Finanse, Rynki Finansowe, Ubezpieczenia

Purpose – To determine the relationship between the value of own funds of dairy cooperatives and their financial condition. Design/methodology/approach – Chosen 88 dairy cooperatives located throughout Poland. The study period covered the years 2009–2014. Financial liquidity, profitability and efficiency were assessed. A sample of cooperatives may be considered to be quasi-representative because of their significant share of the dairy market. The profitability analysis used the Dworniak’s net profit of the as the efficiency of the cooperative’s activities. Findings – O ngoing, swift and cash-based financial liquidity has developed at an appropriate level while at low profitability. With the increase in the value of own funds, the current financial liquidity ratio has increased. The largest cooperatives in terms of own funds showed a liquidity. The level of the total debt of the dairy cooperatives can be assessed as adequate, despite the fact that it exceeds 50% of the total asset value in the group of cooperatives with the lowest own fund. It is important to bear in mind in this area the leverage ratio, which has generally developed at a favourable level and the fact that cooperative managers are primarily benefiting from long-term forms of indebtedness. Originality/value – The study is a continuation of the authors’ analysis of the determinant and the specificities of shaping the financial condition of dairy cooperatives.