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Autor	Maciej Pawłowski
Tytuł	Modele dyskryminacyjne w ocenie ryzyka upadłości emitentA OBLIGACJI KORPORACYJNYCH
Title	Discriminatory models as an evaluation method of corporate bond issuers bankruptcy risk
Słowa kluczowe	modele dyskryminacyjne, upadłość przedsiębiorstw, obligacje korporacyjne.
Key words	discriminatory models, enterprise bankruptcy, corporate bonds.
Abstrakt	Przedmiotem opracowania jest weryfikacja przydatności wybranych modeli dyskryminacyjnych w ocenie ryzyka upadłości emitenta obligacji korporacyjnych. W artykule omówiono istotę upadłości przedsiębiorstwa jako przedmiotu badań ekonomicznych oraz dokonano charakterystyki wybranych modeli wczesnego ostrzegania. Na podstawie wyselekcjonowanych modeli przeprowadzono badania empiryczne na grupie pięciu celowo dobranych spółek reprezentujących emitentów obligacji korporacyjnych notowanych na rynku Catalyst. Przeprowadzone analizy skłoniły do wniosku, że największą skutecznością w zakresie identyfikacji ryzyka upadłości emitenta obligacji korporacyjnych charakteryzował się model B. Prusaka.
Abstract	The subject of the study is a verification of selected discriminatory models in assessing the bankruptcy risk of corporate bond issuers. This article discusses the essence of corporate bankruptcy and characterises a selected discriminatory models. Further more an empirical studies were carried out on a group of 5 companies representing corporate bond issuers listed on the Catalyst Bond Market. The analyze led to the conclusion that the B. Prusak's model was the most effective in identifying the bankruptcy risk of the corporate bond issuer.
Cytowanie	Pawłowski M. (2018) Modele dyskryminacyjne w ocenie ryzyka upadłości emitentA OBLIGACJI KORPORACYJNYCH.Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing [t.], nr 19(68): 211-222
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Pełny tekst	PEFIM_2018_n68_s211.pdf

Autor	Łukasz Siemieniuk, Nina Siemieniuk, Tomasz Siemieniuk
Tytuł	Wybrane aspekty wykorzystania teorii chaosu do wspierania decyzji finansowych
Title	Selected aspects of the use of chaos theory to support financial decisions
Słowa kluczowe	teoria chaosu, rynki kapitałowe, analiza R/S, wykładnik Hursta, wymiar fraktalny
Key words	chaos theory, capital markets, R/S analysis, Hurst exponent, fractal dimension
Abstrakt	Celem publikacji jest omówienie wybranych aspektów teorii chaosu deterministycznego, oraz prezentacja rezultatów badań dotyczących możliwości wykorzystania narzędzi chaosu deterministycznego (wymiaru fraktalnego, wykładnika Hursta) do wspierania decyzji finansowych inwestorów giełdowych na przykładzie wybranych spółek funkcjonujących na Giełdzie Papierów Wartościowych w Warszawie. Decyzje finansowe dotyczące inwestowania na rynku kapitałowym są na całym świecie przedmiotem licznych badań i analiz. Wykorzystuje się w nich różne metody i narzędzia badawcze. W celu prognozowania decyzji finansowych konstruowane są rozmaite modele, które nigdy nie dają pełnej pewności sukcesu i są obarczone, zwykle ryzykiem inwestycyjnym. Jedną z nowszych koncepcji wspomagania decyzji finansowych jest teoria chaosu deterministycznego. Cechy charakterystyczne, stany nierównowagi oraz mechanizm sprzężenia zwrotnego w wymiarze czasowym, znajdują swój wyraz w opisie za pomocą dynamicznych systemów nieliniowych.
Abstract	The aim of the paper is to discuss selected aspects of the deterministic chaos theory and to present the results of research on the possibility of using deterministic chaos tools (fractal dimension, Hurst exponent) to support financial decisions of stock investors on the example of selected companies operating on the Warsaw Stock Exchange. Financial decisions on investing in the capital market are the subject of numerous studies and analyzes worldwide. Various methods and research tools are used. In order to forecast financial decisions, various models are constructed that never give full assurance of success and are burdened, usually with investment risk. One of the newer concepts of financial decision support is the theory of deterministic chaos. Characteristics, imbalances and feedback mechanisms in the time dimension find their expression in the description using dynamic non-linear systems.
Cytowanie	Siemieniuk Ł., Siemieniuk N., Siemieniuk T. (2018) Wybrane aspekty wykorzystania teorii chaosu do wspierania decyzji finansowych.Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing [t.], nr 19(68): 237-247
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Pełny tekst	PEFIM_2018_n68_s237.pdf

Autor	Mirosław Drygas, Iwona Nurzyńska
Tytuł	Uwarunkowania dyskusji nad kształtem Wspólnej Polityki Rolnej po 2020 roku
Title	Common Agricultural Policy Post 2020
Słowa kluczowe	Unia Europejska, Wspólna Polityka Rolna, płatności bezpośrednie, pierwszy i drugi filar WPR, reforma WPR
Key words	European Union, Common Agricultural Policy, direct payments, I and II pillar of the CAP, CAP reforms
Abstrakt	WPR UE, pomimo stałej, często ostrej, krytyki różnych środowisk, umożliwiała i nadal wspiera rozwój europejskiego rolnictwa i obszarów wiejskich. Aktualnie trwająca dyskusja nad jej kształtem po 2020 roku skłania do dokonania przeglądu stanowisk i wyrażenia własnych poglądów. W trwającej dyskusji od lat podnoszony jest pogląd o konieczności lepszego ukierunkowania WPR na skonkretyzowane cele dla uzyskania wyższej efektywności funduszy publicznych. Głównym celem opracowania jest dokonanie przeglądu ważniejszych wydarzeń, jakie miały miejsce w trakcie zainicjowanej w 2016 r. przez Komisję Europejską debaty, w tym sfinalizowanych konsultacji społecznych, na tle globalnych uwarunkowań politycznych, ekonomicznych, środowiskowych i technologicznych. Autorzy formułują hipotezę w następującym brzmieniu: Najbliższa reforma WPR choć przyniesie fundamentalne zmiany modelu wdrażania WPR, to jednak nie zapewni to jej znacznie silniejszego niż obecnie ukierunkowania na osiąganie zdefiniowanych i mierzalnych celów. Polityczny konsensus dotyczący wzmocnienia wsparcia na rzecz drobnych gospodarstw rolnych będzie kontynuowany kosztem ograniczenia wsparcia dla dużych operatorów. Oznacza to, że legitymizacja realizowanej polityki opierać się będzie głównie na społecznych i środowiskowych jej aspektach. Główną metodą badawczą jest przegląd i analiza obszernej literatury przedmiotu oraz dokumentów, analiz i ekspertyz.
Abstract	The CAP, despite strong criticisms from various expert cycles, enabled and still allows the development of European agriculture and rural areas. The current discussion about the CAP’s new architecture after 2020 stimulates a review of different positions and formulation of new views. For years, one of the key postulates has been better CAP targeting and a higher value for money. The objective of this publication is to present key developments that took place during this debate in the view of global political, economic, environmental and technological conditions. The authors formulated the following hypothesis: the coming CAP reform will bring about a fundamental change of the policy implementation model but the new CAP will not contribute to a stronger and measurable result-based orientation. The political consensus of supporting small farms will be continued at the expense of limiting support to the large farm operators. The main method used is online research, review of literature, and various analysis and documents.
Cytowanie	Drygas M., Nurzyńska I. (2018) Uwarunkowania dyskusji nad kształtem Wspólnej Polityki Rolnej po 2020 roku.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 18(33), z. 2: 57-69
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Pełny tekst	PRS_2018_T18(33)_n2_s57.pdf

Autor	Tetyana Bilyk, Volodymyr Ivanyshyn, Oleg Kucher
Tytuł	MARKETING STRATEGY FORMATION FOR THE DEVELOPMENT OF ORGANIC PRODUCTION IN THE UKRAINE
Title
Słowa kluczowe	marketing strategies, organic production, organic product sales, government support
Key words
Abstrakt	The article examines the state and prospects of organic production by agricultural enterprises in the Ukraine. Existing natural, climatic and soil potential for the production of organic agricultural products as well as their export and consumption in the domestic market are characterized. It was noted that the development of organic production is one of the main priorities of the agrarian sector of the Ukrainian economy. State support for the development of this type of production is being implemented, as reflected in ‘3 + 5’ as a strategy for the development of the agrarian sector of the economy for the period until 2020. Attention is drawn to the instability of the environment, insufficient development of demand and limitations of financial resources, which hinder the realization of Ukraine’s potential in this segment of the agrarian sector. The conclusion on the necessity of applying marketing strategies for promoting and marketing organic products on domestic and foreign markets is drawn. The model of forming a marketing strategy of organic production development in the Ukraine is offered.
Abstract
Cytowanie	Bilyk T., Ivanyshyn V., Kucher O.
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Pełny tekst	ESARE_2018_n1_s34.pdf

Autor	Oleksandra Mandych, Arkadii Mykytas, Liliia Prokopchuk
Tytuł	THE ECONOMIC ASPECTS OF SOLAR ENERGY PRODUCTION BY HOUSEHOLDS IN UKRAINE
Title
Słowa kluczowe	solar power, electricity, household electric energy, solar panels, bioeconomics
Key words
Abstrakt	In recent decades considerable attention has been paid to alternative and renewable energy. Among the alternative sources, the sun’s energy is most appealing. Therefore, the development of solar energy, in the long run, is one of the top priorities. In practice, there are numerous barriers to the growth of the solar energy market. First of all, economic: fairly high prices for solar systems and payback period; the absence of working capital from manufacturing enterprises, the absence of specific mechanisms for stimulating production in the form of subsidies, tax exemptions, preferential tariff policies, etc. Therefore, research into the development of solar energy, as a real tool for a comprehensive solution to economic and environmental problems, is becoming increasingly relevant. The paper considers the energy policy of the use of renewable energy sources in rural areas. The theoretically feasible and technically achievable potential of solar energy in the territory of Ukraine was characterized. It was noted that the sun is the most affordable supplier of energy on earth today. The use of solar radiation is expedient for the development of thermal and electric energy and is possible throughout the territory of Ukraine. The dynamics of the commissioning of solar power plants by private households was analysed. The attention is focused on the application of the ‘green’ tariff, which stimulates the increase in the number of solar projects implemented in households. A financial model of private households of choosing a solar power plant option was proposed. The problems were identified and the possibilities of using solar energy for ensuring energy independence of households and profit generation were assessed. The forecast for the development of solar energy of the period up to 2020 was made.
Abstract
Cytowanie	Mandych O., Mykytas A., Prokopchuk L.
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Pełny tekst	ESARE_2018_n1_s231.pdf

Autor	Rafal Balina, Piotr Chrzanowski, Slawomir Juszczyk
Tytuł	THE IMPORTANCE OF CREDITS FOR AGRICULTURE IN GENERATING NET PROFIT OF COOPERATIVE BANKS IN 2015–2017
Title
Słowa kluczowe	credits granted to individual farmers, preferential credits for agriculture, net profit, cooperative banks
Key words
Abstrakt	The aim of the research was to determine whether and to what extent credits for agriculture, that is credits granted to individual farmers and preferential credit for agriculture, affected the level of net profit of cooperative banks in Poland in 2015–2017. Among others, it was established that credits granted to individual farmers are important for generating net profit for both small, medium and large cooperative banks. However, the values of the regression coefficient for this variable were low, with a slight increasing tendency. The variable, however, defining preferential credits for agriculture appeared only in two out of nine models constructed and with a negative sign. This concerned small and medium-sized cooperative banks. For large cooperative banks, preferential credit for agriculture were not of key importance in generating net profit. One can conclude that preferential credit does not bring financial benefits to cooperative banks. It is necessary to make financial revenues reliable, taking into account the costs of servicing preferential credits.
Abstract
Cytowanie	Balina R., Chrzanowski P., Juszczyk S.
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Pełny tekst	ESARE_2018_n1_s297.pdf

Autor	Andriy Popovych
Tytuł	CROSS BORDER LISTING AS MEANS OF AGRICULTURAL ENTERPRISE FINANCING
Title
Słowa kluczowe	agriculture holding, international IPO, ARIMA model
Key words
Abstrakt	The international shares placement via IPO on the WSE by several Ukrainian companies, mainly from the sector of agricultural production and processing, makes an appealing case of relatively quick and inexpensive access to foreign borrowing markets. The WIG Ukraine index shows optimistic start, period of positive gains, dramatic fall at one point and significant volatility afterwards due to both the political and macroeconomic upheavals in the home country as well as internal problems of emitents. The comparison with other indexes of WSE and other exchanges reasonably suggests that the latter reason was the main cause of the deterioration of the indicator. The investigation on the parameters of the regression model that describe time series of WIG-Ukraine index with the help of the ARIMA model reveals that short-time predictions dominate investors decisions.
Abstract
Cytowanie	Popovych A.
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Pełny tekst	ESARE_2018_n1_s309.pdf

Autor	Andriy Popovych
Tytuł	Zastosowanie modelu grawitacyjnego do analizy międzynarodowego handlu miodem pszczelim
Title	The Application of a Gravitational Model for Analyzing of International Trade in Bee Honey
Słowa kluczowe	miód pszczeli, międzynarodowy handel, model grawitacyjny
Key words	bee honey, international trade, gravitational model
Abstrakt	Celem artykułu jest określenie cech funkcjonowania i identyfikacja trendów w rozwoju światowego rynku miodu. Aby zidentyfikować czynniki wpływające na światowy handel miodem, zastosowano model grawitacyjny, a mianowicie jego odmianę dla pojedynczego produktu. Dane statystyczne dotyczące handlu międzynarodowego pozyskano z baz światowych organizacji i użyto do ilościowego określenia tego modelu. W wyniku analizy ekonometrycznej danych panelowych zidentyfikowano determinanty światowego handlu miodem i potwierdziła zasadność zastosowania modelu grawitacyjnego do oceny tego rynku.
Abstract	The aim of the article is to analyze the characteristics of functioning and to identify trends in the development of the global honey market. To analyze the factors affecting global trade in honey, the gravity model was used, namely its variation for a single product. Statistics on international trade from databases of leading international organizations were used to quantify this model. As a result of econometric analysis of panel data, the determinants of global trade in honey were identified and the use of the gravity model was justified in assessing this market.
Cytowanie	Popovych A. (2018) Zastosowanie modelu grawitacyjnego do analizy międzynarodowego handlu miodem pszczelim.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 18(33), z. 4: 395-406
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Pełny tekst	PRS_2018_T18(33)_n4_s395.pdf

Autor	Volodymyr Kharchenko, Hanna Kharchenko
Tytuł	MODELLING OF INVESTMENT SUPPORT OF USE OF RESOURCE POTENTIAL OF AGRICULTURAL ENTERPRISES
Title
Słowa kluczowe	modelling, investment support, capital investment, resource potential, agricultural enterprise
Key words
Abstrakt	In the study the features and dynamics of investment support of Ukrainian agricultural enterprises are investigated. It concerns estimated investment in fixed assets of Ukrainian agrarian enterprises by sources of financing. It is proved that investment support is the most important prerequisite for the effective functioning and development of agricultural enterprises, as it contributes to an increase in resource potential, thus increasing industry efficiency, strengthening the country’s food security, creating preconditions for the development of the social sphere and increasing soil fertility. The main problems of enticing investments in the agrarian sphere are considered. Integral indicators of ensuring and efficiency of the use of resources in agricultural production is calculated. Modelling of investment support for the use of resource potential of agricultural enterprises is carried out. The optimal directions of increase of investment support of use of resource potential of Ukrainian agricultural enterprises are offered.
Abstract
Cytowanie	Kharchenko V., Kharchenko H.
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Pełny tekst	ESARE_2018_n1_s321.pdf

Autor	Pawel Janulewicz
Tytuł	EU FUNDS (RDP) AND THEIR IMPACT ON LOCAL DEVELOPMENT
Title
Słowa kluczowe	local development, Hellwig’s method, Ward’s method
Key words
Abstrakt	The paper presents the results of research aimed at determining the impact of the use of EU funds on local development on the example of voivodeships. The first stage of the research was performed with the use of Hellwig’s development model method. It was aimed at classifying individual voivodships and assigning them to one of four groups in terms of their level of development. The next stage was to check whether the examined features proving the level of local development are also related to the level of use of EU funds under RDP. In the third stage, the analysis of Ward clusters was used and answers were sought as to whether the units which are clustered together in terms of the level of use of EU funds are at the same time included in the same groups in terms of the level of local development.
Abstract
Cytowanie	Janulewicz P.
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Pełny tekst	ESARE_2018_n1_s376.pdf

Autor	Romana Głowicka-Wołoszyn, Andrzej Wołoszyn, Feliks Wysocki
Tytuł	QUALITY OF LIFE IN POLISH FARMERS’ HOUSEHOLDS ASSESSMENT WITH TOPSIS METHOD
Title
Słowa kluczowe	quality of life, class typology, TOPSIS, farmers’ households
Key words
Abstrakt	The aim of the research was a multidimensional assessment of the quality of life in farmers’ households along with its synthetic measure and a typology of household classes, rendered by the measure. The 2015 data on 730 farmers’ households were used to analyse their quality of life in nine dimensions: material living conditions, employment, health, education, leisure and social relations, economic and physical security, civic participation, environmental quality, and the subjective assessment of well-being. Due to concomitance of features measured on metric and non-metric scales, generalized distance measure (GDM) was applied as part of the TOPSIS method to determine the distance of objects from the model values. The study drew on microdata from the Social Diagnosis survey conducted in 2015 by the Council for Social Monitoring, and employed clusterSim R-package for calculations.
Abstract
Cytowanie	Głowicka-Wołoszyn R., Wołoszyn A., Wysocki F.
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Pełny tekst	ESARE_2018_n2_s257.pdf

Autor	Malgorzata Kołodziejczak
Tytuł	USE OF AGRICULTURAL SERVICES IN EUROPEAN UNION COUNTRIES
Title
Słowa kluczowe	agricultural services, European Union
Key words
Abstrakt	The purpose of this paper is to assess the use of agricultural services in European Union countries in the context of selected features of agriculture. The Ward’s Method was used to isolate six typological clusters of European Union countries. It may be noticed that clusters with a high levels of fixed capital consumption and total intermediate consumption are characterized by a higher use of services than other clusters. The absence of a noticeable relation between the share of crop output in the structure of agricultural output, or between the labour input and the use of agricultural services can be explained by differences in natural conditions, traditional farming models and preferences in choosing between developing the farm’s own machinery or using services.
Abstract
Cytowanie	Kołodziejczak M.
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Pełny tekst	ESARE_2018_n1_s364.pdf

Autor	Irina Pilvere, Aleksandra Rizojewa-Silava, Sandija Zeverte-Rivza
Tytuł	AGRICULTURE MODELLING IN THE EUROPEAN UNION
Title
Słowa kluczowe	agriculture, simulation, models, system
Key words
Abstrakt	Agriculture is an important sector of the national economy. Modelling in agriculture is extensively used to evaluate and simulate the development of this industry. There are two main purposes for the development of agricultural models: to develop a scientific understanding of a particular system and obtain information in order to justify agricultural policy decisions and predict their implications. The purpose of this study is to analyse the models used in agriculture in the European Union (EU). To reach these purposes, the following research tasks were set: (1) to analyse the theoretical aspects of simulation modelling; (2) to explore the key agricultural simulation models employed in the EU. The research found that simulation modelling is often used in agriculture by policy makers. There are eight key models of different complexity which are being used to predict the development of the agricultural sector in the EU.
Abstract
Cytowanie	Pilvere I., Rizojewa-Silava A., Zeverte-Rivza S.
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Pełny tekst	ESARE_2018_n2_s45.pdf

Autor	Malgorzata Just
Tytuł	TRANSFER OF EXTREME RISK BETWEEN SELECTED EU WHEAT MARKETS
Title
Słowa kluczowe	spillover effect, Granger causality in risk, value at risk, wheat prices
Key words
Abstrakt	The aim of this study was to analyse the transfer of extreme price risk between selected EU milling wheat markets in the years 2005–2015. Extreme price risk (value at risk) was estimated using the ARMA-GARCH- -EVT models. In turn, the risk transfer phenomenon was identified using the Granger causality in risk test according to Cheung and Ng, the Granger test in relation to logarithmic price increments exceeding values at risk and the quotient of these increments and values at risk. Results of these tests indicate the effect of extreme price risk transfer on the EU milling wheat markets in the years 2005–2015. The market from which the risk was most frequently transferred was the wheat market in France, while the wheat markets in Poland and in Germany were those, onto which the risk was most frequently transferred.
Abstract
Cytowanie	Just M.
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Pełny tekst	ESARE_2018_n2_s216.pdf

Autor	Justyna Kaźmierczak, Artur Łabuz
Tytuł	MULTI-LEVEL MARKETING. FEATURES AND CONTROVERSY
Title
Słowa kluczowe	marketing, network of connections, commission system, business model.
Key words
Abstrakt	Multi-Level Marketing is a kind of novelty in the business reality. The greatest popularity gained in Western countries, where it functions as a kind of hybrid method in distribution of the goods with the design of the sales network. It is one of the most secure business models. In Poland the awareness of this type of activity is still small and remains a wide spectrum of scientific research. This situation has led to the creation of this article. The aim of the publication is to highlight the problems of Multi-Level Marketing, an indication of the essence of this phenomenon, and show how far is different than traditional marketing. The article presents the system of functioning of this kind of business, how it works a system of charging commissions and indicated a practical example of this system. Considerations based on literature studies and case studies.
Abstract
Cytowanie	Kaźmierczak J., Łabuz A.
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Pełny tekst	AMME_2018_n1_s25.pdf

Autor	Michał Leśniewski, Wioletta Pacholarz
Tytuł	SYNERGY AND DIVERSITY OF THE RESOURCES OF AN ENTERPRISE. KNOWLEDGE MANAGER – MODEL APPROACH
Title
Słowa kluczowe	manager knowledge, diversity enterprise resource, business management
Key words
Abstrakt	One of the fundamental problems relating to the management of the company is the manager and its employees’ as the human resource of the organisation. Managers with their staff and particularly positive relationship between them are able to build constructive foundation of the future undertakings. The aim of the white paper is to provide a fault energy and diversity of companies with the presentation of his concept of manager’s model knowledge. In the development of the adopted research hypotheses formulated as follows: First hypothesis research area: knowledge manager is a wizard synergetic and diversity of companies, second hypothesis research area: meteoric manager is provided through knowledge and be able to use this knowledge, Third research hypothesis: manager knowledge can be reflected in the form of a concept of material and the concept of an intangible asset. The development of a conceptual design and is based on the method of interpretation literature
Abstract
Cytowanie	Leśniewski M., Pacholarz W.
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Pełny tekst	AMME_2018_n1_s35.pdf

Autor	Saliha Çelik, Hatice Öztemiz, Harun Uçak
Tytuł	MONITORING THE FRESH FRUITS AND VEGETABLES SUPPLY CHAIN IN TURKEY
Title
Słowa kluczowe	agricultural supply chain, fresh fruits and vegetables, Turkey, restructuring of agricultural supply chains, food safety and food losses.
Key words
Abstrakt	Turkey’s bio-diversity, geographical structure and climatic conditions, makes it possible to produce a wide variety of fruits and vegetables. Although, the high production capacity, half of the vegetables and fruits are lost during the supply chain processes from farmer to the end consumer because of the long and complex structure of the supply chain. At the same time the current supply chain structure leads to huge gaps between producer and consumer prices. The aim of this study is to determine the structure of the fresh fruit and vegetable supply chain in Turkey and develop alternative supply chain forms to prevent the “price differences” and “product losses” from farmer to the final consumer. The study included descriptive analyses with secondary data as well as literature review. In addition, this study emphasizes the asymmetric power relationship in the agricultural supply chain. The asymmetric power relationship is explained by the price differences between the farmer and the final consumer. The research findings suggest that the transition from the existing multi-intermediated supply chain to the non-intermediated model must be done in a gradual way and through strengthening of the farmers.
Abstract
Cytowanie	Çelik S., Öztemiz H., Uçak H.
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Pełny tekst	AMME_2018_n1_s149.pdf

Autor	Michał Comporek
Tytuł	Zarządzanie wynikiem finansowym w przedsiębiorstwach spożywczych
Title	Earnings Management in Food Companies
Słowa kluczowe	zarządzanie zyskiem, korekty zysku netto, intencjonalne różnice memoriałowe
Key words	earnings management, accruals, discretionary accruals
Abstrakt	Jak pokazują realia praktyki gospodarczej, kierownictwo jednostki, dążąc z jednej strony do partykularnej maksymalizacji swoich prywatnych korzyści, a z drugiej zaś do wypełnienia oczekiwań wszelkich interesariuszy przedsiębiorstwa, może podejmować działania w celu ukazania sytuacji ekonomicznej jednostki w lepszym świetle w oczach jej inwestorów, wierzycieli, pracowników itp., aniżeli mogłaby wskazywać rzeczywistość gospodarcza. Działania te znajdują swoje odzwierciedlanie w tzw. zarządzaniu zyskiem. Zasadniczym celem artykułu jest zbadanie skali i kierunków działań związanych z intencjonalnym zarządzaniem zyskiem w spożywczych spółkach giełdowych za pomocą współczynnika dyskrecjonalnych korekt zysku netto wyodrębnianego przy użyciu modeli: Jones, Kanga i Sivaramakrishnana oraz Yoon i in. Badania empiryczne zostały zrealizowane w grupie 21 publicznych spółek spożywczych, notowanych na GPW w Warszawie w latach 2003-2016.
Abstract	As the realities of economic practice show, the management of enterprise, seeking on to maximize their private benefits and on the other hand to meet the expectations of all company’ stakeholders, can take action to show the economic situation of the enterprise in a better light in the eyes of its investors, creditors, employees etc., rather than indicates the economic reality. These activities are reflected in the earnings management phenomenon. The main goal of the article is to examine the scale and directions of operations related to intentional earnings management in public food companies using the discretionary accruals ratio distinguished by: the Jones model, the Kang-Sivaramakrishnan model and the Yoon et al. model. Empirical research was carried out in a group of 21 public food companies listed on the Warsaw Stock Exchange in the years 2003-2016.
Cytowanie	Comporek M. (2018) Zarządzanie wynikiem finansowym w przedsiębiorstwach spożywczych.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 18(33), z. 3: 67-79
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Pełny tekst	PRS_2018_T18(33)_n3_s67.pdf

Autor	Beata Jeżyńska, Radosław Pastuszko
Tytuł	Obrót nieruchomościami rolnymi a prawo Unii Europejskiej
Title	Agricultural Real Estate Trade and European Union Law
Słowa kluczowe	nieruchomości rolne, obrót nieruchomościami, swobodny przepływ kapitału, Unia Europejska
Key words	farm land, real estate, free movement of capital, European Union
Abstrakt	Przedmiotem analizy jest zagadnienie obowiązującego w Unii Europejskiej modelu prawnego określającego zasady obrotu nieruchomościami rolnymi w państwach członkowskich. Podstawową płaszczyznę rozważań stanowi zasada swobodnego przepływu kapitału (art. 63 Traktatu o funkcjonowaniu Unii Europejskiej). Przepisy, które ograniczają swobodny przepływ kapitału mogą być dopuszczone jeżeli są uzasadnione obiektywnymi przesłankami: nadrzędnymi względami interesu ogólnego i zasadą proporcjonalności, co oznacza, że muszą one być właściwe dla zagwarantowania osiągnięcia zamierzonego, zasadnego celu i nie mogą wykraczać poza to, co jest konieczne do jego osiągnięcia.
Abstract	The subject of the analysis is the issue of the legal model in force in the European Union, which defines the principles of trading in agricultural real estate in the Member States. The principle of free movement of capital (Article 63 of the Treaty on the Functioning of the European Union) is a fundamental consideration. Provisions which restrict the free movement of capital may be authorised where they are justified by objective reasons: overriding reasons of general interest and the principle of proportionality, which means that they must be suitable for securing the attainment of the objective pursued and must not go beyond what is necessary in order to attain it.
Cytowanie	Jeżyńska B., Pastuszko R. (2018) Obrót nieruchomościami rolnymi a prawo Unii Europejskiej.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 18(33), z. 3: 156-164
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Pełny tekst	PRS_2018_T18(33)_n3_s156.pdf

Autor	Marek Kociński
Tytuł	O wykorzystaniu modelu dwumianowego do optymalizacji strategii sprzedaży zboża
Title	On the application of binomial model to optimize the strategy of grain selling
Słowa kluczowe	optymalny moment stopu, model dwumianowy, koszt magazynowania ziarna
Key words	optimal stopping time, binomial model, grain storage cost
Abstrakt	W artykule rozważany jest problem optymalnego wyboru momentu sprzedaży zboża w sytuacji, w której występuje koszt jego magazynowania i występuje zmienność procesu ceny ziarna. Do rozwiązania zagadnienia maksymalizacji różnicy między kwotą uzyskaną za sprzedaż ziarna a kosztem jego przechowywania użyto modelu dwumianowego, którym można opisywać dynamikę ceny zboża. Wyniki teoretyczne artykułu zostały zastosowane do obliczeń numerycznych. W przypadku optymalizacji sprzedaży zboża strategia, w której moment sprzedaży jest losowy, może być istotnie lepsza od strategii z deterministycznym czasem sprzedaży.
Abstract	In the article the problem of the optimal choice of the moment of selling the grain is considered when the grain price is characterized by volatility and there is the costs of storing the grain. To solve the problem of maximizing the difference between the amount obtained for the grain sale and the cost of storing the grain a binomial model was used to describe the dynamics of the grain price. The theoretical results of the paper were applied to the numerical calculations. In the optimization of selling the grain, the strategy with the random selling moment may be significantly better than the strategy with the deterministic selling time.
Cytowanie	Kociński M. (2018) O wykorzystaniu modelu dwumianowego do optymalizacji strategii sprzedaży zboża.Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, nr 123: 69-79
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Pełny tekst	EIOGZ_2018_n123_s69.pdf