Finansijska pozicija mađarskih poljoprivrednih preduzeća pre, za vreme i posle globalne finansijske krize

Abstract

The objective of our research is to describe how the financial crisis affected the operational profitability of Hungarian companies in the agricultural sector through fluctuations in lending, net investments, and net sales. Based on research conducted in Central Europe, we analyze the financial position of companies, clustered by their size, between 2007 and 2013, seeking relations between the indicators that changed as a result of the crisis. As a conclusion, we identify 2009 and 2010 as the business years that were affected by the crisis the most; in this period microand small-sized companies were particularly exposed to adverse changes. Separate testing of the parameters of regression models explaining the changes in operating profit demonstrates that the above changes were not independent of each other. An analysis of the models evidences a causal nexus between the fall in operating profit (EBIT) in 2009 and the decrease in net sales revenue as well as between the outlier increase in the same in 2011 and the growth of net sales revenue and the strong marginal effect of net investments.