IDENTIFYING MEDIUM-SIZED AGRICULTURAL ENTERPRISES WITH THE GREATEST POTENTIAL FOR INNOVATION DEVELOPMENT
DOI:
https://doi.org/10.5937/ekoPolj2101213DKeywords:
medium-sized agricultural enterprises, financial strength, bankruptcy, innovationAbstract
The aim of the research is to identify medium-sized agricultural enterprises with the greatest potential for innovation development. The subject of the research is the key financial performance of the observed enterprises in 2017. Data were obtained from official financial statements publicly available on the website of the Serbian Business Registers Agency (SBRA). The aim of the research was realized by applying financial analysis methods and the Altman Z-score model. The purpose of the research is to improve the efficiency of limited funds for financing innovative activities in the agricultural sector. The research results are data on enterprises with negligible probability of bankruptcy and which thus have the greatest potential for innovation development.
Downloads
Download data is not yet available.
References
1. Altman, E.I. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, 23(4), 589-609. https://doi.org/10.2307/2978933
2. Altman, E.I. (2000). Predicting Financial Distress of Companies: Revisiting the Z-Score and Zeta Models, Stern School of Business, Paper is adapted and updated from E. Altman, Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy, Journal of Finance, September 1968; and E. Altman, R. Haldeman and P. Narayanan. 1997. Zeta Analysis: A New Model to Identify Bankruptcy Risk of Corporations, Journal of Banking & Finance, 23(4), 589-609. https://doi.org/10.4337/9780857936097.00027
3. Beraha, I. (2019) Ocena inovativnih performansi Republike Srbije. Ekonomski vidici, 24(3-4), 137-151.
4. Bramwell, A., Hepburn, N., & Wolfe, D.A. (2012). Growing Innovation Ecosystems: University-Industry Knowledge Transfer and Regional Economic Development in Canada, Knowledge Synthesis Paper on Leveraging Investments in HERD Final Report to the Social Sciences and Humanities Research Council of Canada.
5. Dan, M.C. (2013) Why Should University and Business Cooperate? A Discussion of Advantages and Disadvantages. International Journal of Economic Practices and Theories, 3(1), 67-74.
6. Demmler, K.M. (2020). The role of small and mediumsized enterprises in nutritious food supply chains in Africa, GAIN Working Paper Series n°2, Retrieved from: https://www.gainhealth.org/sites/default/files/publications/documents/gainworking-paper-series-2-the-role-of-small-and-medium-sized-enterprises-innutritious-food-supply-chains-in-africa.pdf (December 20, 2020).
7. Đuričin, S. & Beraha, I. (2018a). Financial power and development potential of environmentally responsible medium sized enterprises in the Serbian industrial sector, Sustainable growth and development in small open economies, Budapest: Institute of World Economics; Centre for Economic and Regional Studies of the Hungarian Academy of Sciences, 124-142.
8. Đuričin, S. & Beraha, I. (2018b). Promoting the Intensity of Innovative Activities of SMEs in the Republic of Serbia, Western Balkans Economies in EU Integration: past, present and future, CEMAFI International Association, 188-201.
9. Đuričin, S. (2012). Analiza poslovanja i mogućnosti izlaska preduzeća iz zone gubitka. Institute of economic sciences, Belgrade.
10. Đuričin, S. (2018). Improving the Efficient Use of the Government Budget Allocations for Financing Innovation Activities, Digital transformation: new challenges and business opportunities, London: Silver and Smith Publishers, 311-328.
11. Đuričin, S. (2019). Strategijsko & finansijsko upravljanje organizacionim performansama. Institute of economic sciences, Belgrade.
12. Đuričin, S., & Bodroža, D. (2013). The impact of drought on yield position of the group of enterprises from agriculture sector, Economics of agriculture, 60(1), 25- 39.
13. Đuričin, S., Beraha, I., & Bodroža, D. (2018). Alternatives for Exiting the Loss Zone for Mediumsized Agricultural Enterprises in the Republic of Serbia. Economics of agriculture, 65(1), 391-411. https://doi.org/10.5937/ekoPolj1801391D
14. Earle, M.D. (1997). Innovation in the food industry. Trends in Food Science & Technology, 8(5), 166-175. https://doi.org/10.1016/S0924-2244(97)01026-1
15. Elena, V., Sibirskaya, E.V., Lyapina, I.R., Vlasova, M.A., Petrukhina, E.P. & Timofeeva, S.A. (2017). Synergetic Effectiveness of Investing the Innovative Activities in Russian Food Industry, Russia and the European Union, 245-251.
16. Eurostat, Retrieved from http://ec.europa.eu/eurostat/web/science-technology-innovation/data/main-tables (July 20, 2018).
17. Institut ekonomskih nauka (2018). Kvantitativna analiza uticaja inovacione politike i industrije 4.0 na razvoj ekonomije, tehnološkog napretka i preduzetništva u Srbiji, PERFORM projekat, HELVЕTAS Swiss Intercorporation SRB.
18. Katchova, A.L., & Enlow, S.J. (2013). Financial performance of publicly & traded agribusinesses. Agricultural Finance Review, 73(1), 58-73.
19. Kocsis, J., & Major, K. (2017). A General Overview of Agriculture and Proftability in Agricultural Enterprises in Central Europe, Managing Agricultural Enterprises, Part IV, 243-265.
20. Mićić, V. & Zeremski, A. (2011). Deindustrijalizacija i reindustrijalizacija privrede Srbije. Industrija, 39(2), 51-68.
21. Milanović, M.R., Stevanović, S. & Dimitrijević, B. (2016). Agrarian potentials in the reindustrialization of Serbia - import of inputs and the opportunity costs of development. Economics of agriculture, 63(1), 143-158. https://doi.org/10.5937/ekoPolj1601143M
22. Ministry of Education, Science and Technological Development (MESTD). Retrieved from http://www.mpn.gov.rs/tehnoloski-razvoj-2/inovaciona-delatnost/registar-inovacione-delatnosti/ (March 15, 2018).
23. Rajin, D., Milenković, D., & Radojević, T. (2016). Bankruptcy prediction models in the Serbian agricultural sector. Economics of agriculture, 63(1), 89-105. https://doi.org/10.5937/ekoPolj1601089R
24. Statistical Office of the Republic of Serbia (SORS), Statistical yearbook (2017). Retrieved from http://pod2.stat.gov.rs/ObjavljenePublikacije/G2017/pdf/G20172022.pdf (July 12, 2018).
25. Topleva, S.A., & Prokopov, T.V. (2020). Integrated business model for sustainability of small and medium-sized enterprises in the food industry: Creating value added through ecodesign. British Food Journal, 122(5), 1463-1483. https://doi.org/10.1108/BFJ-03-2019-0208
26. Vukadinović, P., Vujović, S., & Vojnović, B. (2018). Analysis of the financial position of enterprises in privatization in the agricultural sector in Serbia. Economics of agriculture, 65(3), 955-970. https://doi.org/10.5937/ekoPolj1803955V
2. Altman, E.I. (2000). Predicting Financial Distress of Companies: Revisiting the Z-Score and Zeta Models, Stern School of Business, Paper is adapted and updated from E. Altman, Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy, Journal of Finance, September 1968; and E. Altman, R. Haldeman and P. Narayanan. 1997. Zeta Analysis: A New Model to Identify Bankruptcy Risk of Corporations, Journal of Banking & Finance, 23(4), 589-609. https://doi.org/10.4337/9780857936097.00027
3. Beraha, I. (2019) Ocena inovativnih performansi Republike Srbije. Ekonomski vidici, 24(3-4), 137-151.
4. Bramwell, A., Hepburn, N., & Wolfe, D.A. (2012). Growing Innovation Ecosystems: University-Industry Knowledge Transfer and Regional Economic Development in Canada, Knowledge Synthesis Paper on Leveraging Investments in HERD Final Report to the Social Sciences and Humanities Research Council of Canada.
5. Dan, M.C. (2013) Why Should University and Business Cooperate? A Discussion of Advantages and Disadvantages. International Journal of Economic Practices and Theories, 3(1), 67-74.
6. Demmler, K.M. (2020). The role of small and mediumsized enterprises in nutritious food supply chains in Africa, GAIN Working Paper Series n°2, Retrieved from: https://www.gainhealth.org/sites/default/files/publications/documents/gainworking-paper-series-2-the-role-of-small-and-medium-sized-enterprises-innutritious-food-supply-chains-in-africa.pdf (December 20, 2020).
7. Đuričin, S. & Beraha, I. (2018a). Financial power and development potential of environmentally responsible medium sized enterprises in the Serbian industrial sector, Sustainable growth and development in small open economies, Budapest: Institute of World Economics; Centre for Economic and Regional Studies of the Hungarian Academy of Sciences, 124-142.
8. Đuričin, S. & Beraha, I. (2018b). Promoting the Intensity of Innovative Activities of SMEs in the Republic of Serbia, Western Balkans Economies in EU Integration: past, present and future, CEMAFI International Association, 188-201.
9. Đuričin, S. (2012). Analiza poslovanja i mogućnosti izlaska preduzeća iz zone gubitka. Institute of economic sciences, Belgrade.
10. Đuričin, S. (2018). Improving the Efficient Use of the Government Budget Allocations for Financing Innovation Activities, Digital transformation: new challenges and business opportunities, London: Silver and Smith Publishers, 311-328.
11. Đuričin, S. (2019). Strategijsko & finansijsko upravljanje organizacionim performansama. Institute of economic sciences, Belgrade.
12. Đuričin, S., & Bodroža, D. (2013). The impact of drought on yield position of the group of enterprises from agriculture sector, Economics of agriculture, 60(1), 25- 39.
13. Đuričin, S., Beraha, I., & Bodroža, D. (2018). Alternatives for Exiting the Loss Zone for Mediumsized Agricultural Enterprises in the Republic of Serbia. Economics of agriculture, 65(1), 391-411. https://doi.org/10.5937/ekoPolj1801391D
14. Earle, M.D. (1997). Innovation in the food industry. Trends in Food Science & Technology, 8(5), 166-175. https://doi.org/10.1016/S0924-2244(97)01026-1
15. Elena, V., Sibirskaya, E.V., Lyapina, I.R., Vlasova, M.A., Petrukhina, E.P. & Timofeeva, S.A. (2017). Synergetic Effectiveness of Investing the Innovative Activities in Russian Food Industry, Russia and the European Union, 245-251.
16. Eurostat, Retrieved from http://ec.europa.eu/eurostat/web/science-technology-innovation/data/main-tables (July 20, 2018).
17. Institut ekonomskih nauka (2018). Kvantitativna analiza uticaja inovacione politike i industrije 4.0 na razvoj ekonomije, tehnološkog napretka i preduzetništva u Srbiji, PERFORM projekat, HELVЕTAS Swiss Intercorporation SRB.
18. Katchova, A.L., & Enlow, S.J. (2013). Financial performance of publicly & traded agribusinesses. Agricultural Finance Review, 73(1), 58-73.
19. Kocsis, J., & Major, K. (2017). A General Overview of Agriculture and Proftability in Agricultural Enterprises in Central Europe, Managing Agricultural Enterprises, Part IV, 243-265.
20. Mićić, V. & Zeremski, A. (2011). Deindustrijalizacija i reindustrijalizacija privrede Srbije. Industrija, 39(2), 51-68.
21. Milanović, M.R., Stevanović, S. & Dimitrijević, B. (2016). Agrarian potentials in the reindustrialization of Serbia - import of inputs and the opportunity costs of development. Economics of agriculture, 63(1), 143-158. https://doi.org/10.5937/ekoPolj1601143M
22. Ministry of Education, Science and Technological Development (MESTD). Retrieved from http://www.mpn.gov.rs/tehnoloski-razvoj-2/inovaciona-delatnost/registar-inovacione-delatnosti/ (March 15, 2018).
23. Rajin, D., Milenković, D., & Radojević, T. (2016). Bankruptcy prediction models in the Serbian agricultural sector. Economics of agriculture, 63(1), 89-105. https://doi.org/10.5937/ekoPolj1601089R
24. Statistical Office of the Republic of Serbia (SORS), Statistical yearbook (2017). Retrieved from http://pod2.stat.gov.rs/ObjavljenePublikacije/G2017/pdf/G20172022.pdf (July 12, 2018).
25. Topleva, S.A., & Prokopov, T.V. (2020). Integrated business model for sustainability of small and medium-sized enterprises in the food industry: Creating value added through ecodesign. British Food Journal, 122(5), 1463-1483. https://doi.org/10.1108/BFJ-03-2019-0208
26. Vukadinović, P., Vujović, S., & Vojnović, B. (2018). Analysis of the financial position of enterprises in privatization in the agricultural sector in Serbia. Economics of agriculture, 65(3), 955-970. https://doi.org/10.5937/ekoPolj1803955V
Downloads
Published
2021-03-25
How to Cite
Đuričin, S. O., & Beraha, I. A. (2021). IDENTIFYING MEDIUM-SIZED AGRICULTURAL ENTERPRISES WITH THE GREATEST POTENTIAL FOR INNOVATION DEVELOPMENT. Ekonomika Poljoprivrede, 68(1), 213–227. https://doi.org/10.5937/ekoPolj2101213D
Issue
Section
Original scientific papers
