Search results - CEJSH

1

Opinia prawna w sprawie wybranych aspektów zaspokojenia roszczeń deponentów SKOK Wołomin

100%

Sobolewski P.

Zeszyty Prawnicze BAS

|

2015

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issue 4(48)

75-82

EN

Pursuant to Article 316, para. 1 of the Bankruptcy and Recovery Law, in the course of bankruptcy proceedings bankrupt company should be sold first as a whole, unless this is not possible. In the event that participants in the bankruptcy proceedings applied to the court of first instance hearing the case to make request to the ECJ for a preliminary ruling, the court taking into account the state of affairs will consider whether the Court’s position is necessary for the resolution of the case and may decide that Court’s interpretation of EU law is not indispensable. The national court will be obliged to apply to the ECJ, upon the request of the participant in the proceedings, with a reference for preliminary ruling if it considers that the interpretation of Community law is indispensable for the case resolution and that it finds itself be the court from whose judgments there is no appeal.

2

Opinia prawna dotycząca projektu ustawy o zmianie ustawy – Prawo upadłościowe i naprawcze oraz niektórych innych ustaw

100%

Lackoroński B.

Zeszyty Prawnicze BAS

|

2014

|

issue 2(42)

178-186

EN

The bill makes it more possible to achieve the aim which is to provide for the possibility of debt adjustment of natural persons and the reduction or complete removal of barriers to access to debt adjustment. Despite a favorable assessment of the bill as a whole, the author points out the violation of the principle of equal protection of property rights and the principle of equality, which are enshrined in the Constitution. Moreover, the proposed Article 4917 does not dispel the doubts that have been reported by the doctrine in relation to the admissibility of its application to tax lien.

3

Altmanʼs Model as an Instrument for the Evaluation of the Financial Situation of the Alma Market S.A.

80%

Lewandowska J., Jakubczyk B.

Finanse i Prawo Finansowe

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2015

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vol. 2

|

issue 1

21-34

EN

This article is the result of empirical research on the use of Altmanʼs model in assessing the financial position of companies. The aim of the study was to try to see the situation of the company Alma Market S.A. for symptoms suggestive of business failure. For a thorough analysis of the discriminative model was used. The calculated value of the function enabled the assessment of the condition of the body by classifying it into the group is not threatened by insolvency.

4

Bankruptcy prediction in the post-pandemic period: A case study of Visegrad Group countries

80%

Valaskova K., Gajdosikova D., Belas J.

Oeconomia Copernicana

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2023

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vol. 14

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issue 1

253-293

EN

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.

5

Bankrotní modely v podmínkách České republiky

80%

Marek V., Petr M.

Littera Scripta

|

2011

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vol. 1

121-130

EN

The paper deals with bankruptcy models generated by multiple discriminant analysis. It evaluates their design. It addresses the shortcomings by which such bankruptcy models (especially Altman's indexes) feature. The conclusion is then focused on the possibility of application Altman's indexes in the Czech Republic. It respectively, oers two options for correction of existing indices, which could increase their explanatory value. It's just necessary to assess the depth of the correction to the applicable bankruptcy model and its relevant information value.

6

Classification of Trade Sector Entities in Credibility Assessment Using Neural Networks

80%

Wójcicka A.

Optimum. Studia Ekonomiczne

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2017

|

vol. 3(87)

EN

One of the most valid tasks in credit risk evaluation is the proper classification of potential good and bad customers. Reduction of the number of loans granted to companies of questionable credibility can significantly influence banks’ performance. An important element in credit risk assessment is a prior identification of factors which affect companies’ standing. Since that standing has an impact on credibility and solvency of entities. The research presented in the paper has two main goals. The first is to identify the most important factors (chosen financial ratios) which determine company’s performance and consequently influence its credit risk level when granted financial resources. The question also arises whether the line of business has any impact on factors that should be included in the analysis as the input. The other aim was to compare the results of chosen neural networks with credit scoring system used in a bank during credit risk decision-making process.

7

Comparative Analysis of the Bankrupt Companies of the Sector of Animal Slaughtering and Processing

80%

Tomczak S.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2014

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vol. 9

|

issue 3

59-86

EN

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.

8

Management of financial risks in Slovak enterprises using regression analysis

80%

Valaskova K., Kliestik T., Kovacova M.

Oeconomia Copernicana

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2018

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vol. 9

|

issue 1

105-121

EN

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.

9

Źródła ryzyka modeli bankructwa przedsiębiorstw.

80%

Szewc-Rogalska A.

Nauki o Finansach

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2015

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issue 3(24)

160-176

EN

This study aims at identifying sources of risks for corporate bankruptcy models. The applied research method includes the presentation of conditions for the bankruptcy phenomenon to occur in an unstable economy, the analysis of differentiation between the predictive capability of early warning models, and the recognition of risks related to these models. Three major types of risks of corporate bankruptcy models have been distinguished. Firstly, the risks of these models arise from the uncertainty of reliability of financial statements, inter alia, interfering with information, and difficulties in measurement of some financial categories. Secondly, the risk arises from the constraints related to the design of these models, inter alia, being the adopted assumptions, sampling and bankruptcy predictors. Thirdly, the risk of models pertains to the conditions of their practical applications, inter alia, there are cases of their limited comprehensibility, a high volatility of business environment, and the impact of non-conventional bankruptcy factors.

10

Systematic review of variables applied in bankruptcy prediction models of Visegrad group countries

80%

Kovacova M., Kliestik T., Valaskova K., Durana P., Juhaszova Z.

Oeconomia Copernicana

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2019

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vol. 10

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issue 4

743-772

EN

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.

11

Statistics on bankruptcy of companies in Poland

80%

Tomczak S. K.

Nauki o Zarządzaniu

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2018

|

issue vol. 23 no. 3

39-50

EN

The phenomenon of business failure in Poland came into being anew with the fall of the communist rule – it was the beginning of the 1990s, and the transition period from a centrally controlled market to a market economy was triggered. At that moment the market was a place where verification was being made regarding whether or not companies would be able to function, and consequently should they file for bankruptcy? Bankruptcy can be called a controlling device designed to eliminate the weakest links from the market, leaving the strongest players. This led to the creation of new statistical data, access to which has become easier over the years. This paper presents selected statistical data on bankruptcies of enterprises in Poland in the period 1990-2017. These data are presented by various credit information agencies by sector and region. However, these figures involve no relationship between the number of bankrupt enterprises and the number of operating ones. For this reason, the author calculated the statistical data, taking into account the relevant facts. The paper also introduces the business insolvency index and the newly established business index. The author suggested analyzing both of them in the analysis of bankruptcy data.

12

The Use of Discriminant Analysis to Predict the Bankruptcy of Companies Listed on the NewConnect Market

80%

Mosionek-Schweda M.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2014

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vol. 9

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issue 3

87-105

EN

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.

13

DOMNIEMANIE W POLSKIM PRAWIE UPADŁOŚCIOWYM

80%

Michta D.

Eunomia – Rozwój Zrównoważony – Sustainable Development

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2018

|

issue 2(95)

9-16

EN

Presumption is the inference from the fact adopted as proven of an unproven fact. There are a number of presumptions in Polish bankruptcy law, including those relating to insolvency, property or the main center of the basic activity. Institution of presumption fulfills an important role in bankruptcy law, allows to speed up the proceedings and satisfy the creditor to a higher degree than if the institution did not apply.

14

The effects of bankruptcy on the predictability of price formation processes on Warsaw’s Stock Market

80%

Fiedor P., Hołda A.

Finansowy Kwartalnik Internetowy e-Finanse

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2016

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vol. 12

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issue 1

32-42

EN

In this study we investigate how bankruptcy affects the market behaviour of prices of stocks on Warsaw’s Stock Exchange. As the behaviour of prices can be seen in a myriad of ways, we investigate a particular aspect of this behaviour, namely the predictability of these price formation processes. We approximate their predictability as the structural complexity of logarithmic returns. This method of analysing predictability of price formation processes using information theory follows closely the mathematical definition of predictability, and is equal to the degree to which redundancy is present in the time series describing stock returns. We use Shannon’s entropy rate (approximating Kolmogorov-Sinai entropy) to measure this redundancy, and estimate it using the Lempel-Ziv algorithm, computing it with a running window approach over the entire price history of 50 companies listed on the Warsaw market which have gone bankrupt in the last few years. This enables us not only to compare the differences between predictability of price formation processes before and after their filing for bankruptcy, but also to compare the changes in predictability over time, as well as divided into different categories of companies and bankruptcies. There exists a large body of research analysing the efficiency of the whole market and the predictability of price changes enlarge, but only a few detailed studies analysing the influence of external stimulion the efficiency of price formation processes. This study fills this gap in the knowledge of financial markets, and their response to extreme external events.

15

From Crisis to Success

80%

Sedláková I.

Nierówności społeczne a wzrost gospodarczy

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2015

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vol. 44 cz. 2

215-222

EN

To identify impending threats to the enterprise as well as the financial soundness of a company, professional theory recommends using one of the many methods – the method of balance sheet II analysis. After the outbreak of the global economic and financial crisis, however the bankruptcy predictive model ceased to be trusted in business circles, as in many cases it did not proveitself. On a sample of bankrupt as well as successful public limited companies listed in Business Journal it is possible to test the statistical percentage of the model and to confirm its further use in practice.

PL

W celu oceny kondycji finansowej przedsiębiorstwa, w tym zidentyfikowania zagrożenia ryzykiem bankructwa przedsiębiorstwa, teoria rekomenduje wykorzystanie jednej z wielu metod analizy bilansu – metodę analizy bilansu II. Kryzys gospodarczy i finansowy spowodował, że modele przewidywania upadłości przedsiębiorstw po tym, jak w wielu przypadkach nie sprawdziły się, straciły swoje zaufanie w kręgach biznesowych. Przetestowanie modelu, w celu oceny jego dalszej przydatności w praktyce, jest możliwe na próbie przedsiębiorstw ujętych na liście Business Journal obejmującej realnie upadłe spółki, jak i te w dobrej kondycji finansowej.

16

Non-Statistical Methods of Analysing of Bankruptcy Risk

80%

Pisula T., Mentel G., Brożyna J.

Folia Oeconomica Stetinensia

|

2015

|

vol. 15

|

issue 1

7-21

EN

The article focuses on assessing the effectiveness of a non-statistical approach to bankruptcy modelling in enterprises operating in the logistics sector. In order to describe the issue more comprehensively, the aforementioned prediction of the possible negative results of business operations was carried out for companies functioning in the Polish region of Podkarpacie, and in Slovakia. The bankruptcy predictors selected for the assessment of companies operating in the logistics sector included 28 financial indicators characterizing these enterprises in terms of their financial standing and management effectiveness. The purpose of the study was to identify factors (models) describing the bankruptcy risk in enterprises in the context of their forecasting effectiveness in a one-year and two-year time horizon. In order to assess their practical applicability the models were carefully analysed and validated. The usefulness of the models was assessed in terms of their classification properties, and the capacity to accurately identify enterprises at risk of bankruptcy and healthy companies as well as proper calibration of the models to the data from training sample sets.

17

Zagregowana ocena kondycji finansowej przedsiębiorstw z wykorzystaniem polskich modeli upadłości

80%

Kisielińska J., Waszkowski A.

Ekonomista

|

2015

|

issue 5

679-692

PL

W artykule przedstawiono zagregowaną ocenę kondycji finansowej wybranej grupy polskich przedsiębiorstw z wykorzystaniem 20 modeli prognozowania upadłości przedsiębiorstw opracowanych przez różnych polskich autorów. Przedstawiono zasady konstrukcji modeli klasyfikacyjnych do prognozowania bankructwa, wskazując na najczęstsze rozwiązania, jakimi są liniowa funkcja dyskryminacyjna oraz model logitowy. Omówiono również dobór wskaźników wykorzystywanych w konstrukcji systemów wczesnego ostrzegania. Skuteczność badanych modeli predykcyjnych zweryfikowano dla wybranej grupy firm, obejmującej 53 przedsiębiorstw, które zbankrutowały w okresie 2003–2011 oraz 53 przedsiębiorstw znajdujących się w dobrej kondycji finansowej. Analiza pokazała, że jakość uzyskanej klasyfikacji była zadowalająca w przypadku pięciu modeli. W pozostałych przypadkach testowane modele dają zbyt niski odsetek poprawnych identyfikacji bądź zbyt silną asymetrię w rozpoznawaniu przedsiębiorstw zdrowych i zagrożonych. Jeśli jednak ocena kondycji finansowej przedsiębiorstw jest przeprowadzona w sposób zagregowany, według dominujących wskazań ze wszystkich dostępnych modeli, to rozróżnienie pomiędzy klasą zdrowych i klasą zagrożonych przedsiębiorstw okazuje się prawidłowe dla 87% firm. Ponadto ocena metodą zagregowaną daje szanse na uzyskanie klasyfikacji o mniejszej asymetrii niż stosowanie indywidualnych modeli.

EN

This paper presents the aggregate rating of financial distress for the selected group of Polish enterprises, using 20 bankruptcy prediction models developed by various Polish authors. The authors describe the principles of construction of models used to predict bankruptcy, pointing to a common solution which is a linear discriminant function and the logit model. Attention is also focused on the selection of the indicators used in the construction of early warning systems. The effectiveness of the tested prediction models was verified for the selected sample including 53 companies that went bankrupt during the period 2003-2011 and 53 firms in good financial condition. The research has shown that the quality of the resulting classification was satisfactory only for five models. In other cases, the tested models give too low proportion of correct identification, or too strong asymmetry in identifying healthy and endangered firms. However, if the assessment of the financial condition of individual enterprises is carried out on an aggregate basis, using the dominant indications from all the available models, then the distinction between the healthy class and the endangered class is correctly recognized for 87% of the companies. In addition, the aggregate assessment method provides an opportunity to obtain the classification of less asymmetry than the use of individual models.

RU

В статье представлена агрегированная оценка финансового состояния избранной группы польских предприятий с использованием 20 моделей прогнозирования банкротства предприятий, подготовленных разными польскими авторами. Авторы анализируют принципы построения классификационных моделей для прогнозирования банкротства, указывая на наиболее частые решения, каковыми являются линейная дискриминационная функция и логитовая модель. Оговаривается также подбор показателей, используемых в конструкции систем раннего предупреждения. Эффективность исследуемых продукционных моделей была проверена для избранной группы, охватывающей 53 предприятия, которые обанкротились в период с 2003 по 2011 гг., и 53 предприятия, находящихся в хорошем финансовом состоянии. Анализ показал, что качество полученной классификации было удовлетворительно в случае пяти моделей. В остальных случаях тестированные модели дают слишком низкий процент правильной идентификации или слишком сильную асимметрию в выявлении здоровых и неблагополучных предприятий. Однако, если оценка финансового состояния предприятий проводится агрегированным способом по доминирующим указаниям из всех доступных моделей, то различие между группой здоровых и группой неблагополучных предприятий оказывается правильным для 87% фирм. Кроме того, оценка с помощью агрегированного метода дает шанс на получение классификации с меньшей асимметрией, чем применение индивидуальных моделей.

18

Altmanův index, Index IN05 a jejich srovnání

80%

Marek V., Pavel R.

Littera Scripta

|

2010

|

vol. 1+2

26-36

EN

Contribution involves two methods of undertaking a comprehensive evaluation, respectively bankruptcy models. The first of these is Altman’s index that was constructed in the second half of the 60 years on the basis of statistical examination of the quantities and ratios of financial analysis and their relation to the possibility of bankruptcy. The second originated in their modifications since the nineties of the twentieth in the Czech Republic. Both indicators are similar. Many times, analyses are used side by side and sometimes offer an entirely different result. Article links to a description of financial ratios under various methods, describes their common denominator and vice versa points to significant differences in investigational methods. The practical part also briefly deals with a different or on the contrary as well as consistent results for specific businesses.

19

Dopuszczalność uzyskiwania przez posła informacji od syndyka (doradcy restrukturyzacyjnego)

80%

Chybalski P.

Zeszyty Prawnicze BAS

|

2020

|

issue 3(67)

255-262

EN

In the author’s opinion, the bankrupt trustee may be an addressee of a Deputy’s request for information pursuant to Article 19 para. 1 of the Act on the Exercise of the Mandate of a Deputy or Senator as a manifestation of an extra-parliamentary (local) sphere of performing the mandate. However, obtaining information by the Deputy from the trustee in this manner seems possible only when the bankruptcy proceedings concern a company with a share of the State Treasury, a state enterprise or a local government enterprise.

20

Insurance for handling employee entitlements in the event of employer insolvency (bankruptcy)

80%

Karaleu Y. Y.

Nauki o Finansach

|

2016

|

issue 2(27)

38-48

EN

Among the modern types of economic insurances, the insurance of employees to cover their entitlements in the case of insolvency (bankruptcy) of a business may be considered as the most advantageous and future-oriented after the recent financial crisis which commenced in 2007, particularly in view of the growing number of bankruptcy cases in the Belarusian commercial courts. The purpose of this paper is to examine the varying legal treatments of employee entitlements in the case of employer insolvency (bankruptcy) and to encourage developing countries to use insurance to ensure the payment of employee entitlements which will ensure both the market strength and efficiency of the insolvency process

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