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1

Inability of Gearing-Ratio as Predictor for Early Warning Systems

100%
Situm M.
Business Systems Research Journal
|
2014
|
vol. 5
|
issue 2
23-45
EN
Background: Research in business failure and insolvency prediction provides numerous potential variables, which are in the position to differentiate between solvent and insolvent firms. Nevertheless, not all of them have the same discriminatory power, and therefore their general applicability as crisis indicators within early warning systems seems questionable. Objectives: The paper aims to demonstrate that gearing-ratio is not an appropriate predictor for firm failures/bankruptcies. Methods/Approach: The first and the second order derivatives for the gearing-ratio formula were computed and mathematically analysed. Based on these results an interpretation was given and the suitability of gearing-ratio as a discriminator within business failure prediction models was discussed. These theoretical findings were then empirically tested using financial figures from financial statements of Austrian companies for the observation period between 2008 and 2010. Results: The theoretical assumptions showed that gearing-ratio is not a suitable predictor for early warning systems. This finding was confirmed with empirical data. Conclusions: The inclusion of gearing-ratio within business failure prediction models is not able to provide early warning signals and should therefore be ignored in future model building attempts.
2

Multiple-perspective Reorganisation of the Dairy sector: Mathematical Programming Approach

84%
Kocjančič T., Žgajnar J., Juvančič L.
Business Systems Research Journal
|
2016
|
vol. 7
|
issue 2
35-48
EN
Background: Agriculture is a production system in which the economic principles of organisation act in mutual dependence with its ecological boundaries. Objectives: Building on this premise, the paper evaluates performance of a chosen agricultural production system (dairy production in Slovenia) from two complementary perspectives, the socio-economic and the biophysical. Methods/Approach: The latter is presented by means of emergy analysis, which is a system-based approach that measures the aggregate work of biosphere needed for the provision of goods or services in the units of solar energy joules. The novelty aspect of this paper is the introduction of emergy indicators into the standard socioeconomic optimisation model of the chosen agricultural production system. The optimisation model based on linear mathematical programming is designed to empirically investigate different alternatives to the sector’s reorganisation. Results: The results of the optimisation models suggest considerable restructuring of the sector and, consequently, large discrepancies in the sector’s performance. Conclusions: The results suggest that further expansion of organic production systems as a result of a stronger environmental focus in farm management would improve the sector from both, the socio-economic and the emergy perspective. Moreover, even pursuing certain socio-economic targets may improve the sector’s biophysical performance and lower pressure on the local environment.
3

Creating New Knowledge Assisted by Computational Devices

67%
Andrášik L.
Creative and Knowledge Society
|
2014
|
vol. 4
|
issue 1
EN
In contemporary global knowledge based society there are scorching needs for new knowledge and unprecedented vision of future development. Author is focuses attention to new possibilities of fostering creative abilities and gaining new socio-economic knowledge by the assistance of ICT, Internet and mainly by using products and services of computational intelligence. His method used is prevailingly new knowledge creation by experimentation in virtual laboratories. In using conventional methods, he combines inductive and deductive methods as set up for developing mental models from up to down and bottom to up. Because in socio-economic branches it is very difficult and even almost wholly impossible to do experiments in objective reality the experimentation by the assistance of computational intelligence is promising advance in gaining new socioeconomic knowledge in contemporary complex world. Using such new approaches, methods and tools is the main scientific aim of the author. He uses convictive demonstration of successful using these unprecedented possibilities in gaining deeper knowledge about complex evolutionary phenomena. The distinction of such knowledge is against conventional one is consisting in very deep understanding of complex socio-economic dynamics. Using meant knowledge acquisition approaches is promising in quality and in abiding knowledge and skill of single individuals but the extraordinary progress of creative knowledge based society fostered by using them in advanced webs is useful for whole society.
4

Application of the Nonparametric DEA Meta-frontier Approach with Undesirable Outputs in the Case of EU Regions

67%
Hančlová J., Melecký L.
Business Systems Research Journal
|
2016
|
vol. 7
|
issue 2
65-77
EN
Background: The paper focusses on the efficiency evaluation of the EU-28 NUTS 2 regions production process according to the concept of the Regional Competitiveness Index 2013. Objectives: Production units are divided into four groups using the factors of regional competitiveness. Production technology also enables reduction of the undesirable outputs (a negative impact on health and long-term unemployment). Based on the analysis of distance of the production units from the efficiency frontiers, a directional output distance function assuming a constant return to scale is used. This approach thus respects the heterogeneity among the groups of regions. Methods/Approach: The nonparametric meta-frontier Data Envelopment Analysis approach was used in two steps. Firstly, the efficiency evaluation within each group of regions is provided and in the second step the meta-frontier is set down. For the measurement of the gap between the group-frontier and the meta-frontier, the technology gap ratios are provided. The paper also analyses environmental inefficiencies. Results: The obtained results indicate that a significant improvement of meta-technology ratio holds within the European context. Conclusions: The combination of empirical findings, with respect to technology gaps and environmental technology gaps, supports the evidence that traditional differences of technological frontiers formation are more significant in comparison to group frontiers constitution.
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