Characteristics of firm failure processes in an international context
Date
2016-11-08
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Abstract
Ettevõtete ebaõnnestumise protsesse on uuritud kaua aega, muuhulgas seoses teema püsiva praktilise aktuaalsusega. Dissertatsiooni eesmärgiks on luua finants- ja mittefinantsnäitajaid kasutades uut teadmust ettevõtete ebaõnnestumise protsesside kohta. Ebaõnnestumise protsessina käsitletakse dissertatsioonis pankrotini viivat teekonda, mille puhul vaadeldakse nii küsimusi „miks“ (ebaõnnestumise põhjused) kui ka „kuidas“ (finantsnäitajate muutumine ebaõnnestumise protsessis). Teekonna all on töös mõeldud kas ettevõtte kogu eluiga või teatud aastaid enne pankroti väljakuulutamist. Töö põhineb neljal avaldatud teadusartiklil, mis tuginevad erinevate Euroopa riikide andmetele. Töö näitab, et väga noori ettevõtteid iseloomustavad kolme tüüpi ebaõnnestumise protsessid: akuutne, järk-järguline, krooniline. Vanematele ettevõtetele on omased ainult järk-järgulise ebaõnnestumise protsessid, milledele on iseloomulik lühi- ja pikaajalise maksevõime, rentaabluse ning efektiivsuse suhtarvude väärtuste halvenemine kuni pankroti väljakuulutamiseni. Erineva päritoluriigi ning erineva suurusega ettevõtteid iseloomustavad väga erinevad ebaõnnestumise protsessid. Ka ebaõnnestumise põhjused on riikide lõikes erinevad. Eesti ettevõtete ebaõnnestumist selgitab enim integreeritud teooria, st. ebaõnnestumine sise- ja väliskeskkonna põhjuste koosmõjus, kuid see ei kehti igas suuruses ja vanuses ettevõtete kohta. Näiteks ebaõnnestuvad vanad ettevõtted enim ainult väliskeskkonnast ning suured ettevõtted mõlema keskkonna koosmõjust tulenevate põhjuste tõttu. Töö tulemused annavad mõningaid praktilisi näpunäiteid, millised muutujad eri tüüpi ettevõtete korral võivad peatset pankrotistumist indikeerida.
Firm failure processes is a major field of research with important implications for practice, as firm failures occur daily. This thesis aims to improve the understanding of firm failure processes using financial and non-financial variables. The firm failure process is considered a pathway in a firm’s life cycle depicting why (causes of failure) and how (sequence of events) firms become bankrupt. The thesis is based on four original published articles, which include data mainly from different European countries. The thesis shows that young firms follow different financial failure processes (i.e. acute, gradual and chronic), but adolescent and old firms are characterized only by gradual failure processes, which indicate a step-by-step worsening of profitability, efficiency, liquidity and solidity during the pre-failure years. Firms in different European countries can follow various financial failure processes and these processes can also vary with firm size and export behaviour. Firms in different countries can be subject to different failure causes. While firms most commonly fail in Estonia because of the combination of internal and external causes, lending support for the integrative theory of failure causes, such a finding does not apply in the case of all sizes and ages of firms. For instance, old firms are especially susceptible to fail because of external reasons alone and large firms because of the simultaneous contribution of internal and external reasons. The results of the thesis provide input for bankruptcy prediction by outlining which variables might signal the forthcoming collapse and how.
Firm failure processes is a major field of research with important implications for practice, as firm failures occur daily. This thesis aims to improve the understanding of firm failure processes using financial and non-financial variables. The firm failure process is considered a pathway in a firm’s life cycle depicting why (causes of failure) and how (sequence of events) firms become bankrupt. The thesis is based on four original published articles, which include data mainly from different European countries. The thesis shows that young firms follow different financial failure processes (i.e. acute, gradual and chronic), but adolescent and old firms are characterized only by gradual failure processes, which indicate a step-by-step worsening of profitability, efficiency, liquidity and solidity during the pre-failure years. Firms in different European countries can follow various financial failure processes and these processes can also vary with firm size and export behaviour. Firms in different countries can be subject to different failure causes. While firms most commonly fail in Estonia because of the combination of internal and external causes, lending support for the integrative theory of failure causes, such a finding does not apply in the case of all sizes and ages of firms. For instance, old firms are especially susceptible to fail because of external reasons alone and large firms because of the simultaneous contribution of internal and external reasons. The results of the thesis provide input for bankruptcy prediction by outlining which variables might signal the forthcoming collapse and how.
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Keywords
ettevõtted, äriprotsessid, finantsnäitajad, maksejõuetus, pankrotid, Euroopa, companies, business processes, economic indicators, insolvency, bankruptcies, Europe