RESEARCH PAPER
FINANCIAL RESILIENCE OF AGRI-FOOD ENTERPRISES FROM MAZOWIECKIE VOIVODSHIP
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Politechnika Koszalińska
Submission date: 2023-09-27
Final review date: 2024-02-22
Acceptance date: 2024-04-18
Publication date: 2024-06-28
Zagadnienia Ekonomiki Rolnej / Problems of Agricultural Economics 2024;379(2):49-72
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ABSTRACT
The main objective of the article was to assess the financial resilience of agri-food companies operating
in the Mazowieckie Voivodship between 2018 and 2020. An intermediate objective was additionally
to assess the financial health of these entities. The study used descriptive statistics methods,
ratio analysis, and Taffler’s discrimination model. Empirical data were derived from annual financial
statements downloaded from Dun & Bradstreet and EMIS databases. The results showed that between
2018 and 2020, most entities in the agri-food sector were doing very well and there was a low
probability that their financial situation would deteriorate. It is worrying that during the period under
analysis, there remained a considerable number of agri-food enterprises with a high probability of
financial problems (Z-score below 0.2). This group of enterprises accounted for approximately 30%
of the sample. Entities with an elevated risk of financial problems struggled with significant excess
liquidity and recorded negative profitability ratios – ROS and ROA. Asset indebtedness was a factor
strengthening the financial resilience of the entities under analysis. The results of the analyses can be
the basis for deepening the methods for assessing resilience in the agricultural sector (e.g., as part of
the CAP 2023–2027 evaluation). Future research should include, inter alia, the identification of differences
in Z-score by company size or production type, as well as the identification of determinants
of financial resilience in terms of other factors that have not been analyzed yet.