ESTIMATION OF FINANCIAL STABILITY OF AGRARIAN ENTERPRISES IN UKRAINE

In this paper the system of factors influencing the formation of financial solvency was investigated, the financial sustainability of agricultural enterprises of Ukraine was evaluated, and an approach was developed to define and help ensure the financial sustainability of enterprises in the face of contemporary economic and market challenges. According to the research, the main principles for maintaining financial sustainability are: responsiveness to internal and external changes; governance systems; risk management; analysis of financial ratios; real assessment of the financial solvency of the enterprise; integration with the overall management system; orientation towards achieving the strategic goals of the enterprise; use of qualitative methods to inform financial decisions in the face of uncertainty and risk.

DOES THE SHADOW ECONOMY AFFECT FOREIGN DIRECT INVESTMENT? CASE STUDY OF POLAND AND POLISH REGIONS

The main goal of the research was to identify the relationship between the level of shadow economy and Foreign Direct Investment. The research was carried in Poland and Polish regions during 1990-2020. MIMIC approach was employed to calculate the level of shadow economy as a % of Polish and regional GDP. Pearson correlation index and Kolmogrov-Smirnov test were applied as well. The study proved there is a sound negative correlation (-0,636) between the shadow economy and foreign direct investment in Poland, but regional associations between those two variables demonstrated different results. Unlike in other Polish provinces, in Opolskie and Podkarpackie the correlation index confirmed a positive association between the level of shadow economy and FDI flow.

Finansowe i społeczne aspekty prywatyzacji oszczędności emerytalnych

Prywatyzacja funduszy emerytalnych w Polsce rozpoczęła się w 1999 r., kiedy system zdefiniowanego świadczenia zastąpiono systemem zdefiniowanej składki, w następnych latach sukcesywnie likwidując niemal wszystkie uprawnienia pracownicze. Podział składki między OFE a ZUS wygenerował ogromny (sięgający 300 mld zł) dług publiczny, którego obsługa była rujnująca dla budżetu państwa. Pod presją procedury nadmiernego deficytu, nałożonej na Polskę przez Unię Europejską, zainicjowano proces likwidacji tych funduszy, aby poprawić wynik polskiego sektora general government, co zakończyło się powodzeniem, ale prowadziłoby w kilkunastoletniej perspektywie do całkowitej likwidacji OFE. Może temu zapobiec „Plan Budowy Kapitału”, który polega na wzmocnieniu rynku kapitałowego, ale niesie za sobą poważne ryzyko zagrożenia ubóstwem i wywłaszczenia osób, które weszły na rynek pracy po 1990 r. lub później. Prywatyzacja aktywów OFE przekreśla bowiem szanse na wzmocnienie publicznego systemu zabezpieczenia społecznego, a nowe obciążenia związane z przymusowym tworzeniem kapitałowego filara emerytalnego mogą negatywnie wpłynąć na kondycję i rozwój małych i średnich przedsiębiorstw produkcyjnych i usługowych, a tym samym znacznie osłabić potencjał realnej sfery polskiej gospodarki.

PARTNERSHIP IN OPEN INNOVATIONS – EXPERIENCE FROM THE AGRICULTURAL MARKET: POLAND CASE STUDY

The ability to build and manage a knowledge transfer partnership is one of the most highly demanded skills. Knowledge is widely dispersed, so it should be acquired from the environment. For this purpose, partnerships should be established with different entities. Presumably, the most mature type of partnership is the innovation ecosystem. Hence empirical research was conducted among Poland’s Grupa Azoty (GA) Puławy's consortium members based on an in-depth, partially structured interview, supported by an analysis of several innovation ecosystems of chemical companies. The aim of the research was to assess the phenomenon of open innovations in the GA along with the characteristics of the selection of partners, cooperation strategies and declared resources for jointly implemented projects.

MEASUREMENT OF THE EFFECTIVENESS OF PUBLIC AID FOR FARMS IN POLAND

Agricultural policy is an attempt to put into practice the laws of economic theory, in order to achieve goals defined by the State. This research, carried out on a sample of four groups of Polish farms, contributes to the question of how to improve short-term economic policy in order to stimulate market mechanisms for the long-term development of the sector. Using data from the Polish FADN for 2008-2019, the authors of the study apply the modified PSM method to determine the economic effects of changes taking place on farms. The research indicates that effective investments are the source of long-term development and economic success. At the same time, it shows that economic entities, by optimizing their microeconomic objective function, adjust investments to the objectives of public aid, which reduces the effectiveness of the use of financial resources.

CHANGES IN SUBSTITUTION OF BANK LOANS AND EU SUBSIDIES IN POLISH BUSINESSES

The aim of the article was to determine the degree of bank loan replacement by Polish businesses after profiting from EU help. The identification of similarities and differences was made amonggroups of enterprises that benefit or not from the state aid in the EU’s successive financial perspectives, over the years 2007-2017. Changes in companies’ assets and performance, andvariables referring to the financial effectiveness, were analyzed. The logit model was used in order to define characteristics that have influence on the significance of determinants of financing withpublic subsidies. The cross-sectional nature of data allows for identification of a positive statistical relationship between subsidies and bank loans in medium-sized enterprises. In the course of the study it was established that companies receiving the state aid reduced their share of bank credits on balance sheet totals, as well as indebtedness in total. Over a period of time, thesubsidizing has increased the importance and scope of using bank loans. State aid resources were used as a complementary source of capital for enterprises.

A SWOT ANALYSIS OF THE INNOVATION BOX AS A TAX INSTRUMENT TO SUPPORT INNOVATION BY ENTERPRISES IN POLAND

The Innovation Box – a tax relief introduced in Poland in 2019, serves as a complementary element of fiscal support and the final link in the chain of innovation support. This preference isnot applied at the stage of creating new solutions (as was the case with the tax relief for purchasing new technologies and has been the case with tax relief for research and developmentactivity since 2016), but at the stage of their commercialisation. It may, thus, contribute to a greater interest and scale of application of the relief for research and development activity. Theaim of this article is to present the essence of the Innovation Box, as well as to conduct a SWOT analysis of this tax relief as an instrument of support for innovation by enterprises. A SWOTanalysis has corroborated the remarks – previously made by industry practitioners – concerning the ambiguous and complicated mechanism of the Innovation Box. However, along with theconsolidation of the practice of applying this tax relief, interest in it may increase, which in turn might be conducive to Polish enterprises.

CHANGES IN THE INCOMES AND EXPENDITURES OF HOUSEHOLDS IN POLAND AND THEIR REGIONAL RELATIONS

The article assesses the financial situation of households in 2000-2019 in prospect of changes of incomes and expenditures in Poland. It has been assumed, as a point of reference, that dispersionof the analysed processes is dependent on geographical area– therefore regional scale was applied. To the analysis and comparison the data from the researches on households budgetsperformed by GUS were used. Adopting simultaneously an econometric approach (considering the time (years 2000-2019) as independent, explanatory variable) analytical trend functions wereestimated. A retrospective analysis of the incomes and expenditures of the population of Poland indicates the growing trends. Regional comparative analysis of households allows to drawconclusions that level of economic condition is very diversified.

FINANCIAL-ECONOMIC ANALYSIS OF FRUIT AND VEGETABLE PRODUCER GROUPS IN POLAND, AND CONDITIONS FOR THE FUNCTIONING OF PRODUCER GROUPS

Poland occupies a high position in both global and European fruit and vegetable production. The large number of small-sized farms has been one of the problems of Polish agriculture for years.National and EU financial help has increased interest in associating producers into groups. The effective functioning of these groups is conditioned by many factors related to the specificity ofhorticultural production, legislation and the market situation. Organizations on the fruit and vegetable market show significant variation in functioning as well as in the production andeconomic results achieved.The aim of the article is to assess the financial and economic situation and provide strategic analysis of the conditions for the operation of fruit and vegetable producer groups in Poland.Research was conducted on the basis of data contained in the financial statements from 2016-2017 and the financial liquidity and profitability ratios calculated on their basis. A general assessmentof the conditions needed for the functioning of producer groups is also presented in the paper.Low profitability and financial liquidity of producer groups were noted in the analyzed years. Key strategic factors for the functioning of producer groups included: the visible impact offinancial assistance, the functioning of producer groups and economies of scale resulting from greater aggregation of competition, and the fact that farmers are still reluctant to associate andoften have limited business competences to run producer groups.

METHODOLOGY OF COST RECORDING AND ACCOUNTING IN DAIRY COOPERATIVES

The purpose of the research is to present the theoretical and practical aspects of determining the unit cost of producing dairy products in what is defined as a "typical" dairy cooperative. The Euclideanand urban distance method was used to determine a typical object with n = 88 dairy cooperatives – the following set of variables was defined, which are common to all cooperatives and reflect the sizeand specificity of cooperative units on the milk market in Poland. The selected cooperative provides a procedure for calculating the unit costs of dairy products on the basis of a detailed case study. Thefull cost account used in cooperatives does not provide cost information for management decisions.Indirect cost accounting using contractual factors does not provide reliable cost data. An important issue in determining the coefficients is the adoption of a measure which reflects the actualrelationship between cost and cost carrier, a product which, in the case of dairy products, may be difficult. It would be appropriate to attempt to introduce a variable cost account in dairy cooperativesin order to avoid the contractual assignment of indirect costs to products. The main problem highlighted by the authors is the lack of an adequate information system for the cost accounting indairy cooperatives. The implementation of such solutions would allow managers of a dairy cooperative to make appropriate (short-term) decisions in terms of developing an assortmentstructure based on data e.g. on profitability at the level of individual products.