Cechy zachowań i klasyfikacja obiektów w ujęciu dynamicznej oceny zagrożenia finansowego przedsiębiorstw
The Characteristics of Behaviours and Classification of Objects in a Dynamic Approach to Assessing Companies’ Financial Distress

Summary/Abstract: Purpose – The analysis focuses on the level, intensity and the time of response of objects to changes in the environment; this response is described by the changing values of the measure of financial distress. The analysis structures and identifies distress areas, and classifies objects on the basis of normative patterns. The analysed objects include the sections and divisions of PKD (Polish classification of economic activities), composed of the wholes – companies (a mezoeconomic approach). Design/methodology/approach – The use of empirical inductive methods as part of multiple variable logit models for the prediction of financial distress, heat maps in identifying distress areas, descriptive statistics in identifying the characteristics of the analysed population, and the classification of objects based on synthetic evaluation measure (MSO). Findings – The general conclusion confirms the high effectiveness of the proposed tools for the prospective measurement of distress. The research hypotheses are positively verified – the diversified responses of objects (companies) to changes in the environment depending on the class of their size and core activity, and the high level of the asymmetrical distribution of distress in the analysed sample. The analysis confirms the correctness of the classification of objects, based on the synthetic measures of assessment, and proposes the possible use of heat maps in inference about inter-object correlations. Originality/value – The creation of distress measures is based on innovative methods and specific techniques, and the size of the training dataset has unique characteristics. The author analyses the entire population of non-financial enterprises, which is a very rare case in this type of research. The estimated distress measures allow for conducting static and, in particular, dynamic comparative analyses in the entities which correspond to the percentage of court-filed bankruptcies.

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