@article{Zabolotnyy:288527,
      recid = {288527},
      author = {Zabolotnyy, Serhiy  and Wasilewski, Mirosław and  Wasilewska, Natalia },
      title = {Financial Sustainability and Value of Joint-Stock  Companies from Food Industry in Central and Eastern Europe},
      journal = {Problems of World Agriculture / Problemy Rolnictwa  Światowego},
      address = {2019-03-31},
      number = {1827-2019-1879},
      month = {Mar},
      year = {2019},
      note = {DOI: 10.22630/PRS.2019.19.1.14},
      abstract = {The research presents the analysis of relations between  financial sustainability and value of joint-stock companies  from food industry in Central and Eastern Europe. Increase  of volume of assets, shareholders’ equity and revenues  demonstrated an improvement of financial sustainability and  resulted in growing valuations of companies in the study  period. Sample business entities achieved relatively high  liquidity and profitability that proved their financial  sustainability in terms of risk and return. At the same  time rising operating profit margins and liquidity ratios  determined higher enterprise value of joint-stock  companies. This emphasized a positive relation between  enterprise value and financial sustainability. Joint-stock  companies demonstrated a robust capital structure with a  minor decrease of corporate debt in 2011-2015. However  changes in sources of financing could provoke a trade-off  between financial sustainability and enterprise value.  According to a regression model factors positively  influencing enterprise value included revenue, cash and  cash equivalents, operating profit, current liabilities and  shareholder’s equity. Stimulating revenue and increasing  operating profit as well as maintaining higher cash  balances improves financial sustainability while debt  extension can significantly deteriorate continuity of  business.},
      url = {http://ageconsearch.umn.edu/record/288527},
      doi = {https://doi.org/10.22004/ag.econ.288527},
}