Challenges in Predicting Financial Distress in Emerging Economies: The Case of Croatia

Žiković, Ivana Tomas

doi:10.1080/00128775.2017.1387059

Cited by 12 publications

(6 citation statements)

References 40 publications

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“…Pada permasalahan regresi, adanya outlier dapat mengubah besarnya koefisien regresi secara drastis (Choi, 2009). Outlier dapat ditangani menggunakan beberapa metode, yakni dengan menggunakan metode yang robust terhadap outlier (Senthamarai Kannan and Manoj, 2015; Yu and Yao, 2017) atau juga dapat diatasi dengen menggunakan winsorization (Bassemir, 2018;Žiković, 2018). Pada penelitian ini, outlier akan ditangani menggunakan winsorization pada kuantil 5% dan 95%.…”

Section: Gambar 3 Identifikasi Outlier Pada Variabel Yang Digunakanunclassified

Pemodelan Produk Domestik Regional Bruto Sektor Pertanian dan Penyaluran Kredit menggunakan Two Stage Least Square

Saputri

Oktaviana

2023

JSA

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Green economy is a concept relating to economic development which aimed to improve people's welfare by paying attention to environmental conditions. One main pillar of a green economy is economic growth which can be calculated through GDP (Gross Domestic Product). Financial institutions can play an important role in raising economic growth through optimal credit allocation. The causal relationship that influences each other between credit allocation and Gross Regional Domestic Product (GRDP) in the agricultural, hunting, forestry, and fisheries sectors can be analyzed using the simultaneous two stage least square equation. The variables that significantly affect credit allocation are the percentage of NPL and GRDP, while the variables that significantly affect GRDP are the area of agricultural land and credit allocation. A significant causal relationship between credit distribution and GRDP shows that financial institutions can play a role in raising the growth of the green sector economy through credit allocation, especially in the green sector. Ekonomi hijau merupakan gagasan mengenai pengembangan perekonomian yang bertujuan meningkatkan kesejahteraan masyarakat dengan memperhatikan kondisi lingkungan. Salah satu pilar utama dalam ekonomi hijau adalah pertumbuhan ekonomi yang dapat dihitung melalui PDB (Produk Domestik Bruto). Lembaga keuangan dapat memegang peranan penting dalam peningkatan pertumbuhan ekonomi melalui penyaluran kredit yang optimal. Hubungan kausalitas yang saling mempengaruhi antara penyaluran kredit dengan PDRB sektor pertanian, perburuan, kehutanan, dan perikanan dapat dianalisis menggunakan persamaan simultan two stage least square. Variabel yang mempengaruhi penyaluran kredit secara signifikan adalah variabel persentase NPL dan PDRB, sedangkan variabel yang mempengaruhi PDRB secara signifikan adalah luas lahan pertanian dan penyaluran kredit. Hubungan kausalitas yang signifikan antara penyaluran kredit dengan PDRB menunjukkan bahwa lembaga keuangan dapat berperan dalam meningkatkan perkembangan perekonomian sektor hijau melalui penyaluran kredit, khususnya pada sektor hijau.

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Section: Gambar 3 Identifikasi Outlier Pada Variabel Yang Digunakanunclassified

Pemodelan Produk Domestik Regional Bruto Sektor Pertanian dan Penyaluran Kredit menggunakan Two Stage Least Square

Saputri

Oktaviana

2023

JSA

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“…We argue that an important factor for such low receivables recovery rates in Croatia and Slovakia is related to the late opening of insolvency proceedings, while the conditions for initiating the procedure were met earlier. Other authors also warn against opening bankruptcy or pre-bankruptcy proceedings too late (for example Laitinen, 2011;Tomas Žiković, 2018;Pervan et al, 2018). Therefore, the research question within this paper is whether insolvency proceedings are opened too late in the selected countries and how this issue can be explained.…”

Section: Introductionmentioning

confidence: 95%

Are insolvency proceedings opened too late? The case of Germany, Croatia and Slovakia

Pervan,

Bartulović,

Jozipović

2023

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Purpose: The aim was to analyze insolvency proceedings in Germany, Croatia and Slovakia and answer the research question whether insolvency proceedings are opened too late in the observed countries and how this issue can be explained. Methodology: Comparative analysis of insolvency systems in Germany, Croatia, and Slovakia was con-ducted. Furthermore, the financial profile (liquidity) of firms in pre-insolvency and insolvency proceedings in Germany, Slovakia and Croatia was analyzed and respective results were compared with data on government effectiveness and the rule of law in the observed countries. The one-way ANOVA was performed to test the differences in liquidity among companies that initiated pre-insolvency and insolvency proceedings.Results: The results indicate that German companies respond to signs of crises earlier in comparison to Croatian and Slovakian companies and these differences cannot be explained only by criminal law measures which are not equally effective across jurisdictions, but they depend to a large extent on government effectiveness and the rule of law in a country.Conclusion: The results show that despite the similarities in the civil law frameworks, insolvency proceedings in Croatia and Slovakia are still initiated on average much later than in Germany. Moreover, according to the results, criminal law sanctions against the late initiation of insolvency proceedings can have preventive effects. However, while they can increase the number of timely insolvency proceedings, their effective-ness is still limited by the efficiency of the judicial system measured by the strength of institutions and their consistent application.

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“…Modeli predviđanja stečaja obično se temelje na financijskim informacijama, te se autori uglavnom koriste financijskim pokazateljima kako bi predvidjeli stečaj (Deakin, 1972;Blum, 1974;Ohlson, 1980;Zmijewski, 1984;Cho, 1994;Gu & Gao, 2000;Youn & Gu, 2010a i drugi). Proučavajući literaturu koja se bavi stečajevima može se uočiti da su neki od autora bili više usmjereni na financijske nestabilnosti, a ne na stečajeve (Olsen, Bellas & Kish, 1983;Šarlija & Jeger 2011). Definicija financijske nestabilnosti, odnosno financijskih poteškoća u radovima nije jednolika već uvelike ovisi o autorovoj interpretaciji, što naravno ima velike implikacije na rezultate istraživanja.…”

Section: Uvodunclassified

Predviđanje Stečaja U Restoranskoj Industriji Hrvatske

Bogdan

2021

Ekonomska misao i praksa

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Svrha istraživanja ovoga rada je istražiti mogućnost predviđanja stečaja u hrvatskoj restoranskoj industriji. Istraživanje je provedeno u razdoblju 2017.– 2019. godine na uzorku od 297 poslovnih subjekata u stečaju i 308 poslovnih subjekata koji nisu u stečaju, te isti pripadaju području I razred 5610 - Djelatnosti restorana i ostalih objekata za pripremu i usluživanje hrane. Temeljem logističke regresije procijenjen je model s dvije varijable, te je isti pokazao 82,8 % točnosti predviđanja godinu dana prije stečaja, 76,7 % dvije godine prije stečaja i 76,4 % tri godine prije stečaja. Model sugerira da koeficijent vlastitog financiranja (koji pokazuje udio imovine koji se financira iz kapitala) i EBITDA marža (koja ukazuje na EBITDA izraženu u postotku poslovnih prihoda), imaju važnu ulogu u predviđanju stečaja restorana. Ovaj rad pruža nova saznanja u predviđanju stečaja restorana u Hrvatskoj.

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Challenges in Predicting Financial Distress in Emerging Economies: The Case of Croatia

Cited by 12 publications

References 40 publications

Pemodelan Produk Domestik Regional Bruto Sektor Pertanian dan Penyaluran Kredit menggunakan Two Stage Least Square

Pemodelan Produk Domestik Regional Bruto Sektor Pertanian dan Penyaluran Kredit menggunakan Two Stage Least Square

Are insolvency proceedings opened too late? The case of Germany, Croatia and Slovakia

Predviđanje Stečaja U Restoranskoj Industriji Hrvatske

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