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Non-profit organizations (NPOs) play an important role in society. Nowadays, many companies apply the phenomenon—corporate social responsibility (CSR) which supports sustainable development and cooperation between the for-profit and non-profit sector. These companies are careful to cooperate with organizations and make decisions based on many factors, such as financial stability and independence of non-profit organizations. These attributes are assessed by predictive models. The models are a common tool in the for-profit sector compared to the non-profit sector. In our case, the main aim of the research is to propose a prediction model to estimate financial status of Slovak non-profit organizations using discriminant analysis. The overall sample consists of 351 NPOs dividing into training and testing sub-samples. We find that model classifies correctly almost 91% of NPOs in the training sample, respectively less than 80% in the testing sample. However, the results show that all vulnerable NPOs are correctly classified based on the testing sample.
Jaroslav Mazanec; Viera Bartosova. Prediction Model as Sustainability Tool for Assessing Financial Status of Non-Profit Organizations in the Slovak Republic. Sustainability 2021, 13, 9721 .
AMA StyleJaroslav Mazanec, Viera Bartosova. Prediction Model as Sustainability Tool for Assessing Financial Status of Non-Profit Organizations in the Slovak Republic. Sustainability. 2021; 13 (17):9721.
Chicago/Turabian StyleJaroslav Mazanec; Viera Bartosova. 2021. "Prediction Model as Sustainability Tool for Assessing Financial Status of Non-Profit Organizations in the Slovak Republic." Sustainability 13, no. 17: 9721.
The issue of prediction of financial state, or especially the threat of the financial distress of companies, is very topical not only for the management of the companies to take the appropriate actions but also for all the stakeholders to know the financial health of the company and its possible future development. Therefore, the main aim of the paper is ensemble model creation for financial distress prediction. This model is created using the real data on more than 550,000 companies from Central Europe, which were collected from the Amadeus database. The model was trained and validated using 27 selected financial variables from 2016 to predict the financial distress statement in 2017. Five variables were selected as significant predictors in the model: current ratio, return on equity, return on assets, debt ratio, and net working capital. Then, the proposed model performance was evaluated using the values of the variables and the state of the companies in 2017 to predict financial status in 2018. The results demonstrate that the proposed hybrid model created by combining methods, namely RobustBoost, CART, and k-NN with optimised structure, achieves better prediction results than using one of the methods alone. Moreover, the ensemble model is a new technique in the Visegrad Group (V4) compared with other prediction models. The proposed model serves as a one-year-ahead prediction model and can be directly used in the practice of the companies as the universal tool for estimation of the threat of financial distress not only in Central Europe but also in other countries. The value-added of the prediction model is its interpretability and high-performance accuracy.
Michal Pavlicko; Marek Durica; Jaroslav Mazanec. Ensemble Model of the Financial Distress Prediction in Visegrad Group Countries. Mathematics 2021, 9, 1886 .
AMA StyleMichal Pavlicko, Marek Durica, Jaroslav Mazanec. Ensemble Model of the Financial Distress Prediction in Visegrad Group Countries. Mathematics. 2021; 9 (16):1886.
Chicago/Turabian StyleMichal Pavlicko; Marek Durica; Jaroslav Mazanec. 2021. "Ensemble Model of the Financial Distress Prediction in Visegrad Group Countries." Mathematics 9, no. 16: 1886.
Virtual currency represents a specific technological innovation on financial markets. Bitcoin and other cryptocurrencies are popular alternatives to traditional cash and investment. We indicate a research gap in the literature review. We find out that current research focused rarely on portfolio diversification using bibliographic analysis in VOSviewer. We think that portfolio diversification is extremely important on the crypto market for most investors because virtual currencies are very risky compared to traditional assets. The primary aim is to construct an optimal portfolio consisting of several cryptocurrencies without traditional assets using a modern theory portfolio. The total sample consists of 16 virtual currencies from 1 October 2017 to 13 January 2020. We mainly obtain historical data on the daily close price of cryptocurrencies from Yahoo Finance. The results show that the optimal portfolio using Markowitz approach consists of Cardano, Binance Coin, and Bitcoin. In addition, virtual currencies are moderately Correlated, with the exception of Tether based on correlation analysis. The high correlation is dangerous for cryptocurrency in portfolio diversification. However, Tether is an atypical virtual currency compared to other cryptocurrencies.
Jaroslav Mazanec. Portfolio Optimalization on Digital Currency Market. Journal of Risk and Financial Management 2021, 14, 160 .
AMA StyleJaroslav Mazanec. Portfolio Optimalization on Digital Currency Market. Journal of Risk and Financial Management. 2021; 14 (4):160.
Chicago/Turabian StyleJaroslav Mazanec. 2021. "Portfolio Optimalization on Digital Currency Market." Journal of Risk and Financial Management 14, no. 4: 160.
This article deals with the funding of nonprofit organizations with emphasis on so-called tax assignation in the Slovak Republic. The aim of this paper is to identify the correlation between corporate tax of selected companies and contributions from tax assignation for corporate nonprofit organizations that were established by these enterprises. The sample includes 67 corporate nonprofit organizations. Information for quantification is gathered from various sources, i.e. financial administration of the Slovak Republic, Ministry of Finance of the Slovak Republic and Ministry of Interior of the Slovak Republic. For the quantification of correlation, we applied nonparametric methods (tests), i.e. Spearman test and Kendall test, within the Statistical Analysis Software (SAS). Based on the results, we claim that the correlation between corporate tax and tax assignation for corporate nonprofit organizations achieved a relatively high level. It means that corporate tax of selected companies has influence on contribution volume of tax assignation for corporate nonprofit organizations. Based on the results, we can claim that private companies establish nonprofit organizations due to the tax assignation. Via these sources, nonprofit organizations support a variety of charitable activities in the marketing area.
Jaroslav Mazanec; Alzbeta Bielikova. The Application of Nonparametric Methods in Nonprofit Sector. Sustainable Transport Development, Innovation and Technology 2018, 269 -282.
AMA StyleJaroslav Mazanec, Alzbeta Bielikova. The Application of Nonparametric Methods in Nonprofit Sector. Sustainable Transport Development, Innovation and Technology. 2018; ():269-282.
Chicago/Turabian StyleJaroslav Mazanec; Alzbeta Bielikova. 2018. "The Application of Nonparametric Methods in Nonprofit Sector." Sustainable Transport Development, Innovation and Technology , no. : 269-282.
The financial health of company is extremely important for potential investment decisions. Financial health is mainly assessed by financial analysis which identify strengths and weakness. The aim of paper is to evaluate and to compare financial health of selected international Slovak and Czech airports. We applied the best-known financial variables, particularly liquidity ratios, asset management ratios, debt ratios and profitability ratios. Then, we compare results of Bratislava Airport with Kosice Airport, Ostrava Airport and Prague Airport. We calculate financial ratios based on statements of international airports. The results show that Bratislava Airport is mainly good at current assets management during analysed period. On the other hand, Bratislava Airport have long-term problem with profitability ratios.
Jaroslav Mazanec; University of Zilina; Viera Bartosova; Maksym Bezpartochnyi. Financial Health Assessment of International Airports. Transport and Communications 2018, 6, 10 -15.
AMA StyleJaroslav Mazanec, University of Zilina, Viera Bartosova, Maksym Bezpartochnyi. Financial Health Assessment of International Airports. Transport and Communications. 2018; 6 (2):10-15.
Chicago/Turabian StyleJaroslav Mazanec; University of Zilina; Viera Bartosova; Maksym Bezpartochnyi. 2018. "Financial Health Assessment of International Airports." Transport and Communications 6, no. 2: 10-15.