The efficiency of bankruptcy law: evidence of creditor protection in Poland

Staszkiewicz, Piotr; Morawska, Sylwia

doi:10.1007/s10657-019-09629-2

Cited by 20 publications

(11 citation statements)

References 28 publications

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“…Researchers emphasize the importance of information on the costs of bankruptcy proceedings for the purpose of conducting bankruptcy proceedings (e.g. Altman and Hotchkiss, 2006;March, 2010;Finch, 2012;Morawska, 2013;Bauer, 2013;Staszkiewicz and Morawska, 2019;Prusak et al, 2019). The need to conduct analyses on the costs of insolvency proceedings is also indicated in Bankruptcy Law.…”

Section: Second Stage Of Empirical Research Results Analysismentioning

confidence: 99%

“…Scientific publications by e.g. Altman and Hotchkiss, (2006), March (2010), Finch (2012, Morawska (2013), Bauer (2013), Staszkiewicz andPrusak et al (2019) indicate the importance of information about the costs of bankruptcy proceedings for the purpose of a trial. Bankruptcy specialists also emphasized the role of information on the costs of bankruptcy proceedings.…”

Section: Third Stage Of Empirical Research Results Analysismentioning

confidence: 99%

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Accounting as a Source of Financial Information on Insolvency in Liquidation Proceedings

Bauer

Hospodka

2020

CEMJ

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Purpose: The purpose of this paper was to indicate which information originating in accounting is important for ensuring the information transparency of bankruptcy proceedings. Methodology: Based on the literature review and the analysis of international legal acts, we determined priority types of information from accounting used in bankruptcy court proceedings. These types included information on the costs of insolvency proceedings, the assumption in the financial statements that there was no going concern, and the book value of assets. A survey was then conducted on a group of specialists in the field of bankruptcy. Findings: Respondents indicated information on the costs of bankruptcy proceedings as the most important. However, other accounting information under study also received a high assessment from insolvency specialists. The obtained assessments of individual quality features are characterized by high reliability confirmed by low standard errors. Research implications: Accounting evolves as a response to the information needs of accounting information users. Therefore, knowing these needs may contribute to changes in the requirements regarding the scope of information from accounting that is used in bankruptcy proceedings. Originality/value: In-depth knowledge of various aspects of the economic side of the bankruptcy phenomenon is part of the current trend in minimizing the negative effects of bankruptcy.

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Section: Second Stage Of Empirical Research Results Analysismentioning

confidence: 99%

Section: Third Stage Of Empirical Research Results Analysismentioning

confidence: 99%

Accounting as a Source of Financial Information on Insolvency in Liquidation Proceedings

Bauer

Hospodka

2020

CEMJ

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“…We searched for cross-country applications of the models, where the results may not necessarily be of sufficient importance to attract the audiences of the top tier journals indexed by the WoS. Due to the nature of the identification of the papers' populations, some of the papers not closely related to manufacturing insolvency prediction were omitted (Staszkiewicz and Morawska 2019;Prusak et al 2019;Karkowska 2019;Nocoń and Pyka 2019). The independent variables in the model follow the original methodology and are not standardized, nevertheless the methodology is less subjective than literature review based on researcher experience, and thus our conclusion remains most robust.…”

Section: Discussionmentioning

confidence: 99%

Cross-Country Application of Manufacturing Failure Models

Tomczak

Staszkiewicz

2020

JRFM

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The post-Altman models suffer from moral amortization. This paper asks whether models developed in one country can be applied in other economies. One of the characteristics of the prediction model is that a date drives the estimation. Thus, the estimated model based on one economy is not necessarily applicable to other economies. To verify such a statement, we carried out a literature review to identify the manufacturing models constructed during the last 30 years that were reported in reputable scientific journals. Our literature comprised 75 papers, and with the application of the citation count and citation mining, we selected a sample and traced the selected papers to the cross-country application. Our results indicated an existing gap in the cross-economy validation of existing manufacturing models. Our study has implications for policy, as the application of the prediction models to cross-economies’ consolidated financial statements is biased.

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“…The first two were intended for insolvent entities and the last for entities at risk of insolvency. After several years of operation, it turned out that this law did not work in practice, i.e., the proceedings were very long and costly and the number of composition proceedings was small (Staszkiewicz and Morawska 2019). Recovery proceedings were rare.…”

Section: Bankruptcies and Restructurings In Polandmentioning

confidence: 99%

Approval of an Arrangement in the Restructuring Proceedings and the Financial Condition of Companies Listed on the Stock Exchanges in Warsaw. Is There Any Relationship?

Prusak

Galiński

2021

JRFM

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This paper attempts to identify the financial indicators differentiating companies that are insolvent or at risk of insolvency and have successfully entered into an arrangement with their creditors from those that have not. In addition, a two-factor model for predicting the odds of an arrangement has been proposed. The research was conducted using a population of companies listed on stock exchanges in Warsaw that initiated restructuring proceedings between October 2004 and 31 December 2020. Binary logistic regression was used as the research method. The research shows that the financial health of public companies in Poland, as measured by various financial indicators, has little impact on the effectiveness of a debtor–creditor arrangement. The main measure showing discriminatory features between groups of successful and unsuccessful entities is the share of short-term liabilities in total liabilities. A statistically significant influence was also recorded for the indicator showing the share of short-term receivables in the total assets. Furthermore, a statistically significant discriminatory power for both groups was recorded for the indicator showing the ratio of inventories to sales revenue. However, in this situation the selection of this measure was due to the industry diversity of the research population. The identification of these determinants and the proposed model may help courts and supervisors to divide insolvent companies into those that should be subject to liquidation or restructuring procedures at an early stage of the proceedings. Consequently, this can significantly reduce the direct and indirect costs of implementing bankruptcy proceedings.

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The efficiency of bankruptcy law: evidence of creditor protection in Poland

Cited by 20 publications

References 28 publications

Accounting as a Source of Financial Information on Insolvency in Liquidation Proceedings

Accounting as a Source of Financial Information on Insolvency in Liquidation Proceedings

Cross-Country Application of Manufacturing Failure Models

Approval of an Arrangement in the Restructuring Proceedings and the Financial Condition of Companies Listed on the Stock Exchanges in Warsaw. Is There Any Relationship?

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