Zombification in Poland in Particular During COVID-19 Pandemic and Low Interest Rates

• Autorzy: Marian Nehrebecki

Warianty tytułu

Proces "zombifikacji" polskich spółek w warunkach pandemii COVID-19 i niskich stóp procentowych

• Języki publikacji: EN

Abstrakty

EN

This article addresses the issue of corporate zombification in the case of listed companies in Poland. The purpose of this paper is to analyse financially vulnerable zombie firms from the listed non-financial companies in Poland, in particular, during the COVID-19 pandemic and the period of low interest rates. Data from 2000 to 2021 from the EMIS database on the financial statements of companies registered on the Warsaw Stock Exchange and NewConnect were used. In the process of research, such methods as local linear projection regression, logistic regression combined with the scoring methods were used. The results of the research show that the economic crisis caused by the coronavirus pandemic and the period of low interest rates have increased zombie firms among the listed companies in Poland. The anatomy of zombie firms differs significantly from the anatomy of non-zombie companies. The dynamics of financial indicators of zombie companies that appeared during the recession (Global Financial Crisis, the COVID-19 pandemic) and the period of low interest rates as in the period without a recession, show the ambiguity of the financial condition of these enterprises. For the survival of zombie companies, the most important indicator is their size. The continued existence of zombie firms also depends on leverage and profitability as the main financial indicators. (original abstract)

W artykule poruszono kwestię "zombifikacji" przedsiębiorstw będących spółkami giełdowymi w Polsce. Celem artykułu jest przeprowadzenie analizy zagrożonych finansowo firm zombie, w szczególności w okresie pandemii COVID-19 i niskich stóp procentowych. Aby zrealizować postanowiony cel, konieczne jest przeprowadzenie następujących badań: (i) identyfikacja spółek zombie spośród firm notowanych na rynku publicznym, (ii) studia porównawcze organizacji zombies na tle pozostałych spółek, (iii) charakterystyka "ścieżek życia" spółek zombie, (iv) określenie czynników wpływających na długość przeżycia opisywanych organizacji w Polsce. Szczególną uwagę w badaniu zwrócono na okres pandemii koronawirusa oraz niskich stóp procentowych. Jak wiadomo, firmy zombie są zagrożone finansowo. Mają ograniczoną zdolność do obsługi zobowiązań i stoją na skraju bankructwa. Masowe bankructwa przedsiębiorstw zombie mogą doprowadzić do kolejnego kryzysu gospodarczego. (skrócony abstrakt oryginalny)

Słowa kluczowe

EN

Stock market companies; Interest rate; Economic crisis; COVID-19; Bankruptcy; Scoring

PL

Spółki giełdowe; Stopa procentowa; Kryzys gospodarczy; COVID-19; Bankructwo; Scoring

• Czasopismo: Bank i Kredyt
• Rocznik: 2023
• Numer: nr 2
• Strony: 153--189

Twórcy

autor

Marian Nehrebecki

• University of Warsaw, Poland

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