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EN
Efficiency and productivity, as well as quality of the manufactured products and innovative activity of enterprises and agricultural holdings are today the key determinants of the increase in products competitiveness. At the same time, the above-mentioned terms form complex categories, which are variously defined and measured. Consequently, their analysis requires high precision, intuition and experience, as well as regularity. The system presented in the paper conforms with the requirements. It is simultaneously a framework proposal, hence, it is flexible and open to consider external impacts. First of all, the system was drawn up in order to satisfy the needs of external analysts, but it can be also used to support the management steering processes of specific entities. Its structure refers to five concepts of managing the present-day organisations, however, each time it is determined on the basis of specific problems occurring in agriculture and respectively modified as a result of the most recent economic crisis. The presented monitoring system incorporates different categories of organisational efficiency. It means, inter alia, that is does not place financial efficiency against economic efficiency, instead it aims at determining the conditions for adequate use of both of them.
EN
The analysis of interrelations between value of working capital and effectiveness of agricultural enterprises has been presented in the article. Relatively great differentiation of the levels of working capital has resulted from the study. The author pointed out that too high value of the working capital is more advantageous for an enterprise then its negative value. The firms with the lowest level of working capital usually generated loses and showed the highest costs in relation to both assets absorption and sale. On the contrary, firms with the highest working capital level were characterized by the lowest ratios of costs absorption of assets, even though the costs absorption of sale was quite high in comparison with the firms with an average value of working capital. This contributed to lower productivity of costs related to operational activity as well as to the lowest productivity of assets. However, too high value of working capital reflects freezing of financial sources and contributes to deterioration of the efficiency of an enterprise. That is why maximizing of this capital in the agricultural enterprises is not sensible. The special attention should be paid to the adjusting of the level and structure of working capital to the ability of its effective use.
EN
This article discusses the results of a survey conducted among agricultural enterprises owners. Its aim was to identify the major factors determining the creation of one’s own agricultural enterprises and the direction towards which it is managed. Indirectly, it attempted to indicate a hierarchy of goals pursued by the owners of such entities when they hold the position of its managers. Based on empirical data gathered by means of a survey it has been concluded that “independence” resulting from the combination of the two functions, i.e. that of the owner and the manager, was considered the most important facet and advantage for entrepreneurs. Other highly-positioned goals in the hierarchy were those of a business (economic goal). The proposed hypothesis, stipulating that the realised objective function in the examined population was increasing the value of ownership, was not proven false. However, when investigating economic efficiency, the assessment of goal attainment, i.e. of increasing the value of ownership, should be viewed as satisfying a certain threshold condition; hence in the suboptimal category instead of the maximisation-oriented point of view.
EN
The paper focuses upon the predictive validity of Chrastinová’s CH-Index and Gurčík’s G-Index devised for predicting financial distress of Slovak agricultural enterprises and confronts them with Altman's bankruptcy formula. Its aim is to verify whether these out-dated models preserve their usefulness in newer conditions of Slovak agribusinesses and whether they may be improved by redefining the cut-off points used in separating distressed and non-distressed enterprises. Using a data sample on Slovak agricultural enterprises for the period from 2009 until 2013, it is ascertained that the G-Index with redefined cut-off points may be tentatively recommended for financial distress prediction showing a balanced trade-off between distress and non-distress prediction accuracy.
EN
The democratic and market reforms inaugurated in Russia in the early 1990s marked also the beginning of a spontaneous process shaping a new legal-organisational structure of agricultural producers. The basis for the start of this process was the agricultural reform (de-collectivisation of agriculture) providing for the apportionment of arable land to the farm workers by means of the so-called stakes (some 12 million persons) and for the restructuring of kolkhozes and sovkhozes. The principal tendencies that characterise this process are: firstly, the formation - chiefly on the basis of the former kolkhozes and sovkhozes, of a new organisational-legal structure of agricultural enterprises based on private ownership, secondly, the emergence and development of a new group of agricultural producers (farmers) and, thirdly, the strengthening of an extremely large group of household crofts which have a very long tradition in Russian agriculture. The process is reflected also in the changing structure of land and labour resources and, consequently, in the structure of agricultural production which changes under the influence of the emerging forms of husbandry. The principal tendency in this process is growth in the number of private farms and household crofts and a decline in the number of agricultural enterprises.
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