Cucumber (Cucumis sativus L.) is one of the popular vegetable crops grown broadly throughout the world (Soleimani et al., 2009). Cucumber is a thermophilic and frost susceptible crop, growing best at a temperature above 20°C. Cucumber crop International Journal of Current Microbiology and Applied Sciences ISSN: 2319-7706 Volume 6 Number 10 (2017) pp. 2304-2323 Journal homepage: http://www.ijcmas.com

Factors Affecting the Performance of Greenhouse Cucumber Cultivation-A Review

In recent decades, predicting company bankruptcies and financial troubles has become a major concern for various stakeholders. Furthermore, because financially sustainable businesses are affected by numerous highly complex factors, both internal and external, the situation is even more complex. This paper applies Altman’s Z-score models; more precisely, the paper applies the initial Z-score model (a model for manufacturing companies), the Z′-score model (for companies operating in emerging markets), and the Z-score bankruptcy probability calculation. Therefore, this paper offers the results of the application of different Z-score models and the calculation of bankruptcy probability on a sample of agricultural companies listed on the Belgrade Stock Exchange in the period 2015–2019. In addition, different Z-score models are used for the same sample so that the difference between their results and application can be determined. In addition, the validity of the data published in the financial statements of the respective companies was confirmed using the Beneish M-score model with five and eight variables. The results obtained by applying Altman’s Z-score model (initial and adapted to emerging markets) indicate that a certain number of companies had impaired financial stability during the observed period, i.e., that they were in danger of bankruptcy. In addition, based on the results obtained using the Beneish M-score model, it was identified that a number of companies showed signals that indicate possible fraudulent financial reporting. Further, it was found that less than half of the observed companies reported on environmental protection in their annual reports, and they did so by providing a modest amount of information. The originality and value of the paper lies in suggesting that policymakers in the Serbian emerging markets should pay more attention to the operations of companies from the observed sector, as well as to their financial and non-financial reporting. Future research should focus on comparisons with agricultural companies from the same sector whose securities are listed on stock exchanges in the region.

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Bankruptcy Risk Prediction in Ensuring the Sustainable Operation of Agriculture Companies

The aim of the research is to identify medium-sized agricultural enterprises with the greatest potential for innovation development. The subject of the research is the key financial performance of the observed enterprises in 2017. Data were obtained from official financial statements publicly available on the website of the Serbian Business Registers Agency (SBRA). The aim of the research was realized by applying financial analysis methods and the Altman Z-score model. The purpose of the research is to improve the efficiency of limited funds for financing innovative activities in the agricultural sector. The research results are data on enterprises with negligible probability of bankruptcy and which thus have the greatest potential for innovation development.

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Identifying medium-sized agricultural enterprises with the greatest potential for innovation development

The aim of this paper is to present application of different methods used for predicting bankruptcy of large agricultural and food companies in AP Vojvodina, as well as to determine which model is the most suitable for analyzing the companies from the observed sectors. The following three models were applied in the paper: Altman’s Z’-score model, Kralicek DF indicators and Kralicek Quick test. The analysis included five companies from the agricultural sector and five companies from the food sector operating on the territory of AP Vojvodina in the period from 2015 to 2019. The results of the research based on the applied models showed that different conclusions can be made about the financial stability of the observed companies. Altman’s Z’-score model provided the most rigorous forecast in terms of the bankruptcy risk, while the results of Kralicek DF indicators and Quick test are relatively similar.

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Bankruptcy prediction models for large agribusiness companies in AP Vojvodina

The subject of this research is the financial position of mill companies in Vojvodina. The specific aim of the research is to analyze the is to compare the applied models for the analysis of the financial position. The basis of the analysis are the financial reports of the observed companies in the period from 2015 to 2019. The analysis of the financial position was performed using two models: Altman's Z-score model and Kralicek's Quick test model. These models use standard financial ratio indicators to assess the risk of bankruptcy of companies, i.e. their financial stability and profitability. The obtained results suggest that the company MLINTEST stood out as the most successful company and that the company KIKINDSKI MLIN stood out as the company with the worst financial position. Both models gave similar results, and their further use is recommended when analyzing the financial position of mill companies in Vojvodina financial position, i.e. to assess the risk of bankruptcy of medium-sized mill companies in Vojvodina. The general aim of the research.

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Analysis of the financial position of mill companies in Vojvodina

Privatization as a phase of the transitional process also included agriculture. The most attractive enterprises in agriculture, primarily in the food industry, were privatized in the first wave, while the process of privatization of other less attractive companies was slowed down and implemented mainly by the auction model. The remaining companies waiting for the privatization process are not attractive and there are problems that are expressed through poor financial position and relatively low potential. An exception is made by PKB Corporation, which has a potential and relatively stable market, making this company an acceptable option for investors. The financial position of the companies that are ready for privatization at this moment and which is one of the factors of negative inﬂuence on the decision of the investor was analyzed using the Altman Z’-score model, the Kralicek Quick test and the balanced growth model. All tests have shown that the analyzed companies are in a bad financial position and that the future investor will have to invest significant funds in financial consolidation, balancing cash ﬂows and investment in order to ensure adequate development and efficient business.

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Analysis of the financial position of enterprises in privatization in the agricultural sector in serbia

Summary Contemporary agro-technology enables high and stabile yield of slicing cucumber throughout the whole year. This study deals with total costs of production, yield per surface unit and the main parameters of profitability of producing slicing cucumber in the greenhouses and in the open field in conventional and organic farming system. Growing cucumbers in the greenhouses and in accordance with the principles of organic farming are the main conditions for higher prices in the market. The highest total costs (820.00 EUR/are) but also the highest gain (225.00 EUR/are) was realized in producing slicing cucumber both in the greenhouse in the organic farming system. Financial losses were recorded when growing cucumbers in the open field despite lower costs, both in organic and conventional system of growing: 29.00 EUR/are, i.e. -15.00 EUR/are, respectively. The business rate of profitability and the coefficient of cost-effectiveness were higher in growing cucumber in greenhouses in both concepts of production.

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Bosko Vojnovic

Papers

Analysis of the financial position of enterprises in privatization in the agricultural sector in serbia

Economic and agronomic analysis of conventional and organic concept of cucumber growing