Purpose – The primary purpose of this paper is to identify the so-called core authors and their publications according to pre-defined criteria and thereby direct the users to the fastest and easiest way to get a picture of the otherwise pervasive field of bankruptcy prediction models. The authors aim to present state-of-the-art bankruptcy prediction models assembled by the field’s core authors and critically examine the approaches and methods adopted.
Design/methodology/approach – The authors conducted a literature search in November 2022 through scientific databases Scopus, ScienceDirect and the Web of Science, focussing on a publication period from 2010 to 2022. The database search query was formulated as “Bankruptcy Prediction” and “Model or Tool”. However, the authors intentionally did not specify any model or tool to make the search non-discriminatory. The authors reviewed over 7,300 articles.
Findings – This paper has addressed the research questions: (1) What are the most important publications of the core authors in terms of the target country, size of the sample, sector of the economy and specialization in SME? (2) What are the most used methods for deriving or adjusting models appearing in the articles of the core authors? (3) To what extent do the core authors include accounting-based variables, non-financial or macroeconomic indicators, in their prediction models? Despite the advantages of new-age methods, based on the information in the articles analyzed, it can be deduced that conventional methods will continue to be beneficial, mainly due to the higher degree of ease of use and the transferability of the derived model.
Research limitations/implications – The authors identify several gaps in the literature which this research does not address but could be the focus of future research.
Practical implications – The authors provide practitioners and academics with an extract from a wide range of studies, available in scientific databases, on bankruptcy prediction models or tools, resulting in a large number of records being reviewed. This research will interest shareholders, corporations, and financial institutions interested in models of financial distress prediction or bankruptcy prediction to help identify troubled firms in the early stages of distress.
Social implications – Bankruptcy is a major concern for society in general, especially in today’s economic environment. Therefore, being able to predict possible business failure at an early stage will give an organization time to address the issue and maybe avoid bankruptcy.
Originality/value – To the authors’ knowledge, this is the first paper to identify the core authors in the bankruptcy prediction model and methods field. The primary value of the study is the current overview and analysis of the theoretical and practical development of knowledge in this field in the form of the construction of new models using classical or new-age methods. Also, the paper adds value by critically examining existing models and their modifications, including a discussion of the benefits of non-accounting variables usage.

Purpose – This paper aims to verify how the intellectual property (IP) box affects firms’ effective tax rate, growth and innovation activity outcomes related to intellectual property rights.
Design/methodology/approach – Implementing the innovation box regimes into the tax system intends to encourage firms to engage in more innovative activities. In UK, Italy and Poland, the IP box tax relief was introduced in 2013, 2015 and 2019, respectively. In return, companies may reduce their tax rate to increase their investment and innovativeness. With a panel model approach – system GMM and DiD with multiple time periods – it analyses data from the Orbis database for 2011–2019 of 673 firms from the gaming industry in 11 countries and hand-collected data on intellectual property rights protection. The authors study public and private companies from the gaming sector in leading European markets and all three countries that protect intellectual property rights of software (Japan, South Korea, the USA).
Findings – Recent reforms enable gaming companies to use preferential tax treatment for IP-related income and significantly impact a firm’s revenue growth.
Practical implications – Nevertheless, European gaming firms require time to leap the gap to the growth and innovativeness of countries that protect software.
Originality/value – The authors show that the IP box stimulates gaming firms to protect IP via wordmarks, figurative marks, trademarks and software patents that bring effects in five years. Despite the critics against IP box, the authors prove its lagged efficiency, especially in profitable and larger firms.

Purpose: This article’s primary purpose is to present and analyze the current state of board gender diversity and elaborate on the relatively sparse literature in this field in the Czech Republic, a post-transition Eastern European economy. The described study sought to identify and comment on the theoretical views concerning previous research in other, mainly Western European countries, by highlighting new perspectives on board gender diversity.

Design/methodology/approach: The study’s empirical analysis was based on 235 companies domiciled in the Czech Republic with 500 or more employees. We followed a selection protocol consisting of several filters in arriving at our final sample. We initially analyzed the data in relation to (a) the number of employees, (b) organization turnover, and (c) industrial classification. We calculated the mean (μ), standard deviation, (σ), and coefficient of variation (CV) of the data/variances, then tested our hypotheses through χ2, determining the significance through the p-value. Finally, we calculated the board diversity index (DI) for female/male board members.

Findings: Our findings showed that the representation of women on corporate boards of Czech Republic companies is well below the European directive target figure of 40%. There is a greater representation of women on supervisory than on statutory boards. Moreover, the research revealed that female directors are more likely to serve on boards of companies in health care, social, wholesale, retail, and administration sectors compared to the construction, manufacturing, transportation, and storage sectors. Furthermore, company turnover also plays a part in board gender diversity. Finally, we highlighted many reasons why the Czech Republic is a fertile ground for the study of board gender diversity.

Practical implications: We believe this article will be valuable to senior managers in industry and wider regulatory, corporate governance, and ethical environments, fostering diversity and equality on corporate boards. This article forms a sound foundation for future studies on board gender diversity in the Czech Republic and contributes to the ongoing discussion on any adoption of possible future quota.

Originality/value: This research presents a rare insight into the current board gender diversity structure in the Czech Republic, especially because the country is relatively under-researched in the corporate governance and gender diversity literature. Thus, the research adds to the theoretical views concerning earlier research undertaken in other, mainly Western European countries, highlighting new perspectives on board gender diversity.

Purpose: The article presents business models developed in organizations of the “new cooperativism” trend, whose application leads to a bottom-up solution of important social problems at the local level and, in a broader perspective, stimulation of sustainable development.

Methodology: The adopted methodology uses a qualitative approach. The research was conducted in the form of case studies of four organizations following “new cooperativism,” based on in-depth interviews, observations, and analyses of organizational documents and various types of publicly available materials.

Findings: The study showed that “new cooperativism” organizations use in their business models the old practices developed by classical cooperatives, which work well in today’s conditions and have the potential to provide a positive impact on important socioeconomic dysfunctions, which can be fully implemented through modern technologies.

Research Limitations: The limitations typical of the case study method entail the uncertainty of results replication, which disallows their broad generalization. However, the obtained results indicate the need to conduct a scientific diagnosis of emerging collaborative grassroots organizations and the importance of their participation in the three-sector economic concept of the state.

Originality: The article and its conclusions are based on empirical research of the practical effectiveness of business models used in organizations of the “new cooperativism” trend.

Purpose: The article analyzes the possible methods of public debt management, which not only aim to meet regulatory requirements but also obtain a market premium in the form of an optimal level of the yield on government bond yields that will be profitable for the issuer. The study analyzes the situation in the public finance sector in the countries that form the Visegrád Group (V4). The authors evaluate the main regulatory requirements of EU law in the area of numerical fiscal rules and their impact on the yield on basic securities such as ten-year government bonds, which directly influences the cost of servicing long-term public debt.

Methodology: The study uses desk research method for theoretical reasoning to verify the research hypothesis. The study seeks to answer the question of whether the application of national and EU fiscal rules in V4 budgetary frameworks contributes to lower yields on ten-year bonds and thereby reduces the cost of public debt. The authors utilize time series and cause-effect analysis as well as quantitative research for the systematization of statistical information and regression analysis for the examination of statistical dependencies.

Findings: The basic parameters subject to financial assessment within the fiscal rules index are (1) the deficit of public finance sector and (2) public debt with its servicing costs. In 2005–2016, the ratio of the public finance sector deficit to GDP was shaped in such a way that most V4 countries required the institution of excessive deficit procedures and further disciplinary regulations. The assessment of the situation in the public finance sector in the area of budget deficit and public debt does not translate into the yield on government bonds of non-Eurozone countries. Model-based testing indicates that the financial markets – when deciding to evaluate or purchase government bonds of non-Eurozone countries – failed to acknowledge the implementation of fiscal rules in these countries and its possible effects.

Originality: The study focuses on a unique comprehensive analysis of national fiscal rules employed in individual V4 countries and their impact on the yield on government bonds throughout the entire EU membership of the V4. What holds the greatest cognitive value in this article is the answer to the question of whether Eurozone membership impacts the valuation of a country’s public debt.

Purpose: This paper provides an empirical evaluation of R&D returns for a series of global companies who lead in innovation within the health care industry.

Methodology: The estimation procedure bases on two specifications: the parametric production function setting, and finite distributed lag model (FDL).

Findings: Using the most recent data on R&D investment by health care equipment and services along pharmaceuticals and biotechnology companies, we confirm the positive albeit mitigated impact of R&D efforts on performance indicators (levels of sales). Moreover, we comment on the current phenomena observed in health care industry and offer a policy view for ongoing and future challenges in the sector.

Added value: Since there is a dearth of recent empirical evidence on R&D returns in the broad health industry, this paper offers the evaluation of economic incentives for companies to invest in R&D. These incentives embrace the induced increase in sales and profits levels. The authors participate in a public debate concerning the optimal levels of R&D rewards required to sustain the innovation within the sector.

Purpose: The aim of this paper is to determine the factors that influence the process of implementation
of risk management process into municipal offices across Poland.

Methodology: The Polish Public Finance Act requires public sector entities to put in place a risk
management system within the framework of management control. The author conducted in-depth
interviews with key personnel responsible for risk management in public administration units.

Findings: The results of the research show that public sector organizations face certain problems
in the process of implementing a risk management system. Employees seem to resist change. As
a result of the project, four factors that influence the process of introducing risk management have
been identified.

Implication: Public sector organizations are mostly large, bureaucratic organizations, governed by
numerous regulations, which all in all tends to hinder efficient management. The results of the
discussed research are to support public entities in the process of implementing change.

Value: The paper explores the importance of overcoming barriers to the process of implementing
risk management in the public sector.

Purpose: This article informs readers about the theoretical and practical origins of the behaviorally
informed interventions (BIPI), analyzes examples of the BIPI from different policy sectors and
strategies they offer for policy and regulatory design, and discusses applications and implications
of BIPI for public interventions.

Methodology: This paper is based on a review of literature, as well as an inspection of administrative
practices in OECD countries. It encompasses a systematic analysis of scientific papers from
the SCOPUS database and a query carried out at the library of George Washington University.

Findings: The traditional approach to public policy research is based on rational choice theory. It
offers limited support, because by assuming perfect rationality of policy decisions, it overlooks
existence of systematic errors and biases of human decision-making. The authors argue that behaviorally
informed public interventions (BIPI) might contribute to improving the effectiveness of
a number of public measures – regulation, projects, programs, and even entire policies.

Practical implications: The behavioral approach allows decision-makers to better understand the
decisions and behaviors of citizens, as well as to design more effective interventions with minimum
effort by adapting the existing solutions to real decision mechanisms of citizens.

Originality: By combining the concepts of traditional approach with the growing behavioral
approach, the authors aim to propose a new theoretical framework (BIPI) to be used as a tool for
policy design, delivery and evaluation.

Purpose: The article presents the results of the analysis of the employment and salary policy in Polish public administration in the period of 2002-2011 in terms of public administration management in times of the financial crisis and the competitiveness of employment in government administration. The authors of the article examine the effectiveness of the subsequent government efforts to institute “a cheap state”. They have assumed that in the
examined period the effectiveness of government administration did not change considerably.

Originality: The presented analysis covers such issues as: identifying the determinants of changes in salary and employment rates in government administration; an analysis of the relevant major legal institutions; a study of the main changes in the salary and employment policy in government administration; an analysis of the employment nd remuneration budget in public administration; an assessment of the changes in the effectiveness of the
functioning of government administration.

Methodology: In their studies the authors conduct inductive and deductive reasoning by means of the following research techniques: an analysis of legal acts, strategic government documents and reports of the Supreme Audit Office (NIK); a statistical dynamics and structure analysis; a comparative analysis and a one-dimensional analysis of public expenditure efficiency.

Purpose: The article aims to assess the informative value of the financial statements of public enterprises, auxiliary enterprises and budget institutions which have been transformed into public sector enterprises (IGB). The goal of the article is also to interpret the data included in financial statements, from the property and structure management point of view.

Metodology: The main research tool was the economical analysis of the chosen elements of the financial statements of public sector enterprises. Review of the data which describe the public sector enterprises which conduct business activities was done. In relation to “Center of Logistic Services” entity, the method of case study was used.

Findings: The analysis shown in the article implies that the legal and organisational changes have not improved the public finance sector operations in this area. It results from the fact that the changes in management, way of thinking should be directed to managerial model.
Research implications: The article is the first author’s insight into the problem of public sector enterprises. There is no doubt, this type of research should be continued in many aspects.

Originality: The author presented the interesting and current problem concerning public finance sector. Stated in the article theses and the analysis of the financial standing of the public sector enterprises is one of the opinions in the debate on the expected direction of changes in the organisation of public finance sector.

Purpose: The aim of the article is to present a strategic model of inter-sectoral cooperation and its conditions, such as social responsibility and trust. The development of organizations depends on them, but also on relationships with business partners. The greater the integrity and social responsibility of the organization, the greater the trust and willingness of the business partners. The importance of trust should also be observed in the Polish reality, not only in business.

Methodology: The aim was achieved by discussing literature and presenting the results of focus discussion in groups. The end result was a conceptual model of NGO (non-governmental organization) – PA (public administration) cooperation (2012).

Findings: The conceptual model of NGO (non-governmental organization) – PA (public administration) cooperation seems to be an interesting and promising solution. It seems to be a significant task of both popularizing assumptions and providing building blocks for models. It could be considered to be a very useful tool. This model should provide a helpful framework for developing local standards that will be useful in inter-sectoral cooperation.

Originality: The novelty and originality of the study is the theoretical and practical presentation of the strengths of inter-sectoral cooperation.

Purpose: The aim of this article is to analyze the potential of a simulation game
addressing the issue of implementing risk management within public sector organizations.

Design/methodology/approach: Recent legislation obliges public sector organizations
to have a risk management system in place as part of their managerial control
system. The author conducted interviews with key personnel responsible for risk
management within their public organization.

Findings: This preliminary findings of the study, among public sector organizations,
shows that these organizations have a problem implementing the risk management
process. The author after deep analysis of the different educational methodologies
decided to propose an experiential learning method in a form of simulation game.

Originality/value: Usage of simulation game to teach risk management is unique. It
can be helpful for public sector organizations not only to understand the process but
also to implement it and became an effective tool.