Do Firms in Insolvency Proceedings Publish Their Financial Statements?

Bokšová, Jiřina; Randáková, Monika

doi:10.18267/j.cfuc.364

Cited by 10 publications

(6 citation statements)

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“…The sample contains 120 annual financial statements which describe 53 companies in total. Partly it is caused by unpublished disclosures (Bokšová & Randáková, 2013). The second limitation is that the reorganization principle is hardly used in the Czech Republic (Smrčka et al, 2013) and there are not many more cases which can be classified as the pre-packed insolvencies.…”

Section: Discussionmentioning

confidence: 99%

“…The sample does not contain all pre-packed insolvencies because of the unpublished financial statements. Financial statements whose unavailability is analysed by Bokšová and Randáková (2013) are a necessary input to determine an enterprise's financial characteristics. The final sample consists of 53 enterprises (legal entities) which present all entities of a kind required publishing their financial statements in the Czech Republic.…”

Section: Data Samplementioning

confidence: 99%

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Financial Situation of Pre-Packed Insolvencies

Schönfeld

2020

Journal of Business Economics and Management

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This paper is focused on the financial situation of companies entering insolvency proceedings. It does not work with all kinds of the insolvent companies, but this paper concentrates on one specific issue. The issue is pre-pack insolvencies. The main aim is to show if the financial situation is an important factor for consent to pre-pack. The pre-pack insolvencies are insolvency cases which start with an insolvency proposal which is accompanied by a reorganization plan already approved by creditors. Prepacks should help make the insolvency process quicker and enable enterprise financial rehabilitation and sustain the going concern principle. On the other hand, the procedure can hardly be successful when the financial situation of the company is extremely poor. Therefore this paper evaluates the financial situation of the companies with pre-packed insolvency in the Czech Republic. The analysis of companies was conducted over one, two or three year periods prior to the companies entering an insolvency proceeding. According to the literature, financial indicators used for evaluation are commonly EBITDA, cash liquidity, debt ratio, ROA and the Altman Z-Score prediction model. Results for the individual enterprises are summed up in this paper using basic descriptive and variable statistics. Conclusions have especially practical implications because they show financial inability of majority pre-packed cases.

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Section: Discussionmentioning

confidence: 99%

Section: Data Samplementioning

confidence: 99%

Financial Situation of Pre-Packed Insolvencies

Schönfeld

2020

Journal of Business Economics and Management

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“…What proved to be the main obstacle was rather complicated access to data since many companies do not report on time or they tend not to report at all despite reporting being an obligatory legal requirement in the Czech Republic. Some further details concerning the Czech disclosure discipline can be found in Strouhal et al 2014focusing on TOP100 companies according their sales and in Bokšová and Randáková (2013) focusing on insolvent entities.…”

Section: Methodsmentioning

confidence: 99%

Comparison of Prediction Models Applied in Economic Recession and Expansion

Čámská

Klečka

2020

JRFM

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As a rule, the economy regularly undergoes various phases, from a recession up to expansion. This paper is focused on models predicting corporate financial distress. Its aim is to analyze impact of individual phases of the economic cycle on final scores of the prediction models. The prediction models may be used for quick, inexpensive evaluation of a corporate financial situation leading to business risk mitigation. The research conducted is drawn from accounting data extracted from the prepaid corporate database, Albertina. The carried-out analysis also highlights and examines industry specifics; therefore, three industry branches are under examination. Enterprises falling under Manufacture of metal products, Machinery, and Construction are categorized into insolvent and healthy entities. In this study, 18 models are selected and then applied to the business data describing recession and expansion. The final scores achieved are summarized by the main descriptive statistics, such as mean, median, and trimmed mean, followed by the absolute difference comparing expansion and recession. The results confirm the expectations, assuming that final scores with higher values describe better corporate financial standing during the expansion phase. Similar results are achieved for both healthy and insolvent enterprises. The paper highlights exceptions and offers possible interpretations. As a conclusion, it is recommended that users need to respect the current phase of the economic cycle when interpreting particular results of the prediction models.

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“…Celkem bylo do zpracování zahrnuto 98 finančních výkazů, a to v následujícím členění dle období před vyhlášením moratoria. Množství zveřejněných finančních výkazů plně reflektuje situaci v České republice, kdy české podniky pravidelně nezveřejňují své účetní závěrky (Bokšová et al, 2013). Na základě finančních výkazů byly vypočteny finanční ukazatele, které byly následně použity pro analýzu finančních charakteristik podniků, u nichž bylo vyhlášeno moratorium.…”

Section: Datový Souborunclassified

Financial Characteristics of Pre-Moratorium Companies

Schönfeld¹,

Kuděj²,

Smrčka³

2019

Politicka ekonomie

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Financial Characteristics of Pre-Moratorium Companies This article presents the outcome of research focused on financial characteristics of companies declaring a moratorium. The key purpose of the moratorium is to avoid threatening bankruptcy. The aim of the research is to identify the financial situation of the companies entering the moratorium process. The main objective was to find the answer to the core question whether there is any chance of avoiding bankruptcy using the moratorium, that is, whether the moratorium fulfils its basic function. The research is based on a quantitative analysis of selected financial ratios and synthetic indicators and their mutual relations. The analysis looks for an answer to what financial indicator levels were characteristic for the companies launching the moratorium mode of operation and what these levels indicated. The research results prove that the financial situation of the companies entering the moratorium process was unsatisfactory. It is even possible to conclude that the companies were in the last stage of their corporate crisis. This situation shows that the probability of avoiding bankruptcy was extremely low.

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Do Firms in Insolvency Proceedings Publish Their Financial Statements?

Cited by 10 publications

References 1 publication

Financial Situation of Pre-Packed Insolvencies

Financial Situation of Pre-Packed Insolvencies

Comparison of Prediction Models Applied in Economic Recession and Expansion

Financial Characteristics of Pre-Moratorium Companies

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