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1

INTERNATIONAL COMPARISON OF THE RELEVANT VARIABLES IN THE CHOSEN BANKRUPTCY MODELS USED IN THE RISK MANAGEMENT

100%

Sopkova G., Spuchlakova E., Zvarikova K.

Oeconomia Copernicana

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2017

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vol. 8

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issue 1

143-155

EN

Research background: It does not matter if the company is operating in the domestic or in the international environment; its failure has serious impact on its environment. Because of this fact it is not surprising that not only owners of the companies, but also another interested groups are focused on the prediction of the company´s financial health. Purpose of the article: The first studies concerned with this issue are dating back to 1930 but from this time a hundreds of bankruptcy prediction models have been constructed all over the world. Some of them are known world-wide and some of them are known only on the national level. Many researchers share their opinion, that it is not appropriate to use foreign models in the domestic conditions non-critically, because they were constructed in the different conditions. One of the main problems are used variables. Methods: We mention three studies which were focused on the used variables in the bankruptcy prediction models. Our comparative study was concerning with 42 models constructed in the seven chosen transit economics with the aim to realize which variables are relevant and which could be reduce from the bankruptcy prediction models. We focused only on the used variables and abstracted from the used methodology, the date of their construction or the model´s power of relevancy. Findings & Value added: The result of our comparative study is the identification of 20 variables, which were used in three or more prediction models, so we assume that these variables have the best prediction ability in the condition of transit economics and their application should be consider in the construction of new models.

2

Being an outlier: a company non-prosperity sign?

100%

Svabova L., Durica M.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2019

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vol. 14

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issue 2

359-375

EN

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.

3

Identyfiacja symptomów ryzyka bankructwa przedsiębiorstwa na podstawie polskich modeli predykcji bankructwa – case study Próchnik S.A.

75%

Kuciński A.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

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2018

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vol. 52

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issue 5

EN

The article aimed to identify the main symptoms of Próchnik’s bankruptcy risk. Próchnik announced its liquidation bankruptcy in 2018. Analysis and assessment of Próchnik’s risk of insolvency was based on the Polish models of bankruptcy prediction, and the study covered the activity of the company between 2010 and 2017. The most important identifid risk factors that determined Próchnik’s insolvency were loss of profiability, problems with financial liquidity, diminishing effectiveness of the management of the company’s assets, and poor structure of capital.

PL

Celem artykułu było wskazanie głównych symptomów ryzyka bankructwa spółki Próchnik, wobec której w 2018 r. ogłoszono upadłość likwidacyjną. Analizę i ocenę zagrożenia niewypłacalnością przeprowadzono na podstawie polskich modeli predykcji bankructwa. Badaniem objęto działalność przedsiębiorstwa w latach 2010–2017. Wśród najważniejszych zidentyfiowanych czynników ryzyka, które przesądziły o niewypłacalności spółki Próchnik, wskazano utratę rentowności, problemy z płynnością fiansową, malejącą efektywność zarządzania zasobami majątkowymi przedsiębiorstwa oraz niewłaściwą strukturę kapitałową.

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1 Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

1 Equilibrium. Quarterly Journal of Economics and Economic Policy

1 Oeconomia Copernicana

1 2019

1 2018

1 2017

1 Durica M.

1 Kuciński A.

1 Sopkova G.

1 Spuchlakova E.

1 Svabova L.

1 Zvarikova K.

INTERNATIONAL COMPARISON OF THE RELEVANT VARIABLES IN THE CHOSEN BANKRUPTCY MODELS USED IN THE RISK MANAGEMENT

Being an outlier: a company non-prosperity sign?

Identyfiacja symptomów ryzyka bankructwa przedsiębiorstwa na podstawie polskich modeli predykcji bankructwa – case study Próchnik S.A.