Sectoral risk assessment with particular emphasis on export enterprises in Poland
The article presents a methodological framework for the analysis of sectoral risk and an evaluation of the financial condition on sectors level. In addition, the hypothesis was verified that the financial constraints of enterprises affect decisions making by prospective exporters and sales in for...
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| Format: | Article |
| Language: | deu |
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Faculty of Economics University of Rijeka
2018-12-01
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| Series: | Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu |
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| Online Access: | https://www.efri.uniri.hr/upload/07-Nehrebecka-2018-2.pdf |
| Summary: | The article presents a methodological framework for the analysis of sectoral risk
and an evaluation of the financial condition on sectors level. In addition, the
hypothesis was verified that the financial constraints of enterprises affect decisions
making by prospective exporters and sales in foreign markets. The empirical
analysis was based on the individual data from different sources (from the years
2005 to 2016), which are: balance sheet and profit and loss account (Statistical
Office), financial and behavioural data. The evaluation consists of two parts. The
first part presents the financial strength depending on the net value of enterprises.
The financial strength defines the financial capacity of enterprise. The second part
presents Probability of Default (PD) model. The statistical model is built on
logistic regression model, and produces an estimate of the annual PD of the
assessed company. Based on the results of the evaluation of the risk associated
with the financial condition of enterprises, it was found that SMEs faced a higher
risk. The lowest risk of bankruptcy was observed in the pharmaceutical industry
and the highest risk of bankruptcy – in the mining sector. Exporters were
characterised by better financial equipment. |
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| ISSN: | 1331-8004 1846-7520 |