scholarly journals Altman Model Verification Using a Multi-Criteria Approach for Slovakian Agricultural Enterprises

2021 ◽  
Vol 24 (1) ◽  
pp. 146-164
Author(s):  
Roman Vavrek ◽  
Petra Gundová ◽  
Ivana Kravčáková Vozárová ◽  
Rastislav Kotulič
Keyword(s):  
Slovak Republic ◽  
Economic Value ◽  
Value Added ◽  
Model Verification ◽  
Economic Value Added ◽  
Z Score ◽  
Natural Conditions ◽  
Agricultural Enterprises ◽  
Overall Reliability ◽  
Altman Model

The Altman model is still one of the most widely used predictive models in the 21st century, and it aims to highlight the differences between bankrupt and healthy enterprises. This model has been modified several times; its most well-known forms are from 1968, 1983 and 1995. However, the use of the Altman Z-score for Slovak enterprises is more than questionable. The unsuitability of the model for the conditions of Slovak companies has been confirmed by several empirical surveys. The objective of this study was to verify the validation of these three variants of the Altman model, depending on how an unprosperous company is identified, using a sample of 996 agricultural enterprises operating in the Slovak Republic. Four indicators were selected for the identification of an unprosperous enterprise – economic results, total liquidity, equity, and economic value added – and they were monitored over the last year or, as the case may be, over the last three years from 2014 to 2016. Using the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) and Coefficient of variation (CV) methods as an objective method for weight determination, a combination of the Altman model from 1968 and the negative total liquidity in the last reference year was determined to be the best. One of our main findings is that the way in which an unprosperous enterprise is identified is a significant factor affecting the overall reliability of the Altman model. The Altman model from 1968 and 1983 confirmed the differences resulting from the natural conditions in which the enterprises operate. The economic results and economic value added (EVA) proved to be inappropriate as indicators for defining an unprosperous enterprise in the conditions of the Slovak Republic.

scholarly journals ANALISIS KINERJA NASABAH PT. BANK “AA” Tbk. DENGAN MENGGUNAKAN ECONOMIC VALUE ADDED (EVA) ANALISIS Z SCORE ALTMAN DAN NILAI SAHAM

Agro Ekonomi ◽  
2006 ◽  
Vol 13 (2) ◽  
Author(s):  
Anik Sri Rahayu ◽  
Dwidjono Hadi Darwanto
Keyword(s):  
Intrinsic Value ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Economic Value Added ◽  
Z Score ◽  
Value Stocks ◽  
Net Profit ◽  
Difficult Area ◽  
Business Customers

This research aim to know growth of performance of is effort and client share performance of Middle Business customers PT.Bank “AA” Tbk which have go public with analysis EVA (Economic Value Added), Z Score of Altman and Intrinsic Vlaue of Share. The Analysis expected can be enchanced in package analysis credit of new application, lengthening and also addition (supplies) of credit, so that channeling of credit can give security guarantee to banking.Research conducted by calculating and analyzing value of EVA, Z Score and Intrinsic Value of compared to share (is) Vlaue Stocks Market from 13 (thirteen) Middle Business customers of PT. Bank “AA” Tbk which have go public and hereinafter lok for correlation EVA with Z Score, EVA with Value Stocks Market and Z Score with Value Stocks Market. Result of calculation indicate that :Acquirement of net profit do not is forever followed with result of assessment of EVA which are positive, and even negativity, its meaning of acquirement of net profit cannot cover of is expense of invested capital, so that company monetarily unable to create value (create value) to stakeholder.Customers majority of PT.Bank “AA” Tbk which have go public though can obtain get net profit, but assess its Z Score lower that is d” 1,81 or reside in at high monetary difficult area and flange can to bankruptcy.Majority assess customers stocks market PT.Bank “AA” Tbk which have go public reside in under intrinsic value of value him in fact. This condition can be interpreted that stocks market value do not express the condition of its company’s finance.Correlation between examine variables in this article that is between value of EVA with Z Score, Value of EVA with Value Stocks Market and Z Score with each Value Stocks Market show correlation in existence. Though there no its correlation, analysis of EVA, Z Score and Intrinsic Value of Share require to be enhanced in package analyze credit PT.Bank “AA” Tbk to be monitoring of condition finance of customers more intensive.

scholarly journals Analysis of competitiveness and economic profit of the confectionary sector in Kazakhstan and its comparison with Czech Republic data

2021 ◽  
pp. 1-30
Author(s):  
Petr Hájek ◽  
Eva Kaňková ◽  
Gulnar Zhunissova
Keyword(s):  
Czech Republic ◽  
Financial Performance ◽  
Food Industry ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Z Score ◽  
The Czech Republic ◽  
Economic Profit ◽  
Communist Countries

Measuring competitiveness in post-communist countries in Central Asia is challenging. Many well-known metrics fail to warn bankruptcy risks sufficiently early or at all. This study uses metrics of the Altman z-score, Taffler z-score, IN99, IN01, IN05, and creditworthiness models to assess bankruptcy likelihood and financial performance of local and foreign confectionery companies operating in Kazakhstan during 2007-2018. These companies are Roshen, KDV Yaskino, Konti, Rakhat, and Bayan Sulu. The IN bankruptcy and creditworthiness models are considered in this study because they are found to be more appropriate for post-communist countries. Compared to the well known Altman or Taffler z-score models, they better suit the events and corporate situations peculiar to these countries. The benchmarking INFA system, involving a pyramidal approach developed for Czech companies, provides the economic-value-added (EVA) and component indicators to analyze competitiveness. This study also compares the performance of Kazakhstan companies with Nestlé Czechia and the Czech food industry. The objective is to analyze company competitiveness, bankruptcy probability, and ability to create value. Results show the effectiveness of INFA in analyzing competitiveness and the applicability of IN models to companies from Kazakhstan, Russia, Ukraine, and the Czech Republic.

scholarly journals Clustering of agricultural enterprises

2013 ◽  
Vol 61 (2) ◽  
pp. 289-296 ◽  
Author(s):  
Michaela Beranová ◽  
Marcela Basovníková ◽  
Dana Martinovičová
Keyword(s):  
Cluster Analysis ◽  
Financial Performance ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Agricultural Commodities ◽  
Agricultural Enterprises ◽  
Operating Profit ◽  
Agricultural Business ◽  
Business Entities

Agricultural business is a very specific branch which is characterized by very low financial performance while this characteristic is given mainly by external factors as market pricing of agricultural commodities on one side, and production costs of agricultural commodities on the other side. This way, agricultural enterprises recognize negative values of gross margin in the Profit and Loss Statement but positive value of operating profit after even there are items of costs which are deducted. These results are derived from agricultural production subsidies which are recognized as income in the P/L Statement. In connection with this fact, the government subsidies are a substantial component of financial performance of agricultural enterprises.Primary research proceeded on the statistical sample of one hundred agricultural companies, has shown that also other specifics influencing financial performance of these businesses exist here. In order to determine the influences, the cluster analysis has been applied at using more than 10 variables. This approach has led to construction of clusters (groups) of agricultural business entities with different characteristics of the group. The objective of this paper is to identify the main determinants of financial performance of agricultural enterprises and to determine their influences under different economic characteristics of these business entities. For this purpose, the regression analysis has been subsequently applied on the groups of companies coming out from the cluster analysis. Besides the operating profit which is the main driving force of financial performance measured with the economic value added (EVA) in agricultural enterprises, also capital structure and cost of capital have been observed as very strong influences on financial performance but these factors have different directions of their influence on the economic value added under different financial characteristics of agricultural enterprises.

scholarly journals Components of the financial performance of agricultural enterprises

2011 ◽  
Vol 59 (7) ◽  
pp. 57-68 ◽  
Author(s):  
Michaela Beranová ◽  
Marcela Basovníková
Keyword(s):  
Financial Performance ◽  
Economic Value ◽  
Value Added ◽  
Production Costs ◽  
Substantial Part ◽  
Economic Value Added ◽  
Agricultural Enterprises ◽  
Operating Profit ◽  
The Government ◽  
Production Subsidies

Financial performance of agricultural enterprises is discussed mainly in relation to agricultural subsidies policy of the Government. Agriculture is undoubtedly a specific sector of the national economy because the market conditions do not ensure a settlement of production costs of agricultural commodities. Than the most of agricultural enterprises have negative financial performance measured with the Economic Value Added (EVA).The aim of this paper is to identify and determine the main factors influencing the value of the EVA indicator in agricultural enterprises while the analysis is focused especially on four variables directly entering the calculation of economic value added. But the fact that these four variables are functions of other variables has to be also taken into account. Constructed multi-dimensional regression model corresponds with the fundamental logic of the calculation of economic value added. It has been observed that the strongest influence on the value of EVA stands on the side of operating profit. But in agricultural enterprises, the important part of this profit consists just in the agricultural production subsidies. This way, these subsidies become the substantial part of the performance of agricultural enterprises.

Pengaruh Pengungkapan Corporate Social Responsibility (CSR) Pada Nilai Perusahaan

2011 ◽  
Vol 3 (2) ◽  
pp. 1-19
Author(s):  
Chermian Eforis ◽  
Rosita Suryaningsih
Keyword(s):  
Corporate Social Responsibility ◽  
Annual Report ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Economic Value Added ◽  
Market Value Added ◽  
Csr Disclosure ◽  
Corporate Social ◽  
Simple Regression

This study aims to determine the influence of the level of CSR disclosure in annual report to corporate values that proxies with Economic Value Added (EVA) and Market Value Added (MVA).   The objects of this study are companies that were included in Kompas 100 Edition of the second review in 2010.The chosen model of this research is simple regression which can be defined as a model that used the normal probability plot  for data normality test, DurbinWatson test for autocorrelation, graph plots to test heteroscedasticity, and saw the value of tolerance and VIF for multicollinearity test. Hypothesis is analyzed using simple regression method  The results showed that the level of CSR disclosure contained in the annual report has a significant influence on the EVA. The same results were also found on the MVA, where the level of CSR disclosure contained in the annual report has a significant influence on the MVA. Key words: Corporate Social Responsibility, Economic Value Added, Market Value Added

KOMPARASI KINERJA KEUANGAN MELALUI PENDEKATAN ECONOMIC VALUE ADDED (EVA) PADA PERUSAHAAN TRANSPORTASI DI JAKARTA

2018 ◽  
Vol 3 ◽  
pp. 223-232
Author(s):  
Dwi Urip Wardoyo
Keyword(s):  
Financial Performance ◽  
Service Industry ◽  
Economic Value ◽  
Value Added ◽  
Added Value ◽  
Economic Value Added ◽  
Test Analysis ◽  
Transportation Service ◽  
Income Statement

This study aims to compare financial performance through profitability generated by two market participants in the witness transportation service industry in Jakarta, namely PT. BB compared to PT. ETU, this assessment is measured not limited to the profit generated but more than that by measuring financial added value through the concept of Eonomic Value Added produced by the two companies. The population in this study were all taxi transportation service companies in Jakarta. The sampling method selected two taxi companies that have the largest market share in DKI Jakarta, namely BB Taxi and ETU Taxi. The test analysis used in this study is ratio analysis through profit calculation and economic added value from the annual income statement. This study shows that there are (a) determination of the ratio of profit levels, (b) Determination of the comparison of economic value added of the two companies. Keywords :  Financial performance, Economic Value Added (EVA)

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