Influence of Market Values of Enterprise on Objectivity of the Altman Z-Model in the Period 2006-2012: Case of the Republic of Macedonia and Republic of Serbia

Kiril Postolov (), Ivan Milenkovic (), Dragana Milenkovic () and Aleksandra Janeska Iliev ()
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Ivan Milenkovic: University of Novi Sad, Faculty of Economics Subotica, Serbia
Dragana Milenkovic: University of Pristina, Faculty of Economics, Kosovska Mitrovica, Serbia
Aleksandra Janeska Iliev: Faculty of Economic, Skopje

Journal of Central Banking Theory and Practice, 2016, vol. 5, issue 3, 47-59

Abstract: The Altman’s model is a multiple discriminant analysis bankruptcy model that uses ordinarily accepted criteria that may provide a useful decision rule to predict financial distress in firms. In this research, we outline the construction and interpretation of the Z-Score influenced by the stock movement for the period of six years in the Republics of Macedonia and Serbia. Research focuses determining the influence of the market value of companies and if it could be related to potential bankruptcy of companies at specific markets.

Keywords: Altman’s Z; financial distress; bankruptcy. (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:cbk:journl:v:5:y:2016:i:3:p:47-59

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