Číslo 4
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Browsing Číslo 4 by Subject "C52"
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- ItemFailure prediction from the investors’ view by using financial ratios. Lesson from Romania(Technická Univerzita v Liberci, 2016-12-05) Achim, Monica Violeta; Borlea, Sorin Nicolae; Găban, Lucian Vasile; Ekonomická fakultaThe purpose of our study is to identify which financial indicators have a significant impact on the probability of Romanian companies’ bankruptcy risk from the investors’ point of view by studying the impact on the probability of shares delisting from the stock exchange. The research is conducted on a sample of 16 failed and 21 non-failed non-financial companies listed on the Bucharest Stock Exchange between 2002 and 2012. The Logit analysis is used for identifying the variables that are significant and have predictive power on distress likelihood. By using 12 main financial ratios, we estimate three alternative Logit models for determining their signs, significance, predictive power, efficiency of fit tests. The first model provides the highest explanatory power. Three variables such as Flexibility ratio (FLEX), Assets turnover (ASTU) and Current assets turnover (CASTU) are found to be significant determinants for stock exchange delisting. These three variables provide 52.59% of correct prediction of bankruptcy risk. The percentage for correctly classified observations for the fitted Logit model is of 83.33%. Moreover, this research attempts to reveal the changes that may appear among bankruptcy predictors given that the bankruptcy risk model is developed from the investors’ point of view and not from that of a simple decision-making person. For a stock market investor, bankruptcy already starts at the stage of delisting the company because the investment was strongly compromised, whether or it continues its activity or not. Orientation towards investors when predicting bankruptcy risk is the main element of originality that our research adds to the scientific achievements in bankruptcy, until this moment.
- ItemProfitability of the food industry in Poland – an ordered logit model approac(Technická Univerzita v Liberci, 2016-12-05) Gołaś, Zbigniew; Kurzawa, Izabela; Ekonomická fakultaThe article addresses the problem of financial determinants of return on equity (ROE) in the food industry in Poland. The analysis was conducted on the basis of the decomposition of the rate of return on sales and in conjunction with the system of indicators linking the return on sales to return on assets and equity. In addition, in order to identify the significance of individual components of the ROE system, ordered logit regression models were estimated. The proposed in the paper system of decomposition of the return on equity has allowed a multidimensional analysis of profitability determinants. Its implementation in the food industry sectors, using the logit regression models of ordered categories, has proven that the reasons for different ROE in the food industry sectors should be primarily sought in the ability to create value added, labour costs, rational management of financial expenses, efficient use of assets as well as in more aggressive shaping the capital structure, determining the level of financial leverage. In conclusion, the applied in the paper ordered logit model of the return on equity has proven to be a very good tool to assess the significance of the factors affecting the level of ROE rates in the food industry sectors. In addition, the proposed model apart from its applicability also possesses a practical value. It allows predicting probable scenarios of transition from a very low level of the return on equity to more favourable financial results measured with this profitability category.