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Journal articles on the topic 'Altmano modelis'

Author: Grafiati

Published: 3 June 2025

Last updated: 31 July 2025

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1

Garškaitė, Kristina. "Įmonių bankroto prognozavimo modelių taikymas." Business: Theory and Practice 9, no. (4) (2008): 281–94. https://doi.org/10.3846/1648-0627.2008.9.281-294.

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Įmonių bankroto prognozavimo modelių esmė – kompleksinis rodiklis, apimantis įvairias įmonių veiklos sritis, leidžiantis įvertinti įmonių bankroto grėsmę pagal nustatytas kritines reikšmių ribas. Pasirinkta keletas įmonių bankroto prognozavimo modelių, kuriuose naudojama tiesinė diskriminantinė analizė: Altmano (pirmasis – dviejų rodiklių modelis; antrasis –įmonių, kurių akcijos kotiruojamos vertybinių popierių biržoje, modelis; trečiasis –įmonių, kurių akcijos nekotiruojamos biržoje, modelis), Liso, Taflerio, Springate. Siekiant išsiaiškinti bankroto prognozavimo modelių taikymo tinkamumą Lie

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2

Valkauskas, Romualdas, and Miroslav Švabovič. "Smulkiojo ir vidutinio verslo finansinių rodiklių svorio bendrojo vidaus produkto struktūroje pokyčių analizė." Business: Theory and Practice 13, no. (3) (2012): 234–41. https://doi.org/10.3846/btp.2012.25.

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Pirmoje straipsnio dalyje pateikiama įmonių būklės vertinimo praktika, pasitelkiant tradicinį krizių diagnozavimo modelį bei tris Altman modelio funkcijų interpretacijas, skiriant tokias pagrindines įmonių finansinės būklės vertinimo rodiklių grupes: pelningumo, trumpalaikio ir ilgalaikio mokumo, veiklos efektyvumo ir kapitalo rinkos. Antroje praktinėje straipsnio dalyje pateikiami penkių pagrindinių ekonominių sektorių įmonių (didmeninė ir mažmeninė prekyba; apdirbamoji gamyba; nekilnojamasis turtas; nuoma, transportas, sandėliavimas ir ryšiai bei statyba) finansinių rodiklių svorio BVP struk

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3

McKee, Thomas E. "Altman's 1968 Bankruptcy Prediction Model Revisited via Genetic Programming: New Wine from an Old Bottle or a Better Fermentation Process?" Journal of Emerging Technologies in Accounting 4, no. 1 (2007): 87–101. http://dx.doi.org/10.2308/jeta.2007.4.1.87.

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Prior research raised questions about the information value of some of the variables included in Altman's 1968 seminal bankruptcy prediction model. Answering these questions is of great importance since the original Altman model and variations on it are still used to provide bankruptcy risk signals in accounting and audit practice. This study applied genetic programming to Altman's original data set in order to examine the issue of variable significance. Two parsimonious models employing either one or two variables were developed that equaled the accuracy rate of Altman's five variable model w

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4

Toudas, Kanellos, Stefanos Archontakis, and Paraskevi Boufounou. "Corporate Bankruptcy Prediction Models: A Comparative Study for the Construction Sector in Greece." Computation 12, no. 1 (2024): 9. http://dx.doi.org/10.3390/computation12010009.

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This study focuses on testing the efficiency of alternative bankruptcy prediction models (Altman, Ohlson, Zmijewski) and on assessing the possible reasons that led to the confirmation or not of the prevailing model. Data from financial statements of listed (Greek) construction companies before the economic crisis were utilized. The results showed that Altman’s main predictive model as well as the revised models have low overall predictability for all three years before bankruptcy.

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5

Ghosh, Aniruddha, and Sheeba Kapil. "Is Altman’s Model efficient in predicting bankruptcy? – A comparison among the Altman Z-score, DEA, and ANN models." Journal of Information and Optimization Sciences 43, no. 6 (2022): 1191–207. http://dx.doi.org/10.1080/02522667.2022.2117322.

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6

Michael Oyinlola, Olabisi, Oladosu Jimoh Balogun, Oyetayo Oyewale Folajin, Nafisat Toyosi Muhammed, and Oladipo Oluwafolakemi Fasesin. "Survival Prediction of Nigerian Listed Agriculture Companies: The Use of Altman Z-Score Models." International Journal of Research and Innovation in Social Science IX, no. XIV (2025): 746–59. https://doi.org/10.47772/ijriss.2025.914mg0060.

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Corporate survival is a source of major worry in the business world, particularly in light of unprecedented corporate failure as no investor wants their hard-earned financial fortunes wiped out in bankruptcy. This study aims to forecast the survival status of the extant Nigerian listed agricultural companies by adapting the popular Altman (1968) Z-score and Altman (1983) Z”-score models. The study was carried out on five (5) Nigerian companies in agricultural sector listed in NGX Group and worked on ex-post facto research design, in which case panel data, otherwise called longitudinal data, on

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7

ZUBAREV, I. S. "ANALYSIS OF FORECASTING MODELS OF BANKRUPTCY OF RUSSIAN ENTERPRISES." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 2, no. 8 (2020): 44–47. http://dx.doi.org/10.36871/ek.up.p.r.2020.08.02.005.

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In the article the author examines the problems of wide application of the bankruptcy formula. For this, many terms have been considered, in particular the definition of financial insolvency, which characterizes the weaknesses of enterprises, namely, those associated with loss of liquidity and operating losses. The results show that Altman's bankruptcy formula is easily applicable in the economic conditions of the Russian Federation and is useful for predicting financial difficulties given the established definition of financial insolvency. Due to the fact that this term combines the factors o

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8

Andri, Herdiansah, and Ekayana Sangkasari Paranita. "Financial Distress During the Covid-19 Pandemic:Altman and Springate Model Prediction." Journal of Applied Management Research 3, no. 2 (2024): 102–13. http://dx.doi.org/10.36441/jamr.v3i2.2020.

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The purpose of this research is to analyze the prediction of financial distress of retail trade companies. This research chose to use the Altman and Springate Models since both of them are the most accurate and conservative models to predict. The calculation of the Altman and Springate Score is based on an equation formula for data in the period before and during the Covid-19 pandemic. The Altman’s Score is grouped in the Safe Zone, Grey Area, and Financial Distress; while the Springate’s Score is grouped in the Safe Zone and Financial Distress categories. Altman Model Analysis stated that mos

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9

Álvarez-Ferrer, Antonio, and Fernando Campa-Planas. "La predicción del fracaso empresarial en el sector hotelero." Cuadernos de Turismo, no. 45 (June 3, 2020): 33–59. http://dx.doi.org/10.6018/turismo.426031.

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El objetivo de este estudio es analizar las empresas concursadas del sector hotelero en España,desde el año 2007 hasta el 2017, empleando fórmulas de predicción del fracaso empresarial que sean aplicables a este tipo de actividad económica. La elaboración de modelos de predicción de la insolvencia se inició en Estados Unidos con los trabajos pioneros de Beaver y Altman en la década de los años sesenta. Después de años de mejoras metodológicas y de estudios aplicados a diferentes sectores, no se ha conseguido unificar un método por la comunidad científica, por lo que para la realización de este

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10

Yayu Kusdiana. "Predicting Bankruptcy Using Altman's Z-Score And Zmijewski Models." Journal of Multidisciplinary Science 2, no. 1 (2023): 69–75. http://dx.doi.org/10.58330/prevenire.v2i1.124.

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Oil and natural gas (oil and gas) are strategic natural resources and have an important role in national development. The need for oil and gas is expected to continue to increase in line with economic and population growth. Therefore, oil and gas business activities must be managed as well as possible to meet current and future supplies. Financial crises (financial distress) can occur in various companies and can be a signal of bankruptcy that the company may experience. The purpose of this study is to determine the bankruptcy prediction of Sub-Oil and Gas companies in Indonesia that are liste

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11

Al-Najjar (Ph. D), Sabah M., and Maha K. Jawad (Ph. D). "Application of Z–Score and Z-3 Score Models to Evaluate the Financial Situation of the Modern Sewing Company: A Case Study." International Journal for Humanities & Social Sciences (IJHS), no. 2 (December 31, 2023): 46–57. http://dx.doi.org/10.69792/ijhs.23.2.6.

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The purpose of this research work is to examine the financial position of the company studied using Altman’s Z-score and Z-3 score models. We are interested in identifying the financial position of the Modern Sewing Company (MSC) working in Iraq. The study focused on the importance, causes, symptoms of financial failure and distress. When the question deals with the potential effects on the wealth of creditors, stockholders, and society as a whole, researchers consider a company's distress and bankruptcy to be the most important issue to be studied. The Altman Z-score and Altman Z-3 Score mode

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12

Putri, Hana Tamara. "The Prediction of Bankruptcy With Altman Z-Score and Springate S-Score Models In Sharia Banks Period 2012-2017." J-MAS (Jurnal Manajemen dan Sains) 4, no. 2 (2019): 276. http://dx.doi.org/10.33087/jmas.v4i2.108.

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The Background of this research is to know and to analyze the prediction of company bankruptcy of BUMN Syariah Banks in BEI periods 2012-2017 which focuses object are three companies which have all criteria in analysis by method Z-score Altman and S-Score Springate. As we know, the goal of company is not being bankrupt so that the company needed a method to predict the bankruptcy as soon as possible. This reserch uses Z-Score Altman and S-Score Springate, this methods used to analize financial statements. Goals of this research is to know the potential of bankruptcy, rate of bankruptcy, and in

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13

GÜLAL, Ömer Serkan, Gökhan SEÇME, and Eda KÖSE. "Predicting Financial Distress in the BIST Industrials Index: Evaluating Traditional Models and Clustering Techniques." Ekonomi Politika ve Finans Arastirmalari Dergisi 8, no. 4 (2023): 660–80. http://dx.doi.org/10.30784/epfad.1370893.

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Financial distress, which can lead to bankruptcy or liquidation, is important for companies, creditors, investors, and the economy. Recent financial crises and global economic fluctuations have brought this issue to the forefront. In an effort to foresee financial distress, methods like Altman's Z-score have been proposed while, recent developments have allowed for the incorporation of recent techniques like machine learning. The purpose of this study is to forecast the emergence of financial distress in BIST Industrials Index (XUSIN) companies by using the k-means clustering algorithm, Altman

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14

Baixeries, Jaume, Antoni Hernández-Fernández, and Ramon Ferrer-i-Cancho. "Random models of Menzerath–Altmann law in genomes." Biosystems 107, no. 3 (2012): 167–73. http://dx.doi.org/10.1016/j.biosystems.2011.11.010.

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15

Zamzami, Zamzami, Osrita Hapsara, and Yunan Surono. "Kinerja Perusahaan Berdasarkan Pertumbuhan Investasi dan Potensi Kebangkrutan Sub Sektor Perkebunan di Bursa Efek Indonesia Periode 2014 – 2017." J-MAS (Jurnal Manajemen dan Sains) 4, no. 1 (2019): 14. http://dx.doi.org/10.33087/jmas.v4i1.66.

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This research aims to prove the stock sub group of the plantation sector has a positive value of the company (investment growth) if measured using model Tobin's q, and potential bankruptcy if measured using models Altman's Z-score first, Altman's Z-score and the Z-Altman's revision of the score as well as modifications to get the stocks that had the best performance based on the model. The sample in this study using census methods, namely the entire company group issuers shares sub plantation sector during the four-year period, starting from the observation of the year 2014-2017 recorded as ma

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16

Herdiansah, Andri, and Ekayana Sangkasari Paranita. "Financial Distress During the COVID-19 Pandemic: Altman and Springate Model Prediction." Strategic Financial Reviews 1, no. 1 (2024): 21–35. http://dx.doi.org/10.59762/sfr794324261120240118154533.

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Background: The retail trade industry has experienced a sharp decline in economic growth during the COVID-19 pandemic. Regulation of social distancing, restrictions on retail shop operating hours, and disruption of online shopping behavior contribute to worsen the financial performance of retail trade companies. </p> <p> Purpose: The purpose of this research is to analyze the prediction of financial distress of retail trade companies. This research chose to use the Altman and Springate Model since both of them are the most accurate and conservative models to predict. </p> &lt

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17

Hesi, Titia, and Riri Zelmiyanti. "ANALISIS PERBANDINGAN MODEL SPRINGATE DAN ALTMAN Z-SCORE TERHADAP POTENSI FINANCIAL DISTRESS SEKTOR PROPERTI & REAL ESTATE DI INDONESIA TAHUN 2018-2022." JOURNAL OF APPLIED MANAGERIAL ACCOUNTING 8, no. 2 (2024): 277–89. https://doi.org/10.30871/jama.v8i2.7908.

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This research compares the predictive of the Springate model and the Altman Z-Score models for possible financial distress in property and real estate sector companies listed on the Indonesia Stock Exchange (IDX) between 2018-2022 is compared. Purposive sampling was used to choose of 12 companies from a population 25 companies, with a total of 60 data. The Paired Sample T-Test is used for comparative analysis, along with the IBM SPSS Version 22 application. The results indicate a significant difference between the two models, attributed to variations in the ratios used for calculation. The Alt

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18

Hastuti, Rini Tri. "ANALISIS KOMPARASI MODEL PREDIKSI FINANCIAL DISTRESS ALTMAN, SPRINGATE, GROVER DAN OHLSON PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2013." Jurnal Ekonomi 20, no. 3 (2018): 446. http://dx.doi.org/10.24912/je.v20i3.405.

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This study purpose to determine the most accurate bankruptcy prediction model in order to suitable for use in its application to manufacturing companies in Indonesia, and to determine whether there is a difference Altman models with Springate models, Altman models with Grover models, and Altman models with Ohlson models. Scope of the study is limited to manufacturing industry companies listed on the Indonesia Stock Exchange during the years 2011-2013. This study comparing four bankruptcy prediction model by using statistic descriptive analysis techniques also Kolmogorov-Smirnov normality test

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19

Pratama, Hendra, and Bambang Mulyana. "PREDICTION OF FINANCIAL DISTRESS IN THE AUTOMOTIVE COMPONENT INDUSTRY: AN APPLICATION OF ALTMAN, SPRINGATE, OHLSON, AND ZMIJEWSKI MODELS." Dinasti International Journal of Economics, Finance & Accounting 1, no. 4 (2020): 606–18. http://dx.doi.org/10.38035/dijefa.v1i4.533.

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This study aims to identify and examine the condition of financial distress in the automotive component industry issuers in the period 2014 ~ 2018, using the Altman Z-score, Springate S-score, Ohlson O-score, and Zmijewski X-score against financial ratios as an analysis form of company management to predict the early warnings of company bankruptcy. This study uses quantitative, secondary, and panel data; while the sample uses a non-probability boring sampling technique of 11 companies. The results showed that these four models can predict financial distress by identifying each model. Altman’s

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20

Hamid, Guleshan Mohsin, Gulizar Abdullah Mohammed, Kurdistan M. Taher Omar, and Shelan Mohammed Rasheed Haji. "Using Altman and Sherrod Z- Score Models to Detect Financial Failure for the Banks Listed on the Iraqi Stock Exchange (ISE) Between 2009 – 2013." International Journal of Professional Business Review 8, no. 4 (2023): e01329. http://dx.doi.org/10.26668/businessreview/2023.v8i4.1329.

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Purpose: The Purpose of the study was to examine the validity of the Altman Z- Score and Sherrod Z- Score models in financial failure prediction. To achieve the study's goal, references from various authors who have reviewed this topic were used. Theoretical framework: The study highlights the importance of analyzing and delving into the various notions of financial failure and distress. When it comes to potential effects on the wealth of creditors, stockholders, and society as a whole, academics and researchers consider a company's distress and bankruptcy to be the most important issue to be

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21

Salina, Aigul. "EMPIRICAL RESULTS OF TESTING THE ALTMAN MODELS (BANK SECTORS)." REPORTS 2, no. 324 (2019): 160–64. http://dx.doi.org/10.32014/2019.2518-1483.54.

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Mućko, Przemysław, and Adam Adamczyk. "Does the bankrupt cheat? Impact of accounting manipulations on the effectiveness of a bankruptcy prediction." PLOS ONE 18, no. 1 (2023): e0280384. http://dx.doi.org/10.1371/journal.pone.0280384.

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The aim of this article is to answer the question whether the unreliability of the Altman bankruptcy prediction model may be caused by manipulations in financial statements. Our study was carried out on a group of 369 bankrupt Polish companies, with the research period covering the years 2011–2020. In the study, we divided the companies into two groups: those correctly classified by Altman’s model as at risk of bankruptcy, and companies for which the model did not indicate a significant bankruptcy risk. Using a logit model, we tested whether the probability of companies being correctly classif

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23

Marjohan, Masno. "Analysis of financial difficulties in financial management with ALTMAN Z-SCORE, ZMIJEWSKI, and SPRINGATE models in small textile and apparel companies. Listed on the Indonesia Stock Exchange." Accounting and Management Journal 8, no. 2 (2025): 16–27. https://doi.org/10.33086/amj.v8i2.6372.

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Financial difficulties are the first step experienced by a company in the bankruptcyprocess. If the company fails, many parties are harmed. Therefore, it is necessary to conduct ananalysis of financial problems or difficulties that can provide early warning for the company. Thepurpose of this study is to find out and analyze financial difficulties in financial management withthe ALTMAN Z-SCORE, ZMIJEWSKI, and SPRINGATE models in small textile and apparelcompanies listed on the Indonesia Stock Exchange (IDX) using the calculation of the AltmanZ-Score, Zmijewski, and Springate models. The resear

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Horváthová, Jarmila, and Martina Mokrišová. "Risk of Bankruptcy, Its Determinants and Models." Risks 6, no. 4 (2018): 117. http://dx.doi.org/10.3390/risks6040117.

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In this paper, the following research problem was addressed: Is DEA (Data Envelopment Analysis) method a suitable alternative to Altman model in predicting the risk of bankruptcy? Based on the above-mentioned research problem, we formulated the aim of the paper: To apply DEA method for predicting the risk of bankruptcy and to compare its results with the results of Altman model. The research problem and the aim of the paper follow the research of authors aimed at the application of methods which are appropriate for measuring business financial health, performance and competitiveness as well as

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25

Knežević, Snežana, Marko Špiler, Marko Milašinović, Aleksandra Mitrović, Stefan Milojević, and Jovan Travica. "Using Beneish M-Score and Altman Z-Score models to detect financial fraud and company failure." Tekstilna industrija 69, no. 4 (2021): 20–29. http://dx.doi.org/10.5937/tekstind2104020k.

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Bankruptcy is a risk that any company can face, regardless of its size. The importance of predicting a company's bankruptcy for years before its development is enormous, and it is important for financial sustainability. Financial reporting is an important platform for making financial decisions of investors and creditors. In recent years, the frequency of false financial reporting by firms has increased and there are concerns about investors' confidence in capital market. Academics and industry experts adopt a variety of risk management techniques to detect fraudulent financial reporting. A ca

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26

Herlin. "The Prediction of Bankruptcy Using Altman Z-Score Model (Case Study In BRI Bank, BNI Bank, Mandiri Bank, BTN Bank)." Integrated Journal of Business and Economics 2, no. 1 (2018): 12–23. https://doi.org/10.5281/zenodo.1163375.

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<em>Based on the calculation of the Altman model in predicting bankrupt at PT. Bank Rakyat Indonesia (Persero) Tbk in 2014, 2015, 2016, PT. Bank Mandiri (Persero) Tbk in 2014 and 2015 and is PT.Bank Tabungan Negara (Persero) Tbk in 2014 with a score of Z-score above 2.99 indicates that included in the company healthy or not potential to go bankrupt. Companies included in the category of unhealthy or potential companies to go bankrupt with a Z-score of less than 1.81 ie PT. Bank Tabungan Negara (Persero) Tbk in 2014 with a Z-score of 1.405 (<1.81). Companies included in the Gray Area (unpred

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27

Araújo, Lissandra da Costa, Fábio Chaves Nobre, and Liana Holanda Nepomuceno Nobre. "Comparação entre os modelos preditivos de insolvência para as empresas do segmento de construção civil listadas na Bovespa." Research, Society and Development 11, no. 14 (2022): e425111436698. http://dx.doi.org/10.33448/rsd-v11i14.36698.

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Esta pesquisa objetiva evidenciar se há diferenças médias estatisticamente significativas entre os modelos preditivos de insolvência de Kanitz, Elizabetsky, Matias, Altman e Pereira no setor de construção civil de empresas listadas na bolsa de valores brasileira. Desta forma, o setor é composto por 21 empresas foram analisados, inicialmente, por meio da estatística descritiva e correlação entre os modelos e, por fim, a utilização da análise de variância para identificar se há diferenças de médias significativas entre os modelos. Os resultados apontam que o modelo de Kanitz, Altman e Pereira in

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Matejić, Tijana, Snežana Knežević, Vesna Bogojević Arsić, et al. "Assessing the Impact of the COVID-19 Crisis on Hotel Industry Bankruptcy Risk through Novel Forecasting Models." Sustainability 14, no. 8 (2022): 4680. http://dx.doi.org/10.3390/su14084680.

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In this paper, we assess the impact of the COVID-19 crisis on the bankruptcy risk of a sample of 100 hotel companies and, consequently, on the hotel industry in the Republic of Serbia. The assessment applies to the period, 2019–2026, with the use of the data on the financial indicators for 2015–2020. Five novel structural time-series models, which have the indicators derived from Altman’s EM Z″-score model as predictors, were used, and a new conceptual framework for assessing bankruptcy risk is provided. The framework expands the applicability of credit-risk-scoring models to multiyear predict

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Nikmah, Nikmah, and Dinna Dwi Sulestari. "PREDIKSI FINANCIAL DISTRESS UNTUK PERUSAHAAN BESAR DAN KECIL DI INDONESIA PERBANDINGAN OHLSON DAN ALTMAN." JURNAL FAIRNESS 4, no. 1 (2021): 37–60. http://dx.doi.org/10.33369/fairness.v4i1.15299.

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This research aims to examine difference level of accuracy between Ohlson and Altman models to forecast bankruptcy a large and small firms in Indonesia. The sample are 60 large firms and 60 small firms from all industries that listed in Bursa Efek Indonesia (BEI) from 2003-2009. By using paired sample t-test and chi-square test, the result show that unconsistency result between paired sample t-test and chis-quare to examine the difference of level accuracy Ohlson and Altman models to forecast bankruptcy a large firm. The result obtain that there is no difference level of accuracy between Ohlso

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30

Sibanda, Lorraine S., and Julius Tapera. "An Assessment of the Altman Z Score on Predicting Corporate Failure. A Case of Insolvent Financial Companies Listed on the Zimbabwe Stock Exchange." Journal of Economics and Behavioral Studies 17, no. 1(J) (2025): 55–71. https://doi.org/10.22610/jebs.v17i1(j).4363.

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The study explored the causes of corporate failure among financial institutions using the Altman Z-scores. Traditionally, most finance professionals and firms depend on ratio analysis to determine performance, but the application of models like the Altman Z-Scores has hardly been utilized to analyze firm performance and predict potential failure. The major objective of this study was to assess the level to which Altman Z-scores can be used in determining corporate failures a year or two years before insolvency. The research used a mixed methods approach in gathering data. Financial data from a

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Fadia, Natasya Aqilla, and Zainal Zawir Simon. "Evaluating Precision: Comparing Altman, Springate, Zmijewski, and Grover Models in Financial Distress Prediction." Taxation and Public Finance 2, no. 1 (2024): 1–12. https://doi.org/10.58777/tpf.v2i1.284.

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This research examines the accuracy of Altman, Springate, Zmijewski, and Grover methods in predicting financial distress at PT Garuda Indonesia Tbk during 2017–2021. The population comprises all financial reports of the company, with a saturated sampling technique applied. Data collection utilized documentation methods, and analysis involved descriptive tests and accuracy level evaluations. Results indicate that the Zmijewski method is the most accurate, with an 80% accuracy rate, followed by the Altman method at 60%, and both Springate and Grover methods at 40%. The Zmijewski method shows the

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32

Reza, Muhammad Jamil, Gagaring Pagalung, and Ratna Ayu Damayanti. "BANKRUPTCY PREDICTION WITH THE ALTMAN Z-SCORE, SPRINGATE, ZMIJEWSKI, AND GROVER MODELS." Contemporary Journal on Business and Accounting 3, no. 02 (2023): 118–35. http://dx.doi.org/10.58792/cjba.v3i02.40.

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Purpose – This study aims to predict bankruptcy towards food and beverage subsector and finding the most accurate analysis model among the Altman Z-Score, Springate, Zmijewski, and Grover Design/methodology/approach – This analysis uses quantitative descriptive method using Ms. Excel, then performed Kruskal Wallis and accuracy test using IBM-SPSS Findings – The results by three-year average calculation using Altman Z-Score model shows that 2 out of 21 companies have the potential to go bankrupt, Springate model has 9 out of 21 companies, Zmijewski model has 3 out of 21 companies, a

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Daysi, Carmina Peña Ortíz, and Avendaño Cruz Sandra. "Empresas sustentables: Valuación y Predicción de quiebras aplicando la Q de Tobin y Z Score de Altman | Sustainable companies: Valuation and Prediction of bankruptcies applying Tobin's Q and Altman's Z Score." Un Espacio Para la Ciencia 3, no. 1 (2020): 165–87. https://doi.org/10.5281/zenodo.4294885.

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<strong>Resumen</strong> La presente investigación tuvo como finalidad validar si la pandemia del COVID-19, afectó los resultados financieros de las empresas mexicanas llamadas <em>sustentables</em> y, a la vez, por medio de los valores que arrojan los indicadores Q de Tobin y Z de Altman, evidenciar si se observó un incremento, estabilidad o decremento del valor de dichas empresas, y con ello predecir su posible quiebra, con la finalidad de proporcionar a los inversionistas indicadores que les ayuden a la toma de decisiones a la hora de invertir en empresas sustentables.

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Anwar, Anwar, and Reni Restriani Utami. "COMPARATIVE ANALYSIS OF ALTMAN, SPRINGATE AND ZMIJEWSKI MODELS IN PREDICTING BANKRUPTCY." PENANOMICS: International Journal of Economics 1, no. 3 (2022): 271–80. http://dx.doi.org/10.56107/penanomics.v1i3.48.

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This study aims to determine the potential for bankruptcy in timber sub-sector companies and their management that are listed on the Indonesia Stock Exchange for the 2017-2020 period using the Altman, Springate, and Zmijewski models and to find out the comparison of the three models. This type of research is quantitative research. The research population is the company's sub-sector of wood and its processing. The research sample is PT. SLJ Global Tbk (SULI) and PT. Tirta Mahakam Resources Tbk (TIRT). Data analysis techniques use the Altman, Springate, and Zmijewski models. The results of the s

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Marsenne, Maureen, Tubagus Ismail, Muhamad Taqi, and Imam Abu Hanifah. "Financial distress predictions with Altman, Springate, Zmijewski, Taffler and Grover models." Decision Science Letters 13, no. 1 (2024): 181–90. http://dx.doi.org/10.5267/j.dsl.2023.10.002.

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Several models have been developed to predict financial difficulties and corporate bankruptcy. In this research various models were employed, including the Altman model (referred to as the Z-Score), the Springate model (known as the S-Score), the Zmijewski model (designated as the X-Score), and the Grover model (referred to as the G-Score). These techniques serve the purpose of evaluating the likelihood of encountering financial difficulties, which in turn determines the probability of PT Garuda Indonesia (Persero) Tbk going bankrupt. The study utilized secondary data sourced from financial st

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Dr, Kyriazopoulos Georgios, and Georgios Mavrommatis. "Predicting Bankruptcy on Oil Companies Before and After the Pandemic Using Two Altman's Z-Score Models. Industrial and Emerging Markets. Evidence from Greece." Journal of Economics, Finance and Management Studies 06, no. 11 (2023): 5724–30. https://doi.org/10.5281/zenodo.10301100.

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Purpose This paper is prepared with the aim of establishing whether there is a possible bankruptcy of the Greek oil companies Listed on the Athens Stock Exchange in the last six years 2016-2021. This period under consideration also includes the two years of the 2019-2020 pandemic. Design/methodology/approach -The effort of this study is carried out using the Altman Z-Score model bankruptcy model for Emerging Markets. This paper focuses on bankruptcy, a situation which is a consequence of financial failure. Bankruptcy can happen to any organization or government body. The consequences of bankru

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Vargas Charpentier, José Alonso. "Modelos de Beaver, Ohlson y Altman: ¿Son realmente capaces de predecir la bancarrota en el sector empresarial costarricense? (Models of Beaver, Ohlson and Altman: are really able to predict the bankruptcy in the Costa Rican business sector?)." TEC Empresarial 8, no. 3 (2014): 29. http://dx.doi.org/10.18845/te.v8i3.2078.

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<p>El presente artículo analiza la aplicación de mo- delos para la prevención de bancarrotas empresariales en el sector empresarial costarricense. Se aplicaron los modelos a un grupo de empresas que se acogieron al proceso de intervención financiera, o quiebra, en el Juzgado Concursal de los Tribunales de Justicia de San José, con el fin de determinar si estos modelos fueron capaces de predecir la bancarrota. Dentro de los hallazgos principales están que el Modelo de <br />Altman calificó a cuatro de las cinco empresas anali- zadas como zona roja el año en que se declararon en quie

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Nurfahrudin, Iwan, and Raden Aswin Rahadi. "Application of Bankruptcy Prediction Models for Real Estate Companies Listed on The Indonesia Stock Exchange (IDX)." Syntax Literate ; Jurnal Ilmiah Indonesia 6, no. 10 (2021): 5088. http://dx.doi.org/10.36418/syntax-literate.v6i10.4264.

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A company that is built not only could make a profit, but also definitely has the risk of bankruptcy. This research aims to measure and analyze the potential for bankruptcy from the analysis of several methods compared to the reality in the field. The sample used in this study were several real estate companies in Indonesia which were listed on the Indonesia Stock Exchange from 2017 to 2019. The methods used in predicting company bankruptcy in the property sector are the Altman Z-score, Altman Revised Z-score, and Springate methods. Based on the research results, companies that tend to be at r

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Mitrofanov, Evgenii P., Alevtina G. Kulagina, Tatyana V. Antipova, and Elena A. Solodova. "Formation a methodology of integral assessment for regional economic entities’ level of financial stability." RUDN Journal of Economics 30, no. 3 (2022): 383–401. http://dx.doi.org/10.22363/2313-2329-2022-30-3-383-401.

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The article is devoted to the analysis of existing domestic and foreign methods for assessing the probability of bankruptcy of organizations in the region. When assessing the financial stability of the entity’s enterprises, various methods are used to assess the financial stability of an organization, the most common approach of which is the coefficient method. However, methods that use factor analysis, which builds a linear dependence of indicators of the financial and economic condition of a regional subject, are gaining popularity. These models are also called bankruptcy prediction models.

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Dolejšová, Miroslava. "Is it Worth Comparing Different Bankruptcy Models?" Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 63, no. 2 (2015): 525–31. http://dx.doi.org/10.11118/actaun201563020525.

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The aim of this paper is to compare the performance of small enterprises in the Zlín and Olomouc Regions. These enterprises were assessed using the Altman Z-Score model, the IN05 model, the Zmijewski model and the Springate model. The batch selected for this analysis included 16 enterprises from the Zlín Region and 16 enterprises from the Olomouc Region. Financial statements subjected to the analysis are from 2006 and 2010. The statistical data analysis was performed using the one-sample z-test for proportions and the paired t-test. The outcomes of the evaluation run using the Altman Z-Score m

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Rahayu, Yulianita, Juju Zuhriatusobah, Muhammad Abdurraafi, and Amellia Supyani. "Optimization Of Bankruptcy Risk Through The Altman And Grover Models: A Comparative Study." Amkop Management Accounting Review (AMAR) 5, no. 1 (2025): 29–38. https://doi.org/10.37531/amar.v5i1.2399.

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Optimizing the risk of bankruptcy is very important in efforts to maintain the company's financial stability. To avoid bankruptcy, it is necessary to have an analysis that can predict the potential bankruptcy of a company. In this research, the author uses two bankruptcy prediction analysis models, namely the Altman model (Z-Score) and the Grover model (G-Score). This research uses data from Samsung, Apple, Asus, Xiaomi and Lenovo, during the period 2013 - 2022. This research aims to compare the analysis results of the two models and determine which method is the most accurate in predict bankr

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Tanner, J. M. "Nonhuman Primate Models for Human Growth and Development.Elizabeth S. Watts , Jeanne Altmann." Quarterly Review of Biology 61, no. 3 (1986): 439. http://dx.doi.org/10.1086/415128.

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Orellana-Osorio, Iván, Marco Reyes-Clavijo, Estefanía Cevallos-Rodríguez, Luis Tonon-Ordoñez, and Luis Pinos-Luzuriaga. "Insolvency analysis of the food manufacturing industry in Cuenca." UDA AKADEM, no. 5 (April 15, 2020): 8–36. http://dx.doi.org/10.33324/udaakadem.vi5.271.

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The risk of insolvency is related to failure or business closure, for this reason the analysis and management of this type of risk is important. The insolvency risk was applied to the food manufacturing industry in Cuenca in the period 2013-2017, which allowed to determine the bankruptcy risk existing in the companies analyzed, as well as trends of the indicator in relation to the business size. Two models were applied: the business insolvency prediction model of Altman and the logistic model using the maximum likelihood method proposed by Ohlson. Altman’s model showed that companies in the 5

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Pavlov, Kostiantyn, Olena Pavlova, Nelia Chorna, Roman Chornyi, Oksana Novosad, and Anton Demchuk. "Determining the Bancrupt Contingency as the Level Estimation Method of Western Ukraine Gas Distribution Enterprises’ Competence Capacity." Financial Engineering 1 (May 30, 2023): 27–40. http://dx.doi.org/10.37394/232032.2023.1.3.

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The purpose of this work is to deepen the methodological provisions and develop practical recommendations with the purpose of increasing the competitiveness level of gas distribution network operators. To achieve this goal by systematizing and unifying different approaches, we developed our own approach to determining the competitiveness level of gas distribution network operators. Nowadays, most approaches and methods are formed with the obligatory use of expert assessment methods, which, in its turn, predetermines relatively subjective judgments and results. The results of our research have

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Tapa, Afiruddin, and Nurfarah Lyana Ahmad Razif. "Financial Distress Prediction of Airlines Companies." Indian-Pacific Journal of Accounting and Finance 5, no. 2 (2021): 3–15. http://dx.doi.org/10.52962/ipjaf.2021.5.2.129.

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The purpose of this study is to compare three financial failure models: the Altman Z-Score Model, the Springate Model, and the Zmijewski Model, in terms of predicting financial difficulty among airlines in Asia and the Middle East. Based on the results of this study, it is proven by the result of the analysis done for Airlines in Asia and the Middle East that all the three models have predicted that these companies are in financial distress. But, the Altman Z-Score model is the most significant model to forecast financial distress. Although the models employ different ratios in their analyses,

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Ciupac-Ulici, Maria-Lenuţa, Daniela-Georgeta Beju, Ioan-Alin Nistor, and Flaviu Pișcoran. "THE IMPACT OF THE ALTMAN SCORE ON THE ENERGY SECTOR COMPANIES." Journal of Financial Studies 8, Special (2023): 45–56. http://dx.doi.org/10.55654/jfs.2023.sp.03.

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The financial literature regarding bankruptcy prediction models includes the application of several statistical tools which have progressively become accessible. This paper explores the impact of the Altman score on the stock prices of the Romanian companies listed on the Bucharest Stock Exchange during the period 2014-2022. The Altman score is calculated based on the annual reports of the analyzed companies collected from the Bloomberg database, while the stock exchange prices are collected from the Euromonitor database. The methodology used in the analysis is panel regression realized with t

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Mirgen, Çağatay. "Türkiye’de BIST Sınai Şirketlerinin Finansal Başarısızlık Dinamikleri: Altman Z-Skor Modeli Perspektifi." Muhasebe ve Finansman Dergisi, no. 106 (April 15, 2025): 195–220. https://doi.org/10.25095/mufad.1599910.

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Bu çalışmanın amacı finansal başarısızlığın sektörel düzeyde nasıl şekillendiğine ilişkin bir bakış açısı sağlamaktır. Bu kapsamda, Türkiye’de BIST Sınai endeksinde yer alan şirketlerin finansal başarısızlık risklerini değerlendirmek ve etkili finansal oranları belirlemek için Altman Z-Skor modelini bağımsız değişken olarak ele alan bir analiz gerçekleştirilmiştir. Panel veri analizi yöntemiyle 2006-2023 yıllarını kapsayan veri seti kullanılarak, bağımsız değişkenler için likidite, borç yapısı, kârlılık ve etkinlik gibi çeşitli finansal oranların Altman Z-Skor üzerindeki etkileri araştırılmışt

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Octaviani, Ermi, and Chandra Situmeang. "ANALYSIS OF BANKRUPTCY MODELS IN INSURANCE COMPANIES IN INDONESIA." JIM UPB (Jurnal Ilmiah Manajemen Universitas Putera Batam) 13, no. 1 (2024): 656–63. https://doi.org/10.33884/jimupb.v13i1.9248.

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Research on various models of financial distress analysis has been developed to predict the beginning of corporate bankruptcy, such as the Springate model, Altman Z-Score, Grover, and others. Each type of company provides varying accuracy in each analysis model based on variations in the findings of previous research investigations. This research aims to analyze whether the Springate, Altman Z"-Score, and Grover models can be used in predicting corporate financial distress. The research was conducted on insurance companies at the Financial Services Authority in 2021. The sampling technique use

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Jayadev, M. "Predictive Power of Financial Risk Factors: An Empirical Analysis of Default Companies." Vikalpa: The Journal for Decision Makers 31, no. 3 (2006): 45–56. http://dx.doi.org/10.1177/0256090920060304.

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This paper provides empirical evidence on the significance of financial risk factors in predicting default companies. Traditionally, credit decision process is built on accounting ratios derived from financial statements of the borrower. Combining various ratios through application of multivariate statistical techniques and testing their predictive power has been popular in credit risk quantification. Altman's Z-score model is the most acceptable model in this category. In this paper, three forms of Z-score models are applied: The first equation is developed by surveying the internal credit ra

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Nata (STIE Al-Madani Bandar Lampung, Indonesia), Shafitra, Rizka Chairunnisa (STIE Al-Madani Bandar Lampung, Indonesia), and Noman Arshed (University of Management and Technology, Pakistan). "Prediction of Islamic Banking Bankruptcy in Indonesia: Comparative Study of Altman Z-Score and Springate Models." IKONOMIKA 5, no. 2 (2020): 231–48. http://dx.doi.org/10.24042/febi.v5i2.7747.

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Aim of this research is to calculate, measure, analyze, and evaluate predictions of potential bankruptcy of Islamic banking using the modified Altman Z-Score and Springate models and identify differences in the predicted results. This research uses descriptive quantitative analysis. Model analysis used is the Modified Altman Z-Score and Springate models. The research object used is 12 Islamic banks in Indonesia 2013-2019 and data collection includes literature study and observation.Modified Altman Z-Score model predicts that 1.19% of Islamic banking is in gray area and 98.81% is in a non-bankr

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