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Type of publication: Straipsnis konferencijos medžiagoje Clarivate Analytics Web of Science ar/ir Scopus / Article in Clarivate Analytics Web of Science or Scopus DB conference proceedings (P1a)
Field of Science: Ekonomika / Economics (S004)
Author(s): Aleknevičienė, Vilija;Stončiuvienė, Neringa;Zinkevičienė, Danutė
Title: Value drivers of multifunctional and sustainable agricultural organisation: cash flow discounting approach
Is part of: Economic science for rural development : proceedings of the international scientific conference : Rural business and finance. Jelgava: Latvia University of Agriculture
Extent: p. 152-157
Date: 2012
Keywords: Valuation;Value drivers;Multifunctional and sustainable agricultural organisation;Cash flow;Discounting
ISBN: 9789934830419
Abstract: Valuation of any business organisation is important for the owners, creditors, state, and other stakeholders in order to assess it as a working economic entity for sale, exchange, mortgage, supporting, and other purposes. Under the principle of market efficiency, business organisation should be sold, exchanged, mortgaged at a fair value. The measurement of the fair value of agricultural organisation using cash flow discounting approach is problematic due to the different nature of cash flows and discount rates. The present agricultural organisation generates free cash flows not only from agricultural production and services but also through the multifunctionality of agriculture, the provision of public goods and ensuring the sustainability of economic development. The authors of the paper present the model of value drivers of multifunctional and sustainable agricultural organisation. They reason that free cash flows from agricultural production and services, and subsidies and grants for increasing farms’ efficiency and for business diversification in rural areas should be discounted at a weighted average cost of capital. Benefit and costs in providing public good should be discounted at a social discount rate
Affiliation(s): Vytauto Didžiojo universitetas
Žemės ūkio akademija
Appears in Collections:Universiteto mokslo publikacijos / University Research Publications

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