scholarly journals Financial Distress and Forewarning Bankruptcy: An Empirical Analysis of Textile Sector in Pakistan

2020 ◽  
Vol 3 (3) ◽  
pp. 493-506
Author(s):  
Nosheen Rasool ◽  
Muhammad Sohail ◽  
Muhammad Usman ◽  
Muhammad Mubashir Hussain
Keyword(s):  
Financial Distress ◽  
Z Score ◽  
Firm Level ◽  
Statistical Measures ◽  
Group I ◽  
Regulatory Bodies ◽  
Group Ii ◽  
Near Future ◽  
Textile Sector ◽  
Bankruptcy Rate

This study aims to measure the financial distress and forewarn bankruptcy in Textile Sector of Pakistan using popular statistical measures i.e., Z-Score, O-Score, Probit and D-Score. First, applicable financial ratios (profitability, liquidity, leverage, market ratios) and scores (Z-Score, O-Score, Probit and D-Score) of all 77 textile companies were calculated then estimated scores were compared with cut-off point of respective model. Based on findings, models are categorized in two groups: (a) Group-I (Z-Score and O-Score), (b) Group-II (Probit  and D-Score). Results indicate that some of the textile firms are about to face financial distress in near future, which could ultimately lead those firms to bankruptcy. The findings of Group-I indicate that about 43% - 44% companies in the textile sector are in the phase of financial distress; whereas the results of Group-II reveal that about 8% - 16% companies are in financial distress phase. Thus, we could draw two conclusions: (1) the two models (Z-Score and O-Score) in Group-I were found to be robust for assessing financial distress and (2) the two models  (Probit  and D-Score) in Group-II were found to be less rigorous in forecasting financial distress. The previous studies attempted to compare the prediction accuracy of various models by examining the data of both financially distress firms and financially stable firms. But this study is aimed to foretell bankruptcy using comprehensive models (Z-Score, O-Score, Probit and D-Score), to compare the consistency of results across all four models of the study and to categorize financially stable and financially distress companies under each model. The findings of the study are expected to be beneficial at coutry level, firm level and indiviual level such as government and regulatory bodies of Pakistan can intervene to avert bankruptcy rate, management can devise appropriate strategies  to reduce financial distress. Moreover. investors can safeguard their investment by making right decissions based on the findings.

scholarly journals A study on the financial soundness of Indian automobile industries using Altman Z-Score

Accounting ◽  
2021 ◽  
pp. 295-298 ◽  
Author(s):  
M. M. Swalih ◽  
K.B. Adarsh ◽  
M.M. Sulphey
Keyword(s):  
Automobile Industry ◽  
Financial Distress ◽  
Emerging Market ◽  
Financial Data ◽  
Z Score ◽  
Financial Strength ◽  
Financial Soundness ◽  
Near Future

Altman Z score is an effective tool for measuring a company's financial strength and the possibility of bankruptcy. In this study, the Z score formula was utilized to measure the Indian automobile industry's financial soundness. The financial data of ten automobile companies listed in the National Stoke Exchange (NSE) was taken to analyze both original and emerging market formulae of the Altman Z score. Results suggest that companies of the industry listed in the NSE are financially sound. The study concluded that the Indian automobile industry is sound and robust, and the automobile companies are not prone to financial distress or bankruptcy in the near future.

scholarly journals Exploring the Relationship between Financial Distress, Financial Flexibility, and Firm Performance: Empirical Evidence from Pakistan Stock Exchange

2018 ◽  
pp. 1-16
Author(s):  
Yasin Mahmood ◽  
Muhammad Faisal Rizwan ◽  
Abdul Rashid
Keyword(s):  
Firm Performance ◽  
Panel Data ◽  
Financial Distress ◽  
Stock Exchange ◽  
Z Score ◽  
Firm Level ◽  
Financial Flexibility ◽  
Corporate Managers ◽  
And Performance ◽  
The Impact

Purpose– This main purpose of this paper is to empirically investigate the impact of corporate financial flexibility (FF) on financial distress and performance of firms listed on the Pakistan Stock Exchange (PSX). It enables to know how financial flexibility affects the firm financial strength, financial distress, and corporate performance. Design/methodology/approach –This study focuses on a firm level data of 192 non-financial firms covering the period 1992 - 2014. The fixed effect model logistic regression is applied by using unbalanced panel data to examine the impact of financial flexibility on financial distress, and performance of sample firms. Findings – The results reveal that financially flexible firms are less likely to face financial distress. As firms have more financial flexibility, the probability of financial distress decreases as well. It is also found that financially flexible firms are more likely to perform well than counterpart firms. By using the Altman z score as a measure of financial distress it is revealed that as the Altman z score increases, the chances of financial distress reduce as well. These findings also suggest the existence of pecking order in Pakistani firms; because firms rely on internal sources first, second go to external sources of financing. Practical implications – the findings of this study enable the corporate managers to avoid financial distress by obtaining and maintaining financial flexibility by keeping the leverage level lower than industry level. By attaining and maintaining financial flexibility, corporate managers can also raise the performance of the firm as well. It can also enable to make appropriate capital structure decision to finance managers of corporate firms. The creditors may provide the loan to sound firms who have no or least chances of financial distress. The lenders may also get benefit from it by requiring the interest rate as per risk of financial distress of the firm. Investors may avoid investing in firms having very little or no financial flexibility. JEL Classification– G33, L25 Keywords: Altman z score, financial flexibility, firm performance, return on asset, panel data, financial distress, modified z score.

scholarly journals Predicting financial distress in the Indian textile sector

2021 ◽  
Vol 72 (05) ◽  
pp. 503-508
Author(s):  
RASHMI RUPESH SONI ◽  
IQBAL THONSE HAWALDAR ◽  
ANJU SUNNY VASWANI ◽  
CRISTI SPULBAR ◽  
RAMONA BIRAU ◽  
...  
Keyword(s):  
Financial Distress ◽  
Large Scale ◽  
Research Study ◽  
Listed Companies ◽  
Z Score ◽  
Split Method ◽  
Median Split ◽  
The Mean ◽  
Textile Sector

The purpose of this paper is to predict the financial distress of companies of the Indian textile sector using Altman Z score. The analysis conducted on 161 listed textile companies in India for a period of 10 years from 2009 to 2018. All the listed companies are categorized into large, medium, and small using the median split method based on the size of total assets. Kruskal Wallis test is applied to test whether the mean z-score is different for each category of companies. This research study shows that majority of the companies in the Indian textile sector are facing financial distress. Further, it shows that the z score of small, medium, and large-scale textile companies in India is significantly different.

Left ventricular end-diastolic dimension as a predictive factor of outcomes in children with acute myocarditis

2016 ◽  
Vol 27 (3) ◽  
pp. 443-451 ◽  
Author(s):  
Geena Kim ◽  
Gil-Ho Ban ◽  
Hyoung-Doo Lee ◽  
Si-Chan Sung ◽  
Hyungtae Kim ◽  
...  
Keyword(s):  
Acute Myocarditis ◽  
Characteristic Curve ◽  
Left Ventricular ◽  
Z Score ◽  
Group Iii ◽  
Predictors Of Mortality ◽  
Survivor Group ◽  
Group I ◽  
Group Ii ◽  
Fractional Shortening

AbstractIn this study, we sought predictors of mortality in children with acute myocarditis and of incomplete recovery in the survivor group. We classified our patients into three groups according to their outcomes at last follow-up: full recovery was classified as group I, incomplete recovery was classified as group II, and death was classified as group III. In total, 55 patients were enrolled in the study: 33 patients in group I, 11 patients in group II, and 11 patients in group III. The initial left ventricular fractional shortening – left ventricular fractional shortening – was significantly lower in group III (p=0.001), and the left ventricular end-diastolic dimension z score was higher in groups II and III compared with group I (p=0.000). A multivariate analysis showed that the left ventricular end-diastolic dimension z score (odds ratio (OR), 1.251; 95% confidence interval (CI), 1.004–1.559), extracorporeal membrane oxygenation (OR, 9.842; 95% CI, 1.044–92.764), and epinephrine infusion (OR, 18.552; 95% CI, 1.759–195.705) were significant predictors of mortality. The left ventricular end-diastolic dimension z score was the only factor that predicted incomplete recovery in the survivor group (OR, 1.360; 95% CI, 1.066–1.734; p=0.013). The receiver operating characteristic curve of the left ventricular end-diastolic dimension z score at admission showed a cut-off level of 3.01 for predicting mortality (95% CI, 0.714–0.948). In conclusion, a high left ventricular end-diastolic dimension z score on admission was a significant predictor of worse outcomes, both regarding mortality and incomplete recovery.

scholarly journals Kemampuan Model Z- Score dan Model Springate Dalam Memprediksi Financial Distress BPR Multi Artha Sejahtera

2019 ◽  
Vol 8 (1) ◽  
pp. 68-79
Author(s):  
Uki Masduki ◽  
Adi Rizfal Efriadi ◽  
Ermalina Ermalina
Keyword(s):  
Financial Services ◽  
Financial Distress ◽  
Secondary Data ◽  
Analytical Tool ◽  
Z Score ◽  
Financial Report ◽  
Report Data ◽  
Bankruptcy Rate

The purpose of this study was to test the ability of the model or analytical tool used to predict the bankruptcy of the company, namely the Altman's Z-afternoon model and the Springate model of BPR Multi Artha Sejahtera whose license has been revoked by the Financial Services Authority (OJK) through Commissioner Decree Number 16 / KDK.03 / 2016 with company considerations deteriorating. The data used is secondary data, namely the 2012-2015 BPR Multi Artha Sejahtera financial report data obtained from Bank Indonesia reports. The data is then analyzed using the Altman Z-score (Z-Score) and Springate (S-Score) formulas to detect whether or not there are indications of bankruptcy before BPR Multi Artha Sejahtera is actually declared bankrupt. The results of this study concluded that overall, both Z-core and S-Score were able to predict the bankruptcy rate of BPR Multi Artha Sejahtera during 2011 - 2015. In the case of BPR Multi Artha Sejahtera bankruptcy the use of S-Score to predict bankruptcy is more appropriate in predicting bankruptcy.

scholarly journals Predicting Corporate Financial Distress: The Case of Pakistan

2018 ◽  
Vol III (III) ◽  
pp. 488-503
Author(s):  
Ilyas Ahmad ◽  
Zahid Ali ◽  
Muhammad Usman
Keyword(s):  
Financial Distress ◽  
Financial Crises ◽  
Forecast Model ◽  
Policy Implications ◽  
Z Score ◽  
Corporate Sector ◽  
Firm Level ◽  
Corrective Measures ◽  
Time Period ◽  
Nonfinancial Firms

In view of corporate lifecycle theory, financial distress is one of the fundamental phase in the life of a firm. Despite being unaffected by Global Financial Crises 2008, that time period proved critical for the corporate sector of Pakistan. This study aims to measures the firm-level financial distress in Pakistan by employing the bankruptcy models of Altman-(1968), Ohlson-(1980), Zmijewski-(1984) and JZ-(2016) for all nonfinancial firms for the years, 2002-2014. The major findings show that Z-score is the best bankruptcy forecast model, followed by Zmijewski model. This study has significance and policy implications as it will help to choose best bankruptcy studies for timely prediction of financial distress leading towards bankruptcy and helps firms to trigger corrective measures thus helping firms from entering into failure.

Ultrastructural Lesions Produced by Alcohol and Sucrose in the Heart and Liver of C57BL Mice

1970 ◽  
Vol 28 ◽  
pp. 208-209
Author(s):  
K.K. SEKHRI ◽  
C.S. ALEXANDER ◽  
H.T. NAGASAWA
Keyword(s):  
Osmium Tetroxide ◽  
Male Mice ◽  
Alcohol Group ◽  
Group Iii ◽  
Group I ◽  
C57bl Mice ◽  
Group Ii

C57BL male mice (Jackson Lab., Bar Harbor, Maine) weighing about 18 gms were randomly divided into three groups: group I was fed sweetened liquid alcohol diet (modified Schenkl) in which 36% of the calories were derived from alcohol; group II was maintained on a similar diet but alcohol was isocalorically substituted by sucrose; group III was fed regular mouse chow ad lib for five months. Liver and heart tissues were fixed in 2.5% cacodylate buffered glutaraldehyde, post-fixed in 2% osmium tetroxide and embedded in Epon-araldite.

Heterogeneity and Immunochemical Properties of Anti-β2-glycoprotein I Autoantibodies

1998 ◽  
Vol 80 (09) ◽  
pp. 393-398 ◽  
Author(s):  
V. Regnault ◽  
E. Hachulla ◽  
L. Darnige ◽  
B. Roussel ◽  
J. C. Bensa ◽  
...  
Keyword(s):  
Fluid Phase ◽  
Anticardiolipin Antibodies ◽  
Dual Reactivity ◽  
Group Iii ◽  
Important Group ◽  
Epitope Specificity ◽  
Glycoprotein I ◽  
Group I ◽  
Group Ii ◽  
Sufficient Concentration

SummaryMost anticardiolipin antibodies (ACA) associated with antiphospholipid syndrome (APS) are directed against epitopes expressed on β2-glycoprotein I (β2GPI). Despite a good correlation between standard ACA assays and those using purified human β2GPI as the sole antigen, some sera from APS patients only react in the latter. This is indicative of heterogeneity in anti-β2GPI antibodies. To characterize their reactivity profiles, human and bovine β2GPI were immobilized on γ-irradiated plates (β2GPI-ELISA), plain polystyrene precoated with increasing cardiolipin concentrations (CL/β2GPI-ELISA), and affinity columns. Fluid-phase inhibition experiments were also carried out with both proteins. Of 56 selected sera, restricted recognition of bovine or human β2GPI occurred respectively in 10/29 IgA-positive and 9/22 IgM-positive samples, and most of the latter (8/9) were missed by the standard ACA assay, as expected from a previous study. Based on species specificity and ACA results, IgG-positive samples (53/56) were categorized into three groups: antibodies reactive to bovine β2GPI only (group I) or to bovine and human β2GPI, group II being ACA-negative, and group III being ACA-positive. The most important group, group III (n = 33) was characterized by (i) binding when β2GPI was immobilized on γ-irradiated polystyrene or cardiolipin at sufficient concentration (regardless of β2GPI density, as assessed using 125I-β2GPI); (ii) and low avidity binding to fluid-phase β2GPI (Kd in the range 10–5 M). In contrast, all six group II samples showed (i) ability to bind human and bovine β2GPI immobilized on non-irradiated plates; (ii) concentration-dependent blockade of binding by cardiolipin, suggesting epitope location in the vicinity of the phospholipid binding site on native β2GPI; (iii) and relative avidities approximately 100-fold higher than in group III. Group I patients were heterogeneous with respect to CL/β2GPI-ELISA and ACA results (6/14 scored negative), possibly reflecting antibody differences in terms of avidity and epitope specificity. Affinity fractionation of 23 sera showed the existence, in individual patients, of various combinations of antibody subsets solely reactive to human or bovine β2GPI, together with cross-species reactive subsets present in all samples with dual reactivity namely groups III and II, although the latter antibodies were poorly purified on either column. Therefore, the mode of presentation of β2GPI greatly influences its recognition by anti-β2GPI antibodies with marked inter-individual heterogeneity, in relation to ACA quantitation and, possibly, disease presentation and pathogenesis.

Treatment of venous leg ulcers with sulodexide

Phlebologie ◽  
2003 ◽  
Vol 32 (05) ◽  
pp. 115-120 ◽  
Author(s):  
A. Franek ◽  
H. Koziolek ◽  
M. Kucharzewski
Keyword(s):  
Pharmacological Treatment ◽  
Healing Process ◽  
Leg Ulcers ◽  
Venous Ulceration ◽  
Venous Leg Ulcers ◽  
Group I ◽  
Group Ii

SummaryAim: The study of the influence of sulodexide in the treatment of venous leg ulcers. Patients and method: 44 patients with chronic venous ulceration were randomly divided into two groups. Group I: 21 patients (ulceration area: 12.7-18.9 cm2), Group II: 23 patients (ulceration size: 12.1-20.3 cm2). Both groups were treated by using Unna’s boot. This dressing was changed every seven days until the ulcer had healed. Additionally, the patients in group II received the systemic pharmacological treatment with sulodexide. Results: After 7 weeks of treatment ulcers of seven patients (35%) from group I had healed, and 3 weeks later the ulceration of two more patients had healed completely. After further 7 weeks the ulcers of 12 patients had healed completely. Whereas in group II after 7 weeks of treatment ulceration of 16 (70%, p <0.05) patient had healed completely and after further 3 weeks the ulcers of the remaining 7 patients had healed, too. Conclusion: The use of sulodexide in patients with chronic venous leg ulcers accelerates the healing process.

Effects of Rest and Exercise on Cardiac Blood Volume Determinations

1997 ◽  
Vol 36 (08) ◽  
pp. 259-264
Author(s):  
N. Topuzović
Keyword(s):  
Radionuclide Ventriculography ◽  
Left Ventricular ◽  
Peak Exercise ◽  
Volume Determination ◽  
Group I ◽  
Lv Volumes ◽  
Group Ii ◽  
Lv Volume

Summary Aim: The purpose of this study was to investigate the changes in blood activity during rest, exercise and recovery, and to assess its influence on left ventricular (LV) volume determination using the count-based method requiring blood sampling. Methods: Forty-four patients underwent rest-stress radionuclide ventriculography; Tc-99m-human serum albumin was used in 13 patients (Group I), red blood cells was labeled using Tc-99m in 17 patients (Group II) in vivo, and in 14 patients (Group III) by modified in vivo/in vitro method. LV volumes were determined by a count-based method using corrected count rate in blood samples obtained during rest, peak exercise and after recovery. Results: In group I at stress, the blood activity decreased by 12.6 ± 5.4%, p <0.05, as compared to the rest level, and increased by 25.1 ± 6.4%, p <0.001, and 12.8 ± 4.5%, p <0.05, above the resting level in group II and III, respectively. This had profound effects on LV volume determinations if only one rest blood aliquot was used: during exercise, the LV volumes significantly decreased by 22.1 ± 9.6%, p <0.05, in group I, whereas in groups II and III it was significantly overestimated by 32.1 ± 10.3%, p <0.001, and 10.7 ± 6.4%, p <0.05, respectively. The changes in blood activity between stress and recovery were not significantly different for any of the groups. Conclusion: The use of only a single blood sample as volume aliquot at rest in rest-stress studies leads to erroneous estimation of cardiac volumes due to significant changes in blood radioactivity during exercise and recovery.

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