Efektywność strategii finansowania działalności spółdzielni mleczarskich
The Efficiency of the Financing Strategy in Dairy Cooperatives

Summary/Abstract: Purpose – presents of the impact of the applicable financing strategy for the financial results of the dairy cooperatives. Design/methodology/approach – have chosen 70 largest dairy cooperatives in the Polish territory. Empirical data was collected for the period 2009–2014. Adopted can be thought of as “quasi representative”, in view of the marginal market share of other research facilities in the entire population of dairy cooperatives. Set out a strategy for funding and on this basis identify three groups of dairy cooperatives: the first group, in which the conservative strategy was used, a second group of moderate strategy, and the third group, which found an aggressive strategy. More than specified profitability, liquidity and efficiency in the management of each cooperative groups in order to examine the effectiveness of the established strategy. Findings – Managing the co-ops, avoid short-term borrowing and financing operations from its own resources or by using capital (own funds and long term loans). The high proportion of current liabilities in the form of a legal firm is primarily the deferred payments to the suppliers of raw dairy, who are also the owners of cooperatives. Hence, it can also be a shorter period of implementation of commitments in respect of the payment cycle by contractors, because the owners (farmers, suppliers) shall have priority in the repayment amount for delivered milk. Originality/value – not carried out studies on the impact of the financing strategy for cooperative on its effectiveness in the “post-crisis” period.

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