000288527 001__ 288527 000288527 005__ 20250206163628.0 000288527 022__ $$a2081-6960 000288527 0247_ $$2doi$$a10.22004/ag.econ.288527 000288527 037__ $$a1827-2019-1879 000288527 041__ $$aeng 000288527 084__ $$aG32 000288527 245__ $$aFinancial Sustainability and Value of Joint-Stock Companies from Food Industry in Central and Eastern Europe 000288527 260__ $$c2019-03-31 000288527 269__ $$a2019-03-31 000288527 336__ $$aJournal Article 000288527 500__ $$aDOI: 10.22630/PRS.2019.19.1.14 000288527 520__ $$aThe 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. 000288527 546__ $$aEnglish 000288527 650__ $$aFinancial Economics 000288527 650__ $$aIndustrial Organization 000288527 650__ $$aInternational Relations/Trade 000288527 6531_ $$afinancial sustainability 000288527 6531_ $$avalue 000288527 6531_ $$afood industry 000288527 6531_ $$aCentral and Eastern Europe 000288527 700__ $$aZabolotnyy, Serhiy 000288527 700__ $$aWasilewski, Mirosław 000288527 700__ $$aWasilewska, Natalia 000288527 773__ $$j19$$k34, Part 01$$q153$$o161$$tProblems of World Agriculture / Problemy Rolnictwa Światowego 000288527 8560_ $$fmariusz_hamulczuk@sggw.pl 000288527 8564_ $$9aeb5bc6a-37d2-4b4f-b65f-94d1e4994f22$$s241651$$uhttps://ageconsearch.umn.edu/record/288527/files/14_Zabolotnyy_I_INNI.pdf 000288527 909CO $$ooai:ageconsearch.umn.edu:288527$$pGLOBAL_SET 000288527 913__ $$aBy depositing this Content ('Content') in AgEcon Search, I agree that I am solely responsible for any consequences of uploading this Content to AgEcon Search and making it publicly available, and I represent and warrant that: I am either the sole creator and the owner of the copyrights and all other rights in the Content; or, without obtaining another’s permission, I have the right to deposit the Content in an archive such as AgEcon Search. To the extent that any portions of the Content are not my own creation, they are used with the copyright holder’s express permission or as permitted by law. Additionally, the Content does not infringe the copyrights or other intellectual property rights of another, nor does the Content violate any laws or another’s rights of privacy or publicity. The Content contains no restricted, private, confidential, or otherwise protected data or information that should not be publicly shared. I understand that AgEcon Search will do its best to provide perpetual access to my Content. In order to support these efforts, I grant the Regents of the University of Minnesota ('University'), through AgEcon Search, the following non-exclusive, irrevocable, royalty-free, world-wide rights and licenses: to access, reproduce, distribute and publicly display the Content, in whole or in part, in order to secure, preserve and make it publicly available, and to make derivative works based upon the Content in order to migrate the Content to other media or formats, or to preserve its public access. These terms do not transfer ownership of the copyright(s) in the Content. These terms only grant to the University the limited license outlined above. 000288527 980__ $$a1827