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1
Yee, Hun Leek. "Predicting Financial Distress Amongst Public Listed Companies in Malaysia using Altman’s Z-Score Model and Auditors’ Opinion on Going Concern." Thesis, Curtin University, 2018. http://hdl.handle.net/20.500.11937/75450.
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The framework used in this study, to predict financial distress amongst the Public Listed Companies (PLCs) in Malaysia, utilizes the 5-variables Altman’s Z-Score Model as the base model and the Auditors’ Opinion on going concern as the 6th variable. Multiple Discriminant Analysis (MDA) and Logistic Regression Analysis (LRA) have been employed, and the revised 6-variables model developed using LRA has the highest accuracy to predict financial distress amongst the PLCs in Malaysia.
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Akhmetova, Amira, and Yulia Batomunkueva. "Board Composition and Financial Distress : An Empirical evidence from Sweden and Denmark." Thesis, Umeå universitet, Företagsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-90935.
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Recent failure of such companies as Enron, Worldcom and Parmala showed that there are internal reasons contributing to company’s financial distress. Financial distress is a condition when a company fails to meet its debt obligations. Board of directors is liable for long-term decisions and their ineffective work in monitoring and controlling management can influence companies’ performance. With that in mind, in this degree project, we would like to answer the following research question: “What is the relationship between characteristics of Board and probability of financial distress, measured by Altman’s Z-score models in Sweden and Denmark?” The epistemological and ontological choices for our study were positivism and objectivism with deductive approach. We have calculated Z-scores of Swedish and Danish companies in order to detect distressed and healthy companies. Further on, the information about board composition in each company was collected; mainly we were interested in board independence, board size, board ownership, COB ownership, CEO duality and employee representatives. In order to examine if there is a relationship between board composition and financial distress, we have done Multiple and Binary Regression analyses. Based on the results we can state that board independence, board ownership and employee representatives and market capitalization (control variable) have significant relationship with probability of financial distress. Our study is interesting since we have looked at employee representatives, as a board characterectic that is specific for Nordic countries and that was not studied before. In addition, we have found that there is no CEO duality in Sweden and Denmark, since all companies in our sample followed the Companies’ Acts. COB ownership, the additional variable we wanted to test and board size have shown no significant relationship.
3
Fang, Yiwen. "Sustainability information network (SIN) and corporate financial distress." Thesis, Queensland University of Technology, 2021. https://eprints.qut.edu.au/211478/1/Yiwen_Fang_Thesis.pdf.
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In this thesis I examine the relationship between corporate sustainability information networks (SIN) and financial distress. I propose that firms that are more central in the SIN have better access to key sustainability information which in turn results in lower financial distress. Using 5,521 in-network firms and their propensity scored matching (PSM) firms over the five-year period 2015-2019, I find strong support for my hypothesis. The findings suggest that SINs provide an important role in reducing financial distress.
4
Ondrušková, Lucia. "Analýza vybraného podnikatelského subjektu pomocí vybraných metod." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2016. http://www.nusl.cz/ntk/nusl-255781.
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Predkladaná diplomová práca sa zaoberá kritickou analýzou súčasnej situácie firmy Gorenje Slovakia, ktorá na slovenskom trhu predáva domáce spotrebiče. Analýza externého prostredia odhaľuje možné príležitosti a hrozby na trhu. Na druhej strane, analýza interného prostredia prisieva k určeniu si silných a slabých stránok, a taktiež finančného zdravia spoločnosti. Výsledky analýz sú zosumarizované v SWOT analýze. V poslednom rade sú navrhnuté odporúčania a návrhy pre zlepšenie súčasnej situácie spoločnosti.
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Aitova, Diana, and Ams Gabriella Krohn. "Är de kända Altmans Z-scoremodellerna lämpade på den svenska turistmarknaden och vilka varningssignaler kan utläsas för företagsmisslyckande? : En kvantitativ forskning över svenska onoterade små och medelstora turistföretag och tecken på konkurs." Thesis, Södertörns högskola, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-43633.
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Research question: This thesis analyzes the relationship between Altman’s Z’-and Z’’ score model in order to investigate the suitability of the models on the swedish small and medium companies during 2015-2019. Furthermore, analysis of previous research key figures has been examined in more detail to identify which of the individual key figures can be categorized as an early warning signal. Purpose: The purpose with this study is to explore which and when early warning signals can be read in annual reports between inactive and active Swedish tourist companies and to investigate the relationship between the accuracy of bankruptcy prediction models between active and bankrupt companies. Method: The study uses a quantitative method with a deductive approach, z-test and onesided analysis of variance ANOVA to analyze the accuracy of bankruptcy prediction models and identify how the key figures differ between active and inactive companies. Conclusion: The study shows that Altman's Z 'and Z' scores predict bankruptcies better than specify continued operations, are best suited for active companies and have the highest accuracy one year in advance than a longer period. On the other hand, 7 out of 15 key figures examined have identified significant average value differences between active and bankrupt companies, where some had a higher value for bankrupt companies and others had lower ones.Problemställning: I denna studien har relationssamband mellan Altmans Z’- och Z’’- scoremodell analyserats för att undersöka hur modellerna lämpar sig på den svenska små- och medelstora konkur-respektive aktiva turistföretag mellan 2015-2019. Ytterligare har analys av tidigare forsknings nyckeltal undersökts närmare för att identifiera vilka av de enskilda nyckeltalen kan kategoriseras som en tidig varningssignal. Syfte: Studiens avsikt är att utforska vilka och när tidiga varningssignaler kan utläsas i årsredovisningar mellan inaktiva och aktiva svenska turistföretag samt undersöka relationssambandet gällande konkursprediktionsmodellers träffsäkerhet mellan aktiva- och konkursföretag. Metod: I studien används en kvantitativ metod med en deduktiv ansats, z-test och ensidig variansanalys ANOVA för att analysera konkursprediktionsmodellers träffsäkerhet samt identifiera hur nyckeltalen skiljer sig mellan aktiva och konkursföretag. Slutsats: Studien visar att Altmans Z”och Z’-score förutser konkurser bättre än preciserar fortsatt verksamhet, lämpar sig bäst på aktiva företag samt har den högsta träffsäkerhet ett år i förväg än längre period. Däremot har 7 av 15 undersökta nyckeltal identifierat signifikanta medelvärdesskillnader mellan aktiva och konkursföretag där några hade ett högre värde gällande konkursföretag och andra hade lägre.
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Onyiri, Sunny. "Predicting Financial Distress using Altman's Z-score and the Sustainable Growth Rate." Thesis, Northcentral University, 2015. http://pqdtopen.proquest.com/#viewpdf?dispub=3669729.
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Due to the increase in corporate bankruptcy, financial distress studies have flourished since 1968. Firms do find themselves in financially distressful situations because of several factors including changing economic environment such as a decrease in aggregate demand, an increase in the cost of borrowed funds, and changes in government regulation. In addition to the Altman's z-score model, the sustainable growth rate (SGR) is another tool that is used primarily for financial planning. The problem with Altman's z-score model is that it does not consider whether a firm can be financially distressed or not if the sustainable growth rate of the firm is in fact higher than the growth rate of the firm's reported revenues. The purpose of this quantitative study was to investigate the efficacy of using ltman's z-score in forecasting financial distress of a firm when the sustainable growth rate was higher than the growth rate of the reported revenues. The sample for this study was drawn from all non-financial firms traded on the NYSE. The research question was investigated using two group design in two phases. Phase 1 involved the calculation of the sustainable growth rate (SGR), the growth rate of reported revenues, and the calculation of Altman's z-score. The Altman's z-score of the two groups were compared using Mann-Whitney U test to determine whether a statistically significant difference exists in the z-score. Phase 2 involved the correlation between the values of SGR and the values of Altman's z-score to determine if there was a statistically significant relationship between the two scores. The result of this research indicates that the Alman's z-score and the sustainable growth rate are conceptually independent and both can be used to ascertain whether a firm is financially distressed or not. In addition, result of this study provide practical application that could help management of firms reach important financial and managerial decisions. While the result of this study provided useful information and added to existing knowledge on financial distress, additional research using more than one year of financial data is recommended in order to confirm the results of this study.
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Setoaba, Mabule. "A comparative study between Altman Z-Score and verifier." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/59769.
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The identification of reliable early warnings signs which encompass qualitative and quantitate
inputs to business distress and failure prediction could reduce the incidence of business failure
if companies take corrective action early enough as the signals of distress emerge.
The concept of verifier determinants as early warning signs of business failure and distress as
introduced by Holtzhauzen & Pretorius (2013) has largely been theoretical and unexamined
in terms of the methodology's ability to identify business distress. The performance of the
model is tested against the well-established Altman Z-Score model of prediction.
This study tests the consistency of the classification of companies as falling, grey and nonfailing
by applying the Altman Z-Score model and the verifier determinants theory to a sample
38 JSE listed companies. 19 Suspended companies were selected and matched with another
19 companies of similar size and operating in the same industries.
The consistency of the classifications was tested via a simple measure of percentage
agreement using a cross tabulation, then a Cohen Kappa coefficient was applied to test for
agreement over and above agreement by chance. The study further applied a Spearman
correlation coefficient to determine the level of association between the results produced by
the two models.
The findings of the study indicate a statistically significant association between the Altman ZScore
and the aggregate score of default as calculated through the application of verifier
determinants theory. The study further identifies two verifier determinants (i) Late submission
of financial information and (ii) Underutilisation of assets which have the strongest association
with the Altman model and overall aggregate score of default. We argue that these individual
verifier determinants could be used as a proxy for the overall model to monitor the risk of
company distressMini Dissertation (MBA)--University of Pretoria, 2017.
zk2017
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
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Rosário, João David Claro Ferreira do. "Credit risk and banking activities." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12580.
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Mestrado em FinançasO risco de crédito para o sector bancário é um assunto muito importante. Nesse sentido, é primordial adquirir ferramentas para medir este risco com algum grau de segurança de modo a ser possível tomar as decisões corretas sobre o crédito cedido a clientes. O objetivo deste trabalho é compreender o quão importante é o risco de crédito para as instituições financeiras e apresentar uma forma de o medir associado com o crédito a empresas, analisando um modelo de score para avaliar que o mesmo seja avaliado. Este trabalho também descreve as atividades desenvolvidas nos principais departamentos de uma instituição bancária, de acordo com um estágio que teve lugar no Banco BIC, desenvolvendo desta forma uma revisão da literatura ao risco de crédito, uma descrição sobre a evolução da banca, modelos de avaliação assim como também uma análise a uma empresa, utilizando o modelo Z-Score, comparando o resultado obtido com a classificação fornecida por uma agência de rating. Os resultados provaram que o modelo em análise foi eficaz, proporcionando uma avaliação, dentro das suas limitações, de acordo com a classificação fornecida por esta agência de rating.
Credit risk in banking industry is a very important subject. Therefore, it is important to acquire tools to measure it, with some degree of reliability, in order to be possible to take the correct decisions regarding client loans. The objective of this final project is to understand the importance of the credit risk to financial institutions and to present a way of measuring this risk associated with loans to companies, analysing a score model to evaluate this risk. This project also describes the activities developed by the main departments of a banking institution in accordance to an internship which took place in Banco BIC, developing this way a literature review to credit risk, banking evolution and score models as well as analysing a company using the Z-Score model, comparing the results obtained with the rating provided by a rating agency. The results proved that the model under analysis was effective, providing a reliable output within its limitations, correspondingly to the rating provided by this rating agency.
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Shi, Yin. "Bankruptcy prediction analysis: application of altman z-score approach in airline industry." Doctoral thesis, Universitat Rovira i Virgili, 2022. http://hdl.handle.net/10803/673428.
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La predicció de fallides va reunir un interès creixent en la investigació des de 1968, quan Altman va introduir el model
innovador de predicció de fallides: Altman Z-score. El transport aeri va ser una de les indústries de més ràpid
creixement, oferint més de 80 milions de llocs de treball a tot el món i contribuint amb un 8% al producte interior brut.
La indústria aèria europea està molt fragmentada perquè la majoria dels membres de la Unió Europea consideren
important tenir una companyia aèria nacional. No obstant això, més de la meitat dels beneficis de tota la indústria són
compartits per quatre grans companyies aèries, la qual cosa deixa altres companyies aèries en una situació difícil. És
crucial determinar el risc de dificultat financera per a les companyies aèries, ja que pot proporcionar missatges d'alerta
primerenca sobre aspectes que poden ser vists i abordats pels executius i directius.La predicció de fallides va reunir un interès creixent en la investigació des de 1968, quan Altman va introduir el model innovador de predicció de fallides: Altman Z-score. El transport aeri va ser una de les indústries de més ràpid creixement, oferint més de 80 milions de llocs de treball a tot el món i contribuint amb un 8% al producte interior brut. La indústria aèria europea està molt fragmentada perquè la majoria dels membres de la Unió Europea consideren important tenir una companyia aèria nacional. No obstant això, més de la meitat dels beneficis de tota la indústria són compartits per quatre grans companyies aèries, la qual cosa deixa altres companyies aèries en una situació difícil. És crucial determinar el risc de dificultat financera per a les companyies aèries, ja que pot proporcionar missatges d'alerta primerenca sobre aspectes que poden ser vists i abordats pels executius i directius.
Bankruptcy prediction gathered increasing research interest since 1968 when Altman introduced the breakthrough bankruptcy prediction model—Altman Z-score. Air transport was one of the fastest growing industries, offering more than 80 million jobs across the world and contributing 8% to gross domestic product. The European airline industry is highly fragmented because most members of the European Union consider it is important to have a national air carrier. However, over the half of the profit of the whole industry are shared by four big airlines which lefts other airlines in a difficult situation. It is crucial to determine financial distress risk for airlines since it can provide early-warning messages on aspects that can be seen and addressed by executives and managers. The COVID-19 pandemic caused immense disruption to the global economy and resulted in a dramatic decrease in demand for air travel, which left global air carriers struggling for survival in the worst situation they have ever encountered. In recent years, the concept of corporate sustainability has increasing impact in the field of business world.
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KITTUR, ASHA HARSHAVARDHAN. "Effectiveness of the Altman Z-Score model : Does the Altman Z-Score model accurately capture the effects of Non-Performing Assets (NPA) in the Indian banking sector?" Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-86144.
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The aim of this study is to measure the effectiveness of Altman’s Z-Score model using Non-performing assets (NPA) as a benchmark stability indicator. To do that, this paper examines if Altman’s Z Score Models capture the decline in financial health of the banks caused by the NPAs, using a two-fold analysis i.e., in advance through prediction and when the distress period is ongoing. The findings of this paper would suggest that: 1. During the distress period: The Z-Scores only marginally capture the distress caused by the NPAs, which is in line the findings of Almamy et al that the predictive ability of the model goes down during the crisis period. 2. For the future: The results of the statistical t-tests indicate that, the Z-Scores do not have the predictive ability to capture the future NPAs. Two different models that are developed by Altman - one for non-manufacturing firms and the other for the emerging markets, are used to test, if one model is more suitable than the other to the Indian banking sector. The findings of this paper suggest that, due to the uniqueness of the Indian banking sector during the NPA crisis, the ‘Emerging market model’, does not produce any significantly better results. Therefore, there is further scope to develop a tailor-made model suitable to the Indian banking sector.
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Löf, Marcus, and Karl Kullerback. "Konkursriskanalys av bolag noterade på Stockholmsbörsen : Ett test av Edward I. Altmans Z-scoremodell." Thesis, Uppsala University, Department of Business Studies, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-89235.
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Tidigare forskning tyder på att det med relativt stor träffsäkerhet går att förutspå en finansiell kris för ett företag. Finansiell kris har man då definierat som konkurs och använt sig av finansiella nyckeltal för att räkna fram ett specifikt värde som i sig skulle indikera ifall ett bolag stod inför hög, medel eller låg risk för att försättas i konkurs.
I denna uppsats studeras nio bolag som avnoterats från Stockholmsbörsen på grund av konkurs under åren 1997 till 2008. Detta i syfte att testa om de tidigare vedertagna teorierna kring konkursprediktion även kan appliceras med framgång på bolag noterade på Stockholmsbörsen. Modellen som författarna använt sig av kallas Z-scoremodellen och är en modell innehållande fem viktade finansiella nyckeltal, framtagen av professor Edward I. Altman. Modellen genererar ett så kallat Z-värde som enligt teorin ska indikera ett företags finansiella tillstånd.
De nio undersökta konkursbolagen har i studien jämförts med åtta bolag (i studien kallade kontrollbolag) som under det senaste året istället ökat sitt värde på marknaden i form av ökad börskurs. Detta med syfte att kontrollera om dessa bolag får högre Z-värden än de undersökta konkursbolagen, såsom modellen påvisar.
Vår studie har visat att det finns tydliga tendenser som pekar på att modellen har betydande träffsäkerhet men att den inte i varje enskilt fall går att förlita sig på.
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Persson, Rickard, and Patrik Schölander. "Redovisningens prognosrelevans för konkurser." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-176494.
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Syftet med studien är att undersöka i vilken utsträckning som redovisningsdata är prognosrelevant för att förutsäga konkurser. Studien avgränsades till att gälla företag i handels och tjänstesektorn med 10-49 anställda, studien avgränsar sig också mot kreditbedömningsperspektivet. För att mäta till vilken grad som redovisningen ger prognosrelevans används nyckeltalen soliditet, kassalikviditet, nettomarginal och Altmans Z-score. Studien utförs på 371 utvalda företag och bestod av en grupp som gått i konkurs mellan 2008 -2010 och en grupp som var aktiva år 2010. Underlaget var de 4 senaste boksluten som urvalsföretagen publicerat. Resultatet visar att det finns signifikanta skillnader i nyckeltalen soliditet och kassalikviditet mellan aktiva och konkursföretag från 4 år innan konkurs. Nyckeltalet nettomarginal visar inte några signifikanta skillnader i redovisningsdata i resultaträkningen mer än det sista året innan konkurs Med gällande beslutsregler för studien visar Altmans Z-score rätt i 71 % av fallen 1 år innan konkurs. Slutsatsen är att nyckeltalen soliditet och likviditet, vilka härrös från balansräkningen, är prognosrelevanta eftersom det finns signifikanta skillnader i nivåer av nyckeltal mellan konkurs och aktiva företag. Nyckeltalet nettomarginal, vilket kommer från resultaträkningen, är inte prognosrelevant förutom det sista året innan konkurs. Den finansiella informationen genom Altmans Z-score modell är effektiv till 71 % av fallen.
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Coelho, Myles. "Predicting corporate failure: an application of Altman's Z-score and Altman's EMS models to the JSE Alternative Exchange from 2008 to 2012." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/8561.
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Includes bibliographical references.The JSE Alternative Exchange (Alt-X) experienced a dramatic decline in equity values from 2008 to 2009 as part of the global economic crisis of approximately 60, and has subsequently experienced a decline of a further 50 from 2009 to 2012. By way of comparison, the JSE Main Board declined approximately 33 in 2008 and 2009, and has subsequently experienced a 100 increase in equity values from 2009 to 2012. The extent of the decline in equity values of companies listed on the Alt-X has raised the issue as to whether companies listed on the Alt-X have a higher likelihood of corporate failure. This study applies the Altman Z-Score and the Altman Z'EM score in order to identify trends in corporate solvency of Alt-X listed companies. Thereafter bond equivalent ratios are calculated for further analysis.
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Metlik, Dan, and Sanna Jakobsson. "Konkurser utan gränser? : En utvärdering av Altmans Z´-scoremodell på företag i Sverige." Thesis, Södertörns högskola, Institutionen för ekonomi och företagande, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-10688.
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Purpose: To investigate if Altman´s Z´-score model, which calculates financial distress, can be applied on companies established in Sweden and if the financial crisis in 2008 made previously healthy companies go bankrupt. Methodology: Quantitative studies with a positivistic foundation. Empirical data will be collected in order to examine if there is generalizability among the studied objects. Conclusions will be made by comparing the empirical data with the theoretical foundation. Financial distress in firms will be measured. Theoretical perspectives: Altman´s Z´-score model, designed to predict financial distress in private firms. Empirical foundation: A selection of 93 private firms that have gone bankrupt in the years 2008, 2009 or 2010. The firms selected all have a turnover that exceeds 20 million SEK. The years examined will be 2005 to 2009. Conclusion: As this study is carried out, the conclusion is that Altman´s Z´-score model cannot be applied on companies established in Sweden.
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Oyebode, Akinboye. "Application of the Altman Z-EM-Score and piotroski F-Score to the Johannesburg Securities Exchange as short selling instrument." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/59746.
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This research investigated the effectiveness of the Altman Z-EM-Score and the Piotroski F-Score as tools that can be used to identify stocks on the JSE that may be shorted for an abnormal return. A fundamental assumption of the efficient market hypothesis is that an abnormal return cannot be made in a market because market prices fully reflect all available information. Several studies on short selling affirmed that abnormal returns could be earned by shorting assets that are in decline. However, there has been no published work that has been done on the Johannesburg Stock Exchange (JSE) on short selling instruments. An empirical study of shares that are listed on the main board of the JSE from 2005 to 2015 was done for the purpose of this research.
The study found over the period that using the Piotroski F-Score as a short selling strategy generated an average of 6.56 percent market adjusted annual return between 2005 and 2014. Although the Altman Z-EM-Score made an average annual return that underperformed the market during the study period, however, the result was not statistically significant.
The research concluded that compared to the Altman Z-EM-Score the Piotroski F-Score is more effective as short selling instrument on the JSE.Mini Dissertation (MBA)--University of Pretoria, 2017.
vn2017
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
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Engström, Thomas, and Arvid Holmgren. "Effekten av revisionspliktens borttagande på risken för konkurser : En kvantitativ undersökning av svenska mikro- och småföretag." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-172641.
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Syfte: Syftet med denna studie är att observera ifall de små företag som valde att inkludera ett revisorsförbehåll i sin bolagsordning och att inte har en tillsatt revisor, efter revisionspliktens borttagande, har en större sannolikhet att gå i konkurs, än de företag som omfattades av revisionsplikten. Metod: Vi använder oss utav ett stickprov på 907 533 observationer. Observationerna delar vi sedan upp i två grupper, de företag som hade reviderade räkenskaper under år 2004-2010 och de företag som valt att avsätta sin revisor under år 2011-2017. De huvudsakliga testerna som vi använder är ett oparat t-test där vi ser ifall vi kan observera en skillnad mellan poängen från de konkurspredikterande modeller vi använder, Ohlson O-score och Altman Z’’-score, mellan populationen utan revisor med populationen som har en revisor tillsatt. Utöver dessa t-tester använder vi även revision som variabel i regressionsmodeller där vi använder de konkurspredikterande modellerna som responsvariabler och dessa responsvariabler ska förklaras av en revisionsvariabel och en BNP variabel. Vid valet av modeller använder vi argument och underlag från olika teoretiska utgångspunkter och teorier, såsom adverse selection, agentproblemet, pecking order theory, trade off-theory och dessa tillsammans med tidigare empiri från studier relaterade till revision och konkursprediktion. Resultat: I en jämförelse av de två grupperna av årsobservationer, företag med revisor (2004-2010) och företagen utan revisor (2011-2017) kom vi fram till att det fanns en signifikant skillnad mellan de två grupperna. Gruppen av årsobservationer med revisor hade en signifikant högre risk för konkurs enligt våra utvalda konkursmodeller Z”-score och O-score modellerna. Slutsats: Slutsatsen av uppsatsen är att företag som väljer att avsätta sin revisor har en lägre sannolikhet att gå i konkurs i jämförelse med de företag som hade en revisor tillsatt. Den jämförelse som Riksrevisionen och andra forskare inom samma område gjort mellan att tvingande ha revisor för alla företag och inte skulle kanske se annorlunda ut om det vägs in revisionens påverkan på konkurser. I nuläget anser Riksrevisionen att borttagandet av revisionsplikten är något som kommer med mer nackdelar än fördelar, vi anser att detta bör omvärderas. Vi föreslår dels att en ny granskningsrapport utförs där konkurs tas med som variabel i undersökningen sen lagändringen trädde i kraft.
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Andersson, Johan. "Konkursprediktion på tjänsteföretag i Sverige." Thesis, Linnéuniversitetet, Ekonomihögskolan, ELNU, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-20508.
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Problem: Konkurser drar med sig höga kostnader på olika sätt, och genom åren har många försök gjorts att finna modeller som kan förutse konkurser och därigenom undvika dem. Några av de mest beprövade modellerna är Altmans olika Z-scoremodeller, som genom åren visat olika resultat. Allt fler företag blir också verksamma inom tjänstesektorn, och forskningen menar att dessa företag skiljer sig från tillverkande företag när det gäller dess nyckeltal, vilket alltså borde påverka möjligheterna att förutse konkurser enligt de modeller som idag finns. Syfte: Kontrollera huruvida Altmans Z´´-scoremodell fungerar på små- och medelstora tjänsteföretag i Sverige, men även om korrelation mellan ett företags kreditbetyg och dess Z´´-score föreligger. Metod: Uppsatsen är skriven utifrån ett positivistiskt synsätt med deduktiv ansats, och bygger på kvantitativ sekundärdata. Analyser görs genom hypotesprövning. Slutsats: Altmans Z´´-scoremodell fungerar dåligt på tjänsteföretag inom segmentet små- och medelstora företag i Sverige. Resultatet blir detsamma, även om modellen tillämpas på tillverkande företag och handelsföretag. Däremot går det se skillnad på nyckeltal i företag försatta i konkurs och friska företag, bland annat genom att konkursföretag har sämre lönsamhet, balanslikviditet och skuldsättningsgrad. Fortsatt forskning: Forskningen går isär när det gäller möjligheterna att förutse konkurser, och det finns fortfarande många aspekter att pröva. Förslag på fortsatt forskning är därför att undersöka hur nyckeltalen verkligen skiljer sig åt, och om det därigenom är möjligt att undvika konkurser. Ytterligare alternativ kan vara att undersöka variablerna i Z´´-scoremodellen, och eventuellt justera dessa för bättre utfall.Problem: Bankruptcy is associated with a high cost in different ways, and over the years, many attempts have been made to find models that can predict failures and thru that avoid them. Some of the most proven models are Altmans Z-score in various forms, which over the years have shown different results. More and more companies work with services, and research says that these companies differ from manufacturing companies when it comes to its economic ratios, which should affect the possibilities in predicting bankruptcy according to today available models. Purpose: Check whether the Altman Z´´-score model works on small- and medium-sized services companies in Sweden, but also check if correlation exist between a company's credit rating and its Z´´-score. Method: The thesis is written with a positivist and deductive approach, based on quantitative secondary data. Analyses are made by hypothesis testing. Conclusion: Altman's Z´´-score does not work on small- and medium-sized service companies in Sweden. The result is the same, even if the model is applied to manufacturing and trading companies. However, it is possible to see differences between bankrupt companies and healthy companies. Some ratios that show differences are profitability, balance sheet liquidity and leverage, which all are lower in bankrupt companies. Continued research: Researchers are divided when it comes to the possibilities to predict bankruptcy, and there are still many aspects to consider. Suggestions for continued researchis to examine how ratios really differ, and if it is thru that is possible to avoid bankruptcy. Another angle might be to examine the variables of the Z´´-score-model, and maybe adjust them for more accurate result.
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Mazaba, Mwendamo Isaac. "Using Altman's Z-Score to assess the appropiateness of management's use of the going assumption in the preparation of financial statements." Master's thesis, University of Cape Town, 2010. http://hdl.handle.net/11427/11577.
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Includes abstract.Includes bibliographical references (leaves 45-46).
Auditors are responsible for assessing management’s use of the going concern assumption in the financial statements. According to research done in other countries, the Z-Score is a statistical tool that has been proven to aid auditors' going concern decisions. The objective of this paper is to ascertain whether Altman’s Z-Score can aid South African auditors to more accurately assess the appropriateness of management’s use of the going concern assumption in the preparation of financial statements, by applying two corporate failure prediction models developed by Altman to South Africa listed companies. The study compares the predictive accuracy of the two models against each other and against auditors’ actual going concern decisions. The results indicate that the Z-Score is quite accurate in predicting failure for companies that eventually fail.
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Dalberg, Therése, and Jenny Thörnqvist. "Går det att förutspå konkurser? : En jämförelse mellan olika modeller." Thesis, Södertörns högskola, Institutionen för ekonomi och företagande, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-16895.
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Bakgrund: Många företag går i konkurs varje år vilket är förknippade med kostnader för de enskilda intressenterna och för samhället i stort. För att kunna vidta eventuella åtgärder innan konkursen är ett faktum är det av intresse att veta om någon av de modeller som forskare tagit fram för att förutspå konkurser faktiskt fungerar. Syfte: Syftet med denna undersökning är att ta reda på om det går att applicera någon av ett urval av etablerade konkursmodeller på svenska industri- och tillverkningsföretag. Teori: Studien kommer att testa tre olika forskares modeller och metoder: Altmans, Platts och Platts samt Pompes och Bilderbeeks. Metod: I denna studie kommer enbart en deduktiv forskningsansats att användas och datainsamlingen är kvantitativ då nyckeltal hämtas från de aktuella företagens årsredovisningar. Urvalet baseras på de företag som ansökte om konkurs under år 2011 och de som representerar kontrollgruppen har slumpmässigt valts ut bland de företag inom avgränsningen som inte gått i konkurs det aktuella året. Resultat och slutsats: Altmans och Platts och Platts modeller visar sig inte vara applicerbara på svenska företag. Dock är vissa av Pompes och Bilderbeeks nyckeltal tillämpliga till att använda för konkursprognostisering för svenska företag.Background: Companies are going bankrupt every year which is associated with costs for individual parties with interests in the company and for society in general. To be able to take any action before bankruptcy is a fact, it is interesting to know if any of the models that scientists developed to predict bankruptcies actually works. Purpose: The purpose of this study is to determine whether it is possible to apply a selection of the established bankruptcy models on Swedish manufacturing companies. Theory: The study will test three different researchers' models and methods: Altman's, Platt's and Platt's, as well as Pompe's and Bilderbeek's. Methodology: In this study, only a deductive research approach will be used and the data collection is quantitative since the ratios are obtained from the relevant companies' financial statements. The selection is based on the companies that filed for bankruptcy in 2011 and the firms which represent the control group were selected at random among the companies within the delimitation that didn't go bankrupt during the current year. Result and conclusion: Altmans and Platts and Platts models turn out not to be applicable on Swedish companies. Some of Pompes and Bilderbeeks ratios are relevant for use in bankruptcy prediction for Swedish companies though.
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Almamy, Jeehan. "An evaluation of Altman's Z score using cash flow ratio as analytical tool to predict corporate failure amid the recent financial crisis in the UK." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/13735.
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One of the most important threats for many firms today, despite their nature of the operation, size and longevity, is insolvency. Existing empirical evidence has shown that in the past two decades, business failures have occurred at a higher rate than any time since the 1930s. Many business failure studies have been conducted over time using financial ratios as inputs and traditional statistical techniques. Some of these studies examined whether cash flow information improves the prediction of business failure. Most recently, researchers have employed discriminant analysis to perform business failure prediction. The recent changes in the world caused by unstable environments where many firms fail more than ever, there is increasing need to predict business failure. To this date, there have been limited previous studies conducted on failure prediction for UK firms. Even in other countries, there has been a small amount of research done in the field of firm failures. Therefore, this study investigates the extension of Altman’s (1968) original model in predicting the health of UK firms using discriminant analysis and performance ratios to test which ratios are statistically significant in predicting the health of the UK firms .a selected sample containing 90 failed and 1000 non failed on UK industrial firms from 2000 – 2013. The main purpose of this study is to contribute towards Altman’s (1968) original Z-score model by adding new variables (Cash flow ratio). The study found that cash flow, when combined with Altman’s original variables is highly significant in predicting the health of UK general firms. A J-UK model was developed to test the health of UK firms. When compared with the re-estimated the Altman’s original model in the UK context, the predictive power of the model was 82.9%, which is consistent with Taffler’s (1982) UK model. Furthermore, to test the predictive power of the model before, during and after the financial crisis periods; results show that J-UK model had a higher accuracy to predict the health of UK firms than the re-estimated Altman’s original model. Finally, the study proves that liquidity, profitability, leverage and capital turnover ratios are significant ratios in predicting failure. Liquidity and profitability have the highest contribution to the results of both re-estimated Altman’s original model and J-UK model. This study has implications for decision makers. Regulatory bodies and practitioners have to take into account the ratios, which contributed highest to the model in order to serve as early warning signals for corrective action.
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Pretóry, Igor. "Zhodnocení finanční situace podniku a návrhy na zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2014. http://www.nusl.cz/ntk/nusl-224572.
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The goal of the master's thesis is to evaluate the financial situation of the company BORS Břeclav a.s. and to create own suggestions for improvements based on the results. The analysis is carried out for the period 2003 to 2012. This work also shows a comparison with competing companies. The work is divided into four parts. The first part states the goal and methods of processing, in the second part is introduced the theoretical background of the work. The third part is devoted to the evaluation of the financial situation of the company and in the last part are presented own suggestions for improvements.
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Protivová, Irma. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222416.
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The master’s thesis analyses financial health of the company Veletrhy Brno, a. s. in the years 2005 to 2008 at the basis of selected methods of the financial analysis. It comprises proposal of possible of identified problem which should result in the improvement of financial situation of the company.
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CERRI, ANDREA. "CRISIS, INSOLVENCY AND RESTRUCTURING. AN AMERICAN MODEL IN EUROPE: THE Z-SCORE. A NEW APPROACH AND POSSIBLE EVOLUTIONS." Doctoral thesis, Università Cattolica del Sacro Cuore, 2014. http://hdl.handle.net/10280/2911.
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Dopo una delle peggiori crisi economica e finanziaria mondiale , gli studi sulla previsione delle insolvenze sono diventato uno degli argomenti più dibattuti tra gli studiosi e ricercatori. Al fine di soddisfare le esigenze sia di valutazione interna sia degli investitori professionali , lo studio riscopre il modello "Z - score" di Altman nella sua forma originale , nota per la sua semplicità. Il modello, ancora largamente utilizzato nei mercati statunitensi, è per sua natura poco utilizzato nell’analisi di società europee. La tesi analizza e descrive le caratteristiche dello Z -score, valutandone i risultati come strumento per la previsione di insolvenza nel mercato europeo. Lo studio è condotto su 568 società , prese dagli indici azionari di 7 mercati europei , tra il 2000 e il 2010 .
I risultati del test evidenziano una grande variabilità di risultato tra i diversi settori industriali. Il modello risulta semplice ed efficace, ma sostanzialmente incapace di prevedere il rischio di default in Europa, se utilizzato nella sua forma originale . La seconda parte della ricerca studia pertanto come i risultati del modello possano essere valutati da una nuova prospettiva per i mercati europei, concentrandosi su singoli settori industriali. Lo Z score viene testato su un campione di imprese in buona salute ed un altro di aziende insolventi, per 3 gruppi industriali diversi. La ricerca cerca anche di valutare elementi qualitativi accanto a quelli quantitativi, al fine di analizzare in maniera completa il rischio di insolvenza.After one of the worst world economic and financial crisis, the insolvency prediction has become one of the most debatable topics among scholars. In order to satisfy both the professional investors’ needs and the internal evaluation process, the Thesis rediscovers the original Altman “Z-score” model, known for its convenience. This model is still largely used in the US equity markets but, also for its origin, has hardly been applied to the European equity index. The Thesis investigates and describes the operating characteristics of Altman’s Z-score, evaluating its performance as a tool for insolvency prediction in today's European market. The base model capability is tested examining 568 companies, listed in the main stock indexes of 7 European markets, between 2000 and 2010. A large variability among different industries arises from the analysis conducted. The Thesis results prove that the model is user-friendly but a substantial inability to predict the risk of default in Europe if used in its original form. The second research question try to analyse how could the model be useful for the European markets, testing the Z score over good heath and insolvent firms from 3 industrial groups. The research studies how the model’s results could be evaluated from a new perspective, focusing on individual industrial sectors results. The research also tries to evaluate qualitative elements alongside the quantitative ones, in order to give a harmonized and comprehensive estimation of the insolvency risk.
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Al-Nahab, Roua, and Marie Kojhasarli. "Konkursprognostisering : En tillämpning av fyra konkursmodeller." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-21864.
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Bakgrund: Många företag går i konkurs varje år vilket leder till att olika intressenter drabbas hårt till följd av konkursen. Därmed har konkursprognostiseringsmodeller utvecklats för att ge en tidig varning till intressenterna om företags framtida finansiella kris. I Sverige använder kreditinstituten sig av sina egna modeller för att förutspå konkurser, dessa modeller är inte publicerade för allmänheten. I och med detta är vi intresserade att tillämpa utländska modeller på den svenska marknaden. Syfte: Syftet med denna uppsats är att undersöka fyra internationella prognostiseringsmodeller för att analysera hur tillämpbara de är på den svenska marknaden. Metod: Undersökningen har baserats på en kvantitativ forskningsstrategi och en deduktiv forskningsansats. Urvalet grundades på de företag som inlett konkurs år 2012 samt en kontrollgrupp bestående av friska företag. Slutligen bestod det slumpmässiga urvalet av 31 konkursföretag och 31 friska företag som tillhör tillverknings- och industribranschen. Teori: Under teoriavsnittet beskrivs de modeller som används i denna studieforskning. Vidare redogörs för nyckeltalens betydelse vid bedömning av företags finansiella förhållanden. Slutligen beskrivs tidigare forskning inom konkursprognostisering. Resultat och slutsats: Modellerna är inte tillämpbara på den svenska tillverknings- och industribranschen då dessa inte har presenterat tillförlitliga resultat på vår studie. Vi anser att en vidare revidering av dessa modeller behövs för att dessa ska kunna tillämpas på den svenska marknaden.
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Basoda, Muhammed, and Azime Celik. "Konkursprognostisering : En studie om nyckeltalens betydelse vid konkurser i de svenska byggföretagen." Thesis, Södertörns högskola, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-36434.
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Bakgrund och problemdiskussion: Idag är konkurser ett problem då många företag försätts i konkurs samt att de bidrar till konsekvenser som påverkar hela samhället. Byggföretag är hårt drabbade och det finns olika tillvägagångssätt, bland annat att genom olika modeller och nyckeltal, för att beräkna konkurser i förväg och ta åtgärder. Syfte: Syftet med studien är att jämföra och analysera fem olika konkursprognostiseringsmodeller och dess nyckeltal i de svenska byggföretagen, för att se om någon eller några modeller är tillämpbara. Syftet med studien är vidare att jämföra våra resultat med resultatet från den litauiska studien och se om vi får ett liknande resultat. Metod: Studien har använt ett kvantitativt tillvägagångssätt där data har samlats in från årsredovisningar för att sedan tillämpas i fem konkursprognostiseringsmodeller. Vidare har nyckeltalen granskats bland annat utifrån en regressionsanalys. Resultat och slutsats: Ingen av de fem modellerna är tillämpbara i de svenska byggföretagen då ingen av påvisar en tillräckligt hög träffsäkerhet som anses pålitlig. Med hjälp av nyckeltal kan man till hög grad säga hur väl ett företag mår och därför till viss sannolikhet säga huruvida företaget kommer gå i konkurs.Background: When companies go bankrupt and they contribute to consequences that affect the entire society from different aspect. The construction sector is very affected line of business but there are different approaches for calculating bankruptcies in advance and measuring how well a business is. Purpose: The purpose of this study is to compare and analyze five different bankruptcy prediction models and their financial ratios in Swedish construction sector, to see if any or some models are applicable. Furthermore, the purpose of the study is also to compare our results with the results from the Lithuanian study and see if we get a similar result. Method: The study has used a quantitative approach where data has been collected from the companies’ annual financial reports and then applied in five bankruptcy prediction models. Results and conclusion: None of the five models are applicable in Swedish construction sector, as none of them shows high accuracy which is considered reliable.
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Bohman, Peter, and Erik Karlsson. "Leasing Risks and Commercial Real Estate : A Study on the Relationship Between Risk Premium and Leasing Risks." Thesis, KTH, Fastigheter och byggande, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254721.
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Purpose: The purpose of this thesis paper is to evaluate what the current market practice of real estatevaluation and investment decisions is when it comes to different leasing risks and the risk premium.With regard to some of the ongoing trends within real estate, it is believed that investor preferencesaffect the market practice and the underlying theories of valuation does not fully comply to the currentmarket practice. Method: The implementation of the method is stage wise. At first already existing research andliterature was evaluated and triangulated to find relevant knowledge as basis for the theoreticalframework. Afterwards an analysis was performed to answer whether there is a research gap or not.By analyzing the literature, a research gap as well as potential problems related to leasing risks wasfound. The second phase consisted of a qualitative method where experts in the field were interviewedregarding leasing risk to evaluate whether the problem exist in practice or only in literature.Experts on the topic also helped to develop the questions consequently delivered to the interviewees.The mentioned strategy was done with guidance of our tutor Han-Suck Song at KTH and DanielHolmkvist at CBRE. Interviews: Nine interviews were conducted where experts in the business (consultants and propertyfirms) participated to deliver different perspectives on the research question. All interviews were madein Stockholm and held in Swedish and afterwards translated to English. Results: The results consist of the answers from the interview-part, where the relevant findings weresummarized and pin-pointed with regard to the respective field of business and property segment.The general themes that arose throughout the methods are presented, as well as the extremes in termsof opinions and answers. It was found that there is a clear relationship between the leasing risk and therisk premium for commercial real estate. The relationship depends on several factors such asgeographical location, the different submarkets and finally the segment. A municipal- or corporate bondcannot be fully comparable to a leasing contract but for a 20 year or longer contract where the tenant ispublicly financed, the contract can become an interesting investment alternative due to the currentinterest rate cycle. Finally the leasing contract needs to be more effortless to liquidate in order to becomparable to the bond situation. Scientific relevance: The recent transaction activity on the Swedish real estate market has been ratherdefensive for multiple segments the last twelve months with an exception of community properties.A common understanding is that such objects feature “stable tenants” and are viewed as a safeinvestment by the market. This investment practice raises the awareness of what a stable tenant is, andhow the consultants and property owners’ reason during investments and appraising decisions.This research paper illustrates that a common perception on the subject is that the risk exposurecompletely depends on the specific segments, location or contract length etc. The academic researchexplains the theory behind how to derive the discount rate for an investment decision, however thisstudy has during the literature review proven that several important concepts are left out in the theorypartand thus does not fully cover phenomena’s that investors and appraisers are exposed to duringmarket practice. The most critical part is how to relate leasing risk to the risk premium on the Swedishmarket. Since this study focuses on specifically the Swedish market it is crucial to relate to suitableliterature review for further discussions. On foreign markets, more rigid literature on the subject wasfound.Syfte: Syftet med detta examensarbete är att undersöka vad den aktuella marknadspraxisen inomfastighetsvärdering samt investeringsbeslut är gällande olika nivåer av hyresgästrisker och riskpremie. Metod: Genomförandet av undersökningen har gjorts i två steg. I ett första steg har tidigare forskninginom ämnet analyserats för att finna relevant teori samt identifiera eventuella forskningsgap. Efteranalysen konstaterades ett uppenbart informationsgap inom litteraturen relaterat till hyresgästrisker.Den andra fasen bestod av en kvalitativ metod där experter inom området har intervjuats gällandehyresgästrisker, för att utvärdera om problemet finns i praktiken eller endast i teorin. För att konstruerafrågorna fick vi assistans av experter inom ämnet via våra handledare Han-Suck Song, KTH och DanielHolmkvist, CBRE. Intervjuer: Nio intervjuer genomfördes med experter inom ämnet där både konsulter ochfastighetsägare deltog för att presentera olika synvinklar på problemet. Samtliga intervjuer ärgenomförda i Stockholm och på svenska. Intervjuavsnitten har översatts till engelska i efterhand. Resultat: Resultatavsnittet består av de svar som har erhållits från intervjuerna, där relevantaresonemang har summerats och noggrant strukturerats för att koppla marknadsområden till korrektfastighetssegment. Återkommande teman och ämnen har presenterats i resultatavsnittet, så väl somavvikande uppfattningar. Resultatet visar att det finns ett tydligt samband mellan riskpremium ochhyresgästrisker gällande kommersiella fastigheter. Sambandet beror på ett flertal faktorer där läge ochfastighetssegment har störst inverkan på riskpremien. Gällande obligationsmarknaden går det inte attlikställa ett hyresavtal med en obligation under något förhållande. Däremot om avtalet avser enkontraktslängd på 20 år eller längre och en offentligt finansierad hyresgäst så kan kassaflödet bli ettintressant investeringsalternativ till befintliga obligationer på marknaden. Detta beror till stor del pånuvarande ränteläge. Slutligen måste ett hyresavtal bli lättare att omsätta för att kunna jämföras meden alternativ obligation. Vetenskaplig relevans: Transaktionsaktiviteten på den svenska fastighetsmarknaden har varit relativtdefensiv för flertalet segment med undantag för samhällsfastigheter de senaste tolv månaderna. Dengenerella uppfattningen är att samhällsfastigheter avser ”stabila hyresgäster” och därmed ses som enmindre riskfylld investering. Detta medför frågeställningen, vad avses för att klassificera en hyresgästsom stabil, och hur resonerar konsulter samt fastighetsägare vid investerings- och värderingsbeslut?Efter att ha genomfört undersökningen går det att konstatera att en allmän uppfattning bland experterinom området är att hyresgästrisken till största del beror på vilket segment, lokalisering ellerkontraktslängd som avses. Den akademiska litteraturen förklarar hur diskonteringsräntan härleds förinvesteringsbeslut, men denna undersökning visar att den tillgängliga litteraturen antingen utelämnarflera viktiga koncept eller inte tillräckligt belyser fenomen som investerare och värderare möter i sittpraktiska arbete. Det grundläggande avsnittet som svensk litteratur till viss del utelämnar är sambandetmellan risk premium och hyresgästrisk på specifikt den svenska marknaden. Det finns utländsk litteratursom belyser denna typ av frågeställningar, men just för den svenska marknaden är litteraturen till vissdel ej tillräcklig och därmed har ett potentiellt forskningsgap inom området identifieras.
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Šesták, Ján. "Analýza vybrané firmy." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223493.
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Analysis of the selected company was made on firm which provides SPA treatment. Results of analysis of external enviroment are negative influence of political and economic factors. Most positive impact have technological factors. Best results of the financial analysis reached indicators of liquidity, debt and indicators of bankruptcy models. Low return of assets and turnover time of claim are deficiencies. Current position of company is very good in terms of financial stability.
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Malm, Hanna, and Edith Rodriguez. "Konkursprognostisering : En tillämpning av tre internationella modeller." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-30578.
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Bakgrund: Varje år går många företag i konkurs och detta innebär stora kostnader på kort sikt. Kreditgivare, ägare, investerare, borgenärer, företagsledning, anställda samt samhället är de som i störst utsträckning drabbas av detta. För att kunna bedöma ett företags ekonomiska hälsa är det därför en viktig del att kunna prognostisera risken för en konkurs. Till hjälp har vi olika konkursmodeller som har utvecklats sedan början av 1960-talet och fram till idag. Syfte: Att undersöka tre internationella konkursmodeller för att se om dessa kan tillämpas på svenska företag samt jämföra träffsäkerheten från vår studie med konkursmodellernas originalstudier. Metod: Undersökningen är baserad på en kvantitativ forskningsstrategi med en deduktiv ansats. Urvalet grundas på företag som gick i konkurs år 2014. Till detta kommer också en kontrollgrupp bestående av lika stor andel friska företag att undersökas. Det slumpmässiga urvalet kom att bestå av 30 konkursföretag samt 30 friska företag från tillverknings- och industribranschen. Teori: I denna studie undersöks tre konkursmodeller; Altman, Fulmer och Springate. Dessa modeller och tidigare forskning presenteras utförligare i teoriavsnittet. Dessutom beskrivs under teoriavsnittet några nyckeltal som är relevanta vid konkursprediktion. Resultat och slutsats: Modellerna är inte tillämpbara på svenska företag då resultaten från vår studie inte visar tillräcklig träffsäkerhet och är därför måste betecknas som otillförlitliga.Background: Each year many companies go bankrupt and it is associated with significant costs in the short term. Creditors, owners, investors, management, employees and society are those that gets most affected by the bankruptcy. To be able to estimate a company’s financial health it is important to be able to predict the risk of a bankruptcy. To help, we have different bankruptcy prediction models that have been developed through time, since the 1960s until today, year 2015. Purpose: To examine three international bankruptcy prediction models to see if they are applicable to Swedish business and also compare the accuracy from our study with each bankruptcy prediction models original study. Method: The study was based on a quantitative research strategy and also a deductive research approach. The selection was based on companies that went bankrupt in year 2014. Added to this is a control group consisting of healthy companies that will also be examined. Finally, the random sample consisted of 30 bankrupt companies and 30 healthy companies that belong to the manufacturing and industrial sectors. Theory: In this study three bankruptcy prediction models are examined; Altman, Fulmer and Springate. These models and also previous research in bankruptcy prediction are further described in the theory section. In addition some financial ratios that are relevant in bankruptcy prediction are also described. Result and conclusion: The models are not applicable in the Swedish companies. The results of this study have not showed sufficient accuracy and they can therefore be regarded as unreliable.
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Chlubnová, Lucie. "Hodnocení ekonomické situace vybrané soukromoprávní korporace a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2018. http://www.nusl.cz/ntk/nusl-377609.
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This diploma thesis mainly focuses on the assessment/evaluation of external and internal surroundings/environment of a specific company between years 2012 and 2016. The first part of these defines theoretical constructs that are then applied in the practical part of the thesis. The external environment was analyzed using PESTLE analysis method and the Porter's Five Forces model. The financial analysis from 2012-2016 was used for the analysis of the internal surroundings. Based on the overall assessment/evaluation of the company surroundings/environment the author applies SWOT analysis and proposes several steps for the improvement.
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Šustková, Jitka. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-222153.
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The master’s thesis analyses financial health of the company SLB, s.r.o. in the years 2004 – 2007 at the basis of selected methods of the financial analysis. It comprises proposals of possible of identified problems which should result in the improvement of financial situation of the firm in future years.
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Petrželová, Alena. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-221996.
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The Master’s thesis is focused on assessment of financial situation of company Prostějovská stavební společnost - PROSTAS, s.r.o. since year 2003 till 2006. The assessment is carried out in form of financial analysis on base of theoretical knowledge and consequentially applied on company. From established results I am suggesting recommendations which should lead to improvement of company’s economical situation.
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Holcová, Eva. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222521.
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The master´s thesis is concerned with financial analysis and evaluates financial health of company Pramet Tools, s. r. o. in the years 2004 - 2008. The aim of this thesis is to apply basic methods of financial analysis to analyze financial situation in chosen company and based on achieved results to propose the possible solutions of identified problems which should result in the improvement of financial situation of the company in future years.
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Holec, Pavel. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222522.
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The master’s thesis analyses financial health of the company IFE-CR, a.s. in the years 2004 – 2008 at the basis of selected methods of the financial analysis. It comprises proposals of possible of identified problems which should result in the improvement of financial situation of the firm in future years.
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Huu, Hoang, and 黃有平. "Re-visit Altman’s Z-score Model:Accessing the Generalizability and Performance." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/11942353551736137802.
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碩士國立臺南大學
科技管理研究所碩士班
99
Although Altman’s Z-score model was developed in 1968 using a small sample of firms from the 1950s and 1960s, it remains a commonly used tool for evaluating the financial health of companies. The purpose of this study is to demonstrate potential problems may arise when bankruptcy prediction models are inappropriately applied. The study evaluates the Altman (1968) model using sample data with different periods of time (1980 – 2008), and industrial classes other than that used in the original model. Besides, while using the binary logit regression model, we establish a hybrid bankruptcy prediction model for both the accounting-ratio-based and market-based information, to examine whether the bankruptcy prediction performance of a hybrid model is better than that of various highbred models. The empirical data includes firms which have been listed in North of America from 1980 to 2008. The major findings are summarized as follows. First, the generalizability of Altman’s Z-score model varies in industries and time. Second, the bankruptcy prediction performance of hybrid model is better than the one in highbred models.
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Kruchynenko, Ihor. "Financial Risk and Models of its Measurement: Altman's Z-score Revisited." Master's thesis, 2011. http://www.nusl.cz/ntk/nusl-298377.
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Master thesis touches upon the interesting spheres of risk classification, measurement and management of financial institutions. Modern banks have numerous credit risk measurement models at their disposal. However, agreement about performance of those models is not that unanimous and to some point the models are blamed for breaking out of 2007 financial crisis. In the theoretical part of the thesis we provide survey of risk measurement practices in banks. We investigate the main types of risk of banks in their day-to-day activities. Special focus is paid on the credit risk and on the models and techniques of its measurement; Practical part of thesis then contains construction and accuracy estimation of particular credit-risk-model (Altman Z-score). In it we construct and compute Altman Z-score for sample of firms from two chosen sectors in United Kingdom. Main goals of the work are a) testing accuracy of the model by comparing its outputs to real development, and b) econometric testing of the specification of the model itself.
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CHADIMOVÁ, Kristina. "Tvorba vnitřního kontrolního systému ve vybrané účetní jednotce." Master's thesis, 2016. http://www.nusl.cz/ntk/nusl-381183.
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In this thesis presents the results obtained in the treatment of the topic The Creation of an Internal Control System in the select company. The Internal Control System is examined from the perspective of the COSO model which evaluates the quality of the internal control at various levels in the company. On the survey of the disertation are valorized risk areas of the company. There are also proposed individuals suggestions for the solutions of the risk areas including the draft internal regulation. The company was also investigated using Altman's Z-Score model that evaluated its financial health.
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Alvares, Pedro Manuel Pires. "Modelos de Previsão de Falência Empresarial: Análise Crítica do Z-score de Altman." Master's thesis, 2019. https://hdl.handle.net/10216/123454.
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Alvares, Pedro Manuel Pires. "Modelos de Previsão de Falência Empresarial: Análise Crítica do Z-score de Altman." Dissertação, 2019. https://hdl.handle.net/10216/123454.
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chen, Wa-yu, and 陳琬鈺. "The Financial Risk of CPA Firms Audit Clients in Taiwan- Altman (1968) Z-Score." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/71501311533832884105.
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碩士國立成功大學
會計學系碩博士班
94
Many firms occur financial crisis recently, thus government enacts tighter regulation, investor protection rises, and auditors face challenges. Audit risk is auditors’ primary consideration; however, in the future they will have to consider audit risk and enterprise risk simultaneously. Therefore, auditors have to asses risk certainly before accepting auditing jobs. Meanwhile, the measurement and management of enterprise risk became important. This paper provides a risk analytic model to auditors. This study’s sample is all public listed firms in Taiwan from 1999 to 2004. We use Altman Z-score model to analyze clients’ financial risks, and investigate whether Altman’s (1968) model would be used in Taiwan. In addition, we want to know auditors will issue what kind of audit report as their clients are financial distressed firms. We find that the predictive correct rates of Altman’s (1968) Z-score model were 98%, 93%, and 65% in the previous three years separately. Overall, the predictive ability of Altman’s model is strong. Second, Z value of Big4 clients is significantly greater than that of Non-Big4 clients. Third, Z value between Big5 and Non-Big5 clients is major different and Z value of Deloitte & Touche, PwC and Ernst & Young clients is significantly greater than that of Non-Big5 and KPMG clients. Fourth, Z value of top five CPA’ clients is significantly greater than that of other CPA’ clients. Finally, auditors prefer to issue unqualified and modified opinion than qualified opinion as their clients have financial crisis.
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Carlos, Luís Miguel Gonçalves Oliveira Palma. "Predicting successful "PER" reorganizations: Testing the applicability of Altman Z-Score on Portuguese companies." Master's thesis, 2017. http://hdl.handle.net/10071/15954.
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The main objective of this dissertation is to test the applicability of Altman's bankruptcy prediction model of private companies in differentiating between companies that enter into “PER” and are successful in having an approved recovery plan and those that are unsuccessful.
For this, the universe of companies that entered “PER” between May 2012 and December 2016 was collected, which translated into a viable sample of work consisting of 2,189 companies.
The conclusions obtained allow us to state that when applied to the selected sample, the Altman model for private companies, in its initial formulation does not allow a proper distinction between the two groups of companies identified.
Through the re-estimation of the Altman model, it was possible to obtain models that achieved results that were more positive. However, it is not possible to state that the model could robustly differentiate between companies with an approved plan and those without a plan approved without a significant error margin.A presente dissertação tem como principal objectivo testar a aplicabilidade do modelo de previsão de falências de Altman para empresas privadas na diferenciação entre as empresas que entram em “PER” e conseguem obter um plano de recuperação aprovado e aquelas que não o conseguem. Para tal, foi recolhido o universo de empresas que entraram em “PER” entre Maio de 2012 e Dezembro de 2016, no que se traduziu numa amostra viável de trabalho constituída por 2,189 empresas. As conclusões obtidas permitem afirmar que quando aplicado à amostra seleccionada, o modelo de Altman para empresas privadas, na sua formulação inicial, não permite distinguir correctamente entre os dois grupos de empresas identificados. Através da re-estimação dos coeficientes do modelo de Altman, foi possível obter modelos que obtivessem melhores resultados sem, no entanto, se poder afirmar que se obteve um modelo que cumprisse robustamente com o objectivo proposto de diferenciação entre empresas com plano aprovado e sem plano aprovado.
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Wang, Hui-ling, and 王慧玲. "The Study of Financial Constitution in the Five East Asian Countries－ Application of Altman Z Score Model." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/11591917919348622008.
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碩士東吳大學
會計學系
94
The trade development was the lifeblood of Taiwan’s economy. The footsteps which the Taiwan enterprise has stride forward international for a long time, in addition, the recent years, the economy development in East Asian countries is faster and also steady, therefore, while investing in East Asian countries, we must have further understanding of the East Asian market. Besides, the Japanese government intends to impel to form “the East Asia Free Trade Area” in 2010, its scope includes Japanese, South Korean, Mainland China, Hong Kong, Taiwan, and so on which amounts to 15 countries, so that it can compete with the “Free Trade Area of the United States” and the “European Union”. It shows the East Asia function which grows day by day in the global economy. In the future years, it can expect the trend of East Asia's economy will have a great effect on the global economy. This research is based on the American scholar, Altman’s Z Scores model (1977) as its main structure, which was used to detect the enterprises’ financial constitution in the five East Asian countries: Hong Kong, Singapore, Malaysia, Thailand, and the Philippines between 2000 and 2005 through the financial report information. The purpose of this research is to assist investors to understand their investment environment, the risk, and to hedge their investment loss as earlier as possible by the given financial report information. Through the research and to be in harmony with the overall global economy at that time, we summed up the conclusions as follows: First, the enterprises, which have the bad financial constitution, are the majority in each East Asian country. Secondly, we may explicitly judge the financial constitution of the enterprises in the five East Asian countries through Altman Z Score. The conclusion concerns all of these factors which would directly or indirectly affect the economy in East Asia. From the 1997 financial crisis in Asia, which then recovers in 1999; the American Webeconomics became disillusion in 2000; the crazy Niu Ping, the foot-and-mouth disease and so on and the oil price rise in 2001; the American 911 terrorist events, the Wall Street long-standing abuse (the Enron case, Anderson office disintegration, Worldcom accountant scandal, American aviation industry giant bankruptcy and so on); the explosion in Bali Island in October, 2002; the Middle East war in 2003, serious acute respiratory tract syndrome (SARS) epidemic situation; At the beginning of 2004, the birds and beasts flu epidemic situation, the terror attack; at the end of 2004, the South Asia tsunami and mainland China attracts the magnetic effect and so on. In the light of our embarrassed standpoint in the international political stand, what our country could do is that we should pay attention to the international superiority possessed by each East Asian country as our advantageous foundation. In addition, to maintain the steady development of the multilateral trade system structure is Taiwan’s best choice.
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KRÁLOVÁ, Tereza. "Finanční výkonnost podniku." Master's thesis, 2008. http://www.nusl.cz/ntk/nusl-49378.
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The purpose of this thesis was to objectively appraise economical situation of company ABC spol. s r.o. and its´ financial performance for years 2003-2006 and to make conclusions about financial situation of the company. Matter of business activity of ABC spol. s r.o. is: goods purchase and its´ further sale and sale. Financial analysis and reliability and bankruptcy models were applied on a real existing company. Documents used as data source were: balance sheets and income statements from particular years. Theoretical part of the thesis characterizes financial performance and attitudes to its´ measuring, concrete methods for business performance measuring and usage of reliability and bankruptcy models. Practical part of the thesis includes calculation of financial analysis indicators (rentability, liquidity and indebtedness indicators) and application of chosen indexes of financial health (Z-Score, IN 95, Reliability index). The last part of the thesis includes interpretation of all calculations results and possible proposals for improving company financial performance and situation.
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STAŇKOVÁ, Naděžda. "Aplikace vybrané metody identifikace účetního podvodu v podmínkách vybraného podniku." Master's thesis, 2016. http://www.nusl.cz/ntk/nusl-251742.
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The aim of my diploma thesis was the application of the selected method of identifying accounting fraud in setting of chosen company. In the first part of this work were used methods based on the comparison of data chosen company with the data of competitive companies in the same industry or with the data of industry. I compare the return on equity (ROE), return on assets (ROA), Daily income and balance of accounts receivable, profit margin. In the next part of this work were used special methods to identify accounting fraud. I used methods Beneish M-score model, cash realization ratio, Jones nondiscretionary accruals. As an additional analysis, I used the bankruptcy Altman Z-score model. In conclusion, I compared the risks identified possible manipulation of financial statements for all tests and analyzes. All performed tests and analyzes in aggregate have identified this risk as low. Yet some of them pointed to further more detailed research in revenues, margins and setting transfer prices.
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Wilson, D'Andre. "Data Envelopment Analysis of Corporate Failure for Non-manufacturing Firms using a Slacks-based Model." Thesis, 2012. http://hdl.handle.net/1807/32640.
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The purpose of this work was to study the ability of the Slacks-Based Model of Data Envelopment Analysis in the prediction of corporate failure of non-manufacturing companies as compared to Altman’s Z’’ score model. This research looks at non-manufacturing firms specifically and attempts to classify companies without looking at the asset size of the firm. A DEA model based on the Altman’s Z’’ score financial ratios was created as well as a revised DEA model. The overall accuracy of the models showed the revised DEA model to be more accurate than the original DEA model as well as the Altman Z’’ score. This indicated that bankruptcy could be predicted without the use of total assets or liabilities as variables. This also showed the ability of an SBM DEA model to predict bankruptcy.
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Teixeira, Ana Francisca dos Santos Gonçalves. "Corporate financial distress and restructuring measures : a lifecycle phase study applied to highly leveraged companies." Master's thesis, 2020. http://hdl.handle.net/10400.14/29834.
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During its operating life, a firm goes through different life phases, which can be divided into: birth, growth, mature and decline. Through these different life phases it sometimes happens that face moments of financial distress and thereafter, engage in restructuring techniques in order to improve. The choice between the most common used techniques: managerial, asset, operational and financial restructuring, is dependent on the life phase in which the firm is. In this study, one finds that firms in the initial phases: birth and growth, are more prone to adopt any kind of restructuring strategy, while the firms in the more mature stage prefer to engage in a managerial or a financial restructuring. When furthering this analysis to understanding what seems to be the most efficient restructuring strategy accordingly to the different life stages, one finds that managerial restructuring does not provide a path towards financial health and that, if it does, it is more likely to happen in the beginning life phases such as birth. Adversely, an operational restructuring (cutting investment, number of employees or costs of goods sold) is efficient in improving firms’ performance. Furthermore, it is possible to conclude that by employing at least two or at least three strategies, firms seem to be quite successful in achieving full recovery while it is unusual for firms to employ the four strategies simultaneously.Durante a vida operacional de uma empresa, esta passa por diferentes fases de vida, que podem ser divididas em: nascimento, crescimento, maturação e declínio. Ao longo destas diferentes fases é comum que as empresas, em algum momento, se encontrem em situação de crise financeira e após isso adoptem medidas de restruturação com o objetivo de melhorar. A escolha por entre as mais usadas técnicas: ao nível da gestão, do número de ativos, das operações ou a nível financeiro, depende da fase da vida na qual a empresa de encontra. Neste estudo, conclui-se que as empresas que se encontram nas fases da vida mais iniciais: nascimento e crescimento, quando comparadas com empresas em declínio, são mais propensas a adoptar qualquer uma das estratégias, enquanto que empresas mais maduras optam por alterações ao nível da gestão ou financeiro. Alargando a análise para a avaliação da melhor técnica, considerando a fase da vida, a adoptar, conclui-se que a substituição do chefe executivo não é a solução para que as empresas atinjam saúde financeira e que se é o caso, então as empresas encontram-se em nascimento. Adversamente, conclui-se que uma alteração ao nível operacional (reduzir o nível investimento, o número de funcionários ou o custo com bens vendidos) é eficiente em melhorar os resultados financeiros da empresa. Adicionalmente, conclui-se que ao empregar pelo menos duas ou três estratégias de restruturação, as empresas conseguem atingir uma recuperação da sua saúde financeira, e que é raro que as empresas empreguem as quatro estratégias de restruturação ao mesmo tempo.
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Stilwell, António Maria Cabral da Camara. "Do tax reforms affect the probability of the companies going bankrupt?" Master's thesis, 2019. http://hdl.handle.net/10400.14/29118.
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The focus of this dissertation is an evaluation of whether tax reforms, such as the Notional Interest Deduction (NID), have any effect on metrics of bankruptcy predictions. In this case, the Altman Z-score is the scope of our analysis and the country chosen for the test is Belgium, where previous research confirmed that this tax reform, NID, had influence on firms’ capital structures. Thus, we start by checking if our sample holds the premise that the NID influences capital structures and if so, we will then proceed to check Altman Z-Score metric. This allows us to assess the main question we want to address in this thesis. Our dataset is composed by 132 Belgian public companies from the year 2001 to 2011, as well as other 870 public firms from four other similar Countries (France, Germany, Luxembourg and Netherlands) in order to compare the deepness of the analysis and to avoid biased conclusions. Additionally, in order to further narrow our results, we separated the companies in two main groups, financial and non-financial given substantial differences in capital structures.
As we expected, we were able to confirm, with this study, for both groups that the NID implementation had a significant impact on the capital structure of Belgian firms. Having confirmed this, we then focused on the main research question, which gave us some interesting outcomes. The results show that there is no significant evidence of any influence by the NID regarding the metric Altman Z-Score, despite the change in capital structure.O foco desta dissertação é avaliar se as reformas tributárias, como o “Notional Interest Deduction (NID)”, que têm um efeito comprovado na estrutura de capital de empresas, também têm efeito nas métricas usadas para previsões de Bankruptcy. Neste caso, o Altman Z-Score é a métrica sob análise e o País escolhido para o teste é a Bélgica. Isto porque em pesquisas anteriores confirma-se que o NID teve influência na estrutura de capital das empresas. Primeiramente, verificamos se a amostra demonstra que o NID teve influência na estrutura de capital das empresas e, caso se confirme, vamos verificar a métrica Altman Z-Score. Com esta análise poderemos avaliar a questão principal nesta tese. O nosso conjunto de dados é composto por 132 empresas públicas belgas de 2001 a 2011 e também 870 empresas públicas de França, Alemanha, Luxemburgo e Holanda, isto para verificarmos a profundidade da nossa análise e evitar enviesamentos. Além disso, para restringir ainda mais os nossos resultados, separamos as empresas em dois grupos, ‘Financeiro’ e ‘Não Financeiro’, devido a diferenças substanciais nas estruturas de capital. Como esperávamos fomos capazes de confirmar, com este estudo, para ambos os grupos que a implementação do NID teve um impacto significativo na estrutura de capital das empresas belgas. Tendo confirmado estes resultados, analisámos o foco principal da pesquisa que nos veio dar alguns resultados interessantes. Os resultados mostram não haver evidências significativas de qualquer influência do NID em relação à métrica Altman Z-Score, apesar de ter mudanças na estrutura de capital das empresas.
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Castenholz, Anna Maria. "The effect of positive CSR engagement on firm’s financial distress risk in Europe." Master's thesis, 2021. http://hdl.handle.net/10400.14/35341.
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This study examines the influence of Corporate Social Responsibility on the financial distress risk of a company. The Environmental, Social and Governance (ESG) factors are employed as a proxy for CSR, while three different measures are applied to assess financial distress levels, namely Altman‘s Z-Score, Ohlson’s O-Score and Shumway’s Hazard Model. After analyzing a European dataset of 1097 publicly listed firms covering the period from 2002-2018, the results suggest that positive CSR engagement reduces the likelihood of falling into costly financial distress, whilst the findings are even more profess for non-crisis periods as well as environmentally sensitive industries. The results are robust to differences in reporting dates, prior levels of financial distress and reverse causality. Collectively, the findings are in line with the stakeholder view of CSR, suggesting that improving firm-stakeholder relationships decreases a firm’s financial distress risk.Este estudo examina a influência da Responsabilidade Social Corporativa (RSC) no risco de crise financeira de uma empresa. Os fatores ambientais, sociais e de governação (ESG) são utilizados como substitutos para a RSC, enquanto três medidas diferentes são aplicadas para avaliar os níveis de dificuldades financeiras, nomeadamente o Z-Score da Altman, o O-Score da Ohlson e o Modelo de Risco de Shumway. Após análise de um conjunto de dados europeu de 1097 empresas cotadas na bolsa, abrangendo o período de 2002-2018, os resultados sugerem que o envolvimento positivo em termos de RSC reduz a probabilidade de cair em situações de dificuldades financeiras dispendiosas, enquanto que os resultados são ainda mais professos para períodos que não sejam de crise, bem como para indústrias sensíveis do ponto de vista ambiental. Os resultados são robustos às diferenças nas datas de notificação, níveis anteriores de dificuldades financeiras e causalidade inversa. Coletivamente, os resultados estão de acordo com a visão de RSC das partes interessadas, sugerindo que a melhoria das relações entre as partes interessadas diminui o risco de angústia financeira de uma empresa.
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BLAŽKOVÁ, Andrea. "Finanční analýza jako nástroj řízení majetku a kapitálu podniku." Master's thesis, 2010. http://www.nusl.cz/ntk/nusl-54252.
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This thesis deals with general characteristics of financial analysis, the importance of financial analysis for financial management, an expression of financial ratios, including their systems, economic value added, and some bankruptcy and creditworthy models. The analytical section of the thesis applies selected financial indicators to interpret the financial situation of the constructional company Hochtief CZ.
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Ramalho, Diogo Miguel Pacífico. "Financial distress and corporate turnaround strategies : an empirical analysis of 11 US industries." Master's thesis, 2021. http://hdl.handle.net/10400.14/35294.
Full textAbstract:
In this dissertation, extant research and analysis of corporate restructuring strategies for 11 U.S industries have been conducted. One set out to analyze the effectiveness of restructuring strategies in each industry as well as for a unique model that comprises all sample firms and controls for industry specificness. Hence, an extensive empirical study that shall consist of 2471 financially distressed companies divided between 11 U.S industries for a period of time between 2000 and 2018 was considered, tacking their turnaround strategies during the post-distress situation. The strategies analyzed were operational restructuring actions, financial restructuring decisions, and asset-based considerations. Additionally, context variables were considered, such as firm size, the company’s prior performance, distress severity, and the firm’s financial capacity. Considering the modeling aproach, a univariate analysis was conducted for each industry, followed by a multivariate logistic applied as well to the same industries and to the final Model. The results obtained showed that operational restructuring actions play a crucial role in each firm’s turnaround process. Additionally, the study shows that managers from U.S companies, during the time-span considered, gave more importance to financial restructuring actions despite the strategies' effectiveness.Nesta dissertação foi conduzida uma pesquisa e análise das estratégias de reestruturação corporativas para 11 indústrias dos EUA. A dissertação propõe analisar a eficácia das estratégias de reestruturação em cada setor, bem como de um modelo único que compreende todas as empresas de amostra e controla para especificidades de cada indústria. Portanto, um extenso estudo empírico que engloba 2.471 empresas em dificuldades financeiras, divididas entre 11 indústrias dos EUA por um período de tempo entre 2000 e 2018, foi considerado, abordando as estratégias de recuperação das mesmas durante o ano de stress financeiro e os dois anos após. As estratégias analisadas foram ações de reestruturação operacional, decisões de reestruturação financeira e considerações relativas aos ativos de cada empresa. Além disso, variáveis de contexto, como o tamanho da empresa, a performance anterior, a gravidade das dificuldades financeiras, e a capacidade financeira da empresa foram consideradas. Considerando a metodologia aplicada, foi realizada uma análise descritiva para cada setor, seguida de um conjunto de regressões logísticas aplicadas aos mesmos setores assim como ao modelo final. Os resultados obtidos mostraram que as ações de reestruturação operacional desempenham um papel crucial no processo de recuperação de cada empresa. Além disso, o estudo mostra que gestores de empresas norte-americanas, no período considerado, deram mais importância às ações de reestruturação financeira, apesar dos resultados demonstrarem o contrário.