Agribusiness Finance

Sławomir Juszczyk

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ISBN/ISSN:

978-83-01-22858-3

DOI:

https://doi.org/10.53271/2022.122

Wydawnictwo:

Wydawnictwo Naukowe PWN

Rok wydania:

2023

Liczba stron:

546

XML:ISBN/ISSN:

ONIX MARC21

Bibliografia:

. Agribusiness Finance. Red. Juszczyk, Sławomir . Warszawa: Wydawnictwo Naukowe PWN, 2023, 546 s. ISBN 978-83-01-22858-3, doi: https://doi.org/10.53271/2022.122

Bibliografia refWorks:

RT Book, Whole

SR Electronic(1)

A2 Juszczyk, S.

T1 Agribusiness Finance

PB Wydawnictwo Naukowe PWN

PP Warszawa

YR 2023

SN 978-83-01-22858-3

DOI https://doi.org/10.53271/2022.122

Bibliografia BibTex:

@Book{ 283461, author = "", editor = "Juszczyk, Sławomir", title = "Agribusiness Finance", publisher = "Wydawnictwo Naukowe PWN", year = "2023", address = "Warszawa", isbn = "978-83-01-22858-3", doi = "https://doi.org/10.53271/2022.122" }

Bibliografia endNote:

TY - BOOK

AU -

ED - Juszczyk, Sławomir

TI - Agribusiness Finance

PB - Wydawnictwo Naukowe PWN

CY - Warszawa

PY - 2023

SN - 978-83-01-22858-3

ER -

DOI - https://doi.org/10.53271/2022.122

Netografia (standard APA):

. Red. Juszczyk, Sławomir. Agribusiness Finance [baza danych online] Warszawa: Wydawnictwo Naukowe PWN, 2023 [dostęp: 02 07 2024]. Dostęp w Ibuk Libra: https://libra.ibuk.pl/reader/agribusiness-finance-slawomir-juszczyk-283461. doi: https://doi.org/10.53271/2022.122

Financial markets, agribusiness finance, property insurance in agriculture

The production and processing of food, creation of the means of production for agriculture and food industry, as well as related services – in other words, the entirety of agribusiness – have their own, distinct specificity. Unfortunat...

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ISBN/ISSN:

978-83-01-22858-3

DOI:

https://doi.org/10.53271/2022.122

Wydawnictwo:

Wydawnictwo Naukowe PWN

Rok wydania:

2023

Liczba stron:

546

XML:ISBN/ISSN:

ONIX MARC21

Introduction14
1. Fathers of agribusiness finance16
1.1. Professor Władysław Grabski (1874–1938)18
1.2. Professor Ryszard Manteuffel (1903–1991)21
1.3. Professor Stefan Ignar (1908–1992)24
Supporting literature26
2. Agribusiness – the term, its scope and specificity28
2.1. The concept of agribusiness30
2.2. A historical perspective on agribusiness31
2.3. The structure of Poland’s agribusiness and its changes34
Supporting literature36
3. Common Agricultural Policy of the European Union as a form of financial support for agriculture and rural areas38
3.1. Why does agriculture require financial support?40
3.2. The basis of agricultural interventionism41
3.3. Objectives and instruments of influence on agriculture and rural development45
3.4. Management of agricultural policy programs50
3.5. Establishing the scope of agricultural support52
3.6. Objectives and principles of the common agricultural policy53
3.7. Direction of changes in the common agricultural policy of the European Union54
3.8. Financial support for rural development58
3.9. Mechanisms, instruments and costs of the common agricultural policy60
3.10. Market and price policy63
3.11. The agrimonetary system66
3.12. Direct payments – key instrument of the first pillar68
3.13. Specific and special payments71
3.14. Second pillar of the common agricultural policy73
3.15. System and scope of financial support for agriculture and rural development80
3.16. The common agricultural policy in the future87
3.17. EU financial transfers in support of agriculture and rural areas in Poland92
Supporting literature101
4. Farm finances – selected problems102
4.1. Evolution and integration of the Farm Accountancy Data Network (FADN) and agricultural accounting in Poland104
4.1.1. Beginnings of agricultural accounting in Poland104
4.1.2. The development of agricultural accounting after regaining independence106
4.1.3. Agricultural accounting network in the period of a centrally planned economy107
4.1.4. Agricultural accounting systems during the time of political transformation and preparation for integration into the European Union109
4.1.5. European system for monitoring farm income – Farm Accountancy Data Network110
4.1.6. The organizational structure and tasks of the Polish FADN119
4.1.7. The future of agricultural accounting in Poland121
4.2. Introduction to financial analysis in agriculture122
4.3. Financial analysis of farms of natural persons124
4.4. Financial analysis of multi-crop agricultural enterprises125
4.5. Specificity of farm taxation137
4.5.1. A brief history of taxing agriculture137
4.5.2. Taxation of agriculture in Poland after 1984139
4.5.3. Forest tax141
4.5.4. Taxation of agricultural real estate143
Supporting literature145
5. Finance of agribusiness enterprises146
5.1. Financial effectiveness of agribusiness enterprises – measurement methods148
5.1.1. Financial effectiveness of business entities in theoretical terms149
5.1.2. Key concepts and measures of effectiveness163
5.1.3. Measures and determinants of financial effectiveness169
5.1.4. Specific measures of the financial effectiveness of agricultural co-operatives177
5.1.5. Determinants of financial effectiveness180
5.2. Means of increasing financial results182
5.2.1. The principle of rational management – ex post approach182
5.2.2. The principle of rational management – ex ante approach184
5.2.3. Financial result improvement and growth strategy187
5.2.4. The level and directions of changes in costs and production value189
5.2.5. Opportunities and threats related to the means of improving financial results194
5.2.6. The life matrix of an enterprise197
5.3. Development and bankruptcy of enterprises – implications for agribusiness200
5.3.1. Enterprise bankruptcy in the past and today200
5.3.2. Economic and legal bankruptcy207
5.4. Causes of enterprise bankruptcy212
5.5. Symptoms of a deteriorating financial situation of an agribusiness enterprise214
5.6. Bankruptcy process of an agribusiness enterprise218
5.7. Evolution of bankruptcy prediction models across the world225
5.7.1. One-dimensional models225
5.7.2. Multi-dimensional models228
5.8. Bankruptcy prediction models in Poland242
5.8.1. Pogodzińska and Sojak model242
5.8.2. Gajdka and Stos model243
5.8.3. Hadasik models244
5.8.4. Wierzba model246
5.8.5. Stępień and Strąk models247
5.8.6. Hołda model249
5.8.7. INE PAN models (by Mączyńska and Zawadzki)250
5.8.8. Appenzeller and Szarzec model252
5.8.9. Hamrol, Czajka and Piechocki (Poznan) model253
5.8.10. Prusak models254
5.8.11. Balina models256
5.8.12. Juszczyk model258
5.9. Bankruptcies of agribusiness enterprises259
5.9.1. Life cycle of an enterprise and the natural evolution theory in agribusiness260
5.9.2. Indications of bankruptcy in agribusiness261
5.10. Personnel costs in agribusiness enterprises267
5.10.1. Costs of labor269
5.10.2. Costs of occupational health and safety275
5.10.3. Costs of workplace accidents275
5.10.4. Accident insurance costs – risk categories279
5.11. Changes in the financial value of the assets of agribusiness enterprises in Poland282
5.12. Depreciation costs in agribusiness289
5.12.1. The concept of depreciation costs289
5.12.2. Depreciation costs from a mathematical viewpoint291
5.12.3. Life cycle of fixed assets, a model of capital creation294
5.12.4. Methods of calculating depreciation296
5.12.5. Depreciation of seasonally used fixed assets297
Supporting literature298
6. The role of property insurance in risk management in agriculture300
6.1. Introductory notes and more important classifications302
6.2. The role of the state and the market in the insurance protection of the property interests of entities in the agricultural sector306
6.3. Insurance for the agricultural sector309
6.3.1. Insurance for the agricultural sector in the planned economy – scope and methods of protection309
6.3.2. Insurance for the agricultural sector under market economy conditions310
6.4. Insurance of agricultural crops and livestock311
6.4.1. Those entitled to provide insurance services and to benefit from subsidies to insurance of agricultural crops and livestock312
6.4.2. The scope and amount of insurance premium subsidies and other forms of assistance than provided for in the Act on the insurance of agricultural crops and livestock314
6.5. Insurance gap in insurance offers for farms and agribusiness enterprises318
6.6. Property insurance prospects in agribusiness323
Supporting literature324
7. Social insurance for farmers and its specifics326
7.1. A short history of insurance for farmers328
7.2. Establishment of a new agricultural social insurance system329
7.3. Sickness, accident and maternity insurance332
7.4. Retirement and disability insurance333
7.5. KRUS finances337
Supporting literature340
8. Finance of institutions within the agribusiness environment342
8.1. Producer group finances344
8.1.1. Agricultural producer groups and fruit and vegetable producer groups and organizations344
8.1.2. The legal basis for the functioning of agricultural producer groups (APGs) and the principles of financial aid346
8.1.3. Legal basis for the functioning of fruit and vegetable producer groups and organizations and the rules for granting financial aid352
8.1.4. Responsibility for APG liabilities357
8.2. Finances of local governments of rural municipalities360
8.2.1. Legal basis for the functioning of rural municipalities360
8.2.2. Financial management of rural municipalities363
8.2.3. Methods of assessing the financial situation of rural municipalities373
8.3. Allocation of EU funds in 2014–2020 for the development of rural municipalities378
8.4. The functioning and finances of municipal auxiliary units, unions, agreements and inter- municipal associations379
Supporting literature392
9. Cooperative and commercial banking in financing the development of agribusiness in Poland394
9.1. A brief history of cooperative banking396
9.1.1. Cooperative banking in the world396
9.1.2. Cooperative banking in Europe and Poland400
9.2. Preferential loans for rural areas and agriculture423
9.3. Commercial banks in financing agribusiness in Poland427
9.3.1. Alior Bank in financing agribusiness427
9.3.2. mBank in financing agribusiness428
9.3.3. Pekao S.A. in financing agribusiness428
9.3.4. Bank BGŻ BNP Paribas in financing agribusiness429
9.3.5. PKO BP S.A. in financing agribusiness429
9.3.6. Credit Agricole Bank Polska S.A. in financing agribusiness430
9.3.7. ING Bank Śląski S.A. in financing agribusiness431
9.4. The importance of agribusiness financing for Polish cooperative banks431
Supporting literature452
10. Macroeconomic determinants of agribusiness in Poland454
10.1. The impact of key macroeconomic factors on the level of ROA and ROE in agribusiness enterprises456
10.2. Macroeconomic determinants of renewable energy production in agribusiness461
10.2.1. Renewable energy in agribusiness462
10.2.2. Financing renewable energy in agribusiness468
10.3. The Stock Market and the financialization of agribusiness enterprises475
10.3.1. History and structure of the Warsaw Stock Exchange Group (WSE Group)475
10.3.2. Types of markets and indices used on the WSE477
10.3.3. Characteristics of the WSE compared to European stock exchanges479
10.3.4. WIG-food index483
10.3.5. Characteristics and valuation of companies in the food sector485
10.3.6. Financialization and changes in the way food companies operate494
10.4. Dilemmas of subsidizing and taxing agriculture498
Supporting literature501
Summary502
Appendices506
Bibliography522
List of tables538
List of figures542

INTRODUCTION

sustainablyretainitsfinancialvalueandfertility,butevenincreasethem.Thisison

accountofproducer’sefforts,iftheyadheretotheprinciplesofcroprotationandcur-

rentagriculturalandtechnicaldevelopments.Moreover,theamountofcroplandis

steadilydiminishing,primarilyduetonewconstructions.Thisformsyetanotherfactor

increasingitsvalueandprices.Goingfurther,onecouldalsolinkthistoyetanother

distinguishingtraitofagriculturalproduction:theenvironmentalrisk.

Anagriculturalbusinessmanwishingtoreducethisriskshouldintensifytheirpro-

ductioninacomprehensivemanner.Byprovidingallthatisrequiredbymoderntech-

nology,thedirectcosts–includingfixedassets–increase,butatthesametimethe

environmentalrisksdecrease.Ingeneral,theenvironmentalrisktendstohavealarger

impactforextensiveorecologicalproduction.Havingsaidthat,theenvironmentalrisk

usuallydecreasesalongwithincreasedproductivityofagribusiness,yetrisesalongwith

anincreasedscaleofproduction–despitethefactthatlargescaleproductionarises

fromhavingincreasingamountsofvaluablefixedassets–andthereforetendstobring

heavyfinancialconsequences.Thismakesthecostsoffinancingfixedassetsakeyissue

foragribusiness.

Oneshouldrememberyetanotherdistinctivetraitofagribusiness:theseasonality

andrelativelyshortuseperiodsofspecializedmachineryandequipmentwithinasingle

year.Thisleadstoawidespreadusageofphysicallyold,buttechnicallysoundequipment

anagriculturalbusinessmandoesnotincludeintheirfixedcosts.However,bycaringfor

theseassetsthecostsofagriculturalproductioncanbelowered,thusbecomingafactor

helpinganagriculturalholdingsurvivetheperiodsoffinanciallydisadvantageousexter-

nalconditionsandallowingto,forexample,continuetheproductionofgoodsselling

atagiventimeforlowprices,whichwouldindicateunprofitabilityofsuchproduction.

Fromacommonsensestandpoint,suchasituationissomewhatparadoxical,asthe

agriculturalholdingkeepsproducingunprofitablegoods.However,thisdoesnottake

intoaccountthefixedcosts–andeventhecostsofownlabor–asmaintainingthepro-

ductionmightbevaluableinitself,asthecostsofrestartingitafterastopmightexceed

thesefixedcosts.

Agribusinessfinanceissuesarecoveredsomewhatextensivelyinsubjectliterature,

butatthesametimeinaratherfragmentedmanner.Uptothispoint,therehasbeen

nomajorworkapplyingfinancialsciencestothesphereofagribusiness.Thistextbook

isthereforeamodestandpioneeringattempttofillthistheoretical,educationaland

practicalvoid.

Atthesametime,Iwouldliketothankallmywonderfulfriendswhohavechosen

toco-authorthisbook.

SławomirJuszczyk

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