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Canonical Variate Analysis Applied To Determine Factors Influencing The Financial Situation Of Feed Enterprises

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  • CZERWIŃSKA-KAYZER, DOROTA
  • FLOREK, JOANNA
  • KAYZER, DARIUSZ

Abstract

The purpose of this study was to present the factors that determine the financial situation of feed enterprises under different economic conditions. In the pursuit of its main objective, this paper also identifies enterprises which share similar financial characteristics. The goals defined above were sought with the use of canonical analysis. The variables used in the analysis were calculated based on the financial performance figures of feed enterprises carrying out economic activity in 2008-2013 on a continuous basis and delivering complete financial statements throughout that period. Their financial standing was assessed with indicators that allow to describe corporate operations in all areas of economic activity, i.e. liquidity, financial support, managerial efficiency and financial efficiency. This research found that while the group of feed enterprises is relatively homogeneous in terms of financial standing, it includes outliers exhibiting clearly different characteristics of the cash conversion cycle. The conclusion from this study is that operators who stand apart in terms of their different financial situation are engaged in animal production in addition to their core business (which is animal feed production). This suggests they follow a multi-modal activity pattern. The study also confirmed that during the economic downturn (in 2009), the operators surveyed saw their financial performance deteriorate. Conversely, they recorded an improvement in the years of economic upturn (2012). Another conclusion is that liquidity ratios exhibited greater variation.

Suggested Citation

  • Czerwińska-Kayzer, Dorota & Florek, Joanna & Kayzer, Dariusz, 2020. "Canonical Variate Analysis Applied To Determine Factors Influencing The Financial Situation Of Feed Enterprises," Roczniki (Annals), Polish Association of Agricultural Economists and Agribusiness - Stowarzyszenie Ekonomistow Rolnictwa e Agrobiznesu (SERiA), vol. 2020(2).
    • Handle: RePEc:ags:paaero:308191
    DOI: 10.22004/ag.econ.308191
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    References listed on IDEAS

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    1. Lejeune, Michel & Calinski, Tadeusz, 2000. "Canonical Analysis Applied to Multivariate Analysis of Variance," Journal of Multivariate Analysis, Elsevier, vol. 72(1), pages 100-119, January.
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    Cited by:

    1. Dorota Czerwińska-Kayzer & Tomasz Kleiber & Agnieszka Wolna-Maruwka & Przemysław Frankowski & Ryszard Staniszewski & Dariusz Kayzer, 2023. "Sustainable Use of Organic Matter Obtained from the Bottom of a Post-Mining Pit Reservoir—A Case Study on the Creation of Raduszyn Lake in Poland," Energies, MDPI, vol. 16(5), pages 1-26, February.
    2. Dorota Czerwińska-Kayzer & Joanna Florek & Ryszard Staniszewski & Dariusz Kayzer, 2021. "Application of Canonical Variate Analysis to Compare Different Groups of Food Industry Companies in Terms of Financial Liquidity and Profitability," Energies, MDPI, vol. 14(15), pages 1-16, August.

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    1. Dorota Czerwińska-Kayzer & Joanna Florek & Ryszard Staniszewski & Dariusz Kayzer, 2021. "Application of Canonical Variate Analysis to Compare Different Groups of Food Industry Companies in Terms of Financial Liquidity and Profitability," Energies, MDPI, vol. 14(15), pages 1-16, August.

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