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The Methods for Diagnosing Corporate Crises and Bankruptcy
Ruzakova O. V.

Ruzakova, Olha V. (2025) “The Methods for Diagnosing Corporate Crises and Bankruptcy.” Business Inform 10:477–484.
https://doi.org/10.32983/2222-4459-2025-10-477-484

Section: Management and Marketing

Article is written in Ukrainian
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UDC 658.155:658.14/.17

Abstract:
The article examines the urgent issue of the timely diagnosis of a crisis state and the risk of enterprise bankruptcy amid modern economic instability. The aim of the study is to systematize and expand the methodological foundations and practical tools for diagnosing a crisis state by developing a comprehensive approach that integrates traditional financial models with the analysis of non-financial indicators. The scientific novelty of the study lies in the development of an integrated three-level diagnostic algorithm, which ensures a sequential research process – from rapid assessment to comprehensive analysis. The first level involves rapid diagnostics based on an improved Altman model with three modifications: monitoring Z-score dynamics, comparative industry analysis, and a differentiated approach for capital-intensive enterprises. The second level includes an in-depth coefficient analysis based on 14 indicators, grouped into four information blocks: liquidity and solvency, business activity, profitability, and financial stability. The third level implements the assessment of non-financial indicators through an expert evaluation system of four groups of indicators: managerial, operational, market, and personnel. The practical value of the study is confirmed by the testing of the methodology, which demonstrated its effectiveness in identifying systemic crises and developing targeted anti-crisis measures. The proposed approach allows not only to establish the fact of a crisis but also to identify specific problem areas and the causes of their occurrence. Prospects for further research include the development of industry-specific adaptations of the methodology, improvement of the weighting system for non-financial indicators, integration of artificial intelligence methods for automated monitoring, as well as expansion of the indicator system by including sustainable development criteria. The proposed methodology is of considerable interest to specialists in the fields of financial management, crisis management, and financial analysis.

Keywords: crisis diagnostics, bankruptcy, financial ratios, non-financial indicators, anti-crisis management.

Tabl.: 6. Formulae: 2. Bibl.: 8.

Ruzakova Olha V. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Public Administration and Management, Vinnytsia Mykhailo Kotsiubynskyi State Pedagogical University (32 Ostrozkoho Str., Vinnytsia, 21001, Ukraine)
Email: [email protected]

List of references in article

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Barboza F., Kimura H. & Altman E. (2017). Machine learning models and bankruptcy prediction. Expert Systems with Applications, 83, 405–417. https://doi.org/10.1016/j.eswa.2017.04.006
Mamyrbayev O., Azarova A., Nikiforova L., Kalizhanova A., Shyian A., Ruzakova O. & Savina N. (2021). Mathematical model and method of enterprise financial risk assessment based on threshold elements. CITRisk. https://ceur-ws.org/Vol-3101/Paper20.pdf
Ruzakova O. V. (2022). Analiz suchasnykh metodyk otsiniuvannia finansovoho stanu pidpryiemstva [Analysis of modern methods for assessing the financial condition of an enterprise]. Visnyk Khmelnytskoho natsionalnoho universytetu. Seriia «Ekonomichni nauky», 2(1), 7–13. https://doi.org/10.31891/2307-5740-2022-304-2(1)-1
Ruzakova O. V. (2020). Automation of the financial analysis decision-making process on the Internet. Ekonomika. Finansy. Menedzhment: aktualni pytannia nauky i praktyky, 2, 52–65. https://doi.org/10.37128/2411-4413-2020-2-4
Taffler R. J. (2018). Emotional Finance: Investment and the Unconscious. The European Journal of Finance, 4(24), 630-653. https://doi.org/10.1080/1351847X.2017.1369445
Vintoniak A. A. & Chubai V. M. (2024). Metodyky analizu zahrozy bankrutstva pidpryiemstv ta chynnyky vplyvu na zminu yii rivnia [Methods for analyzing the threat of enterprise bankruptcy and factors influencing the change in its level]. Ekonomika ta suspilstvo, 61. https://doi.org/10.32782/2524-0072/2024-61-45
Yudina S. V. & Mondriievskyi S. A. (2024). Systemnyi pidkhid do otsinky finansovykh ryzykiv pid chas stratehichnoho upravlinnia [A systematic approach to assessing financial risks during strategic management]. Ekonomika ta suspilstvo, 67. https://doi.org/10.32782/2524-0072/2024-67-54

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