Model Altmana jako narzędzie do oceny ryzyka upadłości przedsiębiorstw
The Altman model as a tool to predict bankruptcy f companies

Summary/Abstract: This article presents the results of multivariate linear discriminant analysis to evaluate the risk of bankruptcies. The aim of research was to evaluate the usefulness of discriminant models to predict bankruptcy of Polish companies. Four Altman models were used in research: a basic model for manufacturing companies and three models that are its adaptations and that are designed for private companies, trade and services companies, and emerging markets. The study was conducted among a group of five companies listed on the alternative trading system, called NewConnect, operating by the Warsaw Stock Exchange. Each of those companies went into bankruptcy. The choice of companies used in the analysis was made taking into consideration the access to the data needed to carry out the analyzes, as well as the specific profile of the NewConnect market and companies listed on this market.

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