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

1. Al-Sulaiti, K.I., Almwajeh, O. (2007), “Applying Altman Z-score model of bankruptcy on service organizations and its implications on marketing concepts and strategies”, Journal of International Marketing & Marketing Research, Vol.32, No.2, pp. 59-74.Search in Google Scholar

2. Altman, E., (1968), “Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy,” Journal of Finance, vol.34, No. 4, pp.589-609.10.1111/j.1540-6261.1968.tb00843.xSearch in Google Scholar

3. Altman, E.I. (1968), “ Financial ratios, discriminant analysis and prediction of corporate bankruptcy”, Journal of Finance,Vol.23, No.4, pp. 189-209.10.1111/j.1540-6261.1968.tb00843.xSearch in Google Scholar

4. Altman, E.I. (2006), Corporate financial distress and bankruptcy: Predict and avoid bankruptcy, analyze and invest in distressed debt, Wiley. Hoboken, NJ:.10.1002/9781118267806Search in Google Scholar

5. Beaver, W.,(1968), “Alternative Accounting Measures as Predictors of Failure,” Accounting Review, Vol.43, No.1, pp.676-683Search in Google Scholar

6. Beaver, W., (1967), “Financial Ratios as Predictors of Failures,” in Empirical Research in Accounting, selected studies, 1966 in supplement to the Journal of Accounting Research, pp. 71-111.Search in Google Scholar

7. Deakin, E. B., (1972), “A Discriminant Analysis of Predictors of Business Failure,” Journal of Accounting Research, Vol.10, No.1, pp.167-179.10.2307/2490225Search in Google Scholar

8. Ferrier, W.J., Mac Fhionnlaoich, C., Smith, K.G., & Grimm, C.M. (2002).” Impact of performance distress on aggressive competitive behavior: A reconciliation of conflicting views”, Managerial & Decision Economics, Vol.23, pp.301-316.Search in Google Scholar

9. Hayes, S.K., Hodge, K.A. and Hughes, L.W. (2010). ”A Study of the Efficacy of Altman’s Z To Predict Bankruptcy of Specialty Retail Firms Doing Business in Contemporary Times”, Economics & Business Journal: Inquiries & Perspectives, Vol. 3, No.1, pp.130-134.Search in Google Scholar

10. Moyer, S.G. (2005). Distressed debt analysis: Strategies for speculative investors. Ross Publishing, Fort Lauderdale.Search in Google Scholar

11. Наумоски, А. (2013) Процена на премијата за ризик на акционерскиот капитал во компаниите во Република Македонија, Економски факултет, СкопјеSearch in Google Scholar

12. Odipo, M. k, Sitati, A. (2008) “Evaluation of applicability of Altman’s revised model in prediction of financial distress: a case of companies quoted in the Nairobi Stock Exchange”Search in Google Scholar