Tesis sobre el tema "Bankruptcy factors"

The purpose of this study was to determine what the critical factors are to an airline’s financial turmoil, leading ultimately to a bankruptcy filing. Over the past decade, the airline industries’ performance has been dismal, leading to 20 bankruptcy filings. As competition increases, it is crucial for airlines to know which core business areas are essential to success. This paper identifies 8 specific industry metrics that are used to compare airlines, revealing where certain airlines falter and others shine. Some of these metrics are later applied to a case study examining Trans World Airlines (TWA) and American Airlines (AA), highlighting the factors leading to TWA’s bankruptcy filing during the same time period American Airlines remained profitable. The results show that the labor inefficiency, operating inefficiencies, unsuccessful fuel hedging programs, and high long-term debt are critical factors leading to an airlines bankruptcy. Four recommendations for airlines are provided, namely: 1.) The cross-utilization of employees, 2.) Maintain Cost Discipline, 3.) Focus on Breakeven Load Factor, and 4.) Do not neglect the intangibles such as brand reputation.

PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO
COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
PROGRAMA DE SUPORTE À PÓS-GRADUAÇÃO DE INSTS. DE ENSINO
O presente estudo analisa a relação entre as variáveis Book-to-Market, risco de falência e retornos no mercado acionário brasileiro para um total de 168 firmas da Bovespa no período de Julho 2009 até Junho 2014. Os resultados demonstram que na medida em que a probabilidade de falência e o Book-to-Market aumentam, as empresas brasileiras pagam um prêmio de risco maior. Apesar disto, o fator Book-to-Market quando analisado separadamente, não consegue mostrar uma relação direta com o prêmio de risco, isto é, empresas com alto Book-to-Market (empresas de valor) não necessariamente pagam retornos maiores que as empresas com baixo Book-to-Market (empresas de crescimento). Isto contraria estudos feitos em mercados financeiros desenvolvidos, onde tal relação é estatisticamente significante.
This study analyzes the relationship between the variables Book-to-Market, bankruptcy risk and returns in the Brazilian stock market for a total of 168 Bovespa firms in the period from July 2009 to June 2014. The results demonstrate that as the probability of failure and the Book-to-Market increase, Brazilian companies pay a higher risk premium. Despite this, it was found that the Book-to- Market factor when analyzed separately, is not able to show a direct relationship to the risk premium, that is companies with high Book-to-Market (value companies) do not necessarily pay higher returns than companies with low Bookto- Market (growth companies). This contradicts previous studies done in developed financial markets, where such relationship is statistically significant.

This paper is about sensemaking. By using sensemaking we have derived bankruptcy factors from business leaders’ own statements about their bankruptcies. The focus in this paper is to ensure how business leaders create meaning about the bankruptcies, which is also our research question. To make the study feasible, we used a method that corresponds well to the purpose of our work. The collection of data started with collecting a number of newspaper articles with direct quotes from business leaders. These quotes were, through a model that structures and categorizes empirical datum, aggregated into bankruptcy factors. The factors were then explained with regards to the business leaders’ statements. The factors are also compared with previous studies of bankruptcy factors. Those studies use different approaches then ours, in deriving and explaining their bankruptcies. With regards to that, we found it interesting to analyze similarities and differences in results. The study has shown five bankruptcy factors. These are customer losses, financing, external circumstances, profitability and planning. They are described by a number of underlying causes. The factors we found have shown both similarities and differences with regards to the previous studies.

В роботі досліджено теоретичні засади та розроблено практичні рекомендації щодо оцінювання ймовірності банкрутства банку.
В работе исследованы теоретические основы и разработаны практические рекомендации по оценке вероятности банкротства банка.
The theoretical principles and practical recommendations for estimating bank bankruptcy probabilities are explored.

Small and medium-sized companies constitute a large part of the Swedish economy and are to a great extent exposed to the developments in the macroeconomy. There is a general consensus that it exists a relationship between these two components, but to what dimension is it true? The aim of this thesis is to evaluate if the number of bankruptcies among small and medium-sized companies can be explained by the situation in the macroeconomy. In order to do so, data have been collected and a multiple linear regression analysis has been accomplished. The result of the analysis suggests that a model of the six macroeconomic factors months, CPI, retail sales, OMX30, total enterprises and liquidated enterprises, can explain the number of bankruptcies to an extent of 64.49%. When comparing the adequacy of other models used to estimate risks of bankruptcy, it is stated that other models are more accurate. Furthermore, we have concluded that the model is useful to bring insight but only when considered in combinations with other models and tools.
Små- och medelstora bolag utgör en stor del av den svenska ekonomin och är i mycket stor utsträckning exponerad mot utvecklingen i makroekonomin. Den generella bilden är att det existerar en relation mellan dessa två komponenter, men till vilken utsträckning är det sant? Syftet med den här uppsatsen är att utvärdera om antalet konkurser bland små- och medelstora bolag kan förklaras av vilket stadium makroekonomin befinner sig i. För att kunna genomföra undersökningen har en multipel linjär regressionsanalys genomförts. Resultatet av analysen visar att en modell bestående av sex oberoende variabler, månader, KPI, detaljhandeln, OMX30, totalt antal bolag och antal likviderade bolag, kan till 64.49% förklara utfallet av antalet konkurser bland små- och medelstora bolag. Jämfört med andra modeller och teorier som används för att beräkna risken av konkurs hos ett bolag uppfyller modellen inte lika hög tillförlitliget. Slutgiltigen föreslås att modellen kan användas i kombination med andra modeller och verktyg för att bidra med insikt och slutsatser.

Thesis (MBA)--Stellenbosch University, 2012.
ENGLISH ABSTRACT: “The business format, franchising, can be defined as the granting of a license for a predetermined financial return by a franchising company (franchisor) to its franchisees. The grant entitles them to make use of a complete business package, including training, support and the corporate name which include all branding and logos. Through this enabling the franchisees to operate their own businesses to the same standards and format as the other outlets in the franchise chain” (Maree, 2007, p. iii). Franchising has grown in popularity for entrepreneurs and business people to start a business, a professional career and a way of creating employment. It is seen as a proven business system that is sold to a franchisee as “best practices knowledge” by the franchisor (Maree, 2007). Although the “best practices” approach is at the core of franchising very little research was found to exist that investigates the factors that influence the success or failure of franchisees. The lack of formal research in this regard gave rise to the research question as to what the factors are that will contribute to the failure and subsequent liquidation of franchise businesses in the Western Cape. Current franchise owners and entrepreneurs considering to enter into the franchising sphere need to ensure that they not only understand what factors will influence the success of their businesses, but possibly more importantly, they need to comprehend which are the factors that could potentially lead to the failure of the franchise business. Based on the theoretical research and the data gained from the questionnaire analysis, one can conclude that the majority of the factors discussed in this report contribute towards the failure of franchisee businesses in the Western Cape.
AFRIKAANSE OPSOMMING: Die besigheidsvormbekend as ‘n eksklusieweagentskap of konsessie (“franchise”) kanomskryf word as die verlening van ‘n lisensie of reg teen ‘n voorafbepaaldefinansieletariefdeur die konsessiegewer (“franchisor”) aansykonsessiehouers. Hierdie vergunningmaakdie konsessiehouersgeregtig op die gebruik van ‘n volledigebesigheidsmodelwatopleiding, ondersteuning en die maatskappynaam, sowel as allehandelsmerke en logos, insluit. Hierdeur word die konsessiehouers in staatgestelomhuleiebesighedevolgensdieselfdestandaarde en formaat as die anderafsetpunte in die konsessiegroeptebedryf (Maree, 2007) Die verskaffing van eksklusieweverkoopsregaan entrepreneurs en sakemensewathuleiebesighedewil begin, ‘n professioneleloopbaanwilbeoefen en werksgeleenthedewil skep, het in die jongstetyd al gewildergeword. Dit word as ‘n bewesebesigheidskonsepbeskou en word deur die konsessiegeweraan die konsessiehouer as “bestegebruikskennis” verhandel (vertaaluitMaree, 2007).Alhoewel die “bestegebruik”-benadering die kern van ‘n konsessie is, is slegskarigenavorsingmet betrekking tot die faktorewat die sukses of mislukking van konsessiesondersoek, tans beskikbaar. Die gebrekaanformelenavorsing in hierdie verband het aanleidinggegee tot die navorsingsvraagoorwatterfaktorebydraendkanwees tot die mislukking en gevolglikelikwidasie van konsessies in die Wes-Kaap. Huidigekonsessiehouers, asook entrepreneurs watditoorweegom die terrein van eksklusieweagentskappetebetree, moetnie net die faktorewat die sukses van hulbesighedesalbeinvloedverstaannie maar, stellig van groterbelang, die faktorewatmoontlik tot die mislukking van die besigheidkan lei, identifiseer en begryp. Na aanleiding van die teoretiesenavorsingwatgedoen is, asook die inligtingwat van die vraelys-ontledingsbekom is, kan tot die slotsomgekom word dat die meerderheidfaktorewat in hierdie werkstukbespreek is, tot die mislukking van eksklusieweagentskappe in die Wes-Kaap bydra.

Метою кваліфікаційної роботи є встановлення економічного стану промислових підприємств та знаходження шляхів його покращення. Об’єктом дослідження є процеси переходу до покращення економічного стану промислових підприємств. Предметом дослідження є теоретичні і практичні питання визначення незадовільного економічного стану промислового підприємства та впровадження заходів щодо покращення такого стану. Методи дослідження: аналіз, синтез, порівняння, графічний метод представлення даних і матеріалу, діалектичний метод, абстрактно-логічний, системного аналізу, розрахунково-конструктивний. У першому розділі «Теоритичні основи формування прибутку суб’єктів господарювання та шляхи його збільшення» розглянуто загальне поняття прибутку підприємства, визначено ознаки та основні причини його зниження, а також розкрито питання шляхів та напрямків збільшення прибутку. У другому розділі "Методичні підходи до використання та збільшення прибутку підприємства" проаналізована структура прибутку, показники прибутку та здійснений аналіз щодо можливих резервів підвищення прибутку. У третьому розділі "Аналіз та шляхи покращення економічного стану підприємства на прикладі Качанівського ГПЗ" проаналізовано економічний стан підприємства на прикладі Качанівського ГПЗ та запропоновано план заходів щодо покращення економічного стану підприємства.

Submitted in fulfillment of the academic requirements for the degree of Master of Engineering, Department of Civil Engineering and Surveying, Durban University of Technology. Durban, South Africa, 2016.
Insolvency may be broadly defined as an inability of business entity to meet pending financial commitments. For a construction firm, such a situation creates conditions whereby a business entity is unable to fulfill its contractual obligations with regard to work in progress or creditors owing. There are indications to suggest that during periods of adverse conditions the occurrences of insolvencies are mutually exclusive and remain a subject of debate. The occurrence of these financial failures adversely affect business concerns operating within the civil engineering construction industry. In South Africa, figures released by the South African Federation of Civil Engineering Contractors (SAFCEC) in 1992 suggested an expected general decline in workload handled by this sector. This was a result of scaling down of heavy infrastructure projects because of government shifting focus to housing and other related projects mainly towards meeting the needs of the previously disadvantaged communities. During that period large contractors suffered financially and some went through insolvency. The government had also put emphasis on transformation of the sector to allow participation of emerging and small contractors, but this was not properly regulated, so most of these contractors did not have the experience and skills to operate sustainable construction firms. The Construction Industry Development Board (CIDB) was established in 2000 as a statutory body to provide leadership to stakeholders and to stimulate sustainable growth, reform and improvement of the construction public sector for effective delivery and the industry’s enhanced role in the country’s economy. The CIDB’s regulations were implemented after 2003 and are continuously improving the construction public sector’s growth. This research study investigated and evaluated the factors associated with insolvencies amongst civil engineering contractors in KwaZulu-Natal. The study investigated the hypotheses that “the prominent factors associated with civil engineering contractors insolvencies are related to managerial/operational issues”, the prominent factors associated with civil engineering contractors insolvencies are related to financial issues”, “South African government initiatives create an environment for small to medium contractors to develop through their implementation”, and good management and operation of small to medium construction companies reduce insolvency in construction”. Operational management and strategic factors were found to be amongst the leading causes of companies failures. The study also made some recommendations from the research findings. The findings are relevant to the South African government infrastructure service delivery programs and the general issue of affordable infrastructure services.
M

Визначено, що досягнення підприємством стратегічних та оперативних цілей, забезпечення стійкого зростання підприємства та формування фінансових результатів його діяльності, підвищення конкурентоспроможності на зовнішньому та внутрішніх ринках, реалізація та захист фінансових інтересів визначаються наявністю та якістю системи фінансово-економічної безпеки.
It is determined that the achievement of strategic and operational goals, ensuring sustainable growth of the enterprise and the formation of financial results of its activities, increasing competitiveness in foreign and domestic markets, realization and protection of financial interests are determined by the availability and quality of financial and economic security.

Шайтанов О. М. Аналіз ефективності стратегії розвитку ПАТ «Харківський тракторний завод» та напрямки її вдосконалення : кваліфікаційна робота магістра спеціальності 072 "Фінанси, банківська справа та страхування" / наук. керівник С. О. Кушнір. Запоріжжя : ЗНУ, 2019. 104 с.
UA : Кваліфікаційна робота викладена на 104 сторінках друкованого тексту, містить 23 таблиці, 13 рисунків, 15 додатків. Перелік посилань включає 109 джерел, з них 7 іноземною мовою. Об’єктом дослідження виступає ефективність стратегії розвитку ПАТ «Харківський тракторний завод». Предметом дослідження є теоретико-методичні та практичні аспекти вдосконалення системи формування та використання капіталу ПАТ «Харківський тракторний завод». Метою кваліфікаційної роботи є узагальнення теоретичних і методичних засад, а також розробка практичних рекомендацій щодо стратегії розвитку ПАТ «Харківський тракторний завод». Методи дослідження: абстрактно-логічний, логічного узагальнення, дедуктивний, фінансово-економічного та статистичного аналізу, порівняння, зведення, експериментальний та ін. Одержані результати: опрацьовано теоретичні та методичні засади поняття, складу, принципів та видів стратегій підприємства; визначено етапи формування стратегії розвитку ПАТ «Харківський тракторний завод»; вивчено організаційно-економічну характеристику ПАТ «Харківський тракторний завод»; проведено аналіз основних фінансово-економічних показників діяльності ПАТ «Харківський тракторний завод»; здійснено аналіз факторів впливу на стратегію розвитку ПАТ «Харківський тракторний завод»; проведено SWOT та PEST-аналіз підприємства; визначено напрями та перспективи покращення ефективності стратегії розвитку підприємства. Результати дослідження можуть бути застосовані промисловими підприємствами України, зокрема, розробки щодо вдосконалення ефективності стратегії розвитку ПАТ «Харківський тракторний завод».
EN : The work is presented on 104 pages of printed text, contains 23 tables,13 figures, 15 annex. The list of refernces includes 109 sources, 7 of them in foreign languages. The object of the study is the effectiveness of the development strategy of PJSC “Kharkiv Tractor Plant”. The subject of research is theoretical, methodological and practical aspects of improving the system of capital formation and use of PJSC "Kharkiv Tractor Plant". The purpose of the thesis is to summarize theoretical and methodological principles, as well as to develop practical recommendations on the strategy of development of PJSC "Kharkiv Tractor Plant". Research methods: abstract-logical, logical generalization, deductive, financial-economic and statistical analysis, comparison, summarization, experimental, etc. Relevance of the topic: The system of management of industrial enterprises faces the task of forming an effective strategy aimed at developing in the conditions of economic recovery, strengthening the competition for consumers and investors. Effective business in modern conditions is impossible without optimally developed strategy of enterprise development. The scientific novelty of the obtained results is determined by the following basic provisions: - conceptual apparatus of enterprise strategy, its essence, goals and requirements for formation, principles of implementation, determined stages of formation of industrial enterprise development strategy; - the system of indicators used to analyze the effectiveness of the enterprise development strategy is defined; - SWOT analysis is conducted and the system of factors that influence the effectiveness of the enterprise development strategy is determined; - systematic financial methods, methods and techniques are used to justify and control specific management decisions in the field of development strategy management; - financial and economic indicators of activity and performance indicators of the development strategy of PJSC “Kharkiv Tractor Plant” were analyzed; - Taffler's model was used to analyze the effectiveness of the development strategy of PJSC Kharkiv Machine-Building Plant, which shows the approach to bankruptcy, given the problematic situation in the enterprise, and the effectiveness of the measures taken by the new management of the enterprise. The results of the study can be applied by industrial enterprises of Ukraine, in particular, the development of improving the effectiveness of the development strategy of PJSC "Kharkiv Tractor Plant".

碩士
國立暨南國際大學
財務金融學系
92
Bankrupt models have been receiving considerable attention from researchers and practitioners for the past several decades. In the literature, multivariate discriminant analysis, logistic regression models, and conditional probability models are frequently used for analyzing firm’s bankruptcy. Unfortunately, these models are static in nature and difficult to model the dynamics of bankruptcy. Shumway (2001) proposed a hazard model to fill this gap. However, since the bankruptcy risk can be time-varying, in this paper, we take this factor into account and proposed a new dynamic hazard model. Comparisons between the proposed model and Shumway''s fixed risk factor hazard model are also performed. First, we analyze firms in the UK industrial sector from two different viewpoints and relate risk factors to financial theory. Further, we clarify how the correlations between data influence model’s predictive power. Our findings confirm that, optimal capital structure hypothesis and size are the most explanatory variables in fixed risk factors structure. In contrast to time-varying risk factors structure, insolvency hypothesis is more important in predicting failure rate. In addition, we also show that the predictive power of the time-varying risk model is twice higher than the predictive power of Shumway’s model. Finally, we point out that Shumway’s basic assumption on hazard model, that is, hazard model is not sensitive to dependence between data, could be erroneous.

Mestrado em Finanças
Os modelos estruturais de avaliação de obrigações com risco de crédito modelam a possibilidade de incumprimento fazendo o preço das obrigações depender da evolução do valor da empresa emitente, que obedece a um processo de difusão. Adicionalmente, a incerteza na estrutura temporal de taxas de juro é introduzida fazendo o preço das obrigações depender de uma taxa de juro estocástica de curto prazo. Porém, a descrição da estrutura temporal de taxas de juro através de um único processo estocástico implica que os preços das obrigações sem risco são perfeitamente correlacionados ao longo de diferentes maturidades, o que é claramente irrealista. Neste trabalho estudou-se o impacto no preço de obrigações com risco da introdução num modelo estrutural de uma estrutura temporal de taxas de juro descrita por duas variáveis estocásticas: as taxas de juro de curto e de longo prazo. Foram obtidas soluções numéricas e verificou-se que a introdução de uma taxa de juro de longo prazo estocástico pode afectar significativamente tanto a forma como a magnitude da estrutura temporal de spreads de crédito.
Structural models of corporate bond pricing capture the possibility of default by allowing the price of risky bonds to be contingent upon the evolution of the issuing firm value, which follows some diffusion process. Furthermore, the uncertainty in the term structure of interest rates is usually introduced by making the bond price depend on a sthocastic short-term interest rate process. However, the description of the term structure of interest rates by a single stochastic factor implies that the prices of riskless bonds across different maturities are perfectly correlated, which is clearly unrealistic. In this work we investigate the impact on corporate bond prices of introducing in a structural model a term structure of interest rates described by two stochastic variables: the short-term and the long-term interest rates. Numerical solutions of bond prices are obtained. It is found that the introduction of a stochastic long-term interest rate process may affect significantly both the level and shape of the term structure of credit spreads.
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