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( N + 1 ) 2 {R_1} + {R_2} = {{N(N + 1)} \over 2} and N = n 1 + n 2 , and doing some algebra, we find that the sum is U 1 + U 2 = n 1 n 2 . Financial indicators: (4) Debt   ratio = Liabilities Total   assets × 100 Debt\,ratio = {{Liabilities} \over {Total\,assets}} \times 100 The debt ration indicator determines that the greater equity ratio is, the greater the security pillow against the losses of creditors in the event of liquidation is, too. It shows how much of liabilities falls on CZK 1 of total assets ( Helfert, 2001 ). Liabilities in this indicator


The Greek economic activity has been declined dramatically in recent years as many sectors of the economy that cannot cope with the new state brought about by the economic crisis. An economic crisis can be described as the phenomenon when an economy is characterized by a continuous and noticeable decline in its economic activity. As an economic activity, we are referring to all the macroeconomic dimensions of the economy, such as employment, the national product, prices, investments, etc. The downturn in the supermarket sector, which is attributed to the country’s financial situation, has led to a decline in the household disposable income. The present study was carried out at the time of the economic crisis, concerning a productive sector of the Greek economy, where millions of euros are exchanged hands. The objective of the study was to explore the impacts of the economic crisis on the sector by using a series of financial indicators. The results point to significant effects on the efficiency and earnings of the major actors of the sector.

cities. Government Finance Review, 9 (6), 21–6. Brown, K. W. (1996). Trends in key ratios using the GFOA financial indicators database 1989–1993. Government Finance Review, 12 (6), 30–4. Brusca, I., & Montesinos, V. (2006). Are citizens significant users of government financial information? Public Money and Management, 26 (4), 205–9. Cabaleiro, R., Buch, E., & Vaamonde, A. (2013). Developing a method to assessing the municipal financial health. American Review of Public Administration, 43 (6), 729–51. Carmeli, A. (2002). A conceptual and practical framework of


Background and Purpose: In Slovenia, few management buyout (MBO) studies have been carried out. The focus was mostly on the motives for acquisition of companies and the success rate of the acquisitions. This paper aims to analyse the indicators which suggest an impending bankruptcy or financial restructuring of companies and explore how these indicators are different for successful and unsuccessful MBOs.

Methodology: In the survey, we included 23 selected MBOs in Slovenia between 2005 and 2008, using the following financial and non-financial indicators: profitability, performance, solvency and liquidity, using the analytic hierarchy process method. The key aim of the survey was to use financial and non-financial indicators to study if target companies where bankruptcy or financial restructuring has not yet been initiated prevalently have higher aggregate values compared to those in which bankruptcy or financial restructuring procedures have already begun. Thus, we used the selected indicators to demonstrate one of the possible methods to predict the success of a particular MBO.

Results: We found that in most examples of unsuccessful MBOs, target companies have poorer results in terms of performance, solvency and liquidity, when compared to successful MBOs. Based on the selected areas, we divided the results into four quarters. We found that most target companies where MBOs had been unsuccessful are ranked in a lower quarter than most of the target companies where the MBOs had been successful.

Conclusion: The papers main contribution is the finding that the selected financial and non-financial indicators differ in cases of successful and unsuccessful MBOs. This knowledge helps us to find ways of avoiding these situations in the future.


Purpose: The article addressed the problem of relationships between university funding and efficiency on the one hand and the quality of teaching and research on the other.

Methodology: The measurement of teaching and research quality in Polish universities was derived from two sources: 1) evaluation scores of teaching quality given to universities by the Polish Accreditation Committee, and 2) the research category grades given to university departments or units by the Polish Committee for Evaluation of Scientific Units. Subsequently, the quality measurements were correlated with financial indicators and efficiency scores obtained from data envelopment analysis.

Findings: The correlation and regression results indicated that public universities that have received higher scores of teaching quality simultaneously have higher average scientific categories. There was also a substantial relationship between the revenue per student and the revenue per teacher and variables describing quality but the regression analysis exhibited opposite directions regarding the type of quality indicator.

Research limitations/implications: The quality of teaching and research at universities was assessed despite the limited availability of internal information gathered from higher education institutions (HEIs).

Practical implications: The authorities of a university can simultaneously track the improvement of quality or financial efficiency without losing their interdependence when reforms of HEI operations are conducted.

Originality: The study proposed new measurements of quality derived from external evaluation bodies and investigated the relations of these measures with selected financial and efficiency indicators.


Objective: Understand how the increased competitiveness encourages industries to seek solutions in order to maintain or increase their market share, promoting the manufacturing of quality products at reduced costs.

Methodology: In this study, an in-company analysis regarding the Lean performance evaluation methods present in the literature as well as already implemented in the industry was performed, focusing on the gaps of present models and needs for future.

Findings: New philosophies arise such as the Lean Manufacturing, which is based on continuous improvement, aiming at optimizing the production system, eliminating waste and using fewer resources.

Value Added: Based on the results, and with the objective of allowing comprehensive assessment of Lean performance independently by the companies, and the determination of improvement actions, a Lean performance evaluation method was developed in order to understand the impact in financial and economic figures of the case study.

Recommendations: Take into account the main concepts of the social sciences, such as Organizational Culture, Leadership Style and Strategic Approach, considering the link with the financial economic performance.

:// Fenyves, V. (2016): Az Észak-Alföldi régióban élelmiszer-kiskereskedelmi tevékenységet folytató vállalkozások pénzügyi kimutatásainak elemzése (Analysis of financial statements of businesses engaged in food retail activities in Northern Plain Region, Hungary), Habilitation dissertation , University of Debrecen, Debrecen, Hungary Capece, G. et. al. (2010): A cluster analysis study based on profitability and financial indicators in the Italian gas retail market, Energy Policy , Volume 38, Issue 7, July 2010, pp. 3394-3402 Gordon, D. (2016): Key Financial Ratios for

Introduction Financial risk is the possibility that company shareholders will lose money if the corporate cash flows are not sufficient to meet financial obligations. Business failure prediction models are used to eliminate this potential risk. Their task is to evaluate the financial health of the company based on selected financial indicators or other characteristics of the company or the environment in which they operate ( Kovacova and Kliestik, 2017 ). The main aim of the paper is to present the business failure prediction model for companies that operate in

Statistical Analysis of Financial and Economic Condition in Companies Listed on the Warsaw Stock Exchange

The analysis of securities is an essential element of investment. It is a complex and, very frequently, long-lasting process. Depending on the assumed time perspective of an investment, the analysis may be carried out on the basis of appropriate tools within technical or fundamental analysis. Assuming that the investment is long-term, the methods of fundamental analysis, particularly the indicator analysis are be useful. Additionally, in securities analyses taxonomic methods are more frequently used, which allows for the evaluation of the securities quality through the synthetic analysis of statistical economic and financial indicators. Methods of linear arrangement used to assess the companies' fundamental strength are based on the economic and financial indicators. These indicators define in a numerical manner the relations between economic and financial values, which allows for conclusions on the condition of the examined economic entities, sectors or markets. Furthermore, indicators are a source of data in quantitative analyses, they are diagnostic variables in research studies. Thus this situation poses a few crucial questions:

- how do the economic and financial indicators rule on the stock market?

- what is their level, do they maintain the norms?

- what is the quality of data on the basis of which securities analyses are carried out?

The main goal of the article is to analyze the fundamental power of companies listed on Warsaw Stock Exchange (WSE) by using TMAI value (in space and time). The study was performed in the period of 2005-2008 (the first quarter of 2008). Thus, the base was constituted by 126 companies. Banks and other financial institutions were excluded. Within the macrosectors existing on the Polish capital market, a statistical analysis of the level of economic and financial indicators characterizing particular companies was performed.


The purpose of this research is to test the resilience of issuers to the financial pressure generated by the commitments made in connection with the issuance of debt instruments (bonds) and to identify issuers whose financial position and performance present the susceptibility of a major default risk. The research actions involved determining the indicators specific to the fundamental analysis, applying the classic insolvency risk assessment models (Altman and Conan Holder) and assessing the future evolution of the key financial indicators on the basis of the forecasts. The results obtained confirm or disprove the existence of significant uncertainties regarding the ability to repay the bond loans.