Über diesen Artikel
Online veröffentlicht: 18. Dez. 2019
Seitenbereich: 54 - 64
Eingereicht: 15. Juni 2019
Akzeptiert: 15. Okt. 2019
DOI: https://doi.org/10.2478/emj-2019-0033
© 2019 Marek Durica, Katarina Valaskova, Katarina Janoskova, published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.
Fig. 1
Description of the developed model
| VARIABLE | B | S.E. | WALD | DF | SIG. | EXPB |
|---|---|---|---|---|---|---|
| country_czech republic | -0.138 | 0.021 | 42.575 | 1 | 0.000 | 0.871 |
| country_hungary | -0.877 | 0.029 | 897.959 | 1 | 0.000 | 0.416 |
| country_poland | -0.599 | 0.037 | 258.852 | 1 | 0.000 | 0.550 |
| size_small | 1.180 | 0.023 | 2 562.388 | 1 | 0.000 | 3.255 |
| size_large/very large | -0.863 | 0.072 | 144.810 | 1 | 0.000 | 0.422 |
| X01 | 0.030 | 0.002 | 371.659 | 1 | 0.000 | 1.030 |
| X08 | -3.089 | 0.034 | 8 291.102 | 1 | 0.000 | 0.046 |
| X10 | 0.025 | 0.001 | 311.124 | 1 | 0.000 | 1.025 |
| X12 | -0.002 | 0.002 | 1911.917 | 1 | 0.000 | 0.998 |
| X21 | 0.026 | 0.004 | 54.627 | 1 | 0.000 | 1.026 |
| X25 | -0.017 | 0.001 | 159.794 | 1 | 0.000 | 0.983 |
| X26 | -0.091 | 0.003 | 996.945 | 1 | 0.000 | 0.913 |
| X27 | -1.057 | 0.037 | 819.376 | 1 | 0.000 | 0.348 |
| X28 | -0.966 | 0.016 | 3 641.542 | 1 | 0.000 | 0.381 |
| X35 | -1.328 | 0.038 | 1 202.718 | 1 | 0.000 | 0.265 |
| X37 | -0.001 | 0.001 | 1 093.151 | 1 | 0.000 | 0.999 |
| X18 | 0.042 | 0.002 | 630.457 | 1 | 0.000 | 1.043 |
| constant | 0.107 | 0.025 | 18.568 | 1 | 0.000 | 1.113 |
Classification table
| YES | PREDICTED PROSPERITY | PERCENTAGE CORRECT | ||
|---|---|---|---|---|
| NO | ||||
| Observed | Yes | 76,606 | 10,167 | 88.3 |
| Prosperity | No | 10,454 | 76,319 | 88.0 |
| Overall Percentage | 88.1 | |||
R Square characteristics
| -2 LOG LIKELIHOOD | COX & SNELL R SQUARE | NAGELKERKE R SQUARE |
|---|---|---|
| 126 491.871 | 0.482 | 0.642 |
Financial ratios used as potential explanatory variables
| ID | METHOD FOR CALCULATION | ID | METHOD FOR CALCULATION |
|---|---|---|---|
| X1 | Sales / Total Assets | X20 | Net Income / Sales |
| X2 | Current Assets / Current Liabilities | X21 | Non-current Liabilities / Total Assets |
| X3 | Gross Profit / Total Assets | X22 | Cash / Current Liabilities |
| X4 | Net Income / Equity | X23 | Cash-flow / Current Liabilities |
| X5 | EBITDA / Sales | X24 | Working Capital / Sales |
| X6 | Liabilities / EBITDA | X25 | Current ratio |
| X7 | Net Income/ Total Assets | X26 | Liquidity ratio |
| X8 | Working Capital / Total Assets | X27 | Return on Assets |
| X9 | Operating Profit / Total Assets | X28 | Return on Equity |
| X10 | Total Liabilities / Total Assets | X29 | Shareholder Liquidity Ratio |
| X11 | Current Assets / Total assets | X30 | Solvency ratio (Liability based) |
| X12 | Cash / Total Assets | X31 | Cash-flow / Operating Revenue |
| X13 | Cash-flow / Total Assets | X32 | Net Assets Turnover |
| X14 | Cash-flow / Total Liabilities | X33 | Interest Paid |
| X15 | Current Liabilities / Total Assets | X34 | Gross Margin |
| X16 | Current Assets / Sales | X35 | Profit Margin |
| X17 | Operating Profit / Interest Paid | X36 | Net Current Assets |
| X18 | Stock / Sales | X37 | Working Capital |
| X19 | Cash-flow / Sales |
Likelihood ratio test results
| CHI-SQUARE | DF | SIG. | |
|---|---|---|---|
| Step | 3 412.372 | 1 | 0.000 |
| Model | 114 093.97 | 17 | 0.000 |
Frequencies of prosperous and non-prosperous companies in V4 countries
| PROSPEROUS | CZECH REPUBLIC | HUNGARY | POLAND | SLOVAKIA | TOTAL |
|---|---|---|---|---|---|
| Yes | 12 423 | 51 279 | 6 595 | 16 476 | 86 773 |
| No | 12 736 | 46 923 | 2 698 | 24 416 | 86 773 |
| Total | 25 159 | 98 202 | 9 293 | 40 892 | 173 546 |