The application of ratio analysis and early warning models for pre-dicting of bankruptcies of enterprises – Irena S.A. and Krosno S.A. case study
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 1
Abstract
The main aim of this article is to present usefulness of ratio analysis and early warning models to predict the bankruptcy of enterprises. The article includes a hypothesis that the early warning models provide for the risk of bankruptcies of enterprises correctly, while the classical ratio analysis does not lead to clear conclusions. The following early warning models were analyzed: Gajdka-Stos’s, Hołda’s, Appenzeller–Szarzec’s, Hamrol’s, Hadasik’s and Mączyńska’s. The main sources of information were the individual financial statements of Krosno SA and Irena SA for the years 2006, 2007 and 2008. Summarizing the results confirm the high effectiveness of early warning models for predicting of bankruptcies of enterprises.
Authors and Affiliations
Marcin Spychała
Keywords
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