Acta Univ. Agric. Silvic. Mendelianae Brun. 2011, 59(7), 395-402 | DOI: 10.11118/actaun201159070395

Multifactor productivity analysis in the sample of agricultural enterprises

Jaroslav Svoboda1, Martina Novotná2
1 Katedra účetnictví a financí, Jihočeská univerzita v Českých Budějovicích, Studentská 13, 370 05 České Budějovice, Česká republika
2 Katedra ekonomiky, Jihočeská univerzita v Českých Budějovicích, Studentská 13, 370 05 České Budějovice, Česká republika

The assessment of Total Factor Productivity (TFP), i.e. inclusion of all factors of production seems to be an easy task. However, its calculation can meet with some difficulties. The calculation of inputs is complicated as different factors of production, which are processes to outputs, has to be transformed to a common factor. The aim of the paper was to analyse relations of efficiency of factors of production measured by factor productivity based on economic profit and returns (profitability) of enterprise measured by the most synthetic profitability indicator (Return on Assets, ROA). A partial aim was to consider risk analysed through ratio of cost to capital (Weighted Average Cost of Capital - WACC) performed in the sample on agricultural enterprises in 2004-2008. The database used for the research consisted of 622 agricultural enterprises. The methodology of calculation was based on an approach according to Neumaierová and Neumaier (2002) considering the economic profit. This methodology suits well to conditions of Czech financial statements (a balance sheets and a profit and loss statement). The TFP assessment was connected to the return on assets and the correlation analysis revealed dependences of calculated indicators. The paper is a part of the MSM 6007665806 research project.

Keywords: Total Factor Productivity (TFP), Weighted Average Cost of Capital (WACC), Return on Assets (ROA), efficiency of production factor, correlation analysis, farms
Grants and funding:

This study was supported by grant No. MSM 6007665806 from the Ministry of Education, Youth and Sports of the Czech Republic "Sustainable methods of agricultural management in montane and submontane areas with respect to harmonization of the production and nonproduction spheres".

Received: February 23, 2011; Published: January 26, 2014  Show citation

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Svoboda, J., & Novotná, M. (2011). Multifactor productivity analysis in the sample of agricultural enterprises. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 59(7), 395-402. doi: 10.11118/actaun201159070395
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