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THE IMPACT of NORMALIZATION PROCEDURES Monika Zielinska-Sitkiewicz 1, Dr

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THE IMPACT of NORMALIZATION PROCEDURES Monika Zielinska-Sitkiewicz 1, Dr Proceedings of the 2017 International Conference “ECONOMIC SCIENCE FOR RURAL DEVELOPMENT” No 46 Jelgava, LLU ESAF, 27-28 April 2017, pp. 359-366 CLASSIFICATION OF SELECTED FOOD INDUSTRY COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE - THE IMPACT OF NORMALIZATION PROCEDURES Monika Zielinska-Sitkiewicz 1, Dr. oec. 1Warsaw University of Life Sciences Abstract. Competent assessment of the financial condition of stock companies becomes very important because trustworthy and timely information is expected by investors. Thus, it is necessary to use methods that streamline the analysis of the stock market. Taxonomic synthetic measures belong to such methods. One of the stages of the multivariate analysis is the data normalization. The choice of the normalization method is one of the most crucial steps for the researchers because it could influence the results of the analysis. In the present study, the author uses a synthetic taxonomic measure TMAI with selected normalization methods to compare the condition of 13 food industry companies listed on the Warsaw Stock Exchange and create for them the rankings for the years 2013 and 2014. Comparing the results of the individual rankings, it can be stated that the selected normalization algorithm impacts the result of the obtained classification. Key words: the data normalization, taxonomic measure, TMAI, food industry companies. JEL code: C10, G11 Introduction financial data of the selected companies of According to the Polish Information and this sector listed on the Warsaw Stock Foreign Investment Agency, the businesses of Exchange. the food sector generate over 13 % of the One of the groups of methods of the Polish GDP value and are one of the Multivariate Comparative Analysis is methods dominating industries in Poland. Years after of linear ordering of objects. The first one who the Polish accession to the EU were a period proposed the synthetic measure of of increasing development of this branch of development for the comparison of the level economy with massive investments in of economic development of the selected modernization and expansion of food countries was Z. Hellwig (1968). The Hellwig production plants. What’s more, the development measure synthesises information development of commercial networks was also within the diagnostic variables and assigns the growth driver. Currently, the retail trade one aggregated measure to the analysed reached some growth barriers, and the phenomenon. W. Tarczynski and M. Luniewska condition of food companies largely depends (2006) have applied the analogical concept of on the fluctuations of the raw material prices the construction of the synthetic measure and the political situation on our eastern while building the TMAI measure for the border, which has a negative impact on the capital market, which determines the meat, dairy and fruit and vegetable industries. investment attractiveness of companies. Moreover, in 2014 a negative trend of limiting For all variables used in the algorithm of the market appeared, which resulted from the the synthetic index construction to be imposition of the embargo on food products mutually comparable in orders of magnitude from the EU by the Russian Federation. and devoid of denominations, their Taking into account: the Russian embargo, normalization is performed. However, the the increase in prices of agricultural raw change of the normalization formula of materials and the food price increases in diagnostic features may cause changes in the recent years and the changes in consumer layout of objects in the ranking, which cause preferences towards healthy foods, it is worth will involve neither the increase, nor the examining how the situation is shaped on the decrease of their evaluation. market of food production, analysing the 1 Corresponding author. Tel.: + 48 22 5937242; fax: + 48 22 59 372 22. E-mail address: [email protected]. 359 Proceedings of the 2017 International Conference “ECONOMIC SCIENCE FOR RURAL DEVELOPMENT” No 46 Jelgava, LLU ESAF, 27-28 April 2017, pp. 359-366 The main object of the presented article is The Table 1 shows description of eight to examine the sensitivity of the result of indicators recommended in the works by linear ordering on the applied procedure of Tarczynski and Luniewska (2004, 2006). variable normalization in the construction of In addition, the analysis used the the rankings of 13 food industry companies Operating Profit Margin Ratio ( OPMR ), listed on the Warsaw Stock Exchange. The calculated as ( Operating income/ Total study used the Taxonomic Measure of revenue)·100 . The increasing value of this Investment Attractiveness (TMAI), which indicator means the improvement of the allows using the comprehensive analysis of operational effectiveness of the unit’s companies based on the most important functioning, which in turn may prove the financial indicators, presenting it in the form existence of its significant development of a synthetic ranking. By calculating the potential. OPMR is, therefore, a stimulant. distance of each object from the model, it was Table 1 checked how the application of two different The selection of variables and their normalization methods of the same diagnostic impact on the general criterion variables affects the result of the The impact on the classification. The obtained results were Ratio Formula general compared to the model ranking proposed by criterion the expert using the correlation coefficient of Net Income/ Return on Shareholder stimulant Equity (ROE) the Spearman ranks. The study was Equity conducted for the years 2013 and 2014. Net Income/ Return on Average Total stimulant For the study, the following companies Assets (ROA) Assets were selected: Colian Holding SA, Duda SA, Inventory Net Sales/ Graal SA, Indykpol SA, Kruszwica SA, Turnover Average stimulant Ratio (ITR) Inventory Makarony Polskie SA, Mieszko SA, Mispol SA, (Average Liabilities Otmuchów SA, Pamapol SA, Pepees SA, Seko Liabilities/ Net stimulant Ratio (LR) SA, Wawel SA and Wilbo SA, which are listed Income)·365 Net Sales on the main market of the Warsaw Stock Asset Revenue/ Turnover Stimulant Average Total Exchange. The activities of the analysed Ratio (ATR) Assets companies are conducted mainly in Poland, Receivable Sales Revenue/ nominant (7 – and their profit and loss account is prepared in Turnover Average 10) Ratio (RTR) Receivables a spread-sheet. The companies representing Current Ratio Current Assets/ nominant (1.0 the alcohol industry were omitted. (CR) Current Liabilities – 1.2) Synthetic TMAI measure – description Debt Ratio Total Liabilities/ nominant and results of the study (DR) Total Assets (57 %-67 %) Source: Based on papers by Tarczynski and Nine of the most important financial Luniewska, 2004, 2006 indicators were used for the calculation of the Building the expert ranking of companies of synthetic taxonomic measure TMAI in the the food sector, it has been stated that the research of food industry companies. They highest impact on the fundamental characterise the most important aspects of the assessment of the company’s condition comes company activity: profitability ( ROE, ROA, from the profitability indicators and then the OPMR ), liquidity ( CR ), efficiency ( ITR, LR, indicators relating to the working capital. It ATR, RTR ) and debt ( DR ). was posited that the relatively low information potential is in the indicators connecting the 1 Corresponding author. Tel.: + 48 22 5937242; fax: + 48 22 59 372 22. E-mail address: [email protected]. 360 Proceedings of the 2017 International Conference “ECONOMIC SCIENCE FOR RURAL DEVELOPMENT” No 46 Jelgava, LLU ESAF, 27-28 April 2017, pp. 359-366 long-term processes (e.g. income) in relation account both the scale of the variable to the balance sheet positions, which can measurement, and the characteristics of the result from one-time events, e.g. created on variable distribution, such as the arithmetic 31 December. In addition, some companies mean, standard deviation and the gap knowingly adopt the financial policy, which designated for the normalised values of makes the indicators go beyond some variables (Walesiak, 2004). In addition, it is contractual framework, which is not the worth looking at the results of the basic evidence of bad management. This case descriptive statistics and check the occurrence concerns, among others, the company Wawel of the outliers or extreme values. According to SA, which to a limited degree used foreign K. Kukula, L. Luty (2015), taking into account capitals to finance its activities and its Debt the final goal of the research, which is the rate (SZ) was the lowest in the entire group of ranking of objects, one should not use the the analysed companies. normalization methods that level the outliers Consequently, when creating the of the diagnostic features, because such classification of companies the ability of methods distort the real image of the spatial companies for the effective management of distribution of the studied complex the assets and to cover the current liabilities phenomenon impacting the sequence of the of the current assets, effectiveness of own objects under consideration. A completely equity and return on operating income were different view of the need for eliminating the taken into account. Tables 4 and 5 include the outliers, as the ones interfering with the layout of companies in the expert ranking for ranking, can be found in the article by Bak, the years 2013 and 2014. Szczecinska (2014). In the first
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