Financial distress of companies in Poland

Gruszczyński, Marek

doi:10.1007/bf02295137

Cited by 32 publications

(26 citation statements)

References 7 publications

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“…This shows that the nature of financial bankruptcy prediction and financial distress prediction is similar with sukuk ratings whereby financial distress prediction model is in fact also a credit scoring technique. and Virag (1996) in Hungaria, Latinen (2007) in Finnish, Merek Gruszczynski (2004) in Poland, Ugurlu andAksoy (2006) in Turkey, Zulkarnain et al (2004) in Malaysia, Santiago and Rosillo (2001) in Colombia, and Li and Liu (2009) in China. They found that financial indicators analysis using financial ratios has always been a very useful instrument in evaluating companies» problem in their operation and finances.…”

Section: Ii2 Previous Studiesmentioning

confidence: 99%

“…Some of the results also suggest that logistic model still produced promising result in bankruptcy prediction. Hadju and Virag (1996), Latinen (2007), Gruszczynski (2004) M. Adnan Aziz and Humayon Dar (2006), Ugurlu andAksoy (2006), Lu et.al (2008) and Li and Liu (2009) still use binary or trinomial logistic model as their method. These facts support our utilization of multinomial logistic model as the method of this research.…”

Section: Ii2 Previous Studiesmentioning

confidence: 99%

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Lessons Learned From Repeated Financial Crises: An Islamic Economic Perspective

Ascarya¹

2010

BEMP

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Financial crises have been repeated again and again over a long period of time since the demise of gold regime in 1915, have been temporarily subsided in the period under Bretton Woods Agreement with gold standard in 1950-1972, and have been reemerged after the collapse of Bretton Woods Agreement with higher frequency and magnitude. The recent subprime mortgage crisis in the US has spread out throughout the world threatening global meltdown. It seems that the conventional world have not really learned the lessons and have handled the crisis only partially in the symptoms without touching the root cause of the crisis. This study tries to determine the anatomy and root causes of the crisis and layout strategies to cure it using analytic descriptive and quantitative approaches under Islamic perspectives.The study concludes that the root causes of the crisis from Islamic economic perspective can be human error and natural phenomenon uncontrollable by human. Human error can be divided into three groups, namely (1) moral decadences that trigger (2) system or conceptual flaws and (3) internal weaknesses. Conceptual system flaws include 1) excess money supply from seigniorage, fractional reserve banking system, credit card and derivatives; 2) Speculation; 3) interest system; 4) international monetary system; and 5) real and monetary sectors decoupling.Empirical results show that riba rooted causes of financial crises (excess money supply 2.8%, interest rate 45.2%, and exchange rate 18.6%) give 66.6% share to financial crises in Indonesia, while if we substitute these three systems according to Islamic perspective (just money supply 0.7%, PLS return 2.5%, and single global currency 0.2%) will give only 3.4% share to financial crises in Indonesia, or a massive reduction of 63.2%.JEL Classification: E44, E51, G21Keywords: Financial Crisis, Fiat Money, Fractional Reserve, Interest, Speculation, Narrow Banking, Profit-and-Loss Sharing, Single Global Currency.

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Section: Ii2 Previous Studiesmentioning

confidence: 99%

Section: Ii2 Previous Studiesmentioning

confidence: 99%

Lessons Learned From Repeated Financial Crises: An Islamic Economic Perspective

Ascarya¹

2010

BEMP

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“…Çalışma sonucunda aralarında cari oran, asit-test oranı ve nakit oranın da bulunduğu 10 finansal oranın finansal başarısızlık tahminlemesinde kullanılabileceği tespit edilmiştir. Gruszczynski (2004), Polonya'da 1995-1997 Her iki çalışma sonucunda da cari oranın finansal başarısızlık üzerinde istatistiki olarak anlamlı etkilerinin bulunduğu ve finansal başarısızlık tahminlerinde kullanılabileceği tespit edilmiştir. Almansour (2015) ise, 2000-2003 döneminde Ürdün'de faaliyet gösteren 11 başarılı ve 11 başarısız firmaya ait verileri kullanarak finansal başarısızlığın içsel belirleyicilerini incelemiş ve çalışma sermayesi oranı ve cari oranın finansal başarısızlık üzerinde istatistiki olarak anlamlı etkilerinin bulunduğunu tespit etmişlerdir.…”

Section: Yurt Dışında Yapılmış çAlışmalarunclassified

Finansal Başarısızlık Modellerinin Çalışma Sermayesi Yatırım ve Finansman Politikaları Doğrultusunda İncelenmesi: BİST’de Karşılaştırmalı Bir Uygulama

Yaman¹,

Korkmaz²

2021

Gaziantep University Journal of Social Sciences

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Bu çalışmada, firmaların çalışma sermayesi yatırım ve finansman politikalarının finansal başarısızlık üzerindeki etkileri panel veri analizi ile incelenmiş ve finansal başarısızlık modelleri elde edilen bulgular üzerinden karşılaştırılmıştır. Çalışmada, Borsa İstanbul (BİST) metal eşya sektörü firmalarının 2004:6-2019:12 dönemi yarı yıllık verileri kullanılmıştır. Çalışmada firmalara ilişkin finansal başarısızlık skorları Altman (1968), Springate (1978), Ohlson (1980), Taffler (1983 ve Zmijewski (1984) finansal başarısızlık modelleri aracılığı ile hesaplanmıştır. Analizler, finansal başarısızlık skorlarının bağımlı değişken, çalışma sermayesi yönetimi değişkenlerinin ise bağımsız değişken olarak yer aldığı beş ayrı panel veri modeli kullanılarak gerçekleştirilmiştir. Çalışma sonucunda, tüm modellerde çalışma sermayesi yönetiminin finansal başarısızlık üzerinde etkili olduğuna yönelik bulgular elde edilmiştir. Genel anlamda çalışmada elde edilen bulgular, BİST metal eşya sektörü firmalarının esnek bir çalışma sermayesi yatırım politikası izlemeleri, yüksek kısa vadeli borç ödeme gücüne sahip olmaları ve ihtiyatlı bir çalışma sermayesi finansman politikası izlemeleri durumunda finansal başarısızlık risklerini düşürebileceklerine işaret etmektedir.

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“…According to studies by Lizal (2002) for the Czech Republic or by Hajdu and Virag (2001) for Hungary, they confirmed the importance of bankruptcy models. Financial distress of companies in Poland was the aim of the study by Gruszczynski (2004). The financial condition of companies in Poland was determined by the degree of liquidity, profitability, and the financial leverage variables.…”

Section: Literature Reviewmentioning

confidence: 99%

The Financial Health of Public Limited Companies in Poland

Pražák¹

2017

AAK

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The financial performance and financial health of companies is given through the ability to generate added value. For the resulting effect of creating added value, maximum activity is required. Otherwise, companies have significant payment difficulties that can be resolved by a radical change in its activities or structure. The aim of this paper is to indicate potential threat of the financial distress of selected public limited companies in Poland. The financial health of companies is analysed by Taffler´s bankruptcy model. The construction of the predictive models and the bankruptcy models are based on actual data from companies which were threatened by bankruptcy in previous years. The Taffler´s bankruptcy model is applied on the annual financial results of public limited companies in Poland from 2006 to 2015. The results indicated that 12 % of public limited companies in Poland had financial problems during observed period.

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Financial distress of companies in Poland

Cited by 32 publications

References 7 publications

Lessons Learned From Repeated Financial Crises: An Islamic Economic Perspective

Lessons Learned From Repeated Financial Crises: An Islamic Economic Perspective

Finansal Başarısızlık Modellerinin Çalışma Sermayesi Yatırım ve Finansman Politikaları Doğrultusunda İncelenmesi: BİST’de Karşılaştırmalı Bir Uygulama

The Financial Health of Public Limited Companies in Poland

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