The Influence of Working Capital Management on the Food Industry Enterprises Profitability

The article presents the results of working capital management efficiency in the food industry in Poland and selected countries of the Eurozone. The research was conducted on the basis of the unpublished data by the Polish Central Statistical Office in the trade structure and dimension of food industry enterprises in Poland in the period of 2005-2009, and comparatively, in respect of the food sector in selected Eurozone countries. The working capital management efficiency was assessed by means of the inventory, accounts receivables, current liabilities turnover cycles, cash conversion cycle, and in respect of the obtained rates of return from non-financial assets. The research proved that in the food industry sectors with the shortest working capital cycles, relatively higher rates of profitability were obtained. A favorable influence of working capital cycles reduction of the profitability was also verified by means of a multiple regression analysis

Rentowność produkcji pszenicy zwyczajnej w UE

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

Late payments in Poland : economic and legal perspectives

PURPOSE: The primary purpose of this paper is to carry out a legal and economic analysis of payment bottlenecks in Poland vs. its EU peers. From an economic perspective, the authors analyzed changes in late payments, checked whether overdue invoices become increasingly common, and looked at the losses from uncollected payments in selected EU countries compared against Poland. In turn, when it comes to the legal perspective, the analysis was focused on the evolution of the EU’s legislative policy for late payments and on key challenges and problems related to policy implementation. Also, based on the example of the Polish legal system, this paper described the policy for combating late payment in commercial transactions.APPROACH/METHODOLOGY/DESIGN: This paper deals with measures in place in EU and national legal systems. The analysis relied on descriptive statistics methods, comparative methods, and legal and historical methods. The authors used the relevant legal acts, the literature on the subject and statistical reports.FINDINGS: While this study shows that overdue payments become less and less problematic in Europe, EU member countries strongly differ in the pace of that process and continue to incur considerable financial losses. Statistical data suggests that existing sanctions have failed to discourage fraudulent contractors, and the guaranteed means of legal protection for creditors have not contributed to tangible improvements in their actual situation.PRACTICAL IMPLICATIONS: These considerations could be of use in designing an active legislative policy geared towards enabling a true comprehensive protection against the impacts of late payments in commercial transactions.ORIGINALITY/VALUE: This paper enhances and updates knowledge of legal and economic conditions for combating payment bottlenecks.peer-reviewe

Decoupling Analysis of Energy-Related Carbon Dioxide Emissions from Economic Growth in Poland

This paper addresses the conditions behind energy-related carbon dioxide (CO2) emissions in Poland following its accession to the European Union. The study analyzed some energy, fossil fuel, economic, and environmental indicators, such as energy use, CO2 emissions, driving factors, decoupling elasticity status, and decoupling effort status. It relied on the Kaya identity and Logarithmic Mean Divisia Index (LMDI) in determining the drivers of CO2 emissions. As shown by the results, between 2004 and 2020, energy consumption in Poland grew at an average annual rate of 0.8%, while fossil fuel carbon emissions declined at 0.7% per year. Energy intensity was found to be the key force behind the reduction in CO2 emissions, whereas rapid economic growth was the main driver of CO2 emissions. While other factors, i.e., carbon intensity, energy mix, and population, also contributed to reducing the emissions, they had a much smaller—if not marginal—effect. In turn, the decoupling elasticity analysis showed that Poland mostly witnessed strong decoupling states, which means a strong decoupling of CO2 emissions from economic growth. Furthermore, it follows from the decoupling effort analysis that strong decoupling effort statuses prevailed throughout the study period, suggesting that the changes in the considered factors significantly contributed to reducing CO2 emissions. However, both the decoupling elasticity indices and the decoupling effort indices revealed the presence of an adverse trend. The above means that Poland witnessed a decline both in the strength of decoupling CO2 emissions from economic growth and in the efficiency of policies and measures designed to reduce CO2 emissions

Payment Delays in the B2B Sector Enterprises in Poland and Germany

W artykule przedstawiono wyniki wieloaspektowej analizy zróżnicowania terminów płatności w transakcjach handlowych przedsiębiorstw sektora B2B w Polsce i Niemczech. Badania wyka-zały, że średnio około 41% sprzedaży w badanych przedsiębiorstw sektora B2B w Niemczech i Polsce realizowano przy zastosowaniu kredytu kupieckiego, a kontrakty zawierano głównie na termin do 30 dni. Ponadto stwierdzono, że opóźnienia płatności były w Polsce i Niemczech po-dobne i wynosiły przeciętnie 20 dni. Z badań wynika również, że główne przyczyny opóźnień płatniczych przedsiębiorcy z sektora B2B upatrują w ograniczonym dostępie kontrahentów do środków finansowych, w praktyce traktowania zaległych zobowiązań jako źródła finansowania bieżącej działalności, formalnej niewypłacalności kontrahentów oraz w złożonych procedurach płatności. Ponadto na podstawie opinii przedsiębiorstw B2B w Polsce i Niemczech stwierdzono, że szeroko rozumiana płynność finansowa wyznaczona przez odpowiednie sterowanie przepły-wami pieniężnymi, kontrolę terminowości faktur, pozyskiwanie środków finansowych z sektora bankowego oraz efektywne zarządzanie należnościami stanowi zarówno w Polsce, jak i w Niemczech bardzo ważną determinantę rentowności.The article presents results of multi-faceted analysis of differentiation of payment terms in commercial transactions conducted by B2B companies in Poland and Germany. The research shows that averagely 41% of sale in the surveyed B2B companies in Germany and Poland were carried out with the use of the trade credit and that contracts were concluded mainly for a period of up to 30 days. Furthermore, it was observed that payment delays in Poland and Germany were similar and equalled to average 20 days. The survey also shows that companies of B2B sector recognize limited access to financial sources, the practice of considering outstanding commit-ments as a source of financing current activity and formal insolvency of contractors as main causes of payment delays. Moreover, the opinion of B2B sector companies in Poland and Ger-many seems to indicate that financial liquidity, in its broad sense, defined with proper administra-tion of cash flow, control over timely invoice settling, acquiring financial sources from banking sector and effective management of liabilities should be considered as fundamental determinant of profitability in both Poland and Germany

Analysis of profitability of capital in agriculture

The article presents the cross-dynamic analysis of differentiation of profitability level of own capital (ROE) in agriculture sector in 2000-2005 years in arrangement of countries, economic size of farms (ESU), as well as according to EU country, agricultural types (TF) on basis of accountancy the FADN. The audits show generally the low profitability of own capital in agriculture and limited possibilities of its growth as a result of small of meaning external (outside) capital

FINANCIAL LIQUIDITY OF THE FURNITURE INDUSTRY COMPANIES IN POLAND IN 2006–2013

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 reductio