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Autor	Natalia Wasilewska, Mirosław Wasilewski, Serhiy Zabolotnyy
Tytuł	Financial Sustainability and Value of Joint-Stock Companies from Food Industry in Central and Eastern Europe
Title	Financial Sustainability and Value of Joint-Stock Companies from Food Industry in Central and Eastern Europe
Słowa kluczowe	financial sustainability, value, food industry, Central and Eastern Europe
Key words	financial sustainability, value, food industry, Central and Eastern Europe
Abstrakt	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.
Abstract	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.
Cytowanie	Wasilewska N., Wasilewski M., Zabolotnyy S. (2019) Financial Sustainability and Value of Joint-Stock Companies from Food Industry in Central and Eastern Europe.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 19(34), z. 1: 153-161
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Pełny tekst	PRS_2019_T19(34)_n1_s153.pdf

Autor	Marek Dylewski, Beata Filipiak
Tytuł	Wpływ środków UE dedykowanych małym i średnim przedsiębiorstwom na wielkość akcji kredytowej w sektorze bankowym
Title	IMPACT OF EU FUNDS DEDICATED TO SMALL AND MEDIUM-SIZED ENTERPRISES ON THE SIZE OF LENDING IN THE BANKING SECTOR
Słowa kluczowe	polityka publiczna, środki UE, akcja kredytowa, małe i średnie przedsiębiorstwa
Key words	public policy, EU funds, lending, small and medium enterprises
Abstrakt	Małe i średnie przedsiębiorstwa (MŚP), tak jak pozostałe podmioty sfery realnej, aby funkcjonować i rozwijać się, muszą podejmować decyzje związane z wyborem odpowiedniego źródła finansowania, uwzględniając jego dostępność oraz warunki pozyskania. W artykule wskazano na kierunkowe badania dotyczące wpływu środków UE na gospodarkę. W badaniach posłużono się następującymi metodami: podstawowe metody analizy szeregów czasowych oraz metody indeksowe służące do analizy szeregów, służące do określania przyrostu obserwowanego zjawiska w badanym okresie w porównaniu z okresem bazowych (dynamika zmienności). Dokonano analizy alokacji środków UE celem ustalenia, czy mają one istotny wpływ na zmiany wartości akcji kredytowej banków w odniesieniu do sektora MŚP? oraz ustalono, czy wystąpiły zmiany w jakości portfela kredytowego podmiotów z sektora MŚP? Przeprowadzone analizy miały za cel przybliżenie odpowiedzi na pytanie, czy środki UE mają wpływ na wielkość akcji kredytowej banków dedykowanej MŚP.
Abstract	Small and medium-sized enterprises (SMEs), just like other entities in the real sphere, in order to function and develop, must make decisions related to the selection of an appropriate source of financing, taking into account its accessibility and acquisition conditions. The article pointed to the directional research on the impact of EU funds on the economy. The following methods were used in the research: basic methods of time series analysis and index methods for analyzing series, used to determine the increase in the observed phenomenon in the analyzed period compared to the base period (dynamics of variation). An analysis of the allocation of EU funds was made to determine whether they have a significant impact on changes in the value of bank lending in relation to the SME sector? and was it determined whether there were any changes in the quality of the loan portfolio of entities from the SME sector? The analyzes were aimed at bringing the answer to the question of whether EU funds affect the size of lending activities of banks dedicated to SMEs
Cytowanie	Dylewski M., Filipiak B. (2019) Wpływ środków UE dedykowanych małym i średnim przedsiębiorstwom na wielkość akcji kredytowej w sektorze bankowym.Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing [t.], nr 21(70): 42-55
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Pełny tekst	PEFIM_2019_n70_s42.pdf

Autor	Kinga Cichocka, Dawid Olewnicki
Tytuł	Ocena kondycji ekonomiczno-finansowej przedsiębiorstwa produkującego i sprzedającego rośliny ozdobne
Title	EVALUATION OF THE ECONOMIC AND FINANCIAL CONDITION OF AN ENTERPRISE PRODUCING AND SELLING ORNAMENTAL PLANTS
Słowa kluczowe	rośliny ozdobne, produkcja szklarniowa, analiza ekonomiczno-finansowa
Key words	ornamental plants, greenhouse production, economic and financial analysis
Abstrakt	Celem opracowania była ocena kondycji ekonomiczno-finansowej wybranego przedsiębiorstwa produkującego i sprzedającego rośliny ozdobne w latach 2010-2016. Dokonano oceny struktury aktywów i pasywów oraz wskaźników zadłużenia, rentowności (ROA i ROE) oraz płynności bieżącej (CR – I stopnia) i szybkiej (QR – II stopnia). Wielkości wskaźników obliczonych na podstawie danych zawartych w sprawozdaniach finansowych nie wykazały istotnie niepokojących zjawisk. W latach 2014-2016 spółka osiągała satysfakcjonujący poziom wskaźnika ROA, tj. wyższy niż poziom inflacji, oraz wskaźnika ROE, którego wartość nie spadła poniżej 9,56%.
Abstract	The aim of the study was to assess the financial and economic situation of the company specialized in producing and selling ornamental plants in 2010-2016. The structure of assets, liabilities and the following indicators: debt, profitability, current liquidity (CR), quick liquidity (QR) were analyzed. The analysis based on the financial statements data did not reveal any significant or alarming threats. The values of selected indicators mostly did not deviate from the norm considerably. In the last three years the company achieved a satisfactory level of ROA, i.e. higher than the level of inflation and ROE, which value did not fall below 10%.
Cytowanie	Cichocka K., Olewnicki D. (2019) Ocena kondycji ekonomiczno-finansowej przedsiębiorstwa produkującego i sprzedającego rośliny ozdobne.Roczniki Naukowe Ekonomii Rolnictwa i Rozwoju Obszarów Wiejskich, t. 106, z. 1: 87-96
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Pełny tekst	RNR_2019_n1_s87.pdf

Autor	Adam Samborski
Tytuł	Finansowanie przedsiębiorstw w krajach Grupy Wyszehradzkiej
Title	Financing Enterprises in the Visegrad Group Countries
Słowa kluczowe	przedsiębiorstwo, finansowanie, analiza porównawcza, rachunki narodowe
Key words	enterprise, financing, comparative analysis, national accounts
Abstrakt	W artykule podjęto problematykę finansowania przedsiębiorstw w krajach Grupy Wyszehradzkiej, w latach 1995-2015. W analizach wykorzystano dane źródłowe pochodzące z rachunków narodowych. Na podstawie przeprowadzonych badań zaobserwowano wzrost poziomu samofinansowania w przedsiębiorstwach czeskich, węgierskich, polskich i słowackich. Zauważono także spadek wartości zaciągniętych netto zobowiązań. Wśród przyczyn wskazano na wysoki poziom w sektorze przedsiębiorstw oszczędności brutto oraz spadek wartości nakładów brutto na środki trwałe. Podstawowym źródłem finansowania zewnętrznego były trzy kategorie instrumentów finansowych, a mianowicie: kredyty i pożyczki, udziały kapitałowe, pozostałe kwoty do otrzymania / zapłacenia. We wnioskach podkreślono, iż pomimo spadku poziomu finansowania zewnętrznego nie nastąpiły znaczące zmiany w jego strukturze.
Abstract	The article addresses the issue of financing enterprises in the Visegrad Group countries in the years 1995-2015. The analyzes used source data derived from national accounts. On the basis of the conducted research, an increase in the self-financing level was observed in Czech, Hungarian, Polish and Slovak enterprises. A decrease in the value of net liabilities incurred was also noted. Among the reasons, a high level of gross savings in the enterprise sector and a decline in the gross fixed capital formation was indicated. The main source of external funding were three categories of financial instruments, namely loans, equity, other accounts receivable / payable. The conclusions emphasized that despite the decrease in the level of external financing, there were no significant changes in its structure.
Cytowanie	Samborski A. (2019) Finansowanie przedsiębiorstw w krajach Grupy Wyszehradzkiej.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 19(34), z. 1: 98-109
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Pełny tekst	PRS_2019_T19(34)_n1_s98.pdf

Autor	Agnieszka Werenowska
Tytuł	Social media marketing (SMM) jako narzędzie komunikacji przedsiębiorstwaz grupami otoczenia
Title	Social media marketing (SMM) as a tool for communiacation between an enterprise and environmental groups
Słowa kluczowe	social media, komunikacja, przedsiębiorstwo, grupy otoczenia
Key words	social media, communication, eterprise, environment groups
Abstrakt	Media społecznościowe są miejscem, które pozwala na realizację potrzeb biznesowych. Przedsiębiorstwa nieustannie poszukują nowych rozwiązań mających na celu poprawę komunikacji z klientami. W artykule przedstawiono możliwości wykorzystania social media w celach komunikacyjnych przedsiębiorstwa z użytkownikami. Szczególną uwagę zwrócono na portal Facebook jako popularny instrument komunikacji.
Abstract	Social media are a place that allows you to meet your business needs. Companies are constantly looking for new solutions to improve their communikcation with customers. That article presents the possibilities of using social media for communication between the company and its users. Special attention was paid to Facebook as a popular communication tool.
Cytowanie	Werenowska A.
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Pełny tekst	TIRR_2019_n12_s95.pdf

Autor	Mieczysław Adamowicz, Tomasz Adamowicz
Tytuł	The World Financial Crisis and The Polish Economy
Title	The World Financial Crisis and The Polish Economy
Słowa kluczowe	financial crisis, effects of financial crisis, anti-crisis action, Poland
Key words	financial crisis, effects of financial crisis, anti-crisis action, Poland
Abstrakt	The subject of the work is to provide an overview of the global financial crisis in the years 2007-2011; its course, symptoms and effects in the world and in Poland. The work presents the causes and the sources of crisis as well as corrective measures taken by governments and financial institutions. The subject literature and information from different national and international financial institutions and organisations were used as a source of research materials and data for analysis. The financial crisis appeared in Poland with some delay and was less intensive than in other developed countries. Anti-crisis measures taken in Poland complied with the recommendations of the European Union and the International Monetary Fund. The measures taken by the Polish central bank concerned the institutional sphere, the manner in which the financial policy worked and how it was pursued, as well as the real sphere of the economy, including especially enterprises, households and public institutions.
Abstract	The subject of the work is to provide an overview of the global financial crisis in the years 2007-2011; its course, symptoms and effects in the world and in Poland. The work presents the causes and the sources of crisis as well as corrective measures taken by governments and financial institutions. The subject literature and information from different national and international financial institutions and organisations were used as a source of research materials and data for analysis. The financial crisis appeared in Poland with some delay and was less intensive than in other developed countries. Anti-crisis measures taken in Poland complied with the recommendations of the European Union and the International Monetary Fund. The measures taken by the Polish central bank concerned the institutional sphere, the manner in which the financial policy worked and how it was pursued, as well as the real sphere of the economy, including especially enterprises, households and public institutions.
Cytowanie	Adamowicz M., Adamowicz T. (2019) The World Financial Crisis and The Polish Economy.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 19(34), z. 1: 5-21
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Pełny tekst	PRS_2019_T19(34)_n1_s5.pdf

Autor	Barbara Kiełbasa, Daniela Popa, Aliona Sargo, Mariusz Trojak
Tytuł	New Approaches to Developing the Integral Indicator Methodology for Estimating the Financial Efficiency of Agricultural Entities in Poland, the Republic of Moldova, and EU Countries
Title	New Approaches to Developing the Integral Indicator Methodology for Estimating the Financial Efficiency of Agricultural Entities in Poland, the Republic of Moldova, and EU Countries
Słowa kluczowe	agro-sector, European Union, correlation and regression, financial efficiency, food product, financial economy, productivity & profitability, resource efficiency
Key words	agro-sector, European Union, correlation and regression, financial efficiency, food product, financial economy, productivity & profitability, resource efficiency
Abstrakt	Economic literature pays a great deal of attention to economic and financial efficiency, expressed in terms of competition, concentration, productivity and profitability. This paper provides an all-embracing framework for the various existing theories in this area and illustrates these theories with practical applications. Currently, changing the size of the production potential in agricultural units in the Republic of Moldova depends to a great extent on the influence of different trends in the modification of production resources: the reduction of labor resources and agricultural land, quantitative and qualitative changes in fixed assets, and in current assets, etc.The notion of resource potential means the totality of the volume of all resources (natural, labor, material, intellectual, information, etc.) on specific enterprises, territories, branches, regions. Evaluating a broad field of research, the paper describes profit maximizing food products and demonstrates how several widely-used products can be fit into this framework. The authors also present an overview of the current major trends in the food sector and relate them to the assumptions for food products, thereby displaying their relevance and timeliness. The results include a set of recommendations for future research on this topic.The design, methodology and approach of this research is to explain why efficiency can help obtain a profit surplus, and to measure this efficiency. For quality of methodology we apply a range of statistical methods, as well as the strategic capability of organisations – made up of resources and competences. One way to approach the stategic capability of an organisation is to consider its strengths and weaknesses (for example, where it has a competitive advantage, profit, efficiency or disadvantage). Based on our research and results, we sought to understand the concepts of financial effciency and to apply these concepts to practical situations. At the start of each analysis entrepreneurship plays an important role. Most organisations have to innovate constantly to obtain profit and efficiency for food products. They need to be first into a market, or simply a follower of customers in developing new products and services. Original studies in Moldova and Poland regarding farm concentration in terms of Gini Coefficient, Gini Index and Concentration Index of the utilized agricultural area. Original calculus formula to determine the Concentration Index of the UAA for the top 10% largest farms in Moldova and UK.
Abstract	Economic literature pays a great deal of attention to economic and financial efficiency, expressed in terms of competition, concentration, productivity and profitability. This paper provides an all-embracing framework for the various existing theories in this area and illustrates these theories with practical applications. Currently, changing the size of the production potential in agricultural units in the Republic of Moldova depends to a great extent on the influence of different trends in the modification of production resources: the reduction of labor resources and agricultural land, quantitative and qualitative changes in fixed assets, and in current assets, etc.The notion of resource potential means the totality of the volume of all resources (natural, labor, material, intellectual, information, etc.) on specific enterprises, territories, branches, regions. Evaluating a broad field of research, the paper describes profit maximizing food products and demonstrates how several widely-used products can be fit into this framework. The authors also present an overview of the current major trends in the food sector and relate them to the assumptions for food products, thereby displaying their relevance and timeliness. The results include a set of recommendations for future research on this topic.The design, methodology and approach of this research is to explain why efficiency can help obtain a profit surplus, and to measure this efficiency. For quality of methodology we apply a range of statistical methods, as well as the strategic capability of organisations – made up of resources and competences. One way to approach the stategic capability of an organisation is to consider its strengths and weaknesses (for example, where it has a competitive advantage, profit, efficiency or disadvantage). Based on our research and results, we sought to understand the concepts of financial effciency and to apply these concepts to practical situations. At the start of each analysis entrepreneurship plays an important role. Most organisations have to innovate constantly to obtain profit and efficiency for food products. They need to be first into a market, or simply a follower of customers in developing new products and services. Original studies in Moldova and Poland regarding farm concentration in terms of Gini Coefficient, Gini Index and Concentration Index of the utilized agricultural area. Original calculus formula to determine the Concentration Index of the UAA for the top 10% largest farms in Moldova and UK.
Cytowanie	Kiełbasa B., Popa D., Sargo A., Trojak M. (2019) New Approaches to Developing the Integral Indicator Methodology for Estimating the Financial Efficiency of Agricultural Entities in Poland, the Republic of Moldova, and EU Countries.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 19(34), z. 4: 103-112
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Pełny tekst	PRS_2019_T19(34)_n4_s103.pdf

Autor	Justyna Góral, Włodzimierz Rembisz
Tytuł	Marże marketingowe i wartości dodane w łańcuchu dostaw żywności w Polsce
Title	Marketing Margins and Added Value in the Food Supply Chain in Poland
Słowa kluczowe	marża marketingowa, wartość dodana, łańcuch dostaw żywności
Key words	marketing margin, added value, food supply chain
Abstrakt	Zagadnienie udziału producenta rolnego w finalnej cenie żywności budzi zainteresowanie naukowców oraz polityków. Komisja Europejska (2014, 2016) podjęła działania mające na celu wzmocnienie sektora rolnego w ramach łańcucha dostaw żywności. W Polsce zintensyfikowano promocję sprzedaży bezpośredniej. Działanie te mają na celu skrócenie łańcucha dostaw żywności oraz poprawę siły rynkowej producentów rolnych. Siła rynkowa oznacza zdolność przedsiębiorstwa do podniesienia ceny własnego produktu bez obniżenia poziomu sprzedaży na rzecz konkurentów. Celem badań było wskazanie tendencji w zakresie kształtowania się marż marketingowych oraz wartości dodanych w łańcuchu dostaw żywności. Pomiar ten służył poszukiwaniu odpowiedzi – które grupy produktów cechuje najwyższy poziom wartości dodanej i największa zdolność poprawy dochodów producentów rolnych? Szacowanie wartości dodanej obrazuje - gdzie trafia „złotówka żywnościowa” finalnego konsumenta?
Abstract	The issue of agricultural producer participation in the final food price is of interest to scientists and politicians. The European Commission (2014, 2016) commissioned the preparation of expertise in this area, as a result of which actions were taken to strengthen the agricultural sector. In Poland, for example, the promotion of direct sales has been intensified. These activities are aimed at shortening the food supply chain and improving the market power of agricultural producers. Market power means the ability of an enterprise to increase the price of its own product without reducing the level of sales to competitors. The aim of the research was to indicate trends in the area of marketing margins and added value in the food supply chain. This measurement served the search for the answer - which product groups have the highest level of added value and the greatest ability to improve the income of agricultural producers? The estimation of the value added illustrates - where does the "food zloty" of the final consumer go?
Cytowanie	Góral J., Rembisz W. (2019) Marże marketingowe i wartości dodane w łańcuchu dostaw żywności w Polsce.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 19(34), z. 4: 47-57
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Pełny tekst	PRS_2019_T19(34)_n4_s47.pdf

Autor	Paweł Jankowski, Agnieszka Tul-Krzyszczuk
Tytuł	The Impact of Innovation on the Global Competitiveness of Polish Meat and Dairy Enterprises
Title	The Impact of Innovation on the Global Competitiveness of Polish Meat and Dairy Enterprises
Słowa kluczowe	innovation, competitiveness, meat, dairy, enterprise, global market, Poland
Key words	innovation, competitiveness, meat, dairy, enterprise, global market, Poland
Abstrakt	The aim of the study was to analyse innovations implemented in the milk and meat industries, and their impact on increasing competitiveness. The study showed that the 2010-12 period saw the most product and process innovations being introduced. On the other hand, innovations in marketing were found to be more popular in 2013. Three groups of similar innovations were distinguished. The milk industry stood out when it comes to the extent of innovations implemented. Fewer innovations were found in the poultry meat industry. Beef and pork meat processing was the least innovative. The innovativeness of enterprises is greater with larger numbers of employees and the increase in scope of their field of operation. The implementation of innovations resulted in: improvement of the quality of goods (services), increase in stock, productive capabilities and revenues from sales, emergence of new markets, increase in competitiveness and prestige of the firm. Those are confirmed by the very good performance of foreign trade and better competitiveness rates of Polish meat producers.
Abstract	The aim of the study was to analyse innovations implemented in the milk and meat industries, and their impact on increasing competitiveness. The study showed that the 2010-12 period saw the most product and process innovations being introduced. On the other hand, innovations in marketing were found to be more popular in 2013. Three groups of similar innovations were distinguished. The milk industry stood out when it comes to the extent of innovations implemented. Fewer innovations were found in the poultry meat industry. Beef and pork meat processing was the least innovative. The innovativeness of enterprises is greater with larger numbers of employees and the increase in scope of their field of operation. The implementation of innovations resulted in: improvement of the quality of goods (services), increase in stock, productive capabilities and revenues from sales, emergence of new markets, increase in competitiveness and prestige of the firm. Those are confirmed by the very good performance of foreign trade and better competitiveness rates of Polish meat producers.
Cytowanie	Jankowski P., Tul-Krzyszczuk A. (2019) The Impact of Innovation on the Global Competitiveness of Polish Meat and Dairy Enterprises.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 19(34), z. 1: 120-132
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Pełny tekst	PRS_2019_T19(34)_n1_s120.pdf

Autor	Jerzy Bieńkowski, Małgorzata Holka
Tytuł	Environmental Assessment of the Life Cycle of Bovine Compound Feeds from a Feed Milling Plant in a Large Commercial Farm in Wielkopolska Region, Poland
Title	Environmental Assessment of the Life Cycle of Bovine Compound Feeds from a Feed Milling Plant in a Large Commercial Farm in Wielkopolska Region, Poland
Słowa kluczowe	environment, life cycle analysis, impact category indicator, compound feed, feed mill, Poland
Key words	environment, life cycle analysis, impact category indicator, compound feed, feed mill, Poland
Abstrakt	In recent years, the importance of environmental threats associated with intensive livestock production has been emphasized. Compound feeds make up a part of the animal production chain. A complete assessment of the animal production system with regard to environmental criteria is therefore impossible without considering the environmental consequences of feed production. The goal of this research is to fill the gap in an environmental assessment of production processes of compound feeds in Poland. The study presents an assessment of production impacts of bovine compound feeds according to Life Cycle Analysis (LCA) methodology. The data for analysis were based on the set of information obtained from the feed milling plant located in a commercial agricultural enterprise in the Wielkopolska region in the years 2015-2016. An inventory table of inputs was prepared in relation to the functional unit of 1 ton of compound feeds and two phases of production processes, i.e. upstream and core. For average compound feed, the impact category indicators for the global warming potential, acidification, eutrophication, photochemical ozone formation, consumption of mineral resources, fossil fuel resources and the emission of the respirable particles were respectively: 605.9 kg CO2 eq, 8.73 kg SO2 eq, 3.32 kg PO4 eq, 0.73 kg ethylene eq, 3.4x10-3 kg antimony eq, 5141.1 MJ and 2.25 kg PM2.5 eq. The upstream phase had the greatest effect on investigated impacts, while the core processes phase had a relatively low impact on environmental threats. It is recommended to broaden the scope of the research for a larger group of feed milling plants with more complex manufacturing processes, with a more branched supply structure and a wide range of compound feeds for different animal types. The obtained data can be a valuable source base in prospective analyses of the life cycle of various animal products in Poland.
Abstract	In recent years, the importance of environmental threats associated with intensive livestock production has been emphasized. Compound feeds make up a part of the animal production chain. A complete assessment of the animal production system with regard to environmental criteria is therefore impossible without considering the environmental consequences of feed production. The goal of this research is to fill the gap in an environmental assessment of production processes of compound feeds in Poland. The study presents an assessment of production impacts of bovine compound feeds according to Life Cycle Analysis (LCA) methodology. The data for analysis were based on the set of information obtained from the feed milling plant located in a commercial agricultural enterprise in the Wielkopolska region in the years 2015-2016. An inventory table of inputs was prepared in relation to the functional unit of 1 ton of compound feeds and two phases of production processes, i.e. upstream and core. For average compound feed, the impact category indicators for the global warming potential, acidification, eutrophication, photochemical ozone formation, consumption of mineral resources, fossil fuel resources and the emission of the respirable particles were respectively: 605.9 kg CO2 eq, 8.73 kg SO2 eq, 3.32 kg PO4 eq, 0.73 kg ethylene eq, 3.4x10-3 kg antimony eq, 5141.1 MJ and 2.25 kg PM2.5 eq. The upstream phase had the greatest effect on investigated impacts, while the core processes phase had a relatively low impact on environmental threats. It is recommended to broaden the scope of the research for a larger group of feed milling plants with more complex manufacturing processes, with a more branched supply structure and a wide range of compound feeds for different animal types. The obtained data can be a valuable source base in prospective analyses of the life cycle of various animal products in Poland.
Cytowanie	Bieńkowski J., Holka M. (2019) Environmental Assessment of the Life Cycle of Bovine Compound Feeds from a Feed Milling Plant in a Large Commercial Farm in Wielkopolska Region, Poland.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 19(34), z. 1: 22-36
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Pełny tekst	PRS_2019_T19(34)_n1_s22.pdf

Autor	Karol Sołek, Bogusław Ślusarczyk
Tytuł	THE DEVELOPMENT OF ENTREPRENEURSHIP IN RURAL AREAS IN PODKARPACKIE PROVINCE
Title
Słowa kluczowe	entrepreneurship, rural areas, enterprise, Podkarapckie province, development
Key words
Abstrakt	The study is devoted to the diagnosis of entrepreneurship development in rural areas.The aim of the work is to analyze and evaluate the dynamics and directions ofentrepreneurship development in rural areas of the Podkarpackie province as well as toidentify changes and trends as well to present the strengths and weaknesses of rural areas inthe studied area. On the basis of the conducted research, it can be concluded that the numberof business entities in rural areas is systematically growing, and forecasts indicate furtherdevelopment. Assessment of directions and dynamics of entrepreneurship development basedon the number of entities by selected NACE sections in 2009-2017 showed no significantvariation in trends in all counties the trends are similar. The largest growth dynamics relat tocommunication and information services on, the real estate market as well as rental servicesfor buildings, machines or devices, job market mediation, tourist services, detective orsecurity services, maintenance of cleanliness and order, development of green areas, andoffice administration. In turn, industries such as agriculture, forestry, hunting and fishing,wholesale and retail trade, vehicle repairs, financial and insurance activities werecharacterized by a reverse tendency - a systematic decline in the number of business entitiesoccurred. The remaining sections of PKD maintained a stable, unchanging level.
Abstract
Cytowanie	Sołek K., Ślusarczyk B.
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Pełny tekst	ESARE_2019_n3_s131.pdf

Autor	Nadiia Davydenko, Yuliia Nehoda, Iryna Tytarchuk, Natalia Wasilewska
Tytuł	Mechanizm zapewnienia zrównoważonego finansowania przedsiębiorstw rolnych
Title	MECHANISM OF ENSURING FINANCIAL SUSTAINABILITY OF AGRICULTURAL ENTERPRISES
Słowa kluczowe	stabilność finansowa, przedsiębiorstwa rolnicze, bezpieczeństwo finansowe, sektor rolno-przemysłowy, stabilny rozwój przedsiębiorstw, rentowność
Key words	financial sustainability, agricultural enterprises, financial security, agricultural-industrial sector, stable development of enterprises, profitability
Abstrakt	Celem badań jest wskazanie teoretycznych i metodycznych podejść do określania stabilności finansowej przedsiębiorstw rolnych. Przeanalizowano światowe i krajowe doświadczenia w określaniu stabilności finansowej podmiotów prowadzących działalność rolniczo-przemysłową, a także czynniki wpływające na kształtowanie stabilności finansowej na poziomie regionalnym oraz w grupach przedsiębiorstw rolnych. Istnieje specyfika mechanizmu stabilności finansowej przedsiębiorstw rolnych. Głównym celem mechanizmu zapewniającego stabilność finansową jest osiągnięcie bezpieczeństwa finansowego, stabilności funkcjonowania i rozwoju. Metoda oferuje wykorzystanie kompleksu wskaźników, które są ściśle powiązane i określają status ekonomiczny oraz zdolność finansową do kontynuowania działalności przedsiębiorstwa i badania stabilności finansowej przedsiębiorstwa.
Abstract	The aim of the research is summing up and improving theoretical and methodical approaches to determination of financial sustainability of agricultural enterprises. World and national experience of financial sustainability determination of entrepreneurial activities subjects were analyzed and summarized as well as system impact factors on formation of financial sustainability on the regional level and the group of agricultural enterprises level were examined. There are considerable formation specifics of the financial sustainability mechanism of agricultural enterprises. It means that main target of mechanism to ensure financial sustainability is to achieve financial security, their work stability and development today and in future. The method offers using complex of indicators that are closely connected with each other and define economic status and financial ability to continue enterprise activities and examine financial sustainability of an enterprise. The implementation of this approach to determine financial sustainability will increase the information background for further analyzation of financial opportunities.
Cytowanie	Davydenko N., Nehoda Y., Tytarchuk I., Wasilewska N. (2019) Mechanizm zapewnienia zrównoważonego finansowania przedsiębiorstw rolnych.Roczniki Naukowe Ekonomii Rolnictwa i Rozwoju Obszarów Wiejskich, t. 106, z. 1: 7-21
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Pełny tekst	RNR_2019_n1_s7.pdf

Autor	Tatiana Bludova, Oleksiy Kudenko, Volodymyr Tokar, Natalia Wasilewska
Tytuł	EVALUATION OF TARGET MARKET SEGMENTS FOR ENTERPRISES
Title
Słowa kluczowe	market segmentation, psychographic factors, relevant factors, questionnaires, respondents.
Key words
Abstrakt	The purpose of the article is to substantiate the emergence of new – and the development of existing – factors and segmentation criteria for meeting consumer needs and increasing the efficiency of marketing activities for Ukrainian enterprises under modern market conditions. The object of the research is to analyze the process of development and any increases in the effectiveness of marketing segmentation. The subject of research is the theoretical, methodical and practical provisions of the formation of targeted marketing segmentation for the markets of Ukrainian enterprises. The goal of the research is to evaluate the direction and type of market segmentation that determines future target segments for enterprises and their share of existing markets. We present the characteristics of enterprises that work on market relations for the production and sale of computer devices that provide network connections. Our method was to estimate the direction and type of market segmentation in order to determine the prospective segments for such enterprises and their share of the existing market. In order to evaluate the attractiveness of target segments for Ukrainian enterprises, a survey was conducted to validate customer reactions. The analyzed variables included: the length of time a person uses his/her computer device; the reasons for possible changes and important settings when choosing a computer device; the timeframe for buying a computer device. The results of the questionnaire are separated by gender, social and geographic factors, as well as by family composition and age of respondents, taking into account the stages of their life cycle, as well as their educational level and professions – for three enterprises. Particular attention was paid to the psychographic factors of occupation and social class. The questionnaire also contained a self-assessment section on the psychological qualities of the consumer and on their psychography, which we analyzed. The hypotheses presented by individual factors and the consumer segment, separated by the results of the survey, and the analysis of the respondents' answers, are presented. Confirmation of the hypotheses and isolation of the consumer segment are given.
Abstract
Cytowanie	Bludova T., Kudenko O., Tokar V., Wasilewska N. (2019) EVALUATION OF TARGET MARKET SEGMENTS FOR ENTERPRISES.Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing [t.], nr 22(71): 223-237
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Pełny tekst	PEFIM_2019_n71_s223.pdf

Autor	Eugeniusz Michalski
Tytuł	STRATEGIES FOR INTERNATIONAL ENTERPRISE COMPETITION
Title
Słowa kluczowe	business, environment, reputation, market, barriers
Key words	biznes, środowisko, renoma, rynek, bariery
Abstrakt	The main aim of this paper is analyzed the role, importance and methodology for creating the strategies for international competition, as well as the ways of implementing and evaluating the selected strategies. This is done by applying exploratory, descriptive and casual methods to outperform competitors and determine the scope of an enterprise’s engagement in international business. The article examines forces and steps of planning, implementing and evaluating a business strategy. Enterprises must recognize and compare the factors that compose foreign environments, especially the state and local governmental politics, legal regulations, economic and financial forces, cultural differences, business ethics, technological development, infrastructure, natural resources protections, sociological and demographic issues. Three competitive strategies have been distinguished: cost leadership, differentiation and focus. Virtues of M. Porter’s five forces model: threat of new entry, competitive rivalry, supplier power, buyer power and threat of substitutes have been considered. The selection of the target markets and recognizing customers preferences belong to the most important tasks of strategic planning. An enterprise can select three levels of international involvement: passive participation, active involvement and taking the international position. Foreign countries impose barriers on international trade, but international agreements facilitate healthy competition.
Abstract	Głównym celem artykułu jest analiza roli, znaczenia i metodologii opracowywania koncepcji strategii międzynarodowego biznesu oraz sposobów wdrażania i oceny wybranych strategii. Realizacja tego zadania została przeprowadzona przez zastosowanie badań odkrywczych, rozstrzygających i przyczynowych. Przedstawiono, metody pokonania konkurentów i skale zaangażowania przedsiębiorstwa w prowadzenie międzynarodowego biznesu. Artykuł rozpatruje czynniki determinujące międzynarodową przewagę konkurencyjną i etapy jej planowania, wdrażania i oceny. Przedsiębiorstwa musza poznać i porównywać czynniki determinujące obce środowisko, a w szczególności krajowa politykę regulacje prawne, czynniki ekonomiczne i finansowe, różnice kulturowe, etykę prowadzenia biznesu, postęp technologiczny, infrastrukturę, ochronę naturalnego środowiska oraz kwestie społeczne i demograficzne. Wyniki analizy pozwoliły na wyróżnienie najbardziej cenionych przedsiębiorstw na świecie. Trzy strategie konkurowania zostały omówione: lidera niskich kosztów, dywersyfikacji i koncentracji. Wyróżniono walory pięciu czynników konkurencji M. Portera: nasilenia istniejącej konkurencji, zagrożenia ze strony nowych konkurentów, negocjacyjnej siły dostawców, negocjacyjnej siły nabywców i zagrożenia pojawienia się nowych substytutów. Wybór rynków docelowych i rozpoznanie preferencji konsumentów stanowi ważny element planowania strategicznego. Przedsiębiorstwo może dokonać wyboru trzy poziomy międzynarodowego zaangażowania: udział bierny, aktywne zaangażowanie i ustalenie pozycji międzynarodowej. Obcy kraj może nakładać bariery na handel międzynarodowy, lecz międzynarodowe porozumienia ułatwiają wolną konkurencje.
Cytowanie	Michalski E. (2019) STRATEGIES FOR INTERNATIONAL ENTERPRISE COMPETITION .Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing [t.], nr 21(70): 160-171
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Pełny tekst	PEFIM_2019_n70_s160.pdf

Autor	Raisa Kozhukhіvska, Vitalii Rybchak, Оlena Sakovska
Tytuł	Using of modern information and communication technologiesin the tourism
Title
Słowa kluczowe	tourism, consumer, Internet, information technologies, Internet service
Key words
Abstrakt	The importance of modern information and communication technologies in the economic and social life has steadily increased. The Internet creates new opportunities to provide services and meet needs. Tourism enterprises are interested in making a big profit from their sales and want the customers to give their preferences to them. The article deals with the peculiarities of Internet use by the tourism services consumers. Determined that the compared to traditional advertising technologies, Internet makes it possible to provide a dialogue with the consumer, to establish feedback and, in terms of investment, it is much cheape. The data representing the social characteristics of the sphere of Ukrainian Internet consumers are generalized. The main reasons and motives for making online purchases by tourism services consumers are indicated. The barriers that hinder the further development of Internet commerce and the promotion of online tourism services have been identified. Quantitative and qualitative research on the use of tourism Internet services in Ukraine has been carried out.
Abstract
Cytowanie	Kozhukhіvska R., Rybchak V., Sakovska О.
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Pełny tekst	TIRR_2019_n11_s97.pdf

Autor	Piotr Hadrian
Tytuł	PRACTICAL CONSIDERATIONS FOR THE IMPLEMENTATION OF MARKETING AUDIT AS STRATEGIC CONTROL
Title	Praktyczne uwarunkowania implementacji strategicznej kontroli marketingu w formie audytu
Słowa kluczowe	marketing management, strategic marketing control, marketing audit
Key words	zarządzanie marketingiem, strategiczna kontrola marketingu, audyt marketingu
Abstrakt	The article discusses the problems of marketing control, understood as a function which tops the management cycle. The immediate aim of this article is to present the results of research on the use of marketing audit as a form of strategic marketing control, in particular, the indicated factors that affect the limitation of its use. Considerations on the theoretical aspect, as well as the analysis of empirical material of a secondary and primary nature, were conducted using the literature studies method and qualitative research methods. I presented the results of several studies directly devoted to the problems of implementing marketing audit against the background of analyzing the place of audit in the structure of marketing control. The research, although conducted at different times, in different markets and using different methods, undertook similar research topics, which allows, to some extent, a qualitative comparative analysis of their results. The presented results show that the degree of the use of marketing audit in economic practice still should be assessed as weak. Limiting factors for the use of marketing audit in enterprises include, first and foremost: restricting access to information necessary in the process of auditing, unawareness of the benefits resulting from the implementation of marketing audit, the unclear nature of marketing activities undertaken, and the fear of excessive organizational and financial burden.
Abstract	Artykuł poświęcony jest problematyce kontroli marketingu rozumianej jako funkcja wieńcząca cykl procesu zarządzania. Bezpośrednim celem artykułu jest zaprezentowanie wyników badań dotyczących wykorzystywania audytu marketingu jako formy strategicznej kontroli marketingu, a w szczególności wskazywanych czynników, które wpływają na ograniczenie jego wykorzystania. Rozważania w części teoretycznej, jak i analizie materiału empirycznego o charakterze wtórnym i pierwotnym, prowadzone były z wykorzystaniem metody studiów literaturowych oraz metod badań jakościowych.Na tle rozważań poświęconych usytuowaniu audytu w strukturze kontroli marketingu, dokonano prezentacji wyników kilku badań, poświęconych bezpośrednio problemom implementacji audytu marketingu. Badania, choć prowadzone w odmiennym czasie, na różnych rynkach i różnymi metodami, podejmowały podobne zagadnienia badawcze, co umożliwia w pewnym zakresie dokonanie jakościowej analizy porównawczej ich wyników. Z zaprezentowanych wyników wynika, że stopień wykorzystywania audytu marketingu w praktyce gospodarczej, niezmiennie należy ocenić jako słaby. Za czynniki ograniczające wykorzystanie audytu marketingu w przedsiębiorstwach, należy uznać przede wszystkim ograniczenie dostępu do informacji niezbędnych w procesie realizacji audytu, nieświadomość korzyści wynikających z realizacji audytu marketingu, nieklarowny charakter podejmowanych działań marketingowych oraz obawy przed nadmiernymi obciążeniami natury organizacyjnej i finansowej.
Cytowanie	Hadrian P. (2019) PRACTICAL CONSIDERATIONS FOR THE IMPLEMENTATION OF MARKETING AUDIT AS STRATEGIC CONTROL.Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing [t.], nr 22(71): 65-76
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Pełny tekst	PEFIM_2019_n71_s65.pdf

Autor	Tetiana Balanovska, Natalia Drahnieva, Alina Troian
Tytuł	USING OF FUZZY MODELLING IN ANTI-CRISIS MANAGEMENT OF AGRICULTURAL ENTERPRISES
Title
Słowa kluczowe	anti-crisis management, agricultural enterprise, quality, products, fuzzy logic, fuzzy modelling
Key words
Abstrakt	The article systematizes the different views of scientists in relation to the anti-crisis management of enterprisesand emphasizes the importance of its use in enterprises. There was noted the necessity to introducethe perspective directions of economic activity of the enterprise, forming its image, ensuring competitiveness,profitability, and development. In order to make effective management decisions under uncertaindynamic environment, it is suggested to use fuzzy modelling for the prevention of the crisis occurrence.In order to present the possibility of using such an approach in the practical activity of agricultural enterprises,in particular which are engaged in dairy farming, we proposed an informational and logical modelfor determining the forecast average price of milk, taking into account the indicators of its quality, thatis based on the theory of fuzzy sets and fuzzy logic. In the context of anti-crisis management, there wassubstantiated the possibility of using the proposed model, as a basic one, in any agricultural enterprise inorder to improve its activities.
Abstract
Cytowanie	Balanovska T., Drahnieva N., Troian A.
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Pełny tekst	ESARE_2019_n3_s22.pdf

Autor	olga Babytska, Olena Berbenets, Olena Pavlenko, Tamara Prykhodko, Olga Zhmaylova
Tytuł	THE ROLE OF NUTRIA MEAT PRODUCTION IN THE CONTEXT OF UKRAINE FOOD SECURITY
Title
Słowa kluczowe	food security, meat production, nutria breeding, effectiveness of production, expert evaluations
Key words
Abstrakt	The article presents the role and potential of the nutria breeding development as analternative livestock sector in the context of Ukraine's food security. A comparative analysisof qualitative characteristics of meat by species of animals was conducted. The efficiency ofnutria breeding by types of enterprises with a short-term forecast is analyzed. By expertevaluations determined the weight of the 5 main problems of the industry, which constitutethe next steps of a comprehensive research of nutria breeding.
Abstract
Cytowanie	Babytska o., Berbenets O., Pavlenko O., Prykhodko T., Zhmaylova O.
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Pełny tekst	ESARE_2019_n3_s95.pdf

Autor	Paul Lane, Joanna Wyrobek
Tytuł	IMPACT OF INTERNATIONALIZATION ON THE CAPITAL STRUCTURE OF COMMERCIAL COMPANIES
Title
Słowa kluczowe	multinational companies, indebtedness, corporate finance, capital structure
Key words
Abstrakt	International enterprises (in this paper, international companies are understood as companies that sell their products and services abroad) are precious for the national economy because, through their experience in international sales, they stimulate the development of other companies in the same industry and their subcontractors. The knowledge that these companies have gained on international markets through the spillover effect spreads on their suppliers, as well as through imitation or cooperation on their competitors. Also, international companies (in the meaning: domestic export companies) are often the first to use new technological solutions and product innovations, which contributes to the modernization of products in the entire business sector. Dynamic and robust international companies usually also build networks with entities from different countries in order to cooperate on development, negotiation, and sales, which also encourages similar activities of their competitors. For all these reasons, national governments should take action to help to export companies, or at least monitor the problems that such entities report. The purpose of the publication is to draw attention to the higher demand for the debt that exists in such enterprises and to discuss the reasons for this. In particular, the purpose of the publication was to verify 2 research hypotheses: H1: Internationalization increases indebtedness of a company measured with the debt to equity ratio, and H2: The scale of internationalization (measured with the share of foreign sales to total sales) is positively related to the level of indebtedness (measured with the debt to equity ratio). For both hypotheses we found no grounds to reject these hypotheses. In the opinion of the authors, the demand for debt from exporters should be monitored, especially in terms of the availability of this form of financing for exporters from the SME sector. The paper used the Arellano-Bond model and data downloaded from the Orbis database for years 2007 – 2017.
Abstract
Cytowanie	Lane P., Wyrobek J. (2019) IMPACT OF INTERNATIONALIZATION ON THE CAPITAL STRUCTURE OF COMMERCIAL COMPANIES.Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing [t.], nr 22(71): 250-267
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Pełny tekst	PEFIM_2019_n71_s250.pdf

Autor	Tetiana Baklytska, Olena Bohdaniuk
Tytuł	Competitivness and prospects for development of berry production in Ukraine
Title
Słowa kluczowe	Ukraine, berries, prospects of development, competitiveness, export, organic production
Key words
Abstrakt	The demand for raspberries and blackberries has risen sharply in Europe and North America in recent years. Ukraine is almost one third of the world’s black earth, a favorable climate for growing vegetables, fruits and berries, as well as a good ratio of daytime and nighttime temperatures and optimal length of sunny day. Therefore, the authors consider that Ukraine could become a reliable supplier of berries in Europe and America. Berries will not give the same high gross production as cereals. But these products are perspective in terms of processing, value added and profitability for the manufacturer. Considering the strategic importance of growing berries in Ukraine the subject of the research is to study the competitiveness and prospects for production of berries in Ukraine. The conducted assessment of the status and prospects of growing berries shows that Ukraine has been steadily producing within the range of 130-135 thousand tons of berries in recent years. Due to the fact that the products of private households and horticultural societies are not actually taxed, they have significant competitive advantages over agricultural enterprises, which is one of the reasons for the curtailment of industrial horticulture in Ukraine. But, on the other hand, they are inferior to large enterprises because of not failing to implement sanitary, technical standards, certification etc. In order to ensure the competitiveness of domestic producers in the external market, berry producers need to be more actively involved in the process of improving product quality, since in Ukraine only five agribusinesses have a Global GAP certificate, which is a minimum condition for access to the EU market. According to the results of the study, the authors consider organic production of berries as another perspective direction for the development of domestic berries.
Abstract
Cytowanie	Baklytska T., Bohdaniuk O.
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Pełny tekst	TIRR_2019_n12_s15.pdf