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Strategic planning in agribusiness
23-27Views:126Agricultural businesses operate in a complex and dynamic environment, with many challenges and opportunities. It is therefore essential for these businesses to have a strategic plan. It is a critical process that helps businesses navigate in a complex and uncertain environment and achieve long-term goals and objectives. In this article, we have conducted a bibliometric analysis of academic journals to investigate the extent to which strategic planning is a researched topic in agribusiness enterprises. We found that there is no concentrated research, with only three keywords appearing in the literature with at least five repetitions. Even of the two repetitions, only 22 were found. The clustering of keywords helps to identify research directions. The results of a survey of 134 enterprises were then presented. The majority of enterprises do not have a long-term plan or even a written vision. We found that SWOT analysis is still the most common planning method among the companies surveyed. It was also found that there is no difference between industries in this respect. Significant differences were only found in relation to company size, with all large companies having a strategic plan and the vast majority of SMEs not. Only 17 out of 132 firms have a plan longer than three years, and 32 do not have any plan at all. Strategic planning can help to address many of the challenges in the agribusiness area, and it is therefore proposed to improve the proportion of firms planning through knowledge transfer.
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Research of the interrelations between actors and strategic goals in decision making
71-75Views:53management, although there are many chiseled methodologies plenty of professional literature.
The problem is more complex in strategic planning of regional communities – societies – of different range. These societies are very diverse, and accordingly the strategic goal setting can, and has to be very different than the strategic goal setting of enterprises.
The group of methods for morphologic and structural analysis and the computer based MACTOR program could be used.
The output data are presented in a large number of matrixes, vectors, graphs and histogram’s, which describe very fair the possible scenarios for preparation and decision making about
strategic plans. -
Managing risk using real options in company’s valuation
125-132Views:133The valuation of company is very important because provides information about the current value/situation of company, and through this, provide the opportunity of choosing the best company’s growth alternatives. The future strategic decisions are characterized by lack of knowledge, information, so all measures of company’s growth are closely linked with uncertainty and risk. The company’s valuation process is also related with uncertainty and risk. The risk may result both from the assessed assets and the technique used. In literature, we could find three approaches for risk management: capital budgeting based method, methods based on portfolio analysis and real options approach of risk management. Among them, the real options based methods is the most revolutionary approach for risk management. The advantages of the method, consists in the fact, that the process of establishing strategic decisions integrates the possibility of reversibility, delay and rejections, which isn’t it possible at two previous methods. The method also takes into account the total risk of company, so both the company-specific and systematic risk. In this study, I have used one of the best-known real option based method, the Black-Scholes model, for determining the option’s value. Determination of option value is based on the data of enterprise, which was tested Monte Carlo simulation. One of the basic assumptions of the Black-Scholes model is that the value of option is influenced by several factors. The sensitivity of option’s value could be carried out with so-called “Greeks”.. In the study the sensitivity analysis, was carried out with indicators Delta (Δ), Gamma (Γ) and Vega (ν). The real options based risk management determinations were performed in the R-statistics software system, and the used modules are 'fPortofio' and 'mc2d'. By using of real options method, I have calculated the average value of company capital equal with 38.79 million. By using simulation was carried out 1000 runs. The results of this show a relatively low standard deviation, small interquartile range and normal distribution. In the calculation of indicator Delta, could be concluded the value of company moves in 0.831 proportion to the price of options, the standard deviations of index is low, so the real option based method could be used with success in company’s value estimation. The Gamma index shows the enterprise value is sensitive just for large changes. The result of Vega reflects the value of option, so the company’s value volatility, which is small in this case, but this means a volatility of value. In summary, we can conclude that the call options pricing model, well suited for the determination of company’s value.
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Challenges in the mangalitsa sector – present and future
147-153Views:120The Hungarian mangalitza pig sector has experienced numerous structural changes in the past few decades. The increased demand in the foreign markets for the mangalitza pork, changes in the domestic consumer perceptions have increase the number of sows and breeders. After the European Union’s accession started a significant growth in the sector, which was due to the target programme from the year of 2005 for the keeping of animals representing high genetic value, as the breed is indigenous. From 2008 continuous decline can be observed. The main reason for the decrease was the drastic growth of feed costs because of the drought damage in 2007, and the global economic crisis. Since 2010, a further period of supports has been in place, it extands the willingness to keep mangalitza pigs and the number of sows continuously increasing. On the basis of the average farm size (58 sows/farm) in 2011 it can be stated, that after our EU’s accession the medium-sized farms became stronger. To evaluate the geographic concentration of the mangalitza livestock it was analysed the data of sow number among the years of 2000 and 2011. The geographic concentration of mangalitza stock has a medium value over each year under the survey period, except the years of 2004–2007, when the values of Herfindahl-Hirschman index (HHI) have low degrees. Due to the subvention period of indigenous breeds it was established more mangalitza farms in different parts of Hungary. Despite of the growth since 2000, numerous problems are in the segment. The aim of the study is to find out the sectoral problems, which are completed with the objectives tree and draw up the main activities to solve the problems. After estimating the SWOT-matrix according to the methodology of the strategic analysis and the discussions with the secretary of National Association of Mangalitza Breeders is prepared the sectoral problem- and objectives tree. The core problem of the mangalitza sector is that the origin of mangalitza products are not certified in the domestic markets. The reason of it is that the breeders don’t request the certificates of fattening pigs, so it can appear not real mangalitza product on the markets as mangalitza. To solve the problems it is drawn up different suggestions in the objectives tree. This analysis is an useful tool for the decision makers in the mangalitza sector to evolve strategic plans on behalf of the efficient cooperations among chain actors.