scholarly journals Analysis of the financial position of mill companies in Vojvodina

2020 ◽  
Vol 24 (3-4) ◽  
pp. 119-122
Author(s):  
Dragana Tekić ◽  
Beba Mutavdžić ◽  
Nebojša Novković ◽  
Tihomir Novaković ◽  
Nataša Vukelić
Keyword(s):  
Financial Stability ◽  
Test Model ◽  
Z Score ◽  
Financial Reports ◽  
Financial Ratio ◽  
Quick Test ◽  
Financial Position ◽  
The Subject ◽  
Score Model

The subject of this research is the financial position of mill companies in Vojvodina. The specific aim of the research is to analyze the is to compare the applied models for the analysis of the financial position. The basis of the analysis are the financial reports of the observed companies in the period from 2015 to 2019. The analysis of the financial position was performed using two models: Altman's Z-score model and Kralicek's Quick test model. These models use standard financial ratio indicators to assess the risk of bankruptcy of companies, i.e. their financial stability and profitability. The obtained results suggest that the company MLINTEST stood out as the most successful company and that the company KIKINDSKI MLIN stood out as the company with the worst financial position. Both models gave similar results, and their further use is recommended when analyzing the financial position of mill companies in Vojvodina financial position, i.e. to assess the risk of bankruptcy of medium-sized mill companies in Vojvodina. The general aim of the research.

scholarly journals Validity of Altman Z-Score Model to Predict Financial Failure: Evidence From Jordan

2018 ◽  
Vol 10 (8) ◽  
pp. 181 ◽  
Author(s):  
Sufian Al-Manaseer ◽  
Suleiman Al-Oshaibat
Keyword(s):  
Stock Exchange ◽  
Financial Statement ◽  
Insurance Companies ◽  
Z Score ◽  
Financial Reports ◽  
Financial Failure ◽  
Amman Stock Exchange ◽  
The Face ◽  
The Subject ◽  
Score Model

This paper aims to investigate the Validity of Altman z-score model to predict financial failure in insurance companies listed on Amman Stock Exchange (ASE) over the period 2011-2016. To achieve the goal of the study, the study depended on the different statistics analytical method and Multiple Linear Regression through doing the statistical analysis of the independent variables on the dependent variable related to the subject of the study through the (E-views) program in order to cover the analytical part of the study, in addition to the descriptive method through relying on books, periodicals, previous studies and financial reports of the insurance companies of the study’ sample, whether the direct or the indirect ones, to cover the theoretical part. The result of the study finds a high predictive power for Z-score model. Moreover, the findings reveal that Z-Score model could be valuable instrumental indicators for many users of financial statement such as financial managers, auditors, lenders, investors, to make right decisions in the face of financial failure.

scholarly journals The Application of Altman’s Z-Score Model in Predicting Bankruptcy: Evidence from the Trading Sector in Sri Lanka

2015 ◽  
Vol 10 (12) ◽  
pp. 269 ◽  
Author(s):  
Aloy Niresh J. ◽  
Pratheepan T.
Keyword(s):  
Sri Lanka ◽  
Early Warning ◽  
Financial Distress ◽  
Safe Zone ◽  
Grey Zone ◽  
Z Score ◽  
Financial Reports ◽  
Financial Position ◽  
Score Model

Prediction of bankruptcy is crucial as the early warning may change entire complications and may avoid the high cost that is associated with distress. The main purpose of this study is to examine the likelihood of bankruptcy of the firms belonging to the Trading Sector in Sri Lanka. The research used data from the financial reports of seven trading companies for a period of the last five years from 2010 to 2014. Altman’s original (1968) bankruptcy model has been applied in order to classify the companies in various levels of financial position namely safe, grey and distress. Findings reveal that 71% of the companies belonging to the Trading Sector were in financial distress and the rest of whole 29% were in the grey zone. The fact that none of the companies lie under the safe zone highlights that as a whole the sector is in a menace.

scholarly journals Bankruptcy prediction models for large agribusiness companies in AP Vojvodina

2021 ◽  
Vol 68 (3) ◽  
pp. 805-822
Author(s):  
Dragan Milić ◽  
Dragana Tekić ◽  
Vladislav Zekić ◽  
Tihomir Novaković ◽  
Milana Popov ◽  
...  
Keyword(s):  
Financial Stability ◽  
Agricultural Sector ◽  
Prediction Models ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Food Sector ◽  
Bankruptcy Risk ◽  
Quick Test ◽  
Score Model

The aim of this paper is to present application of different methods used for predicting bankruptcy of large agricultural and food companies in AP Vojvodina, as well as to determine which model is the most suitable for analyzing the companies from the observed sectors. The following three models were applied in the paper: Altman's Z'-score model, Kralicek DF indicators and Kralicek Quick test. The analysis included five companies from the agricultural sector and five companies from the food sector operating on the territory of AP Vojvodina in the period from 2015 to 2019. The results of the research based on the applied models showed that different conclusions can be made about the financial stability of the observed companies. Altman's Z'-score model provided the most rigorous forecast in terms of the bankruptcy risk, while the results of Kralicek DF indicators and Quick test are relatively similar.

scholarly journals An application of Altman Z-score model to analyze the bankruptcy risk: cases of multidisciplinary enterprises in Vietnam

2019 ◽  
Vol 16 (4) ◽  
pp. 181-191 ◽  
Author(s):  
Diep Thanh Tung ◽  
Vo Thi Hoang Phung
Keyword(s):  
Small And Medium Enterprises ◽  
Binary Logistic Regression ◽  
Z Score ◽  
Financial Reports ◽  
Bankruptcy Risk ◽  
The Sustainable Development ◽  
Financial Factors ◽  
Score Model ◽  
Medium Enterprises ◽  
The Impact

This study applied Altman Z-score model to assess the bankruptcy risk of a set of multidisciplinary enterprises of various types, mainly small and medium enterprises, with data taken from official financial reports of 180 enterprises in Soc Trang province. The binary logistic regression was employed to assess the impact of non-financial and financial factors on the bankruptcy risk of enterprises. The research findings showed that both the non-financial factors such as business area, types and size of the business, the educational level of managers and executors and other characteristics, and the financial factors (indicators) such as earnings before tax, net profit/equity ratio, earnings before interest and tax/total assets ratio, equity/total debt ratio, affect the bankruptcy risk of enterprises. Predicting the bankruptcy risk and measuring its determinants play an important role not only as an effective managing tool of the business, but also as evidence for policymakers to support the sustainable development of business.

scholarly journals Analysis on the Performance of Technology Companies with Z-score Model

2018 ◽  
Vol 7 (4) ◽  
pp. 633-639
Author(s):  
Lam Weng Hoe ◽  
Yeoh Hong Beng ◽  
Lam Weng Siew ◽  
Chen Jia Wai
Keyword(s):  
Organizational Performance ◽  
Financial Distress ◽  
Dominant Factor ◽  
Z Score ◽  
Financial Ratio ◽  
Technology Sector ◽  
Financial Failure ◽  
Distress Level ◽  
Information And Communication ◽  
Score Model

Local technology sector plays a significant role in information and communication technology (ICT) based innovations and applications which enhance organizational performance as well as national economic growth and labor productivity. In this paper, financial performance of the listed Malaysia companies in technology sector is analyzed and evaluated. Altman’s Z-score model is proposed due to its robustness in determining companies’ financial distress level using five financial ratios as variables. The computed Z-score values classify the financial status of the companies into distress, grey and safe zones. This study investigates the financial data of 23 listed technology-based companies in the Main Market of Bursa Malaysia over the period of 2013 to 2017. The findings reveal that the percentage of safe zone companies increase throughout the five years whereas distress zone companies decline. It is concluded that financial ratio for market value of equity to total liabilities is the dominant factor that directly influences the level of financial distress among these technology-based companies in Malaysia. These research outcomes provide an insight to investors or policy makers to develop future planning in order to avoid financial failure in local technology sector.

scholarly journals ANALISIS PENILAIAN FINANCIAL DISTRESS MENGGUNAKAN MODEL ALTMAN (Z-SCORE) PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2013-2015

2017 ◽  
Vol 5 (1) ◽  
pp. 55
Author(s):  
Sri Yati ◽  
Katarina Intan Afni Patunrui
Keyword(s):  
Financial Distress ◽  
Sampling Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Pharmaceutical Companies ◽  
Z Score ◽  
Financial Reports ◽  
Book Value ◽  
Total Debt ◽  
Score Model

This study aims to observe the financial distress assessment for pharmaceutical companies listed on the Indonesia Stock Exchange using the Altman Z-Score model. The sample is selected using purposive sampling method. Ten pharmaceutical companies were selected with the criteria listed in the Indonesia Stock Exchange (BEI) and regularly published financial reports in 2013 until 2015. Secondary data was derived from www.idx.co.id site.  The results indicate that the Altman Z-Score model can be implemented in detecting the possibility of financial distress in the pharmaceutical company. Working capital to total assets and book value equity to book value of total debt are two determinant variables which is determining the decrease in Z-score value in this research.  One from ten companies have the lowest value of the Z-Score and experiencing financial distress. For two years, the company is in distress zones but in the third year, the company is managed to increase the value of the company and included in the gray zones. This company must continue to strive in order to stabilize the company's financial and asset utilization to obtain maximum profit, and until it was declared as a healthy company.

scholarly journals Bankruptcy Risk Prediction in Ensuring the Sustainable Operation of Agriculture Companies

2021 ◽  
Vol 13 (14) ◽  
pp. 7712
Author(s):  
Bosiljka Srebro ◽  
Bojan Mavrenski ◽  
Vesna Bogojević Arsić ◽  
Snežana Knežević ◽  
Marko Milašinović ◽  
...  
Keyword(s):  
Emerging Markets ◽  
Financial Reporting ◽  
Financial Stability ◽  
Stock Exchange ◽  
Annual Reports ◽  
Future Research ◽  
Manufacturing Companies ◽  
Z Score ◽  
Bankruptcy Probability ◽  
Score Model

In recent decades, predicting company bankruptcies and financial troubles has become a major concern for various stakeholders. Furthermore, because financially sustainable businesses are affected by numerous highly complex factors, both internal and external, the situation is even more complex. This paper applies Altman’s Z-score models; more precisely, the paper applies the initial Z-score model (a model for manufacturing companies), the Z′-score model (for companies operating in emerging markets), and the Z-score bankruptcy probability calculation. Therefore, this paper offers the results of the application of different Z-score models and the calculation of bankruptcy probability on a sample of agricultural companies listed on the Belgrade Stock Exchange in the period 2015–2019. In addition, different Z-score models are used for the same sample so that the difference between their results and application can be determined. In addition, the validity of the data published in the financial statements of the respective companies was confirmed using the Beneish M-score model with five and eight variables. The results obtained by applying Altman’s Z-score model (initial and adapted to emerging markets) indicate that a certain number of companies had impaired financial stability during the observed period, i.e., that they were in danger of bankruptcy. In addition, based on the results obtained using the Beneish M-score model, it was identified that a number of companies showed signals that indicate possible fraudulent financial reporting. Further, it was found that less than half of the observed companies reported on environmental protection in their annual reports, and they did so by providing a modest amount of information. The originality and value of the paper lies in suggesting that policymakers in the Serbian emerging markets should pay more attention to the operations of companies from the observed sector, as well as to their financial and non-financial reporting. Future research should focus on comparisons with agricultural companies from the same sector whose securities are listed on stock exchanges in the region.

scholarly journals ESTIMATION OF Z-SCORE FOR UKRAINIAN BANKING SYSTEM

10.23856/3003 ◽  
2018 ◽  
Vol 30 (5) ◽  
pp. 43-51
Author(s):  
Bohdan Kyshakevych ◽  
Ivan Klymkovych
Keyword(s):  
Financial Stability ◽  
Banking Sector ◽  
Banking System ◽  
System Stability ◽  
Z Score ◽  
Macroeconomic Factors ◽  
Explanatory Variables ◽  
Banking Business ◽  
Score Model ◽  
Bank System

The article analyzes the problematic aspects of evaluating the financial stability of banking systems on the basis of the Z-score methodology. The econometric model estimation of Z-score for the Ukrainian banking system was constructed where the following indicators were chosen in role of explanatory variables:  the share of foreign capital in bank system, inflation, change in nominal GDP and share of overdue loans in credit portfolio. We have conducted the analysis of the banking sector in Ukraine on the base of the constructed Z-score model and determined macroeconomic factors that have the most significant impact on the Z-score assessment and banking system stability.  Drawbacks and limitations of the Z-score methodology usage in banking business are discussed.

scholarly journals Memprediksi Tingkat Kelangsungan Usaha PT KAI Melalui Pendekatan Altman Z-Score

2017 ◽  
Vol 3 (1) ◽  
pp. 89
Author(s):  
Haris Haris ◽  
Olfebri Olfebri ◽  
Riza Lestari
Keyword(s):  
Financial Analysis ◽  
Balance Sheet ◽  
Financial Statements ◽  
Health Condition ◽  
Z Score ◽  
Financial Reports ◽  
Transportation Services ◽  
Financial Report ◽  
Financial Position ◽  
Score Method

PT. Kereta Api Indonesia (PT. KAI) a State Owned Enterprises which currently is one of the major players in the ground transportation services industry has long been actively involved in the business of land transportation services. This study is limited in the scope of the analysis of the ratio-financial analysis, and then formulated using Alman z-score method. Ratio analysis is done based on financial data obtained from PT. Kereta Api Indonesia Indonesia ranging from 2012 to 2013. Then the figures obtained will be correlated with theories relevant financial, in order to obtain valid results that can be scientifically defensible. Furthermore, a comparison test as a reference in determining the potential failure of the items in the financial statements, and determine which of the posts have a strong and significant correlation. Media that can be used to examine the health condition of the company was a financial report consists of the Balance Sheet or Statement of Profit / loss, or results of operations, Cash Flow Statement, Statement of Changes in Financial Position. The financial reports produced by the management of a company is the end result of the process of business activities undertaken by the existing components in the company. The financial statements are made to account for the activities of the company to the owner and provide information about the financial position of the company has been achieved against the parties concerned.

scholarly journals Analisis Altman Z-Core pada Perusahaan Manufaktur Sub Sektor Otomotif yang Terdaftar di Bursa Efek Indonesia

2012 ◽  
Vol 13 (2) ◽  
pp. 135-148
Author(s):  
Andreas Suhendi ◽  
Keyword(s):  
Financial Distress ◽  
Research Method ◽  
Stock Exchange ◽  
Ratio Method ◽  
Manufacturing Companies ◽  
Z Score ◽  
Financial Ratio ◽  
Analysis Techniques ◽  
Score Model ◽  
Descriptive Method

This research aims to know the financial performance of companies with the Altman Z-Score Model in the Automotive Sub-Sector Manufacturing Companies Listed on the Indonesia Stock Exchange in 2016-2018. The research method used in this study is a descriptive method with data analysis techniques using the financial ratio method. The results showed that PT. Astra International Tbk, PT. Astra Otoparts Tbk, PT. Gajah Tunggal Tbk and PT. Indospring Tbk is safe from the threat of bankruptcy, while the highest average Z-Score is achieved by PT Selamat Sempurna Tbk and the lowest average Z-Score is achieved by PT Indomobil Sukses International Tbk. Thus, the Company is expected to maintain company liquidity, restructure debt, minimize receivables, increase profit levels and maximize marketing in order to increase sales so that the potential for financial distress in the company can be minimized.

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