Makroekonomiczne uwarunkowania zagrożenia finansowego przedsiębiorstw sektora TSL w Polsce
The Macroeconomic Conditions of Financial Threat of Enterprises from TSL Sector in Poland

Summary/Abstract: The issue of bankruptcy and prior to the bankruptcy - financial threat of enterprises seem to be important and still valid both in economic theory and business practice. The intensity of the bankruptcy of enterprises depends on many factors, and among these macroeconomic it can be distinguished: the business cycle, the level of the exchange rate, inflation and interest rates. Existing models of financial threat inspire to further theoretical and empirical research allowing for a fuller explanation of the impact of macroeconomic variables on the level of the phenomenon analysed in this paper. The empirical research initiated by the author allowed to estimate models in which the level of financial threat of enterprises from TSL sector in Poland, in addition to microeconomic variables, was determined in a statistically significant way by the macroeconomic variables. The impact of these variables was in line with expectations: positive for inflation and the general business climate indicator for the “Transport and warehouse management”, and negative - in the case of the real effective exchange rate and interest rate.

• Details
• Contents