scholarly journals ПОРЕЂЕЊЕ МОДЕЛА ЗА ПРЕДВИЂАЊЕ СТЕЧАЈА НА УЗОРКУ СРПСКИХ ПРЕДУЗЕЋА

TEME ◽  
2020 ◽  
pp. 503
Author(s):  
Sanja Vlaović Begović ◽  
Ljiljana Bonić ◽  
Slobodanka Jovin
Keyword(s):  
Positive Relationship ◽  
Negative Relationship ◽  
Z Score ◽  
Working Capital ◽  
Financial Situation ◽  
The Poor ◽  
Average Accuracy ◽  
One Year ◽  
A Company ◽  
Altman Model

Turbulent conditions on the Serbian market, the deep consequences of the global economic crisis that have shaken the already weakened economy are strong reasons for constant monitoring of business in Serbia. Identifying financial problems in a company that lead to bankruptcy reduces the risk of potential losses. The aim of the paper is to compare the Altman model and the Zmijewski model that are applied in companies in Serbia and by that to conclude which one gives better results for predicting bankruptcy. Also, the paper will examine the significance of individual ratios in models using correlation analysis.The results of the survey showed that the accuracy of predicting the bankruptcy of the Altman model for emerging markets on Serbian companies undergoing bankruptcy proceedings, is high, 88.68% for one and 79.25% for two years before the initiation of bankruptcy proceedings. The accuracy of the Zmijewski model is slightly higher than the Altman model for one year before the initiation of bankruptcy proceedings and amounts to 90.57%. Two years before bankruptcy, the Zmijewski model's accuracy is the same as with the Altman model (79.25%). When it comes to the overall sample (undergoing bankruptcy proceedings companies and non-bankruptcy companies), the average accuracy of the Zmijewski model is higher than the Altman model (89.62% > 85.22%). Based on Pearson's correlation coefficient, we have established that one year before initiating bankruptcy, there is almost an impeccably perfect positive relationship between the ratio of working capital and total assets on one side, and Z’’- score on the other. The Zmijewski coefficient has an almost perfect negative relationship with the indebtedness ratio. By observing both models, it can be concluded that companies in Serbia had a problem with liquidity, indebtedness and the impossibility of returning the invested funds, which contributed to the poor financial situation and initiation of bankruptcy proceedings.

scholarly journals FINANCIAL HEALTH OF ENTERPRISES INTRODUCING SAFEGUARD PROCEDURE BASED ON BANKRUPTCY MODELS

2018 ◽  
Vol 19 (5) ◽  
pp. 692-705 ◽  
Author(s):  
Jaroslav Schönfeld ◽  
Michal Kuděj ◽  
Luboš Smrčka
Keyword(s):  
Descriptive Statistics ◽  
Financial Health ◽  
Z Score ◽  
Problematic Situation ◽  
The Czech Republic ◽  
Financial Situation ◽  
Financial Conditions ◽  
Time Period ◽  
One Year ◽  
The Individual

This paper is focused on the financial situation of enterprises introducing safeguard procedure (in other words moratorium) in the Czech Republic. The paper’s aim is to show if the enterprises asking for the safeguard procedure do have financial conditions for recovering and maintaining the going concern principle. The safeguard procedure should help the enterprise to solve their problematic situation because it protects them against creditors for the court approved time period. The safeguard procedure cannot be successful when the financial situation is extremely poor and therefore this paper analyses the enterprises’ financial situation upon applying for safeguard. The situation is evaluated using bankruptcy models, such as Altman Z-Score, Kralicek Quick Test, IN 99 and IN05. The evaluation is conducted in different time moments, specifically one year, two years and three years before implementing the safeguard procedure. Results for the individual enterprises are summed up by basic descriptive statistics as mean, median, low and upper quartiles. The results show that the financial situation of most enterprises was very poor before introducing the safeguard procedure and it had deteriorated during the years before.

scholarly journals Working Capital Management and the Profitability of Non- Financial Firms Listed on the Zimbabwe Stock Exchange (ZSE)

2014 ◽  
Vol 9 (1) ◽  
Author(s):  
Walter Gachira ◽  
Washington Chiwanzwa ◽  
Dingilizwe Jacob Nkomo ◽  
Runesu Chikore
Keyword(s):  
Firm Value ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Financial Firms ◽  
Cash Conversion Cycle ◽  
The Impact

Working capital is essential for the day-to-day operations of a firm. The study examines the impact of working capital management on the profitability of non-financial firms listed on the Zimbabwe Stock Exchange (ZSE). Using panel data methodology, the direction and extent of the impact of working capital management on profitability is scrutinised. The regression analysis is based on a panel sample of 39 non-financial firms listed on the ZSE from 2009 to 2013, the period under which the Zimbabwean economy has been operating under the multicurrency system. It was found that there is a positive relationship between debtors’ days and firm’s profitability, a negative relationship between creditors’ days and profitability and a positive relationship between firm’s cash conversion cycle and its profitability. There is some negative relationship between current ratio and profitability, while inventory turnover days and profitability are positively related. Debt to asset ratio as a control variable has a significant negative relationship with firm value and profitability. The results of the study show that for the companies included in the sample, there are mixed effects of the components of working capital on firm performance. Managers can thus create value for shareholders by taking note of the existence of such relationships and take measures that enhance firm profitability.

scholarly journals PENGARUH IPM, PDRB DAN JUMLAH PENGANGGURAN TERHADAP PENDUDUK MISKIN DI PROVINSI JAMBI

2017 ◽  
Vol 1 (1) ◽  
pp. 113 ◽  
Author(s):  
M Alhudhori
Keyword(s):  
Regression Analysis ◽  
Linear Regression ◽  
Multiple Linear Regression ◽  
Positive Relationship ◽  
Central Government ◽  
Linear Regression Analysis ◽  
Negative Relationship ◽  
Multiple Linear Regression Analysis ◽  
The Poor ◽  
Poor Population

In fact the construction economy is rangkayan activity by exploiting the whole potential of the basic capital as epektif and efficiently through perancanaan kesejahtraanin order to improve society. The fulfillment of the basic needs of the society especially health, education, food and nutrition is something very fundamental in the context of the development of community welfare (welfare), human development (humandevelopment) and reduction of poverty (poverty reduction). Strategic issues in the governance of the Jambi province are not much different from the Central Government (the problem), namely the still high number of poverty. Based on multiple linear regression analysis of the HDI have a positive relationship towards the poor population where if the HDI rose 1 percent then the number of poor population will rise of0.358. Based on multiple linear regression analysis of the GDP had a negative relationship toward the poor population, which if GDP rises 1 percent then the number ofpoor population will be down by-0.006. Multiple linear regression analysis based onthe number of unemployment has positive relationship towards the poor population where if the number of unemployed rose 1 percent then the number of poor population will rose by 0.010.Keyword: influence of IPM, PDRB and the number of unemployed

scholarly journals Proposed Model of the Dividends Policy of REITs Listed at Kuwait Stock Exchange

2019 ◽  
pp. 259-263
Author(s):  
Tharwah Mohammed Shaalan
Keyword(s):  
Regression Model ◽  
Cash Flow ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Explanatory Variables ◽  
Proposed Model ◽  
Kuwait Stock Exchange ◽  
One Year ◽  
Model Technique

The research aims to study the factors that affect the dividends policy at the REITs ,which listed at Kuwait Stock Exchange, using 41 observation of one year, included all 41 REITs, multi linear multi regression model technique was applied. The explanatory variables are, pay-out ratio, cash flow from finance activities, earning per share, assets size, revenues. The study reached to a statistically high significance and positive relationship between dividends per share and all explanatory variables except assets size had no significant effect, also revenue variable had negative relationship with dividends per share.

scholarly journals Financial Distress Analysis in an Indonesian Textile Company

2021 ◽  
Author(s):  
Yanuar Ramadhan ◽  
Marindah Marindah
Keyword(s):  
Financial Distress ◽  
Market Value ◽  
Total Asset ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Purposive Sampling ◽  
Simultaneous Effect ◽  
Score Method ◽  
Altman Model

This research aimed to examine the health of textile companies by using the Altman Z-Score method. The Altman model is used to determine the effect on financial distress through Working Capital to Total Asset (WCTA), Retained Earning to Total Asset (RETA), Earning Before Interest and Tax to Total Asset (EBITA), Market Value of Equity to Book Value of Liabilities (MVEBL) and Sales to Total Asset (STA). The population in this study was textile companies for the period 2016-2019. The sample was 14 textile companies with a research time of 4 years resulting in 56 samples obtained by purposive sampling. The results indicated that WCTA, RETA, EBITA, MVEBL and STA had a simultaneous effect on financial distress, but they had no effect separately. Keywords: Altman Z-Score, financial distress, bankruptcy

scholarly journals The Effect of Working Capital Management on Profitability: Evidence from Malaysian Construction Firms

2021 ◽  
Vol 5 (1) ◽  
pp. 88-107
Author(s):  
Chooi Yin You
Keyword(s):  
Positive Relationship ◽  
Negative Relationship ◽  
Time Frame ◽  
Inventory Level ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Construction Firms ◽  
Operating Profit ◽  
Significant Negative Relationship

Working capital management is an essential part of a sound business. The main objective of this research is to investigate the effect of working capital management on profitability. The regression analysis was carried out on a panel sample of 30 construction firms listed on Bursa Malaysia over a five-year period from 2015 to 2019. The findings suggest that there is a significant positive relationship between Days Inventory Outstanding (DIO) and Gross Operating Profit (GOP) as well as a significant negative relationship between Days Payables Outstanding (DPO) and GOP. Thus, firms can maximise their profitability by maintaining higher inventory level and paying off creditors in a shorter time frame.

scholarly journals Working Capital Management and Return on Assets of Manufacturing Industry of Peru

2020 ◽  
Vol 11 (2) ◽  
pp. 382
Author(s):  
Wagner Enoc Vicente-Ramos ◽  
Marianela Roxana Ames Porras ◽  
Roberson Meza Quispe ◽  
Miguel Angel Rojas Zacarias
Keyword(s):  
Inventory Management ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Industrial Sector ◽  
Working Capital ◽  
Short Term ◽  
Return On Assets ◽  
Collection Period ◽  
A Company

This article contributes to the increase in knowledge and existing theory about the administration of working capital and its relation to profitability. Using a sample of 23 companies listed on the Lima stock exchange during the period 2009-2018. There is a negative relationship between profitability (ROA) and the average inventory period (PPI), in the same way a negative relationship between profitability and the average collection period (PPC), finally a positive relationship between profitability and the period average payment (PPP). It is concluded that a company of the industrial sector in Peru, manages to be more efficient, effective and competitive insofar as it improves the management of working capital, which is achieved if it achieves effective management of financial resources, an equitable policy of Customer credit, proper inventory management and proper management of supplier leverage and short term.

scholarly journals PERINGKAT KINERJA KEUANGAN PADA PERUSAHAAN GO PUBLIK INDUSTRI MANUFAKTUR YANG TERCATAT PADA BURSA EFEK INDONESIA DENGAN MENGGUNAKAN Z-SCORE ALTMAN MODEL PERIODE 2010-2012

2016 ◽  
Vol 18 (2) ◽  
pp. 71-88
Author(s):  
Christian Hendrawardhana ◽  
Henrycus Winarto ◽  
Bambang Budiarto
Keyword(s):  
Emerging Markets ◽  
Commercial Banks ◽  
Manufacturing Sector ◽  
Manufacturing Companies ◽  
Z Score ◽  
Going Public ◽  
A Company ◽  
Credit Analysis ◽  
Altman Model

Indonesia is a country that includes emerging markets and focused on the manufacturing sector. In the manufacturing sector will require funds on production activities, and these funds can be obtained from the credit. Meanwhile in Indonesia, many credit activity conducted by commercial banks, which is closely linked to the credit of bad credit. Bad credit can occur due to 2 factors, factors debtor or creditor factors. The meaning of this factor is negligence bank creditors in the debtor's credit analysis. But for manufacturing companies go public, they can raise funds in addition to the credit of the fund shares, many people who say that companies going public is a healthy company because it has passed various tests. Seeing this, the researchers would like to examine the statement and credit analysis test using the Z-Score models Atlman on manufacturing companies going public in Indonesia. The findings of this study indicate that the Z-Score Atlman models can be used for credit analysis in determining whether or not a company bankrupt.

scholarly journals Impact of Firm's Capital Expenditure on Working Capital Management: An Empirical Study across Industries in Pakistan

2015 ◽  
Vol 1 (2) ◽  
pp. 87-98
Author(s):  
Muhammad Aamir ◽  
Syed Zulfiqar Ali Shah
Keyword(s):  
Positive Relationship ◽  
Capital Expenditure ◽  
Negative Relationship ◽  
Capital Requirement ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Operating Expenditure ◽  
Significant Negative Relationship ◽  
The Impact

Various researchers have studied the Impact of capital expenditure on working capital management. This paper aims to analyze the impact of capital expenditure in the light of the fixed effect model on 96 listed companies with respect to working capital management. Data related to the specific time period of 2007-2010 has been focused. The impact of capital expenditure, operating expenditure and finance expenditure on working capital has been analyzed. In this connection, keeping in mind nature of the variables of the study, Net Liquidity Balance (NLB) and Working Capital Requirement (WCR) has been applied as a proxy of working capital management. Then six hypotheses were conducted in two groups. In the first group, we examine the impact of capital expenditure, operating expenditure and financial expenditure on Net Liquidity Balance and in the second group, we investigate the impact of capital expenditures, operating expenditures and financial expenditures on Working Capital Requirement. Capital expenditure has the insignificant relationship with Net Liquidity Balance and Working Capital Requirement. Operating expense has the significant negative relationship with Net Liquidity Balance and significant positive relationship with Working Capital Requirement. Finance expense has the significant negative relationship with Net Liquidity Balance and significant positive relationship with Working Capital Requirement.

scholarly journals DETERMINASI OPINI AUDIT DENGAN PENEKANAN GOING CONCERN PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA

2017 ◽  
Vol 2 (2) ◽  
pp. 267
Author(s):  
Hendra Firdaus
Keyword(s):  
Positive Relationship ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Financial Statements ◽  
Manufacturing Companies ◽  
Study Objective ◽  
Audit Opinion ◽  
Going Concern ◽  
Going Concern Opinion ◽  
A Company

ABSTRACT Going concern opinion accepted by a company represents the condition and events which arises auditor’s hesitation of the company’s going concern. Going concern audit opinion can be used as early warning to the user of financial statements in order to prevent mistakes on decision making. A number of research has been conducted concerning factors that influence to going concern audit opinion. Yet, its result keeps showing inconsistency. This study objective is to reinvestigate factors that influence going concern audit opinion. The factors used on this research are liquidity, leverage, profitability, company’s size, company’s growth, audit lag, and auditor client tenure.This research using sample of manucaturing companies listed on Indonesia Stock Exchange during 2012-2016. Based on purposive sampling, there are 30 manufacturing companies which fulfilled the sample requirements. Hypotesis testing on this research was done by the logistic regression analysis.The hypotesis testing showed that leverage have positive relationship to going concern audit opinion. Variables of profitability have negative relationship to going concern audit opinion. Variables of liquidity, company’s size, company’s growth, audit lag  and auditor client tenure have no relationship to going concern audit opinion.

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