TABLE 2.

Elements of theory of bankruptcy present in selected economic theories.

Economic theory	Elements of bankruptcy theory
A. Marshall’s neoclassical theory	Bankruptcy of firms is a consequence of the withdrawal from the objective of maximizing profits
J. Schumpeter’s entrepreneurship theory	Bankruptcy of inefficient and non-innovative companies is a prerequisite for the development of the economy as a whole. For this reason, bankruptcy is beneficial for the economy
Institutional trends	The scale and pace of bankruptcy procedures in the economy are conditioned by the quality of institutional infrastructure for bankruptcy. Attention is, however, paid to the fact that bankruptcy, owing to the existence of transaction costs and agency problems, can have negative effects at the microscale and macroscale
Managerial theories	Avoiding bankruptcy is a prerequisite for achieving the objectives which managers seek. Bankruptcy excludes benefits of managers. It is also bad for the owners and partners connected with the company
Biological theories	Bankruptcy is a natural element of the company’s life cycle
Theory of value for shareholders	The desire to maximize value for shareholders ensures the survival of businesses in the long run. Bankruptcy precludes realization by the company of the postulate to maximize the value; it is therefore bad for the owners