Q14 - Agricultural FinanceReturn

The coexistence of people and large carnivores, especially wolves, tend to have an adverse impact on regional sustainable development of ecosystems and rural areas, negatively influencing mainly traditional farming, sustainable tourism and other socioeconomic activities. Although the viewpoint on current situation is not quite clear from the conservative institutions' perspective, an increase in compensations and support of protective measures results in expenditure displacement instead of proper problem solution. The same displacement logic applies not only to livestock grazing subsidies in the open landscape but also to subsidies determined exclusively for the protection of the predator itself, the wolf. The paper aims to address the key impacts on cultivated landscape caused by a progressive spreading of the predator, focusing on the comprehensive perception of the issue as a whole while also using farming examples to highlight the main issues of gradual wolf spreading in the cultivated area. The research is based on the authors' monograph (2018) positively accepted by both politicians and specialists' community which promotes basis for further discussion across other interrelated sectors.

Capital structure is very important, especially the decision which concern with this problem, because the profitability of a company is directly affected by such decision. The successful choice and use of capital is one of the key components of the enterprises financial strategy. This means that it is the vital to pay attention and proper care capital structure. The aim of this paper is to investigate the relationship between capital structure and profitability of the limited liability companies from an agricultural sector in the Czech Republic over the past six year period from 2008 to 2013. Data was obtained and processed from the database of enterprises of Albertina and was analyzed by using descriptive statistics, i.e. mean, median, variation range, standard deviation, coefficient of variation, skewness, kurtosis, and correlation analysis to find out the association between the variables. The results of this paper describe a small negative correlation between the debt ratios and profitability ratios.

The effectiveness of production factors can be evaluated against several relations, which must always be understood as relations between output and input. The aim of this paper is to assess the relationship between the effectiveness of production factors and business performance. One-factor productivity (more precisely labour productivity), total productivity (TFP) - on the basis of economic profit and Return on Assets (ROA) - the most synthetic indicator of profitability, were the applied indicators at approx. 820 agricultural enterprises. In the reference period (2004 - 2010) it was possible to describe the impact of the Czech Republic's accession to the European Union on the selected agricultural enterprises. The agricultural enterprises system was further classified according to several criteria to verify the assumption that enterprises with higher efficiency of production factors have a higher Return on Assets (ROA).