RENTOWNOŚĆ A PŁYNNOŚĆ FINANSOWA NA PRZYKŁADZIE PRZEDSIĘBIORSTW PRZEMYSŁU SPOŻYWCZEGO

Given the importance and unique characteristics of food industry enterprises, identifying the relationship between financial risk levels and business efficiency is a key theoretical issue. Existing research findings on this subject remain inconclusive, highlighting the need for further investigation. This study aims to examine the relationship between profitability ratios and financial liquidity levels. The analysis is based on data from the annual financial statements of 16 joint-stock food industry companies listed on the Warsaw Stock Exchange for the period 2014-2018. To determine significant differences in profitability ratios – sales profitability, asset profitability, and equity profitability – depending on current liquidity levels, a non-parametric Kruskal-Wallis rank ANOVA test was applied. Additionally, posthoc tests were used to identify which specific groups of companies, categorized by liquidity level, exhibited significant differences in profitability indicators. The findings indicate that financial liquidity levels significantly differentiate selected profitability indicators. Companies with the highest levels of current liquidity recorded significantly higher sales profitability and asset profitability compared to those with lower liquidity levels. Maintaining higher financial liquidity not only ensures financial stability, which is essential for long-term business development, but also contributes to increasing shareholder wealth.