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Tytuł:
BANKRUPTCY IN SLOVAKIA: INTERNATIONAL COMPARISON OF THE CREDITOR´S POSITION
Autorzy:
Kliestik, Tomas
Misankova, Maria
Kliestikova, Jana
Powiązania:
https://bibliotekanauki.pl/articles/489093.pdf
Data publikacji:
2017
Wydawca:
Instytut Badań Gospodarczych
Tematy:
bankruptcy
bankruptcy law
insolvency
insolvency law
creditor
Opis:
Research background: Bankruptcy shouldn´t be considered only as negative phenomena although its impact is for companies in most cases more than devastating. This change of point of view is invoked by the needs of contemporary socio-economic evolution. If society wants to reach sustainable development, the bankruptcy should be perceived as an immanent part of normal cyclical economic development. Moreover, if the view of bankruptcy is changed in a positive way, it can be a stimulus for innovations, investment and global welfare. But it is not possible without an increase in the effectiveness of national and international bankruptcy law. Purpose of the article: The goal of this study is to analyse the position of a creditor in the case of a debtor´s bankruptcy on the basis of comparative law in the Slovak Republic de lege ferenda. It is because we assume that continuous attention should be given to the issue of the creditor’s position with regard to a debtor´s bankruptcy to achieve sustainable economic development. Methods: The potential consideration de lege ferenda should be based not only on performed legal analysis, but also on performed economic analysis. So, selected countries have been evaluated according to specific economic and legal indicators. We used the interdisciplinary approach based on selection analysis and legal comparative analysis applied to international comparison of the status of creditor and the effectiveness of bankruptcy law from his point of view. Findings & Value added: The applied approach has led us to the detection of the most important insolvency laws, specifically the insolvency laws of the United States and Austria. These legislations were further applied in the context of consideration de lege ferenda over the position of a creditor in the case of a debtor´s bankruptcy in the Slovak Republic.
Źródło:
Oeconomia Copernicana; 2017, 8, 2; 221-237
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Systematic review of variables applied in bankruptcy prediction models of Visegrad group countries
Autorzy:
Kovacova, Maria
Kliestik, Tomas
Valaskova, Katarina
Durana, Pavol
Juhaszova, Zuzana
Powiązania:
https://bibliotekanauki.pl/articles/19106225.pdf
Data publikacji:
2019
Wydawca:
Instytut Badań Gospodarczych
Tematy:
bankruptcy
bankruptcy prediction
variables
countries of Visegrad four
Opis:
Research background: Since the first bankruptcy prediction models were developed in the 60's of the 20th century, numerous different models have been constructed all over the world. These individual models of bankruptcy prediction have been developed in different time and space using different methods and variables. Therefore, there is a need to analyse them in the context of various countries, while the question about their suitability arises. Purpose of the article: The analysis of more than 100 bankruptcy prediction models developed in V4 countries confirms that enterprises in each country prefer different explanatory variables. Thus, we aim to review systematically the bankruptcy prediction models developed in the countries of Visegrad four and analyse them, with the emphasis on explanatory variables used in these models, and evaluate them using appropriate statistical methods. Methods: Cluster analysis and correspondence analysis were used to explore the mutual relationships among the selected categories, e.g. clusters of explanatory variables and countries of the Visegrad group. The use of the cluster analysis focuses on the identification of homogenous subgroups of the explanatory variables to sort the variables into clusters, so that the variables within a common cluster are as much similar as possible. The correspondence analysis is used to examine if there is any statistically significant dependence between the monitored factors ? bankruptcy prediction models of Visegrad countries and explanatory variables. Findings & Value added: Based on the statistical analysis applied, we confirmed that each country prefers different explanatory variables for developing the bankruptcy prediction model. The choice of an appropriate and specific variable in a specific country may be very helpful for enterprises, researchers and investors in the process of construction and development of bankruptcy prediction models in conditions of an individual country.
Źródło:
Oeconomia Copernicana; 2019, 10, 4; 743-772
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The Theoretical Aspects of Measuring the Costs of Corporate Bankruptcy
Autorzy:
Boratyńska, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/517315.pdf
Data publikacji:
2014
Wydawca:
Instytut Badań Gospodarczych
Tematy:
corporate bankruptcy
direct and indirect costs of corporate bankruptcy
Opis:
This article presents the issue of costs of enterprise bankruptcy. The purpose of this paper was to overview bibliography concerning the costs of corporate bankruptcy. According to literature, the author has pointed out that costs of bankruptcy can be divided into different groups, e.g. indirect and direct. The paper indicates the following corporate bankruptcy costs allocation criteria: time span, type of proceedings and the accounting perspective at the microeconomic level of analysis. The author has paid attention to models evaluation of costs of corporate bankruptcy. It is worth emphasizing that measurement of indirect costs of enterprises bankruptcy is a very complex issue.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2014, 9, 3; 43-57
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Comparative Analysis of the Bankrupt Companies of the Sector of Animal Slaughtering and Processing
Autorzy:
Tomczak, Sebastian
Powiązania:
https://bibliotekanauki.pl/articles/517377.pdf
Data publikacji:
2014
Wydawca:
Instytut Badań Gospodarczych
Tematy:
bankruptcy
integrated models
financial ratios
Opis:
Bankruptcy, especially during an economic crisis, is a common phenomenon. In the adverse changing economic conditions, economic activities become a challenge. Only strong individuals are able to survive the economic fluctuations, while others are eliminated from the market. The integrated models are used in predicting bankruptcy. These models are often designed on the basis of financial indicators. Some of these models use similar financial indicators, in many cases using the same ones. The present study deals with the evaluation of the sector of animal slaughtering and processing in the period 2000-2011, as well as the evaluation of the causes of business failure in the sector, and the comparison of bankrupt companies in the sector.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2014, 9, 3; 59-86
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Management of financial risks in Slovak enterprises using regression analysis
Autorzy:
Valaskova, Katarina
Kliestik, Tomas
Kovacova, Maria
Powiązania:
https://bibliotekanauki.pl/articles/18799016.pdf
Data publikacji:
2018
Wydawca:
Instytut Badań Gospodarczych
Tematy:
financial risk
default
bankruptcy
regression model
Opis:
Research background: Financial risk management is the task of monitoring financial risks and managing their impact. Financial risk is often perceived as the risk that a company may default on its debt payments. The issue of the debt, default or prosperity of the company are presented in the article as one of the ways of the risk management. A prediction of corporate default is an inseparable element of the risk management. Mainly the consequences of risk are the engine of research and development of methods and models, which enable to predict economic and financial situation in specific conditions of global economies. Purpose of the article: The main aim of the presented article is to assess financial risks of Slovak entities, realized by the identification of significant factors and determinants affecting the prosperity of Slovak companies. Methods: To conduct the research we have used the data of Slovak enterprises, obtained from annual financial reports covering the year 2015 and the calculated financial ratios of profitability, activity, liquidity and indebtedness that may affect the financial health of the company were applied in the regression analysis. Realizing the multiple regression analysis, the statistically significant determinants that affect the future financial development of the company are identified, as well as the regression model of the bankruptcy prediction. Findings & Value added: In the research aimed at the management of financial risks in Slovak enterprises, we focused on the revelation of significant economic risk factors using multiple regression. The results suggest that the most significant predictors are net return on capital, cash ratio, quick ratio, current ratio, net working capital, RE/TA ratio, current debt ratio, financial debt ratio and current assets turnover based on which the decision about the future company default can be made. These factors are significant enough to manage financial risks and to affect the profitability and prosperity of the company.
Źródło:
Oeconomia Copernicana; 2018, 9, 1; 105-121
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The Use of Discriminant Analysis to Predict the Bankruptcy of Companies Listed on the NewConnect Market
Autorzy:
Mosionek-Schweda, Magdalena
Powiązania:
https://bibliotekanauki.pl/articles/517385.pdf
Data publikacji:
2014
Wydawca:
Instytut Badań Gospodarczych
Tematy:
discriminant models
Altman's model
NewConnect
bankruptcy
Opis:
The aim of this article is to analyze and evaluate the usability of discriminant models in predicting bankruptcy for companies listed on NewConnect. This market was established in 2007 and operates as an alternative trading system next to Warsaw Stock Exchange S.A., which in practice means that its regulatory regime in relation to issuers and listed companies is not as strict as the one applicable to the main market, therefore shares of small and medium-size businesses, including start-ups, can be listed on NewConnect. In this paper, discriminant models are used to analyse the financial situation of four companies removed from trading on NewConnect due to bankruptcy, Perfect Line S.A., Promet S.A., InwazjaPC S.A. and Budostal-5 S.A. The analysis is based on three models: Altman's model for emerging markets, as well as two models of the highest predictive ability according to P. Antonowicz's research, Z7INEPAN model developed in the Polish Academy of Sciences and E. Mączyńska's model, developed by Polish scientists and adapted to the Polish economy. The results confirm that these models are a valuable tool in assessing the financial condition of enterprises and allow for bankruptcy forecasting. Their application to companies listed on NewConnect, however, may be limited due to the specific profile of these entities as most of these enterprises are in fact newly formed and therefore the existing empirical data may prove insufficient.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2014, 9, 3; 87-105
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Doctrine of Public Good in Banking Versus State Intervention
Autorzy:
Masiukiewicz, Piotr
Powiązania:
https://bibliotekanauki.pl/articles/517140.pdf
Data publikacji:
2015
Wydawca:
Instytut Badań Gospodarczych
Tematy:
bankruptcy
bank
crisis
financial institution
public good
Opis:
This article has the following thesis: changes in banking and the role of banks in real economy in recent years give an argument for treating banks as a public good. Banks received great support from governments as a result of the subprime crisis. G-20 and European Commission recommended new regulations for this sector after the crisis. As a consequence of banking development, more than 90% of the population use banking services in many countries. New social functions of banks have ap-peared. Doctrines about recovery and government support for banks were changed in parallel (e.g. LoLR). Presently, there are some arguments for recognition of public good doctrine in banking such as: a very big area for state regulation, state banking supervision, state system of deposits insurance, realization of task delegated by the state, social responsibility of banks and others. These arguments confirm that banks’ activity has a particular importance for the society and the economy, and would be public good.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2015, 10, 1; 55-67
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Logit and Probit application for the prediction of bankruptcy in Slovak companies
Autorzy:
Kovacova, Maria
Kliestik, Tomas
Powiązania:
https://bibliotekanauki.pl/articles/22446595.pdf
Data publikacji:
2017
Wydawca:
Instytut Badań Gospodarczych
Tematy:
bankruptcy
logit
probit
Slovak companies
financial health
Opis:
Research background: Prediction of bankruptcy is an issue of interest of various researchers and practitioners since the first study dedicated to this topic was published in 1932. Finding the suitable bankruptcy prediction model is the task for economists and analysts from all over the world. forecasting model using. Despite a large number of various models, which have been created by using different methods with the aim to achieve the best results, it is still challenging to predict bankruptcy risk, as corporations have become more global and more complex. Purpose of the article: The aim of the presented study is to construct, via an empirical study of relevant literature and application of suitable chosen mathematical statistical methods, models for bankruptcy prediction of Slovak companies and provide the comparison of overall prediction ability of the two developed models. Methods: The research was conducted on the data set of Slovak corporations covering the period of the year 2015, and two mathematical statistical methods were applied. The methods are logit and probit, which are both symmetric binary choice models, also known as conditional probability models. On the other hand, these methods show some significant differences in process of model formation, as well as in achieved results. Findings & Value added: Given the fact that mostly discriminant analysis and logistic regression are used for the construction of bankruptcy prediction models, we have focused our attention on the development bankruptcy prediction model in the Slovak Republic via logistic regression and probit. The results of the study suggest that the model based on a logit functions slightly outperforms the classification accuracy of probit model. Differences were obtained also in the detection of the most significant predictors of bankruptcy prediction in these types of models constructed in Slovak companies.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2017, 12, 4; 775-791
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The impacts of innovative and competitive abilities of SMEs on their different financial risk concerns: System approach
Autorzy:
Civelek, Mehmet
Krajčík, Vladimír
Fialova, Vendula
Powiązania:
https://bibliotekanauki.pl/articles/19322758.pdf
Data publikacji:
2023
Wydawca:
Instytut Badań Gospodarczych
Tematy:
financial risk management
financial performance
bankruptcy
innovativeness
competitiveness
Opis:
Research background: The lack of financial resources of small and medium enterprises (SMEs) make them face high financial risk. Their entrepreneurial abilities that belong to Resource-based View (RBV), such as innovativeness and competitiveness, might reduce SMEs' financial risk because those entrepreneurial abilities increase the financial performance of businesses. Purpose of the article: This paper aims to investigate the effects of the innovativeness and competitiveness of SMEs on their financial concerns based on financial risk, including bankruptcy, financial performance, and financial risk management. Methods: The authors use a method of data analysis and synthesis, including advanced knowledge and digital processing of background studies. This paper examines 1221 SMEs from the Czech Republic, Slovakia, and Hungary. Those firms are chosen by random sampling method from Cribis and the Budapest Chamber of Commerce databases. Then the researchers directed an online questionnaire to collect the research data from the randomly selected firms. The researchers use Ordinal Logistic Regression Test for analysis purposes. Findings & value added: This paper's results indicate that SMEs' competitiveness does not impact SMEs' bankruptcy prediction, financial performance, or financial risk management. On the other hand, while more innovative SMEs are less likely to face bankruptcy issues than less innovative SMEs, less innovative SMEs indicate better financial performance than their more innovative counterparts. Since this paper focuses on the influences of intangible assets of SMEs (such as characteristics based on RBV and Entrepreneurial Orientation) on their tangible assets (financial performance etc.) and puts emphasis on this fact from an International perspective, this paper makes a significant contribution to the literature. Furthermore, analyzing multiple relationships between SMEs' different entrepreneurial characteristics and various financial risk concerns is another important fact that might draw prospective readers' attention.
Źródło:
Oeconomia Copernicana; 2023, 14, 1; 327-354
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
CORPORATE BANKRUPTCY AND SURVIVAL ON THE MARKET: LESSONS FROM EVOLUTIONARY ECONOMICS
Autorzy:
Boratyńska, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/488966.pdf
Data publikacji:
2016
Wydawca:
Instytut Badań Gospodarczych
Tematy:
corporate bankruptcy and survival
creative destruction
evolutionary economics
Opis:
The following paper is a theoretical and empirical study. The terminological differences between bankruptcy and insolvency have been indicated and compared in the article. Most frequently considered aspects of bankruptcy appear in definitions. The first of them emphasizes the economic character of bankruptcy. Insolvency is a culmination of a lack of financial means and the loss of solvency, which does not have a fading tendency, but develops into a permanent phenomenon. In legal terms, insolvency is an institution, whose purpose is to stop the accumulation of debts and most frequently it consists on the liquidation of the debtor's estate. The main purpose of the study is a critical review of the scientific achievements of the representatives of evolutionary economics within the scope and mechanism of bankruptcy and the survival of enterprises. The analyzed case of the Beta company, which went bankrupt, indicates that the companies which are not able to undertake proper adjustments to competitive conditions of the market at the right moment are eliminated from it. The theoretical law “the survival of the fittest” finds then its reflection in practice. The following research methods were used in the article: a descriptive analysis and the trajectories of J. Argenti in terms of models. Detailed examinations of files of insolvency proceedings of the Beta company have been carried out.
Źródło:
Oeconomia Copernicana; 2016, 7, 1; 107-129
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Financial performance and bankruptcy concerns of SMEs in their export decision
Autorzy:
Ključnikov, Aleksandr
Civelek, Mehmet
Krajčík, Vladimír
Novák, Petr
Červinka, Michal
Powiązania:
https://bibliotekanauki.pl/articles/19322617.pdf
Data publikacji:
2022
Wydawca:
Instytut Badań Gospodarczych
Tematy:
financial performance
bankruptcy
SMEs
export obstacles
Visegrad countries
Opis:
Research background: Due to having lack of financial power and low amount of revenues, most of SMEs' major concerns are bankruptcy and low financial performance. Those issues are risky situations for SMEs when making for their exporting activities. Therefore, depending on their performance and bankruptcy risk, they might more intensively perceive export barriers and this fact might determine their export decisions. Purpose of the article: This paper examines whether financial performance and bankruptcy concerns of SMEs affect their perceptions of export obstacles or not. Methods: This research performs random sampling method and directs an internet-mediated questionnaire to the selected respondents who are the executives of 408 Czech, Slovakian and Hungarian SMEs. To examine the influences of firm performance and bankruptcy on the perceptions of export impediments by SMEs, this paper employs Ordinal Logistic Regression Test. Findings & value added: The results show that SMEs having less healthy financial conditions less intensively perceive cultural-linguistic export barriers in comparison with SMEs having better financial performance. Moreover, firm performance is not a predictor variable in the perceptions of export costs, legislative and tax-related barriers by SMEs. On the other hand, while SMEs having more bankruptcy concerns more intensively perceive tax-related and cultural-linguistic barriers, bankruptcy concerns of SMEs do not influence their perceptions of export costs and legislative differences. Although many studies have investigated the impacts of financial conditions of SMEs on their internationalization and exporting decisions, they are isolated with only a market or only with a financial issue. The limited extents of those studies cause a partial investigation of export and financial issues of SMEs and make readers having a narrow perspective in this specific area. By focusing on various export obstacles and financial issues that SMEs face in different markets, this research offers a detailed understanding of SMEs' perceptions regarding their financial conditions and export barriers, from a comprehensive perspective. In this regard, this is the research gap that this paper aims to fill.
Źródło:
Oeconomia Copernicana; 2022, 13, 3; 867-890
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Being an outlier: a company non-prosperity sign?
Autorzy:
Svabova, Lucia
Durica, Marek
Powiązania:
https://bibliotekanauki.pl/articles/22446412.pdf
Data publikacji:
2019
Wydawca:
Instytut Badań Gospodarczych
Tematy:
bankruptcy prediction models
financial ratios
failure prediction
financial distress
Opis:
Research background: The state of financial distress or imminent bankruptcy are very difficult situations that the management of every company wants to avoid. For these reasons, prediction of company bankruptcy or financial distress has been recently in a focus of economists and scientists in many countries over the world. Purpose of the article: Various financial indicators, mostly financial ratios, are usually used to predict the financial distress. In order to create a strong prediction model and a statistically significant prediction of bankruptcy, it is advisable to use a deep statistical analysis of the data. In this paper, we analysed the real financial ratios of Slovak companies from the year 2017. In the phase of data preparation for further analysis, we checked the existence of outliers and found that there are some companies that are multivariate outliers because are significantly different from other companies in the database. Thus, we deeply focused on these outlying companies and analysed whether to be an outlier is a sign of financial distress. Methods: We analysed whether there are much more non-prosperous companies in the set of outlier companies and if their financial indicators are significantly different from those of the prosperous companies. For these analyses, we used testing of the statistical hypotheses, such as the test for equality of means and chi-square test. Findings & Value added: The ratio of non-prosperous companies between the outliers is significantly higher than 50 % and the attributes of non-prosperity and being an outlier are dependent. The means of almost all financial ratios of prosperous and non-prosperous companies among outliers are significantly different.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2019, 14, 2; 359-375
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Bankruptcy prediction in Visegrad group countries using multiple discriminant analysis
Autorzy:
Kliestik, Tomas
Vrbka, Jaromir
Rowland, Zuzana
Powiązania:
https://bibliotekanauki.pl/articles/22446534.pdf
Data publikacji:
2018
Wydawca:
Instytut Badań Gospodarczych
Tematy:
bankruptcy
prediction model
discriminant analysis
Visegrad group
financial analysis
Opis:
Research background: The problem of bankruptcy prediction models has been a current issue for decades, especially in the era of strong competition in markets and a constantly growing number of crises. If a company wants to prosper and compete successfully in a market environment, it should carry out a regular financial analysis of its activities, evaluate successes and failures, and use the results to make strategic decisions about the future development of the business. Purpose of the article: The main aim of the paper is to develop a model to reveal the un-healthy development of the enterprises in V4 countries, which is done by the multiple discriminant analysis. Methods: To conduct the research, we use the Amadeus database providing necessary financial and statistical data of almost 450,000 enterprises, covering the year 2015 and 2016, operating in the countries of the Visegrad group. Realizing the multiple discriminant analysis, the most significant predictor and the best discriminants of the corporate prosperity are identified, as well as the prediction models for both individual V4 countries and complex Visegrad model. Findings & Value added: The results of the research reveal that the prediction models use the combination of same financial ratios to predict the future financial development of a company. However, the most significant predictors are current assets to current liabilities ratio, net income to total assets ratio, ratio of non-current liabilities and current liabilities to total assets, cash and cash equivalents to total assets ratio and return of equity. All developed models have more than 80 % classification ability, which indicates that models are formed in accordance with the economic and financial situation of the V4 countries. The research results are important for companies themselves, but also for their business partners, suppliers and creditors to eliminate financial and other corporate risks related to the un-healthy or unfavorable financial situation of the company.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2018, 13, 3; 569-593
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Bankruptcy prediction in the post-pandemic period: A case study of Visegrad Group countries
Autorzy:
Valaskova, Katarina
Gajdosikova, Dominika
Belas, Jaroslav
Powiązania:
https://bibliotekanauki.pl/articles/19322751.pdf
Data publikacji:
2023
Wydawca:
Instytut Badań Gospodarczych
Tematy:
bankruptcy
prediction model
multiple discriminant analysis
Visegrad group countries
Opis:
Research background: Effective monitoring of financial health is essential in the financial management of enterprises. Early studies to predict corporate bankruptcy were published at the beginning of the last century. The prediction models were developed with a significant delay even among the Visegrad group countries. Purpose of the article: The primary aim of this study is to create a model for predicting bankruptcy based on the financial information of 20,693 enterprises of all sectors that operated in the Visegrad group countries during the post-pandemic period (2020-2021) and identify significant predictors of bankruptcy. To reduce potential losses to shareholders, investors, and business partners brought on by the financial distress of enterprises, it is possible to use multiple discriminant analysis to build individual prediction models for each Visegrad group country and a complex model for the entire Visegrad group. Methods: A bankruptcy prediction model is developed using multiple discriminant analysis. Based on this model, prosperity is assessed using selected corporate financial indicators, which are assigned weights such that the difference between the average value calculated in the group of prosperous and non-prosperous enterprises is as large as possible. Findings & value added: The created models based on 6-14 financial indicators were developed using different predictor combinations and coefficients. For all Visegrad group countries, the best variable with the best discriminating power was the total indebtedness ratio, which was included in each developed model. These findings can be used also in other Central European countries where the economic development is similar to the analyzed countries. However, sufficient discriminant ability is required for the model to be used in practice, especially in the post-pandemic period, when the financial health and stability of enterprises is threatened by macroeconomic development and the performance and prediction ability of current bankruptcy prediction models may have decreased. Based on the results, the developed models have an overall discriminant ability greater than 88%, which may be relevant for academicians to conduct further empirical studies in this field.
Źródło:
Oeconomia Copernicana; 2023, 14, 1; 253-293
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Does the life cycle affect earnings management and bankruptcy?
Autorzy:
Durana, Pavol
Michalkova, Lucia
Privara, Andrej
Marousek, Josef
Tumpach, Milos
Powiązania:
https://bibliotekanauki.pl/articles/19233663.pdf
Data publikacji:
2021
Wydawca:
Instytut Badań Gospodarczych
Tematy:
earnings management
corporate life cycle
cash flow pattern
bankruptcy
Opis:
Research background: Deteriorating economic conditions and a negative outlook increase the pressure on financial management and the need to show high financial performance. According to Positive Accounting Theory, the growing risk of bankruptcy is associated with the phenomenon of earnings management. Bankruptcy risk and the quality of reported profits, along with other aspects of financial performance, vary throughout the company's life cycle. Nevertheless, these factors or their interactions are investigated only to a very small extent. Purpose of the article: The aim of this study is to clarify the impact of corporate life cycle and bankruptcy on earnings management, in order to describe behaviour of companies at different stages of corporate life cycle. Methods: A hierarchical mixed model with a random time and industry effect was chosen as appropriate because it allows the investigation of multilevel data that is not independent. The sample covers the financial indicators of more than 33,000 Central European companies from 2015-2019. The non-sequential Dickinson model, company age, and three models of accrual earnings management were used as proxies for the company's life cycle and quality of reported profit. Findings & value added: Earnings management and bankruptcy risk have a U-shape, indicating that financially distressed firms reduce reported accounting profit at the Introduction, Decline and, to a lesser extent, at the Growth stage. Slovak and Czech companies manipulate profits to a similar extent, Hungarian companies increase accounting profit to a greatest extent than the surveyed countries by controlling bankruptcy - life cycle effect; however, the variability of accounting manipulations across industries has not been demonstrated. These findings imply that start-ups and declining businesses provide crooked financial statements to obtain more favourable debt covenants, and estimating discretionary accruals using life-cycle subsamples can improve the predictive power of accrual earnings management models.
Źródło:
Oeconomia Copernicana; 2021, 12, 2; 425-461
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 18

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