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dc.contributor.authorKaras, Michalcs
dc.contributor.authorRežňáková, Máriacs
dc.date.accessioned2021-12-16T11:54:55Z
dc.date.available2021-12-16T11:54:55Z
dc.date.issued2021-12-10cs
dc.identifier.citationEquilibrium. 2021, vol. 16, issue 4, p. 859-883.en
dc.identifier.issn1689-765Xcs
dc.identifier.other175228cs
dc.identifier.urihttp://hdl.handle.net/11012/203239
dc.description.abstractResearch background: SMEs face financial constraints in their development, which limits their access to external funds, tightens their investment possibilities, and limits their growth. Much research effort has been devoted to understanding the nature and sources of this phenomenon. In sharp contrast to this, very little has been said about the role of these factors in explaining the default probability of these types of enterprises. Understanding such interrelationships could help to adopt policies to alleviate the situation of constrained SMEs and lower their default rates. Purpose of the article: This study analyses the role of financial constraint factors in SME defaults. This is done by utilising the financial constraint factors in a newly derived default prediction model. A comparison of the derived model and other SME default prediction models is carried out to assess the potential of financial constraints in the discrimination power of the model. Methods: In this study, we use the Cox semiparametric model, while leaving the baseline hazard rate unspecified and employing macroeconomic variables as explanatory variables. The discrimination power was addressed in terms of the area under the curve (AUC), resulting in out-of-sample testing. The DeLong test was used to compare the AUC of the created and analysed models. The model was estimated on a set of over 213,731 SMEs from 28 counties, covering the period 2014?2019. Findings & value added: It was found that adopting the financial constraint measures can explain the default of small and medium enterprises with high accuracy; however, they do not explain the default of micro enterprises.en
dc.formattextcs
dc.format.extent859-883cs
dc.format.mimetypeapplication/pdfcs
dc.language.isoencs
dc.publisherInstytut Badań Gospodarczychcs
dc.relation.ispartofEquilibriumcs
dc.relation.urihttp://economic-research.pl/Journals/index.php/eq/article/view/1930cs
dc.rightsCreative Commons Attribution 4.0 Internationalcs
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/cs
dc.subjectfinancial constrainten
dc.subjectSMEsen
dc.subjectdefaulten
dc.subjectCox’s hazard modelen
dc.titleThe role of financial constraint factors in predicting SME defaulten
thesis.grantorVysoké učení technické v Brně. Fakulta podnikatelská. Ústav financícs
sync.item.dbidVAV-175228en
sync.item.dbtypeVAVen
sync.item.insts2022.02.06 12:53:34en
sync.item.modts2022.02.06 12:14:52en
dc.coverage.issue4cs
dc.coverage.volume16cs
dc.identifier.doi10.24136/eq.2021.032cs
dc.rights.accessopenAccesscs
dc.rights.sherpahttp://www.sherpa.ac.uk/romeo/issn/1689-765X/cs
dc.type.driverarticleen
dc.type.statusPeer-revieweden
dc.type.versionpublishedVersionen


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Creative Commons Attribution 4.0 International
Except where otherwise noted, this item's license is described as Creative Commons Attribution 4.0 International