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Autor	Karolina Pawlak
Tytuł	Importance and Comparative Advantages of the EU and US Agri-food Sector in World Trade in 1995-2015
Title
Słowa kluczowe	international competitiveness, comparative advantages, export specialisation, agri-food products, world trade, the EU, the US
Key words
Abstrakt	The aim of the paper was to examine the evolution of the importance and comparative advantages of the EU and US agri-food sector in world trade in 1995-2015. The research is based on data from UNCTAD (United Nations Conference on Trade and Development) resources. The following indicators were used in the comparative advantage analysis: Balassa’s Revealed Comparative Advantage (RCA), Vollrath’s Revealed Competitiveness (RC), the Revealed Symmetric Comparative Advantage (RSCA), and the Lafay’s Trade Balance Index (TBI). In 1995-2015, the EU countries and the US were the largest players of world trade in agri-food products. The EU countries held comparative advantages in the global market as regards exports of products of animal origin whereas the exports of cereals, preparations of cereals, oilseeds and oleaginous fruits and meat products were the source of revealed comparative advantages for the US. Both the EU countries and the US reached high comparative advantages in trade in those assortment groups which corresponded to their highest shares in global exports and generated a high, consistently increasing positive trade balance. Therefore, their comparative advantages were the source of their favourable export specialisation profile, which is consistent with the classical comparative costs principle.
Abstract
Cytowanie	Pawlak K. (2017) Importance and Comparative Advantages of the EU and US Agri-food Sector in World Trade in 1995-2015 .Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 17(32), z. 4: 236-248
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Pełny tekst	PRS_2017_T17(32)_n4_s236.pdf

Autor	Jacek Pera
Tytuł	Linear and Non-linear Relationships Between Shares of the Agri-food Industries of the Warsaw Stock Exchange. Risk Aspect
Title
Słowa kluczowe	shares, risk, causal linear relationship, non- causal linear relationship, agri-food industry
Key words
Abstrakt	Despite a wide range of research on the agricultural market conducted so far, relatively little attention has been devoted to a comprehensive analysis of linear and non-linear causality in relation to the entire agri-food sector in Poland, in the context of risk. The objective of this study is therefore to analyze the linear and non-linear relationships between shares of WSE's agri-food industry sectors in terms of risk. The study covered three sectors of agri-food sector currently existing on the WSE (29 listed companies): Foods (21 listed companies), Agricultural Production and Fisheries (5 listed companies) and Food and Foodstuffs and fast-trafficking foodstuffs (3 listed companies). The existence of linear relationships was verified using the test procedure proposed by Hong, Liu, Wang and Łęt, while non-linear relationships were verified using the Diks-Panchenko, Orzeszko and Osińska tests’s. The study was carried out on the basis of data from companies of the agri-food industry listed on the Warsaw Stock Exchange in the period from 1 May 2010 to 1 May 2017. The chosen research methodology was dictated by the correlation with investment risk on the WSE. The strongest and most enduring dependencies have been found in the agricultural and fisheries sectors. In the foodstuff sector and the fast-marketable sector, the risk of investment in the listed companies was temporary.
Abstract
Cytowanie	Pera J. (2017) Linear and Non-linear Relationships Between Shares of the Agri-food Industries of the Warsaw Stock Exchange. Risk Aspect.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 17(32), z. 4: 249-262
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Pełny tekst	PRS_2017_T17(32)_n4_s249.pdf

Autor	Filip Kłobukowski, Magdalena Skotnicka, Maria Śmiechowska
Tytuł	Prospects for Development of Highly Satiating Foods in Poland
Title
Słowa kluczowe	functional food, highly satiating food, obesity, Poland
Key words
Abstrakt	The high level of competition between food products on the market has encouraged the development of various types of functional foods. Consumer demands and requirements for both medicinal and healthy products has caused food manufacturers to widen their product offerings. The objective of this study was to present the legal status of functional food production and sales, as well as analyse the possibilities of developing customized foods, in particular, highly satiating foods. In this time of obesity epidemic, the use of specifically designed food products which suppress hunger and give the feeling of satiety could be an effective tool in preventing obesity and controlling body mass. There is an optimistic prognoses that this type of food will be introduced on the Polish market.
Abstract
Cytowanie	Kłobukowski F., Skotnicka M., Śmiechowska M. (2017) Prospects for Development of Highly Satiating Foods in Poland.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 17(32), z. 4: 280-291
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Pełny tekst	PRS_2017_T17(32)_n4_s280.pdf

Autor	Mykola Orlykovskyi, Ludwik Wicki, Lesia Zaburanna
Tytuł	Agriculture in Poland and Ukraine – Potential and Dynamics of Changes in Production
Title
Słowa kluczowe	productivity gap, agriculture efficiency, production factors, agriculture development
Key words
Abstrakt	The article attempts to compare the importance of agriculture and the dynamics of its development in Ukraine and Poland. The most important constraints on the development of Ukrainian agriculture were identified, including the unregulated land market, lack of coherent support programs for agriculture and rural areas, poorly developed infrastructure of the agricultural environment and lack of capital for development. It was found that agriculture in Ukraine is characterized by a high growth rate of productivity and production. The observed output gap in relation to agriculture in Poland is about 10 years. The agricultural sector in Ukraine has about 10% share in generating GDP and as much as 40% share in exports. Such high importance can be maintained even in the conditions of economic development, as there are large reserves in the development of agribusiness. The most important development factors include the introduction of a coherent program for the development of the agribusiness sector, including production of goods with high added value and increasing the availability of capital for the development of agriculture. A great opportunity is the development of trade in the conditions of affiliation with the EU.
Abstract
Cytowanie	Orlykovskyi M., Wicki L., Zaburanna L. (2017) Agriculture in Poland and Ukraine – Potential and Dynamics of Changes in Production.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 17(32), z. 4: 326-338
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Pełny tekst	PRS_2017_T17(32)_n4_s326.pdf

Autor	Łukasz Zaremba
Tytuł	Vegetables Price Volatility in Poland – Onion and Carrot Case
Title
Słowa kluczowe	price volatility, seasonal fluctuations, standard deviation, producer export price, onion, carrot
Key words
Abstrakt	There are the producers who takes the weakest position on the agricultural market. Their activity is especially exposed to the risk factors. Price volatility which stays behind the price risk is one of the most important threats for producers’ incomes. Economic stability is a base for investment and development. That is why the price volatility is worth to having a look at. There are two species examined in this paper: onion and carrot. Both have a significant share in Polish vegetable production. Onion crops are mostly exported but carrot is being sold on the domestic market. Apart from the sales market there was no significant difference in analyzed period between farm-gate price volatility for both species. The measured volatility was getting lower in consecutive years of analyzed period; only in years of unfavorable weather conditions there were some growth. The analyze was conducted with usage of descriptive statistic on the logarithmic rates of return.
Abstract
Cytowanie	Zaremba Ł. (2017) Vegetables Price Volatility in Poland – Onion and Carrot Case.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 17(32), z. 4: 339-345
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Pełny tekst	PRS_2017_T17(32)_n4_s339.pdf

Autor	Julia Galchynska
Tytuł	Methodogical frameworks of marketing research in the bioenergy market
Title	Methodogical frameworks of marketing research in the bioenergy market
Słowa kluczowe
Key words	marketing research, methods, SWOT analysis, PEST analysis, bioenergy
Abstrakt
Abstract	The paper summarises and analyzes the methodological bases of marketing research of the bioenergy market. One of the key elements of such research is the study of the environment in which the biofuel manufacturer operates. The article examines SWOT andPEST analyses as marketing research methods and tools of Ukraine’s bioenergy market. The process of implementing marketing research in the biofuels market is investigated, and the impact of macro factors on the results of current and future activities of the industry is considered and evaluated.environment in which the biofuel manufacturer operates. The article examines SWOT andPEST analyses as marketing research methods and tools of Ukraine’s bioenergy market.The process of implementing marketing research in the biofuels market is investigated, andthe impact of macro factors on the results of current and future activities of the industry isconsidered and evaluated.
Cytowanie	Galchynska J.
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Pełny tekst	AMME_2017_n1_s5.pdf

Autor	Sylwester Kozak
Tytuł	Changes in the level of risk in investment funds in Poland
Title	Changes in the level of risk in investment funds in Poland
Słowa kluczowe
Key words	capital market, investment funds, investment risk
Abstrakt
Abstract	The paper analyzes changes in risk of investment fund portfolios in different phases of the macroeconomic cycle. Twenty nine equity investment funds operating during the period of 2005–2015 were examined. The risk was assessed by the standard deviationof rates of return on funds and the β coefficient. The research indicates that the exposure of fund portfolios to risk changed in response to macroeconomic conditions and the situation on the capital market. Risk hit its highest level during the financial crisis years (2008–2011),followed by the dynamic macroeconomic growth years (2005–2007). The moderate growth years (2012–2015) exposed funds to the lowest risk. For the entire period the average and the median funds and the market were exposed to a similar amount of investment risk.
Cytowanie	Kozak S.
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Pełny tekst	AMME_2017_n1_s23.pdf

Autor	Yaroslava Larina
Tytuł	Innovation and marketing strategies of enterprises on the innovative food products market
Title	Innovation and marketing strategies of enterprises on the innovative food products market
Słowa kluczowe
Key words	innovation, innovative product, innovative food product, innovative strategy, FMCG sector
Abstrakt
Abstract	The purpose of the present paper is to identify the particular use of marketing strategies for innovative products and to define the features thereof. Innovative food products can be defined as those made of unconventional materials, with the use of the latest technologies and new methods of processing and storage, and/or innovative tools of marketing promotion. In the paper I show that innovative strategy is a leading functional strategy of high-tech enterprises. It involves producing a comprehensive set of measures for improving technological aspects of the production process, changes in the company’s organisational structure, and the implementation of modern management technologies. The strategy requires companies to act consistently, which allows them to position themselves in the market. A change in strategy is a response to changing external conditions. Innovative food products belong to the FMCG market, which is characterised by tough competition and oversupply. Forming effective strategies, creating successful brands and profitable business activity in this market requires an approach tailored to this market. Strategies of leading brands in the FMCG sector include seeking out prospects in emerging markets, acquiring leaders in profitable and attractive segments and forming alliances with competitors.
Cytowanie	Larina Y.
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Pełny tekst	AMME_2017_n1_s33.pdf

Autor	Eugeniusz Michalski
Tytuł	Enterprise branding strategies
Title	Enterprise branding strategies
Słowa kluczowe
Key words	strategy, market, brand extension, brand portfolio, brand equity
Abstrakt
Abstract	Preparation for marketing and implementation of exchange goods and services require branding strategies to be built. Effective branding can lend a major edge in increasingly competitive markets. An enterprise needs to determine how to conceive of brand strategy,set up brand extensions and determine the dimensions of brand equity. To understand the factors shaping branding strategies, marketers must understand where, how much and in what way brand value is created. Success or failure depend on continuously monitoring the effectiveness of branding strategies and the appropriate use of brand extension, brand equity and opportunities that appear on markets.
Cytowanie	Michalski E.
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Pełny tekst	AMME_2017_n1_s49.pdf

Autor	Emil Ochnio
Tytuł	Changes in the profitability of investment funds in Poland in the period 2005-2016
Title	Changes in the profitability of investment funds in Poland in the period 2005-2016
Słowa kluczowe
Key words	financial sector, investment funds, profitability
Abstrakt
Abstract	The paper examines the rates of return of three main types of investment funds in the period of from 2005 to June 2016. The analysis covers 120 equity, 55 bond and 60 mixed funds and is based on data taken from www.bossa.pl, www.analizy.pl and www.izfa.pl. The results of analysis indicate that macroeconomic conditions significantly shape fund returns, though the impact is diversified by fund type. Better stock market conditions benefit equity and mixed funds, and the periods of economic slowdown are favorable for safer funds, including bond and money market funds. For the entire period, equity funds achieved the highest returns, but with the highest risk. The opposite situation concerned bond funds. The average returns of every type of fund were higher than deposit rates – more than 50% of the funds outgained them.
Cytowanie	Ochnio E.
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Pełny tekst	AMME_2017_n1_s59.pdf

Autor	Joanna Chudzian, Mariana Prynko
Tytuł	The features of marketing mix for non-profit organisations
Title	The features of marketing mix for non-profit organisations
Słowa kluczowe
Key words	marketing, marketing mix, non-profit organisations, NGOs
Abstrakt
Abstract	This article examines the concept of marketing mix for non-profit organisations. The authors suggest the use of “4Cs+people”, the elements of which include: consumer solution (mission, sphere of influence, role within the sphere of influence, representing common interests and advocacy, values for target audiences within the sphere of influence, goods and services offered for members, recipients and groups in the wider society), consumer cost (for members, volunteers, clients – service recipients, people and companies making individual financial and in-kind donations, organisations’ own employees, the mass media and legislators, employees of large international foundations and society in general), convenience (the place and means by which events are conducted), communication (advertisement, PR, communication strategy, communication style, how easily information can be found) and people (professionalism, attitude to people and job). We believe that this concept represents special features of the service sphere in general and of non-profit organisation operations in particular.
Cytowanie	Chudzian J., Prynko M.
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Pełny tekst	AMME_2017_n1_s89.pdf

Autor	Kateryna Zavalniuk
Tytuł	Diversification as a modern growth strategy in agriculture
Title	Diversification as a modern growth strategy in agriculture
Słowa kluczowe
Key words	strategy, marketing strategy, diversification, agrarian groups, agricultural enterprises
Abstrakt
Abstract	The aim of the article is to examine the theoretical foundations of diversification strategy and identify the characteristics of its application in agriculture. The relevance of diversification strategy research is that its implementation allows additional income to be made, ensures financial stability for enterprise when demand for basic products fluctuates, and strengthens the competitive position in chosen markets. The importance for enterprise of implementing growth strategy is discussed, as is the economic essence of “marketing strategy”. Dynamic changes in the market force producers to review their activity and seek a more optimum development strategy. Diversification can be the optimal strategy when market conditions are uncertain. The article analyzes the essence and types of diversification along with the benefits and disadvantages of diversification strategy. As a result of the research, features of diversification strategy for the agricultural sector were analysed, the essence of which may be found in the unification of agricultural products with other kinds of activity. This is done to decrease the risk arising from receding demand for main agricultural products. The study found that the most effective and least risky strategy is vertical diversification, which involves obtaining a synergistic effect and reducing transaction costs (through the use of a single production chain from field to consumer).
Cytowanie	Zavalniuk K.
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Pełny tekst	AMME_2017_n1_s123.pdf

Autor	Patryk Zwierzyński
Tytuł	The determinants of consumer behaviours in the furniture market
Title	The determinants of consumer behaviours in the furniture market
Słowa kluczowe
Key words	furniture sector, determinants of consumers’ behaviours
Abstrakt
Abstract	The article presents analysis of the determinants of consumer behaviours in the furniture market. Given the numerous factors that influence consumer behaviours, the author has decided to focus on the most important determinants affecting furniture purchasers’ attitudes in the Polish furniture market. The determinants are divided into indirect factors (economic, demographic and marketing) and direct ones. The he characteristics of furniture are also described. The publication is based on the literature and research conducted in the furniture market in previous years.
Cytowanie	Zwierzyński P.
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Pełny tekst	AMME_2017_n1_s131.pdf

Autor	Yaroslava Larina, Valentyna Rafalska
Tytuł	The place of lessors of land shares in the system of agricultural marketing in Ukraine
Title	The place of lessors of land shares in the system of agricultural marketing in Ukraine
Słowa kluczowe
Key words	agricultural marketing, agricultural market, specific features of agriculturalmarketing, lessors, lessees, land share owners, rental payments
Abstrakt
Abstract	Ukraine’s agricultural sector is developing quickly. While providing solutions to matters of the agricultural industry, marketing should be considered as targeted management of modern agricultural business. One of the specific features of the agricultural marketis limitation of land and how production depends on it. More than 80% of agricultural lands are leased to agricultural growers and producers. Under the current conditions of agricultural activity of a business, there is an increase in competitiveness between lessors overreissue of land share lease agreements. Lessors, who are the owners of land shares, have to take their place in the market environment of agricultural businesses and in the system of agricultural marketing in general, since they both perform the functions of the key asset provider, i.e. the land bank and partially the consumer of products made by this business.
Cytowanie	Larina Y., Rafalska V.
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Pełny tekst	AMME_2017_n2_s65.pdf

Autor	Rasa Rukuižienė
Tytuł	Formalization of brand marketing management in the food industry
Title	Formalization of brand marketing management in the food industry
Słowa kluczowe
Key words	brand management, marketing, formalization
Abstrakt
Abstract	The article helps to identify interrelated factors of the formalization of brand marketing management using applied strategic marketing tools. The brand marketing management framework is constructed on the market research results – new marketing mix. Consequently, valuable brands and new food products are more successful in market at the lowest costs under more intensive promotional activity. Customers always fix their choice at an advantage in consumption of new brands with (in)tangible attributies – quality, use convenience, time savings, image or variety by personal experience. Producers try to gain from new brand marketing management and try to form new consumption trends together with intermediaries. The theoretical and empirical researches were provided on the basis of scientific literature, case studies, primary data collection, surveys, primary data analysis and synthesis. A questionnaire was used to identify brand marketing management tools and the results of using them. The answers to research problems are formulated on the base of situation in the B2B and B2C markets of food brands. The research was framed to demonstrate that the formalization of brand marketing management can be impelemented succesfully by forming target marketing strategy and marketing communication.
Cytowanie	Rukuižienė R.
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Pełny tekst	AMME_2017_n2_s89.pdf

Autor	Anila Boshnjaku, Ana Kapaj, Etleva Muca, Ledia Thoma
Tytuł	Brand awareness and consumer profile for milk: case of the Tirana market, Albania
Title	Brand awareness and consumer profile for milk: case of the Tirana market, Albania
Słowa kluczowe
Key words	brand awareness, milk sector in Albania
Abstrakt
Abstract	Nowadays, it is quite important that business companies understand brand awareness and consumer profile for their products and services. They can take advantage of this information to properly adapt their marketing strategies to the needs of their targetedmarkets and segments. This research paper aims at measuring brand awareness and consumer profile for different types of milk in Tirana. Through a set of face to face questionnaires, it is revealed that those in charge of purchases in the household are pretty aware of the vast majority of the milk brands available in Tirana market. They also give high evaluation scores to the most known brands. On the other hand, consumers’ profile for different types of milk (UHT vs. pasteurized or fresh) seems to differ based on some specific socio-economic variables of the household and the person in charge of the purchases. The consumers with the highest income and education level are more aware about food safety importance. Such consumers are leaned more towards purchasing UHT milk.
Cytowanie	Boshnjaku A., Kapaj A., Muca E., Thoma L.
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Pełny tekst	AMME_2017_n2_s113.pdf

Autor	Marcin Idzik
Tytuł	Pozycja konkurencyjna banków spółdzielczych w segmencie mikroprzedsiębiorstw
Title	Competitive position of the cooperative banks in the segment of micro-companies
Słowa kluczowe	bank spółdzielczy, przewaga konkurencyjna, wizerunek, satysfakcja, pozycja rynkowa
Key words	cooperative bank, competitive advantage, image, satisfaction, market position
Abstrakt	Celem opracowania była ocena pozycji konkurencyjnej banków spółdzielczych oraz ich zdolności do kreowania tendencji rozwojowych i skutecznego pozyskiwania nowych klientów w segmencie mikroprzedsiębiorstw. Źródło danych empirycznych stanowiły wyniki ogólnopolskich badań zrealizowanych na reprezentatywnej próbie N = 800 przedsiębiorstw o zatrudnieniu do 10 pracowników oraz rocznych obrotach do 2 mln euro. Analiza objęto udziały rynkowe, znajomość, potencjał i wizerunku marki oraz satysfakcję klientów. Banki spółdzielcze nie wykorzystują w pełni swoich walorów w budowaniu przewagi konkurencyjnej. Wysokie udziały rynkowe zawdzięczają stabilnej bazie „starych” klientów. Banki spółdzielcze nie są preferowane przez potencjalnych klientów. Pozycja konkurencyjna wynika z niszowych obszarów, w których działają banki spółdzielcze, kosztów obsługi oraz emocjonalnych uwarunkowań działania na lokalnym rynku. Stosowanie narzędzi marketingowych jest nieuniknione i powinno stać się elementarną częścią wspomagania funkcjonowania banków spółdzielczych.
Abstract	The objective of this paper is to evaluate the competitive position of the cooperative banks and their ability to create the growth trends and effectively acquire new customers in the micro-company segment. The sources of the empirical data were the results of the nation-wide surveys conducted on a representative sample of N = 800 companies with up to 10 employees and an annual turnover of up to 2 m EUR. The analysis included the market shares, familiarity, brand potential and image as well as the customer satisfaction. The cooperative banks do not fully use their advantages in building their competitive advantage. A stable base of the “regular” customers contributes to their high market shares. The cooperative banks are not preferred by the prospective customers. The competitive position of the cooperative banks is based on the niche areas where the cooperative banks operate and the service costs as well as the emotional circumstances of operating on the local market. The application of the marketing tools is inevitable and should be the elementary part of the support provided for the cooperative banks.
Cytowanie	Idzik M. (2017) Pozycja konkurencyjna banków spółdzielczych w segmencie mikroprzedsiębiorstw.Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, nr 119: 37-50
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Pełny tekst	EIOGZ_2017_n119_s37.pdf

Autor	Tomasz Klusek
Tytuł	Rozmiary i regionalne zróżnicowanie polskiego rynku nieruchomości rolnych
Title	Size and Regional Differences in the Polish Agricultural Property Market
Słowa kluczowe	rynek nieruchomości, nieruchomości rolne, województwa
Key words	property market, agricultural properties, provinces
Abstrakt	Rynek nieruchomości nie jest rynkiem jednolitym, w związku z tym, w zależności od przyjętych kryteriów, można dokonać jego podziału na różne segment. Do najczęściej stosowanych kryteriów klasyfikacji tego rynku, dla potrzeb prowadzonych analiz, zaliczyć należy kryterium przedmiotowe. Uwzględnia ono funkcje pełnione przez nieruchomości, a jednym z segmentów wyodrębnianych na jego podstawie jest rynek nieruchomości rolnych. Dane dotyczące obrotu nieruchomościami rolnymi w skali kraju i poszczególnych województw mogą być wykorzystane dla różnych celów, w szczególności dla potrzeb wyznaczania kierunków przekształceń strukturalnych w rolnictwie. W tym kontekście istotne jest poznanie uwarunkowań tego zjawiska, jego natężenia oraz struktury, co jest przedmiotem niniejszego opracowania.
Abstract	The property market is not a unite market and therefore depending on employed criteria can be divided into various segments. In order to provide an analysis the objective criterion is most often used. It refl ects functions of particular properties and on such basis the segment of agricultural properties can be distinguished. The data on agricultural property sales in the whole country scale as well as in provinces can be employed for various purposes, particularly for defining of structural changes in agriculture. In order to do so it is necessary to recognise the background of the property sales, their scope and structure which is the topic of the paper.
Cytowanie	Klusek T. (2017) Rozmiary i regionalne zróżnicowanie polskiego rynku nieruchomości rolnych.Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, nr 119: 101-117
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Pełny tekst	EIOGZ_2017_n119_s101.pdf

Autor	Tomasz Felczak
Tytuł	Zróżnicowanie sytuacji finansowej spółdzielni mleczarskich w Polsce
Title	The differentiation of financial situation in dairy cooperatives in Poland
Słowa kluczowe	płynność finansowa, skorygowana rentowność, zadłużenie, sprawność działania, spółdzielnia mleczarska, sytuacja finansowa
Key words	liquidity, adjusted profitability, indebtedness, operational efficiency, dairy cooperative, financial situation
Abstrakt	W opracowaniu przedstawiono zróżnicowanie sytuacji finansowej spółdzielni mleczarskich w Polsce. W celu określenia sytuacji tych podmiotów wykorzystano wskaźniki płynności finansowej, skorygowanej rentowności, zadłużenia oraz sprawności działania. Okres badań obejmował lata 2010–2014. Bez względu na koniunkturę gospodarczą na rynku, zarządzający zachowywali ostrożność w celu uniknięcia ryzyka, które mogło wpływać na zdolność jednostki do kontynuacji działalności. Zróżnicowanie sytuacji finansowej spółdzielni mleczarskich było stosunkowo duże. Zarówno efektywność jak i struktura finansowania uzależniona była od skali i warunków prowadzonej działalności.
Abstract	The study presents diversification of the financial situation of the dairy cooperatives in Poland. In order to determine the financial situation of those entities, the rates of liquidity, adjusted profitability as well as indebtedness and operational efficiency were used. The research period covered the years from 2010 to 2014. Regardless of the economic situation on the market, the managers took special care in order to avoid risk that could affect the entity’s ability to continue to operate. The diversification of the financial situation of the dairy cooperatives was relatively significant. Both effectiveness and financing structure were dependent on a scale and conditions of business.
Cytowanie	Felczak T. (2017) Zróżnicowanie sytuacji finansowej spółdzielni mleczarskich w Polsce.Zarządzanie Finansami i Rachunkowość, nr 4: 5-18
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Pełny tekst	ZFIR_2017_n4_s5.pdf

Autor	Jacek Grzywacz, Mariusz Lipski
Tytuł	Wyzwania w zakresie finansowania inwestycji przez przedsiębiorstwa w Polsce
Title	Challenges in the range of investments financing by companies in Poland
Słowa kluczowe	inwestycja, projekt, finansowanie, zarządzanie finansami
Key words	investment, undertaking, financing, project finance, corporate finance
Abstrakt	Celem opracowania jest zaprezentowanie w oparciu o wybrane przykłady uwarunkowań i wynikających z nich wyzwań w zakresie finansowania inwestycji przez przedsiębiorstwa w Polsce. W oparciu o metodę analizy przypadków autorzy wskazują na trudności w realizacji przedsięwzięć inwestycyjnych. Obserwowane w ostatnich latach zmiany w otoczeniu gospodarczym przedsiębiorstw, wywołane takimi procesami jak globalizacja, powszechna informatyzacja, czy też wzrost wpływu rynków finansowych na sferę realną powodują, że podmiotom gospodarczym coraz trudniej jest podejmować i realizować projekty inwestycyjne. Finansowanie tego typu przedsięwzięć, nawet przy zachowaniu powszechnie obowiązujących reguł ich strukturyzowania, nie chroni inwestora danego projektu, jak również podmiotów zapewniających finansowanie dłużne przed stratami. W tej sytuacji niezbędna jest daleko posunięta ostrożność przy konstruowaniu prognoz finansowych, odpowiednie zarządzanie ryzykiem, jak również zdolność do zachowania elastyczności projektu w przypadku wystąpienia istotnych zmian w otoczeniu.
Abstract	The aim of the paper is to present on the basis of selected examples conditions and connected with them challenges regarding financing of investments taken by companies in Poland. Powered by case study approach, the authors point to difficulties in implementation of mentioned above undertakings. Being observed changes in the economic environment of companies, brought on by such processes as globalization, common IT solutions usage as well as an increase of financial markets influence on real sphere cause that entrepreneurs have more and more difficulties in taking and executing investment projects. Financing such projects, even executed in line with rules of structuring, does not protect the sponsor as well as financial institutions supplying debt from losses. In such a case, from the authors’ point of view, deep caution, proper risk management and flexibility of the project are essential.
Cytowanie	Grzywacz J., Lipski M. (2017) Wyzwania w zakresie finansowania inwestycji przez przedsiębiorstwa w Polsce.Zarządzanie Finansami i Rachunkowość, nr 4: 19-31
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Pełny tekst	ZFIR_2017_n4_s19.pdf