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Abstrakty
The aim of the work was to assess the dependence between debt level and the creation of equity for the farmer. In this paper were verified the opinions found in literature concerning the positive impact of debt-to-equity farmer. The study was carried out on family farms belonging to the “large” farms according to the classification of the Farm Accountancy Data Network (FADN PL) based on economic size ESU (that is about 45 ESU). The farms were divided into two different groups on account of level their debt. To analyze data were used the descriptive statistics method and regression models. Family farms with a larger level of debt showed better results and the regression models confirmed the positive influence of debt on the ability to create value for farms. This model is consistent when farmers benefit from preferential credit. This form of debt was dominated in the studied farms. The results of the research may constitute an exit point for conducting analysis for farmers considering to take out a loan or credit.
Słowa kluczowe
Wydawca
Czasopismo
Rocznik
Tom
Strony
3--11
Opis fizyczny
Bibliogr. 20 poz., tab., wykr.
Twórcy
autor
- Warsaw University of Life Sciences, Faculty of Economic Sciences, Nowoursynowska 166, 02-787 Warsaw, Poland, phone: (+48) 22 593-42-14
Bibliografia
- [1] Modigliani F., Miller M.H., The cost of capital corporation finance and the theory of investment, The American Economic Review, 3, 1958.
- [2] Masulis R.W., The Debt/The equity Choice, Ballinger Publishing Company, Cambridge, 1988.
- [3] Higgins R.C., Analysis for Financial Management, Irvin, Homewood, 1992.
- [4] Czekaj J., Dresler Z., Managing business finances - basis for the theory [in Polish: Zarządzanie finansami przedsiębiorstw - postawy teorii, Wydawnictwo Naukowe PWN [Polish Scientific Publisher PWN], Warsaw, 1998.
- [5] Helfert E.A., Techniques of Financial Analysis. A Practical Guide to Managing and Measuring Business Performance, Irvin, Burr Ridge, 1994.
- [6] Ross S.A, Westerfield R.W, Jordan B.D., Finances of enterprises [in Polish: Finanse przedsiębiorstw], Dom Wydawniczy ABC, Warsaw, 1999.
- [7] Kulawik J., Capital in farming. Studies and monographs of the Institute of Agricultural and Food Economics no. 76 [in Polish: Kapitał w rolnictwie, Studia i monografie Instytutu Ekonomiki i Gospodarki Żywnościowej nr 76], Warsaw, 1995.
- [8] Grzelak A., External financing of farms [in Polish: Finansowanie zewnętrzne gospodarstw rolnych], Wieś i Rolnictwo no. 4; Publishing house: IRWiR PAN, Warsaw, 2005.
- [9] Woś A., New dimension of conditionings of Polish agriculture development [in Polish: Nowy wymiar uwarunkowań rozwoju polskiego rolnictwa, Wieś i Rolnictwo no. 2, Warsaw, 2001.
- [10] Zegar J., Incomes or rural population [in Polish: Dochody ludności chłopskiej ], Monography IERiGŻ, Warsaw, 2000.
- [11] Goraj, L., Mańko S., Osuch D., Płonka R., Standard results achieved by farms participating in Polish FADN in 2008 [in Polish: Wyniki standardowe uzyskane przez gospodarstwa uczestniczące w polskim FADN w 2008 r.], IERiGŻ, Warsaw, 2009.
- [12] Dobbins R., Frąckowiak W., Witt S.F., Practical management of the capital of a company [in Polish: Praktyczne zarządzanie kapitałami firmy], Paanpol, Poznań, 1992.
- [13] Pluta W., Financial planning in the enterprise [in Polish: Planowanie finansowe w przedsiębiorstwie], PWE, Warsaw, 2003.
- [14] Franc J., Structure of the capital and development processes of agricultural enterprises [in Polish: Struktura kapitału a procesy rozwojowe przedsiębiorstw rolniczych], Publishing house: SGGW, 2003.
- [15] Sierpińska M., Jachna T., Enterprise evaluation according to world standards [in Polish: Ocena przedsiębiorstwa według standardow światowych, PWE, Warsaw, 2004.
- [16] Parzonko A., Farm development opportunities targeted at the production of milk [in Polish: Możliwości rozwojowe gospodarstw ukierunkowanych na produkcję mleka], Roczniki Nauk Rolniczych Seria G, T. 93, z. 1, Wyd. Wieś Jutra, Warsaw, 2006.
- [17] Świtłyk M., Kołoszycz E., Costs, profitability and efficiency of milk production [in Polish: Koszty, dochodowość i efektywność produkcji mleka], ZPPM, Warsaw, 2004.
- [18] Gurcharan S., A Review of Opitmal Capital Structure Determinant of Selected ASEAN Countries, International Research Journal of Finance and Economics - Issue 47, 2010.
- [19] Keshar J. Baral, Determinants of Capital structure: A case Study of Listed Companies of Nepal, The Journal of Nepalese Business Studies, I, 1, Dec. 2004.
- [20] Shumi Akhtar, The determinants of capital structure for Australian Multinational and Domestic Corporations, Australian Journal of Management, 30, 2, Dec. 2005.
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.baztech-12f3cc33-d25c-4a03-b16a-705efc75904f