Evaluation of Capital Structure of Agricultural Cooperatives

Steklá, J.; Gryčová, M.; Homolka, J.

doi:10.7160/aol.2015.070304

Cited by 7 publications

(11 citation statements)

References 17 publications

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“…Rather, the observed reduction in the financial leverage ratio shows an improvement in the level of capitalization, providing further evidence of the anti-cyclical nature of cooperative business model. Its resilience is shown, for instance, in Birchall and Ketilson (2009), Allen and Maghimbi (2009), Bajo and Roelants (2011), Roelants et al (2012), Carini and Carpita (2014), Fontanari and Borzaga (2013), Fusco and Migliaccio (2015), Steklá et al (2015), and Costa and Carini (2016). Similar results rather than the present study are stressed by Steklá et al (2015) in Czechoslovakia.…”

Section: Discussionsupporting

confidence: 82%

“…earnings before tax-to-equity ratio and net profit margin) impact company performance the most, followed by leverage and debt ratios. Over the decades, the rich literature on the subject differs by using different financial ratios and/or employing different statistical techniques (Worthington, 1998; Lajara-Camilleri and Mateos-Ronco, 2012; Steklá et al , 2015; Mateos-Ronco and Lajara-Camilleri, 2014; Rebelo et al , 2017). In addition to measuring past and present performance, financial ratios are also used for predicting future performance and specifically for predicting financial bankruptcy (Altman, 1968; Kumar and Ravi, 2007; Martin-Oliver et al , 2013; Olson et al , 2012; Jan and Marimuthu, 2015).…”

Section: Methodsmentioning

confidence: 99%

“…Beyond the banking one, the most investigated sector is the primary one, mainly in reference to those European countries where the economic importance of agriculture is still relevant, i.e. Portugal (Rebelo et al , 2017), Czechoslovakia (Steklá et al , 2015), Spain (Lajara-Camilleri and Mateos-Ronco, 2012), France (Amadieu and Viviani, 2010) and Greece (Ananiadis et al , 2003; Aggelopoulos et al , 2011). Consistent findings of these studies show that one of the main factors influencing economic efficiency is the ability of corporate capital structures.…”

Section: Theoretical Backgroundmentioning

confidence: 99%

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Crisis, sectoral and geographical factors: financial dynamics of Italian cooperatives

Fusco

Migliaccio

2018

EMJB

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Purpose The purpose of this paper is to analyze the financial structure of Italian cooperatives in the period before and during the crisis (2004-2013), in relation to two discriminating factors. At this end, it focuses on two research questions: What financial dynamics the Italian cooperatives have involved before, during and after the 2008 crisis, that is, in the decade 2004/2013? Are there statistically differences between business sectors and geographic area? Design/methodology/approach Secondary data on AIDA database have been used. The financial structure is assessed using two ratios: the financial leverage ratio and quick ratio. The final sample consists of 1,446 cooperatives. The trend and exploratory analysis, analysis of variance and Tukey-Kramer post-hoc test have been used. Findings The financial structure of cooperatives has not been substantially affected by the crisis in any geographic area and business sector, by virtue of resilience of their business model. Moreover, these two factors produce statistically significant differences in the financial structure of cooperatives. Research limitations/implications The study takes into account only the cooperatives that survived the crisis, so, presumably, the strongest. Moreover, another and more ratios should be considered at the end to have a more complete view on the financial dynamics. Originality/value The literature on resilience of cooperatives is still not very rich. Moreover, this work analyses and integrates aspects and approaches that are not usually considered together.

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Section: Discussionsupporting

confidence: 82%

Section: Methodsmentioning

confidence: 99%

Section: Theoretical Backgroundmentioning

confidence: 99%

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Crisis, sectoral and geographical factors: financial dynamics of Italian cooperatives

Fusco

Migliaccio

2018

EMJB

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“…Her conclusions are in accordance with the results of recent surveys, which recognize the partial effects of both main theoretical approaches, the trade-off theory and the pecking order theory, on the financial decision-making of companies. Steklá et al (2015) analyzed the development of the capital structure and capital disparity across the farmers' cooperatives from fourteen regions of the Czech Republic during the financial and economic crisis (2009)(2010)(2011)(2012)(2013). They found out that the financial and economic crisis lowered the debt to equity ratio and debt to assets ratio and the profitability ratios as well, and the indicators reported the V-shaped trend.…”

Section: Literature Reviewmentioning

confidence: 99%

Debt policy of companies in Czech Republic

Strýčková

2019

Journal of International Studies

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The attitude of companies towards the use of debt depends on many factors that can be generally called corporate debt policy. This paper deals with the debt policy of companies in Czech Republic, focusing on the factors affecting the appropriate amount of debt and their debt policy in general. The aim of this contribution is to reveal the dominant factors affecting companies in their debt policy decisions and to analyse the possible impact of the selected classifying factors on the firms' responses. The findings of this article are based on the data from the questionnaire survey conducted in 2016 and the subsequent statistical analysis of the responses. The most important factors affecting appropriate amount of debt proved to be financial flexibility and volatility of earnings and cash flows. For deciding on debt policy, the most important factor was insufficiency of internal funds. Statistical analysis revealed several differences in response to debt-policy questions according to the legal form of business, the industrial sector, the company size, and the origin of capital.

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“…Some authors have already assessed the members of agro-industry clustered on various criteria, like geographical location(Steklá et al, 2015) and the quality of the land cultivated(Střeleček et al, 2012). Clustering on size -based on total assets and net sales revenue of companies -could turn out to be more useful in this case, since some sizerelated factors, like financial standing, credit rating, and liquidity, may be decisive in a crisis-affected period 5.…”

mentioning

confidence: 99%

Financial position of Hungarian agricultural companies before, during, and after the global financial crisis

Fáró¹,

Lakatos²,

Karai³

2020

Serb J Engin Manag

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Cilj našeg istraživanja bio je utvrđivanje uticaja globalne finansijske krize na operativnu profitabilnost mađarskih poljoprivrednih preduzeća, putem istraživanja fluktuacija u kreditiranju, neto investicijama i neto prodaji. Na osnovu istraživanja sprovedenih u Srednjoj Evropi analizirali smo finansijsku poziciju preduzeća u periodu od 2007. do 2013. godine, svrstavajući ih u grupe prema njihovoj veličini i tražeći veze između pokazatelja promenjenih usled finansijske krize. Na osnovu sprovedenih istraživanja došli smo do konkluzije da je kriza bila najizrazitija u 2009. i 2010. poslovnoj godini; mikro i mala preduzeća su u ovom vremenskom periodu bila posebno izložena nepovoljnim uticajima. Posebnim testiranjem parametara modelom regresije koji objašnjavaju promene u operativnom profitu dokazano je da gore spomenute promene nisu bile nezavisne jedni od drugih. Jedna model analiza svedoči o uzročno-posledičnoj vezi između pada operativnog profita (EBIT) i smanjenja prihoda iz neto prodaje u 2009. godini, kao i o vezi između naglog povećanja istog i rasta prihoda iz neto prodaje u 2011. godini, osim toga i o marginalnom efektu neto investicija.

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Evaluation of Capital Structure of Agricultural Cooperatives

Cited by 7 publications

References 17 publications

Crisis, sectoral and geographical factors: financial dynamics of Italian cooperatives

Crisis, sectoral and geographical factors: financial dynamics of Italian cooperatives

Debt policy of companies in Czech Republic

Financial position of Hungarian agricultural companies before, during, and after the global financial crisis

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