BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Korneta Piotr (Warsaw University of Technology, Warsaw, Poland)
Determinants of sales profitability for Polish agricultural distributors
International Journal of Management and Economics, 2019, vol. 55, nr 1, s. 40-51, tab., aneks, biblogr. 47 poz.
Zeszyty Naukowe / Szkoła Główna Handlowa. Kolegium Gospodarki Światowej
Słowa kluczowe
Rolnictwo, Rentowność, Sprzedaż, Dystrybucja
Agriculture, Profitability, Sale, Distribution
Klasyfikacja JEL: M10, M41, A12, Q17, L11, L21
Due to volatile micro- and macroeconomic conditions and increasing competition, companies experience great difficulties in attaining required profitability. The objective of this paper is to identify the profitability determinants for Polish agricultural distributors in a recent period, i.e., 2006-2016. The potential determinants of profitability identified during the course of literature review and after interviews with industry experts are classified into internal and external. With the use of Spearman correlation ranks and regression analysis of figures relating to 24 Polish agricultural distributors, the following internal profitability determinants are identified: age, size, working capital components, indebtedness, salaries, and sales margins. Additionally, the study confirmed the influence of the following selected external profitability determinants: market share, unemployment rate, and several industry-specific variables. This paper proposes the first set of sales profitability determinants for Polish agricultural distributors. The results of this study are interesting for industry-level management.(original abstract)
Dostępne w
Biblioteka Szkoły Głównej Handlowej w Warszawie
Pełny tekst
  1. Abu-Tapanjeh, A.M. (2006), An empirical study of firm structure and profitability relationship: The Case of Jordan, Journal of Economic and Administrative Sciences, Vol. 22, No. 1, pp. 41-59.
  2. Baah-Acquah, P., Freeman, E., Ellis, E. P. (2017), Effects of capital structure choice on profitability of oil marketing companies in Ghana (OMCs): case studies of Ghana Oil Company limited and total petroleum Ghana limited, International Journal of Multidisciplinary Research and Development, Vol. 4, No. 3, pp. 117-22.
  3. Barakat, M. R., Elgazzar, S. H., Hanafy, K. M. (2016), Impact of macroeconomic variables on stock markets: Evidence from emerging markets. International Journal of Economics and Finance, Vol. 8, pp. 195-207.
  4. Bowman, E. H., Helfat, C. E. (2001), Does corporate strategy matter? Strategic Management Journal, Vol. 22, No. 1, pp. 1-23.
  5. Boyd, J. H., Hu, J., Jagannathan, R. (2005), The Stock Market's reaction to unemployment news: Why bad news is usually good for stocks, The Journal of Finance, Vol. 60, pp. 649-672.
  6. Brau, J. C., Hiatt, S., Woodworth, W. (2009) Evaluating impacts of microfinance institutions using Guatemalan data, Managerial Finance, Vol. 35, No. 12, pp. 953-974.
  7. Carù, A., Cugini, A. (1999), Profitability and customer satisfaction in services: an integrated perspective between marketing and cost management analysis, International Journal of Service Industry Management, Vol. 10, No. 2, pp. 132-157.
  8. Cassar, G., Holmes (2003), Capital structure and financing of SMEs: Australian evidence, Accounting and Finance Journal, Vol. 43, No. 2, pp. 123-147.
  9. Chan, A. L. C., Lin, S. W. J., Strong, N. (2009), Accounting conservatism and the cost of equity capital: UK evidence, Managerial Finance, Vol. 35, No, 4, pp. 325-345.
  10. Curran, J., Jarvis, R., Blackburn, R. A., Black, S. (1993), Networks and small firms: constructs, ethodological strategies and some findings, International Small Business Journal, Vol. 11, No. 2, pp. 13-24.
  11. Dawkins, P., Feeny, S., Harris, M. N. (2007), Benchmarking firm performance, Benchmarking: An International Journal, Vol. 14, No. 6, pp. 693-710.
  12. Deloof, M. (2003), Does working capital management affect profitability of Belgian firms? Journal of Business Finance & Accounting, Vol. 30, No. 3-4, pp. 573-87.
  13. Dhawan, R. (2001), Firm size and productivity differential: theory and evidence from a panel of US firms, Journal of Economic Behavior & Organization, Vol. 44, No. 3, pp. 269-293.
  14. Falope, O. I., Ajilore, O. T. (2009), Working capital management and corporate profitability: evidence from panel data analysis of selected quoted companies in Nigeria, Research Journal of Business Management, Vol. 3, No. 3, pp. 73-84.
  15. Feeny, S., Rogers, M. (2000), The role of market share and concentration in firm profitability: implications for competition policy, Economic Analysis and Policy, Vol. 30, pp. 115-32.
  16. García-Teruel, P., Martínez-Solano, P. (2007), Effects of working capital management on SME profitability, International Journal of Managerial Finance, Vol. 3, No. 2, pp. 164-177.
  17. Gedajlovic, E. R., Shapiro, D. M., Buduru, B. (2003), Financial ownership, diversification and firm profitability in Japan, Journal of Management and Governance, Vol. 7, pp. 315-350.
  18. Goddard, J., Tavakoli, M., Wilson, J. (2005), Determinants of profitability in European manufacturing and services: evidence from a dynamic panel model, Applied Financial Economics, Vol. 15, No. 18, pp. 1269-1282.
  19. Gurloveleen, K., Bhatia, B. S. (2015), An impact of macroeconomic variables on the functioning of indian stock market: a study of manufacturing firms of BSE 500, Journal of Stock & Forex Trading, Vol. 5, p.160.
  20. Gutu, L. M., Ionela, A., Ilie V. (2015), The macroeconomic variables' impact on industrial production in the context of financial crisis, Procedia Economics and Finance, Vol. 32, pp. 1258-1267.
  21. Hall, M., Weiss, L. (1967), Firm size and profitability, The Review of Economics and Statistics, Vol. 49 No. 3, pp. 319-331.
  22. Hall, G., Hutchinson, P., Michael, M. (2000), Industry effects on the determinants of unquoted SME' capital structure, International Journal of the Economics of Business, Vol. 7, No. 3, pp. 297-312.
  23. Hawawini, G., Subramanian, V., Verdin, P. (2003), Is performance driven by industry or firm specific factors? A new look at the evidence, Strategic Management Journal, Vol. 24, No. 1, pp. 1-16.
  24. Hussinger, K. (2008), R&D and subsidies at the firm level: an application of parametric and semiparametric two-step selection models, Journal of Applied Econometrics, Vol. 23, No. 6, pp. 729-747.
  25. Ibrahim, M. H., Aziz, H. (2003), Macroeconomic variables and the Malaysian equity market: a view through rolling subsamples. Journal of Economic Studies, Vol. 30, pp. 6-27.
  26. Issah, M., Antwi, S. (2017), Role of macroeconomic variables on firms' performance: evidence from the UK, Cogent Economics & Finance, Vol. 5, pp.1-18.
  27. Jordan, J., Lowe, J., Taylor, P. (1998), Strategy and financial policy in U.K. Small Firms, Journal of Business Finance and Accounting, Vol. 25, No. 1-2, pp. 1-27.
  28. Kandir, S. Y. (2008), Macroeconomic variables, firm characteristics and stock returns: Evidence from Turkey, International Research Journal of Finance and Economics, Vol. 16, pp. 35-45.
  29. Karadagli, E. C. (2012), The effect of working capital management on the profitability of Turkish SMEs, British Journal of Economics, Finance and Management Sciences, Vol. 5, No. 2, pp. 36-44.
  30. Korneta, P., (2018), Net promoter score, growth, and profitability of transportation companies, International Journal of Management and Economics, Vol. 54.2.
  31. Lazaridis, I., Tryfonidis, D. (2006), Relationship between working capital management and profitability of listed companies in the Athens Stock Exchange, Journal of Financial Management and Analysis, Vol. 19, No. 1, pp. 26-38.
  32. Lincoln, J. R., Gerlach, M. L., Ahmadjian, C. L. (1996), Reiretsu networks and corporate performance in Japan, American Sociological Review, Vol. 61, pp. 67-88.
  33. Mahoney, J., Pandian, J. (1992), The resource-based view within the conversation of strategic management, Strategic Management Journal, Vol. 13, No. 5, pp. 363-80.
  34. Majumdar, S. K. (1997), The impact of size and age on firm-level performance: some evidence from India, Review of industrial Organization, Vol. 12, No. 2, pp. 231-241.
  35. Mazur, J., Zaborek, P. (2013), Exploring links between cooperation, internationalization and profitability: a study of Polish manufacturing companies, International Journal of Management and Economics, Vol. 39, pp. 28-50.
  36. McGahan, A., Porter, M. E. (1997), How much does industry matter, really? Strategic Management Journal, Vol. 18, No. S1, pp. 15-30.
  37. McGahan, A. M., Porter, M. E. (2002), What do we know about variance in accounting profitability, Management Science, Vol. 48, No. 7, pp. 834-51.
  38. Myers, S. C. (1984), The capital structure puzzle, The Journal of Finance, Vol. 39, No. 3, pp. 575-592.
  39. Nunes, P. J. M., Serrasqueiro, Z. M., Sequeira, T. N. (2009), Profitability in Portuguese service industries: a panel data approach, The Service Industries Journal, Vol. 29, No. 5, pp. 693-707.
  40. Pais, M. A., Gama, P. M. (2015), Working capital management and SMEs profitability: Portuguese evidence, International Journal of Managerial Finance, Vol. 11, No. 3, pp. 341-358.
  41. Raymond, W., Mohnen, P., Palm, F., Van Der Loeff, S. (2010), Persistence of innovation in Dutch manufacturing: is it spurious? The Review of Economics and Statistics, Vol. 92, No. 3, pp. 495-504.
  42. Rehman, M. Z., Khan, M. N., Khokhar, I. (2014), Select financial ratios as a determinant of profitability evidence from petrochemical industry in Saudi Arabia, European Journal of Business and Management, Vol. 6, No. 4.
  43. Raheman, A., Nasr, M. (2007), Working capital management and profitability - case of Pakistani firms, International Review of Business Research Papers, Vol. 3, No. 1, pp. 279-300.
  44. Stinchcombe, A. (1965), Organization-creating organizations, Society, Vol. 2, No. 2, pp. 34-35.
  45. Szymanski, D. M., Bharadwaj, S. G., Varadarajan, P. R. (1993), An analysis of the market share profitability relationship, The Journal of Marketing, Vol. 57, No. 3, pp. 1-18.
  46. Tyagi, S., Nauriyal, D. K. (2017), Firm level profitability determinants in Indian drugs and pharmaceutical industry, International Journal of Pharmaceutical and Healthcare Marketing, Vol. 11, No. 3, pp. 271-290.
  47. Yazdanfar, D. (2013), Profitability determinants among micro firms: evidence from Swedish data, International Journal of Managerial Finance, Vol. 9, No. 2, pp. 151-160.
Cytowane przez
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu