Determinanty wskaźnika predykcji bankructwa: przegląd modeli i metaanaliza
Determinants of the Bankruptcy Prediction Indicator: Review of Models and Meta-Analysis

Summary/Abstract: The paper includes a comprehensive review of the literature and comparative analysis of models used in assessing financial condition of an enterprise from the point of view of bankruptcy prediction. In order to systematize the knowledge of factors underlying firm’s bankruptcy, the authors have carried out a meta-analysis of bankruptcy prediction models applied in empirical research. The main groups of factors considered in bankruptcy research include the following indicators: cash-flow, profitability, asset productivity, debt repayment ability, financial leverage, firm’s age and size. Based on the available stock of studies, the authors have selected 26 papers and constructed a database including information on the estimated models. Using rank correlation, correlation coefficient, variance analysis, non-parametric Kuskal-Wallis test, and tobit regression, they assessed the impact of the explanatory variables considered in individual models on the accuracy of predictions rendered by a given model. In a comparative assessment consideration was given to the number and type of explanatory variables included in the model, estimation method and the sample size. The results of the statistical and econometric analysis suggest that the investigated characteristics of the individual models are not significant for their prediction precision as regards bankruptcy.

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