integral indicator of the banking sector component of the financial system in Ukraine, which allowed building the reliable regression model. It means that the financial crisis influences negatively on the quality of debt capital of the agricultural enterprises. One of the main reasons for improper compensation of the negative effects of the financial system crisis on the agricultural enterprises is the absence of a specialized financial system for agriculture in Ukraine (contrary to the USA), which needs to be confirmed in the course of further research.

We examined the financial system development of Ukraine from 2010 to 2016 using integral indicator. In addition, we explored the effect of the financial system development on the financing of firms...

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.

Decentralization in Ukraine was actualized due to the inability of the local self-government system to satisfy the needs of the rural population in public services for the comprehensive development of a person, their self-realization, and the protection of their constitutional rights. The purpose of this empirical study is to examine development of rural areas in Ukraine in the context of decentralization. The methodology used was exploratory qualitative in nature and used a multiple case study, wherein data analysis were applied. We have found that the first result of decentralization in 2015–2018 is a slowdown in the decline of the proportion of the rural population, in the rate of decline of the available rural population, and the employment rate of the rural population. Our study refutes the hypothesis that the rural development targets, which were defined at the beginning of decentralization and fixed in the current legislation, have been achieved. Rural development targets have not been achieved, and economic modeling shows that there are no prospects for achieving them in the near future. The research results presented in the paper are of considerable importance for developing economic policy and the social development of rural areas, by addressing the needs of these rural areas.

The aim of the article is to reveal the essence of the shadow economy and its impact on the financial potential of a country. We have discovered that the shadow economy is an objective phenomenon which is inherent in the economic systems of all countries, and that its level is determined by the level of development of the economic system, the difficulty of identifying all possible variants of the shading processes, and the moral and cultural characteristics of the country. It has been established that the shadow economy plays a major role in developing countries and that the level of the shadow economy in advanced economies is significantly lower. Thus, due to the results of the correlation-regression analysis, an inverse relationship between the level of GDP and the shadow economy was established. A system of measures aimed at preventing and combating corruption is proposed.

The article covers aspects of financial condition analysis regarding creditworthiness of Ukrainian agricultural enterprises that had to operate in unstable economic conditions in 2009-2017. It is proposed to improve methodological approaches to financial assessment of an enterprise – a potential borrower, due to changes in the economy, in particular in the financial sector, which have been influenced by crises that have shaken the Ukrainian economy twice in the past ten years. The proposed approaches to assessing the financial condition of an agricultural enterprise as a component of its creditworthiness increase the accuracy and credibility of such assessments and help to minimize credit risks.

The subject of the study undertaken was determination of relations between the level and structure of costs and the economic efficiency of the company of Polish food production sector, using the case study of Colian joint-stock company. The study adopted aggregated data of the prices and costs level, the profitability indicators of revenue of assets (ROA), the economic viability of sales (ROS), the net value added, and data from periodic reports on the structure of costs by comparative cost system. The level of costs in the sector and in the company increased, despite the decrease in the share of costs of materials and energy, wages and salaries, social security and other benefits, depreciation as well as taxes and fees in the cost structure. The rate of decline in the operating profitability of assets, the economic profitability of sales and the level of value added at enterprise was lower than the increase in the level of costs, which may result from non-operational activities.

The research defines the input efficiency and estimates relations between factors of efficiency and financial situation of agricultural companies. In 2005-2013, the input efficiency of agricultural companies was low which was illustrated by insufficient profitability. An increase in investments did not result in a substantial improvement in return on capital. It was stated that the highest impact on financial situation of companies had the labour factor, while capital and land factors were of lesseru importance. The efficiency of capital use was highly related to assets’ capacity of agricultural companies, although labor and land were strongly connected to sales revenue and operating profit.

The goal of the research is to estimate the level of risk of agricultural companies according to degree of operating and financial leverage, and to define relations between these measures and ratios of financial efficiency. The research involved companies from the database of the Institute of Agricultural and Food Economics – National Research Institute in 2005-2013. The greatest impact on risk of agricultural companies had the degree of operating leverage characterizing sensitivity of operating profit on volatility of operating revenue, regarding to cost structure. The degree of financial leverage showing the level of debt and interest paid influenced the risk of agricultural companies to a lesser extent. Agricultural companies with a high degree of total leverage had lower financial efficiency, arising from a low ability to generate operating profit.

Cel – Określenie zalezności pomiedzy wartością funduszy wlasnych spoldzielni mleczarskich a ich kondycją finansową. Metodologia badania – Do badan wybrano w sposob celowy 88 spoldzielni mleczarskich polozonych na terytorium calej Polski. Okres badan obejmowal lata 2009–2014. Dokonano oceny plynności finansowej, rentowności oraz sprawności gospodarowania. Wybraną probe spoldzielni mozna traktowac jako „quasi” reprezentatywną, z uwagi na znaczący ich udzial w rynku mleczarskim. W analizie zyskowności wykorzystano skorygowany zysk netto Dworniaka, jako miare efektywności dzialalności spoldzielni. Wynik – Plynnośc finansowa bieząca, szybka i gotowkowa ksztaltowaly sie na odpowiednim poziomie, przy jednoczesnym niskim poziomie rentowności. Wraz ze wzrostem wartości funduszy wlasnych wskaźnik biezącej plynności finansowej zwiekszal sie. Spoldzielnie najwieksze pod wzgledem funduszy wlasnych wykazywaly nadplynnośc finansową. Poziom zadluzenia ogolem spoldzielni mleczarskich mozna ocenic jako odpowiedni, pomimo faktu, ze przekraczal 50% wartości aktywow ogolem w grupie spoldzielni o najnizszym funduszu wlasnym. Nalezy miec na uwadze w tym obszarze wskaźnik dźwigni finansowej, ktory na ogol ksztaltowal sie na korzystnym poziomie oraz na fakt, ze zarządzający spoldzielniami korzystają przede wszystkim z dlugoterminowych form zadluzania. Oryginalnośc/wartośc – Badania stanowią kontynuacje analiz autorow dotyczących determinant i specyfiki ksztaltowania kondycji finansowej spoldzielni mleczarskich.

The study identified a synthetic measure of the economic efficiency of enterprises, the variables determining its level were determined, and also the direction and strength of these variables were indicated on the size of the synthetic measure of this efficiency in industrial enterprises. Factors determining the level of economic efficiency of enterprises in the introduction phase are quantitative microeconomic factors. The return on assets and current liquidity ratio had to a positive impact on the increase in the economic efficiency of enterprises in the introduction stage, while the ratio of net working capital to total assets negatively had an effect to this efficiency.

The aim of this research was to present the role and significance of financing with equity capital on individual farms in Poland. The research was carried out with the use of an interviewer questionnaire on a group of 100 farmers running individual farms as well as keeping the agricultural accounts in the FADN system. The research was conducted in the Mazowsze. Limitation of financing of the operational and investment activity only to the equity capital, in the opinion of farmers, contributes to less dynamic development of agricultural production due to a lack of sufficient equity resources for the purchase of machines and devices. The farmers included no requirements concerning warranties and guarantees in the situation of financing with a loan as the most significant advantages of financing with equity capital. Most farmers allocated the saved financial surplus to current or planned investments, assessing such financial strategy as the average level of risk. Such approach to self-financing of the activity was assessed by farmers as average in the context of the effectiveness of using equity capital.

A managerial approach to the financial sustainability of a company derives from the principle of value maximization for shareholders at an acceptable level of risk, using the best combination of investments and available sources of financing. The research presents the concept of financial sustainability measurement in the example of food companies from Northern Europe. We applied fuzzy logic to quantify complex interrelations among various financial factors and classify companies according to the level of their financial sustainability. A unique combination of factors formed a single complex indicator, which measured a relative level of financial sustainability of food companies. Considering the duality of financial sustainability in terms of risk and return, the relationship framework for synthetic evaluation included the vector of value and the vector of continuity that consisted of such variables as profitability, market capitalization, productivity, operating efficiency, debt, liquidity, interest coverage, and retained earnings. We received evidence that the level of financial sustainability of entities changed in 2005&ndash, 2015 and was statistically different among sample companies. The proposed method can be applied as a practical tool in a decision-making process to evaluate financial sustainability or other aspects of business performance in larger groups of entities on the basis of various financial criteria.

Cel – celem przeprowadzonych badan bylo określenie szacunkowych skutkow wprowadzenia zryczaltowanego podatku dochodowego dla najmniejszych powierzchniowo towarowych gospodarstw rolniczych. Metodologia badania – w badaniach oszacowano przychody ewidencjonowane, ktore podlegalyby opodatkowaniu ryczaltem na bazie danych jednostkowych FADN. W zalozeniach modelowych przyjeto stawke ryczaltu na poziomie 5,5%, podobnie jak dla przychodow z dzialalności wytworczej i budowlanej. Wynik – wprowadzenie zryczaltowanego podatku dochodowego spowodowalby znaczne podwyzszenie obciązen fiskalnych glownie w przypadku gospodarstw malych obszarowo. Rezygnacja z preferencyjnego sposobu opodatkowania gospodarstw na rzecz zryczaltowanego podatku dochodowego wymagalaby obnizenia stawki przyjetego ryczaltu, co tworzyloby preferencyjną stawke opodatkowania na bazie istniejących rozwiązan podatkowych. Oryginalnośc/wartośc – wartością oryginalną przedstawionych badan są przeprowadzone szacunki zmian opodatkowania w sytuacji wprowadzenia podatku dochodowego dla gospodarstw najmniejszych obszarowo.

Cel – W opracowaniu określono mozliwośc wystepowania erozji podstawy opodatkowania i transferu zyskow wśrod 500 najwiekszych przedsiebiorstw dzialających na rynku polskim oraz zweryfikowano zbieznośc w prowadzeniu dzialan w zakresie CSR z placeniem podatku dochodowego CIT w Polsce. Metodologia badania – Badania obejmowaly lata 2011–2014 oraz 2009–2015. W celu przeprowadzenia badan wykorzystano ranking przedsiebiorstw spolecznie odpowiedzialnych, publikowany przez „Dziennik Gazete Prawną” oraz z zestawienie najwiekszych platnikow CIT w Polsce w poszczegolnych latach badawczych. Wynik – Intensywne dzialania w zakresie CSR nie są gwarantem nieprowadzenia dzialan związanych z erozją podstawy opodatkowania i przenoszeniem zyskow do krajow trzecich, a odprowadzanie podatkow nie jest rozpatrywane jako jeden z elementow polityki CSR. Oryginalnośc/wartośc – Rozwazenie zjawiska unikania opodatkowania w kontekście dzialan CSR wśrod przedsiebiorstw dzialających na rynku polskim.

The article deals with the methodological principles of determining the indicators of the economic development of agricultural production, which are based on the requirements of the EU Common Agricultural Policy and which will identify the possibility of crises both in agriculture and its sub-sectors, as well as the national economy as a whole. The system which is reacting to the crisis indicators and allows assessment of the stability of economic development of agricultural production was proposed. Analytical approaches to diagnosis prehistory development and identify indicators – reacting to the crisis indicators by analyzing and evaluating indexes of dynamics in periods of stability (relatively stable path of development) and the crisis (sharp kink economic dynamics) and graphically analytical method of determination. For sectors show synthetic indicators (agricultural production, the level of monetization of the economy, import-export ratio) that serve as functional criteria for identify in previous periods of force majeure or crisis as precursor’s crisis.

The aim of the study was to investigate the investors’ opinions concerning the usefulness of behavioral factors for investment decisions. The research was carried out in the group of 100 investors, using the services of five brokerages with a long history of operation. The results of the research show that people’s psychological conditions and sentiment in the stock market play an important role in the decision-making process of investors in the capital market. The importance of this factor increased with the length of the investment period. The emotional states of people and their psychological conditions affect the stock price volatility. However, the complexity of the determinants of stock prices makes the market value of stocks can be affected by many factors at the same time and investors seem aware of this.

W opracowaniu określono zalezności zachodzące miedzy rentownością a plynnością finansową przedsiebiorstw rolniczych. Badania przeprowadzono na probie duzych przedsiebiorstw rolniczych w latach 2005–2012. Analizowane przedsiebiorstwa rolnicze charakteryzowaly sie wysoką zdolnością do regulowania zobowiązan biezących oraz dodatnią rentownością dzialalności. W badanych podmiotach odnotowano dodatnią zaleznośc miedzy poziomem rentowności a plynnością finansową. Na ogol wyzszy poziom rentowności wynikal z relatywnie wiekszych zyskow, ktore determinowaly dodatnie przeplywy z dzialalności operacyjnej. W przedsiebiorstwach rolniczych zyski najcześciej byly kumulowanie w kapitale obrotowym, co przekladalo sie na wyzszy poziom plynności finansowej.

Cel – W opracowaniu określono efektywnośc dzialalności spoldzielni mleczarskich w zalezności od wielkości zatrudnienia. Metodologia badania – Do badan w ybrano w sposob celowy 84 spoldzielni mleczarskich, polozonych na terytorium Polski, ktore nieprzerwanie publikowaly sprawozdania finansowe. Zgromadzono dane empiryczne za okres badawczy 2009–2014. Badane spoldzielnie podzielono na grupy wedlug kryterium wielkości zatrudnienia. Ponadto określono w kazdej z wyodrebnionych grup wskaźniki ekonomiczno-finansowe. Przyjetą probe badawczą mozna uznac za „quasi reprezentatywną”, z uwagi na niewielki udzial w rynku pozostalych obiektow populacji. Wynik – Spoldzielnie mleczarskie bez wzgledu na wielkośc zatrudnienia charakteryzowaly sie niskim poziomem rentowności majątku oraz funduszu wlasnego. Ponadto utrzymywaly korzystny poziom wskaźnikow plynności finansowej oraz sprawności gospodarowania. Niski poziom zyskowności jest uzasadniony specyfiką dzialalności spoldzielczej formy gospodarowania, ktora charakteryzuje sie maksymalizacją korzyści dla swoich czlonkow, a nie wynikow finansowych. Oryginalnośc/wartośc – Nie przeprowadzono dotychczas badan kondycji finansowej spoldzielni mleczarskich z uwzglednieniem kryterium wielkości zatrudnienia.

The aim of this research was to present the role and significance of financing with equity capital on individual farms in Poland. The research was carried out with the use of an interviewer questionnaire on a group of 100 farmers running individual farms as well as keeping the agricultural accounts in the FADN system. The research was conducted in the Mazowsze. Limitation of financing of the operational and investment activity only to the equity capital, in the opinion of farmers, contributes to less dynamic development of agricultural production due to a lack of sufficient equity resources for the purchase of machines and devices. The farmers included no requirements concerning warranties and guarantees in the situation of financing with a loan as the most significant advantages of financing with equity capital. Most farmers allocated the saved financial surplus to current or planned investments, assessing such financial strategy as the average level of risk. Such approach to self-financing of the activity was assessed by farmers as average in the context of the effectiveness of using equity capital., DOI: 10.17306/J.JARD.2017.00280

espanolEl articulo presenta el area de la informacion sobre la responsabilidad social de las empresas basada en la practica en Polonia; se hace especial hincapie en la informacion medioambiental en el contexto de las responsabilidades sociales de las empresas. EnglishThe article presents the area of corporate social responsibility reporting as based on the practice in Poland; special stress is put on the environmental reporting in the context of corporate social responsibilities.

The competitive ability of agricultural farms depends on the efficiency of the utilization of production factors. The elaboration presents the differentiation of the production factors use in agricultural farms located in four regions within the framework of the FADN system. The period of farm investigation covers the years 2004-2006. The research deals with the accepted agricultural types of farms: field crops, milk and granivores. A relatively large differentiation of agricultural farms was observed between regions in respect of cropland area, economic size and current financial liquidity. The share of the debts in farms was not significant and remained at a relatively similar level in the regions analysed. The greatest differentiation between the regions concerned the yield of equity. Farms of "granivores" agricultural type, especially those situated in the Pomorze and Mazury regions, were characterized by the highest efficiency of the use of production factors and also by the economic power. The lowest efficiency of these factors appeared in arable farms.

The paper presents accountant solutions concerning reserves according to the accountancy law and IAS-2 "Reserves" and IAS-41 "Agriculture". In accordance with the accountancy law accountants have to identify borne cost connected with run activity according to its usefulness, profitability and presenting information in the financial account. Solutions concerning recording and reserves valuation are strictly defined in the accountancy law, what is to a large extent coherent with solutions in IAS-2 "Reserves". Introducing IAS-41 "Agriculture" enabled to specify better solutions concerning reserves in agricultural farms. In that scope in agricultural enterprises far-reaching simplifications are applied. Reserves influence the assessment of the structure of firm's property, as well as the financial liquidity. The scope of recording of economic events connected with reserves could be limited and simplified by introducing reserves managing according to the conception "just in time".

In the paper the classification of reserves according to many criterions is presented. The attempt of defying uniform groups of reserves with highest and lowest level as regards the regularity of demand and the possibility of running low in different organizational and property forms of agricultural farms was made. Within all groups of farms the rising role of cooperation with deliverers of factors to the production on the basis of trade contracts was observed. Resources to the production were ordered in different ways depending on the groups of resources. The time of delivery realization was shortest in private farms (mainly for the sake of direct purchase). Reserves characterized by highest and lowest states as well as regard the possibility of running low, the regularity of demand and possibility of forecasting were di verse between the groups of farms. The management of reserves in different organizational and property forms of agricultural farms should be treated individually. The normative determination of levels of reserves' types is difficult. In private farms the situation is worsened by the little farmers' knowledge about possibilities of reserves' managing rationalization.

In the paper the comparative analysis of !he organization and the productivity per unit of the plant and animal production in different organizational and property forms of agricultural farms is presented. The share of agricultural land in total area was similar in all of the farms' groups, the area of agricultural land in private farms increased insignificantly while in another farms it decreased. Those farms were characterized by the lowest area. Companies were characterized by the lowest level of labour force reserves while in private farms those reserves were the highest. In all of the farms' groups cereals dominated in the structure of sown, the most in private farms, and the least in companies owned to A WRSP. The differences between farms as regards fertilizing with mineral fertilizers were not large, and the highest crops of cereals occurred in A WRSP companies. The highest number of livestock occurred in private farms and the lowest in A WRSP companies. In the structure of the herd of animals swine predominated in private farms and in the rest of farms' groups cattle predominated. Private farms were characterized by the highest effectiveness of reserves of resources to the production usage while companies incurred losses.

In the paper the analysis of the relationship between economic results and the level of the material outlays' concentration in private farms is presented. In general, farms with the highest level of the material outlays' concentration were characterized by the highest profitability of land, while in the group of the lowest level of those outlays the profitability was the lowest. In the case of the productivity of land relationships were similar to the case of its profitability. Social and economic efficiency of labour was higher in the group of farms with the highest level of material outlays, what shows that resources and labour outlays were used effectively. In general farms with an average level of material outlays were characterized by the highest profitability of sale, while farms with the highest outlays were characterized by the lowest profitability. It may show that the effectiveness of material outlays decrease with the growth by unit of the level of outlays. One of possible reasons for that tendency, in comparison with the highest profitability of land in the third group of farms, is using purchased materials for the broader scale, what makes farms independent on their resources of land.

The study presents the comparative analysis of competitiveness' level of dairy cooperatives, which exports their products to the UE market and cooperatives from Świętokrzyskie province, which are not entitled to the export to the UE market. Cooperatives exporting their products to the UE market (group A) in the years 1998-2001 showed the increase of milk processing while in cooperatives from Świętokrzyskie province the decrease ensued. The cooperatives from group A were also characterized by three times higher level of average delivery of milk as well as the share in the purchase of extra class milk. In 2001 cooperatives Świętokrzyskie province incurred loss while group A cooperatives achieved increasing significant profit. The competitive strength of milk · deliverers is larger in a group of cooperatives in Świętokrzyskie province because those cooperatives do not achieve the cost advantage for the sake of the low concentration of the production. The biggest threat to dairy cooperatives is in the buyers' strong influence on the volume of sale and in buyers' possibility to change a cooperative delivering them dairy products. The level of competition's intensity in the scope of products offered by cooperatives was similar, highest in the case of milk, cheese, sour and sour cream and lowest in case of powder milk and butter. The necessity of covering large capital needs as well as difficulties in access to distribution channels were described as largest barriers to entry and considerable small barrier is the competitive activity of already existing enterprises. In the opinion of cooperatives' managers the possibility of appearing new substitutes of dairy products, except for butter, is low.

Przedstawiono wyniki badań, których celem było określenie możliwości wprowadzenia systemu dostaw na czas środków do produkcji w gospodarstwach rolniczych oraz warunków koniecznych do spełnienia w tym zakresie. Badania przeprowadzono w 2000 roku.