The main purpose of this study is to perform a comparing analysis of all the manufacturing public limited companies which operate in Balkan Countries from a financial distress point of view. Those companies were analysed over the period from 2008 to 2013, the global crisis period, in order to investigate which countries have better and worse react to. The sample consists of 5,986 companies belong to the manufacturing industries. By adopting the Revised Altman’s model (1993), we compute five financial performance indicators over the past six years (2008-2013) in order to build five financial performance indicators in order to examine the impact of the crisis on financial distress considering all the Balkan countries. These calculations have relied on the annual reports and regard Sales Revenues, Net Profit, Operating Profit, Total Assets, Equity and Total Liabilities. The first analysis concerns the overall companies without distinguish results for each country. Afterwards, the research has implemented a comprehensive and comparative analysis among all the Balkan countries. In doing so, the study determines which companies belong to the “Safe Zone”, “Grey Zone” and “Distress Zone” and how they are concentrated in each Balkan country.

The Altman Model Application in Balkan Countries during the Global Crisis Period / Paolone, Francesco; Montemari, Marco. - In: ANALELE UNIVERSITATII DIN ORADEA. STIINTE ECONOMICE. - ISSN 1222-569X. - ELETTRONICO. - 24:2(2015), pp. 306-318.

The Altman Model Application in Balkan Countries during the Global Crisis Period

Marco Montemari
2015-01-01

Abstract

The main purpose of this study is to perform a comparing analysis of all the manufacturing public limited companies which operate in Balkan Countries from a financial distress point of view. Those companies were analysed over the period from 2008 to 2013, the global crisis period, in order to investigate which countries have better and worse react to. The sample consists of 5,986 companies belong to the manufacturing industries. By adopting the Revised Altman’s model (1993), we compute five financial performance indicators over the past six years (2008-2013) in order to build five financial performance indicators in order to examine the impact of the crisis on financial distress considering all the Balkan countries. These calculations have relied on the annual reports and regard Sales Revenues, Net Profit, Operating Profit, Total Assets, Equity and Total Liabilities. The first analysis concerns the overall companies without distinguish results for each country. Afterwards, the research has implemented a comprehensive and comparative analysis among all the Balkan countries. In doing so, the study determines which companies belong to the “Safe Zone”, “Grey Zone” and “Distress Zone” and how they are concentrated in each Balkan country.
2015
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11566/255325
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