The influence of interest rates on outstanding loans of enterprises on their structure in the bankruptcy warning system

This study applied Altman Z-score model to assess the bankruptcy risk of a set of multidisciplinary enterprises of various types, mainly small and medium enterprises, with data taken from official financial reports of 180 enterprises in Soc Trang province. The binary logistic regression was employed to assess the impact of non-financial and financial factors on the bankruptcy risk of enterprises. The research findings showed that both the non-financial factors such as business area, types and size of the business, the educational level of managers and executors and other characteristics, and the financial factors (indicators) such as earnings before tax, net profit/equity ratio, earnings before interest and tax/total assets ratio, equity/total debt ratio, affect the bankruptcy risk of enterprises. Predicting the bankruptcy risk and measuring its determinants play an important role not only as an effective managing tool of the business, but also as evidence for policymakers to support the sustainable development of business.

The study aims to identify the financial performance measures used as a proxy of the firm-level competitiveness dimensions of small and medium-sized enterprises and their competitiveness. By investigating the factors that affect competitiveness in general, those areas will be introduced, related to an identified competitiveness dimension. Financial and non-financial performance indicators will assess these areas. The paper considers competitiveness as an outcome variable, suggests a relationship between financial performance and the identified areas, and searches for the financial performance measures drivers.
A panel data model was tested on Hungarian small and medium-sized enterprises (SMEs) and US SMEs. The collected data cover the period between 2013 and 2017. As a result of the applied panel regression, those variables were successfully identified that drive and could predict financial performance measures related to competitiveness. The research found a significant difference between the two-sample dataset results, which differences can be connected to country, industry, and, in general, to economic development characteristics.
The results provide decision-making support and hint about the managerial tools and techniques aiming to control the firm characteristics, performance, and, eventually, firm-level competitiveness. Based on the results, further research can be dedicated to the development characteristics of firm-level competitiveness and the analysis of the relationship between the competitiveness dimensions and competitiveness itself.

Acknowledgment
The research was financed by the Higher Education Institutional Excellence Programme of the Ministry for Innovation and Technology in Hungary, within the framework of the 4th thematic programme „Enhancing the Role of Domestic Companies in the Reindustrialization of Hungary” of the University of Pécs.

The present article originates from the effort to answer the following question: is it possible for an organizational structure to steer between organizational routines and Black Swans? (Taleb, 2007). Unexpected, unique and low-frequency events are “unknown variable” that, despite the planning and precautions deployed, catch an organization off-guard, and might have catastrophic consequences. Unexpected events impact organizations, undermining the knowledge and redefining the list of competences that an organization needs in order to be competitive. The main goal of the present article is to shed light on the role and the challenges that firms undertake in their defining moments of adaptation of their organizational assets – the structure –. The rational pattern of adaptation is exemplified by the use of ambidextrous organizational structures, which focus on activities that can be defined as exploration and exploitation. Within the analysis of “the science of complexity”, parallels, paradoxes and metaphors representing a synthesis of a largely shared doctrine will be investigated: firms need to utilize known variables, or sometimes unknown ones, that are inevitably complex, in order to find the right fit, react swiftly to change, successfully compete, and obtain results.