Predicting the risk of financial distress of enterprises is an inseparable part of financial-economic analysis, helping investors and creditors reveal the performance stability of any enterprise. The acceptance of national conditions, proper use of financial predictors and statistical methods enable achieving relevant results and predicting the future development of enterprises as accurately as possible. The aim of the paper is to compare models developed by using three different methods (logistic regression, random forest and neural network models) in order to identify a model with the highest predictive accuracy of financial distress when it comes to industrial enterprises operating in the specific Slovak environment. The results indicate that all models demonstrated high discrimination accuracy and similar performance; neural network models yielded better results measured by all performance characteristics. The outputs of the comparison may contribute to the development of a reputable prediction model for industrial enterprises, which has not been developed yet in the country, which is one of the world’s largest car producers.

Both Russia and Croatia are the great seafaring nations with glorious past, complicated present and, hopefully, a rewarding future. The countries that historically had long sea borders are almost destined to become the global shipbuilding centres. Since the ancient times, the marine shipping routes have connected the most distant nations, countries and entire continents through trade and economic relations. At the same time, the high seas were also a place for the constant battles between the fl eets of the major seafaring nations. Thus, both civil and naval shipbuilding was and will always be of utmost importance for any country with a sea access. The product of this industry stays in demand at any time and under any circumstances-both during the periods of growth and the times of crises. The shipbuilding is subject to the same kind of diffi culties as the economy as a whole, but due to the technological specifi cs of this industry it has some additional specifi c problems. This article deals with the comparative analysis of the recent and current state of the shipbuilding industries of Croatia and Russia. We tried to fi nd out the problems that are similar for the shipbuilding industries of both countries, as well as their national particularities. The main diffi culty for the comparative analysis was the fact that while the major part of the Croatian shipbuilding is civil, the Russian industry is predominantly naval. However, it does not preclude the existence of common problems, for the research of which the comparative analysis could be a useful tool. Sažetak I Rusija i Hrvatska poznate su pomorske zemlje sa slavnom pomorskom tradicijom, složenim okolnostima u današnjim vremenima i, nadajmo se, budućnošću koja obećava. Zemlje koje imaju dugu obalu gotovo neizbježno postaju svjetska središta brodogradnje. Od davnih su vremena putovi prijevoza morem povezivali najudaljenije narode, zemlje i cijele kontinente s pomoću trgovine i ekonomskih odnosa. Istovremeno, oceani su predstavljali mjesta stalnih sukoba između fl ota najvećih pomorskih nacija. Stoga je i civilna i ratna brodogradnja bila i bit će uvijek najznačajnija za svaku zemlju koja ima izlaz na more. Uvijek postoji potražnja za proizvodima ove industrije-i u vrijeme rasta i u vrijeme krize. Brodogradnja je izložena jednakim problemima kao i ekonomija u cjelini, ali zbog svojih tehnoloških posebnosti ova industrija ima dodatne specifi čne probleme. U ovome radu daje se komparativna analiza stanja brodograđevnih industrija u Hrvatskoj i Rusiji kakve su bile u posljednje vrijeme i kakve su danas. Pokušalo se otkriti probleme u brodograđevnoj industriji koji su slični u objema zemljama, kao i različitosti. Najveća prepreka u komparativnoj analizi bila je činjenica da je većina brodogradnje u Hrvatskoj za civilne potrebe, dok je u Rusiji pretežito za vojne potrebe. Međutim, time se ne isključuju zajednički problemi, a ova komparativna analiza može poslužiti boljem istraživanju tih problema. KEY WORDS civil shipbuilding military shipbuilding branch problems s...

No abstract

The paper deals with the issue of the corporate cost of capital and its calculation. The main aim of the article is to identify significant factors affecting the value of the costs of capital in the Slovak Republic and to form a model that would allow Slovak companies to compute the value of the costs of capital. We identify the main parameters of our potential model considering six relevant studies that were performed in foreign countries, accepting only those determinants that were applicable in Slovak economic conditions. Then the values of selected parameters are calculated for 32,127 companies of our database and the weighted average costs of capital of the entities in the database, considering the calculation of costs of equity using the CAPM model modified for non-American markets and costs of debt. We use the regression analysis to compute the statistical characteristics of the econometric model. We found out that the significant parameters to be included in the model are levered beta, value of equity, leverage, corporate size, long-term debt capital to total assets, return on assets and on investments, legal form, SK NACE and region. Using the significance F-test and Pearson chisquare test we can claim, that there is a statistically significant relationship between the corporate costs of capital and the legal form and SK NACE classification and we can conclude that there is a statistical significance of the constructed model of the costs of capital quantification. This model can be used to compute the costs of capital of the individual companies in the Slovak economic conditions.

No abstract