دانلود رایگان مقاله انگلیسی پیشگیری از ورشکستگی: تلاش جدید برای بازتاب در تغییرات قانونی و اجتماعی - اشپرینگر 2018

Abstract

Every corporation has an economic and moral responsibility to its stockholders to perform well financially. However, the number of bankruptcies in Slovakia has been growing for several years without an apparent macroeconomic cause. To prevent a rapid denigration and to prevent the outflow of foreign capital, various efforts are being zealously implemented. Robust analysis using conventional bankruptcy prediction tools revealed that the existing models are adaptable to local conditions, particularly local legislation. Furthermore, it was confirmed that most of these outdated tools have sufficient capability to warn of impending financial problems several years in advance. A novel bankruptcy prediction tool that outperforms the conventional models was developed. However, it is increasingly challenging to predict bankruptcy risk as corporations have become more global and more complex and as they have developed sophisticated schemes to hide their actual situations under the guise of ‘‘optimization’’ for tax authorities. Nevertheless, scepticism remains because economic engineers have established bankruptcy as a strategy to limit the liability resulting from court-imposed penalties.

Conclusion

There should be a continuous focus on the issue of bankruptcy predictions to ensure business continuity and to further sustainable and ethically responsible economic development. The robust analysis of Slovak corporate performance in recent years revealed that, in many cases, there are indications of financial troubles several years before the bankruptcy itself; in addition, in most cases, it is possible to detect these troubles using conventional bankruptcy prediction tools.

A new bankruptcy prediction tool was proposed that outperforms conventional tools. This tool’s higher sensitivity originates primarily from the fact that it was modelled on local legal and business aspects. However, the conclusion is that these tools are either not used competently or the bankruptcies are affected by financially unpredictable factors; an alternative conclusion is that economic engineers work with false financial data.