<abstract xmlns="http://www.w3.org/1999/xhtml"><p>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.</p></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.

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

aleksandra.janeska-iliev@eccf.ukim.edu.mk

University of Novi Sad, Faculty of Economics Subotica,

University of Pristina, Faculty of Economics, Kosovska Mitrovica,

Journal of Central Banking Theory and Practice

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

The Altman’s model is a multiple discriminant analysis bankruptcy model that uses ordinarily accepted criteria that may provide a useful decision rule to...

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

Published Online: Sep 23, 2016

Page range: 47 - 59

Received: Mar 16, 2016

Accepted: Jun 16, 2016

DOI: https://doi.org/10.1515/jcbtp-2016-0019

Keywords
Altman’s Z, financial distress, bankruptcy

© 2016 Central Bank of Montenegro

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

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

Published Online: Sep 23, 2016

Page range: 47 - 59

Received: Mar 16, 2016

Accepted: Jun 16, 2016

DOI: https://doi.org/10.1515/jcbtp-2016-0019

KeywordsAltman’s Z, financial distress, bankruptcy

© 2016 Central Bank of Montenegro

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
Altman’s Z, financial distress, bankruptcy