The paper focuses on the analysis of agricultural externalities and their valuation methods. Agricultural activity beyond supplying food and fibre, can also be instrumental in forming the landscape, providing natural resources, and preserving biodiversity. Furthermore, agriculture contributes to the achievement of societal goals such as the viability of rural areas and their development, food security, and preservation of cultural heritage. Positive externalities of agriculture assert in the form of public goods, whereas intensive environmentally unbalanced agricultural activity causes damage to the environment. The objectives of this paper are to define agricultural externalities and to analyse methods of their valuation. In order to achieve the research aim, characteristics of agricultural externalities in farming systems have been analysed; evaluation methods of the benefit and cost of externalities in farming systems, revealing their advantages and disadvantages have been examined, and scientific studies on evaluation of externalities have been reviewed. Methods of systemic and logic analysis were applied for analysis of agricultural externalities and their evaluation. The analysis has showed that stated preference methods are commonly used for determination of the positive externalities. The most limited methods are travel cost and hedonic pricing methods, which are suitable only for the evaluation of public goods related to recreation or leisure. For evaluation of negative externalities the external costs of agricultural activity are estimated.

Company capital is essential in running business and creating value added for the stakeholders, including economy. How the view on company’s capital structure has evolved from theoretical perspective in the 20th century is needed to be assessed, in order to determine what concepts and theories, if any are relevant in the 21st century. Many theories have competed their way and transformed during the 20th century, while some, i.e. trade-off, signalling and stakeholder theories are still relevant in the 21st century. There are also new trends in the 21st century, new terms and quests shifting from determining and analysing optimal company’s capital structure to sustainable finance, taxonomy and also sustainability in capital structure. Therefore, the aim of this research: to establish existing main theories impacting and analysing company’s capital structure and to examine the theoretical shift of the theories based on the needs in the 21st century. Authors defined company’s capital structure and determined that during the years 1989–2020, number of research publications has grown significantly, thus validating the need to reassess theoretical background of capital structure theories in the 20th century, as well as to help to determine the trends still relative and emerging from the theoretical and practical aspects to company’s capital structure in the 21st century.