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

• Authors: Maria Kovacova , Tomas Kliestik , Katarina Valaskova , Pavol Durana , Zuzana Juhaszova

Abstracts

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.

Keywords

EN

bankruptcy; bankruptcy prediction; variables; countries of Visegrad four

• Publisher: Instytut Badań Gospodarczych
• Journal: Oeconomia Copernicana
• Year: 2019
• Volume: 10
• Issue: 4
• Pages: 743-772

Dates

published

2019

Contributors

author

Maria Kovacova

• University of Zilina

• https://orcid.org/0000000229796538

author

Tomas Kliestik

• University of Zilina

• https://orcid.org/0000000238155409

author

Katarina Valaskova

• University of Zilina

• https://orcid.org/0000000342237519

author

Pavol Durana

• University of Zilina

• https://orcid.org/0000000159751958

author

Zuzana Juhaszova

• University of Economics in Bratislava

• https://orcid.org/0000000185920137

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Identifiers

DOI

10.24136/oc.2019.034

Biblioteka Nauki

19106225