Wpływ koncentracji kapitału własnego na jego efektywność w wybranych spółdzielniach mleczarskich w Polsce w latach 2003–2012
The influence of the concentration of equity capital on its efficiency in selected milk cooperatives in Poland in years 2003–2012
Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, 2015, vol., nr 109, s. 107-121
The aim of the work was to analyse and evaluate the impact of the concentration of equity capital on its efficiency on the example of two biggest milk cooperatives in Poland (SM Mlekovita and SM Mlekpol). Except of standard appraisal factors of the efficiency of the considered capital, indicators of the productivity of equity capital altogether and its fundamental components were applied. In years 2003–2012 examined milk cooperatives were characterized by large concentration of equity capital, realizing somewhat different strategies of its concentration. Large concentration of equity capital significantly improved the value of the property of these cooperatives, as well as their sales revenue. In both co-operatives the worsening of the financial profitability was caused by a fall of the sales profitability as well as the multiplier of the equity capital. However, the growth of the capital productivity positively influenced the value of the indicator ROE. The productivity of the equity capital and its components fell. The principal amounts of the equity capital and the shareholding fund and capital fund are very strongly related to the sales value.