Financial Failure Prediction with Altman Z And Springate S Score Models: A Research on The Cement Sector in Borsa Istanbul

Fatih Akdeniz; Birol Güven

Makale detayları

Financial Failure Prediction with Altman Z And Springate S Score Models: A Research on The Cement Sector in Borsa Istanbul

Yazarlar:

Fatih Akdeniz | Birol Güven

Yayıncı:

Gumushane University

Dergi:

Gümüşhane Üniversitesi Sosyal Bilimler Dergisi Vol.14 Issue 2, pp.728-738

Belge Tipi:

Makale

Yayın Tarihi:

12/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001291323

pISSN:

1309-7423

Anahtar kelimeler:

Özet:

 The concept of financial failure has become even more important with the effect of recent economic crises. As a matter of fact, the recent economic conjuncture has been affecting many sectors and businesses, especially critical sectors. In this respect, failure to fulfill short-term obligations, declaring a concordat with its creditors for debt restructuring, deterioration in cash flow, interruption of operations and loss of active elements, etc. the problems that arise drag businesses into financial failure and then bankruptcy. In this study, financial failure risks were estimated in the light of the data between the years 2017-2021 of 11 cement companies within the Stone and Soil Based Sector in Borsa Istanbul. Altman Z-Score and Springate S-Score models, which are frequently preferred in the literature, were used in the aforementioned risk estimations. According to the results obtained from the two models used in the study, it has been observed that the risk of financial failure in the sector is relatively low. In the evaluation to be made in terms of enterprises, it can be said that 5 companies are exposed to the risk of financial failure according to Z score values and 4 companies according to S score values.

 The concept of financial failure has become even more important with the effect of recent economic crises. As a matter of fact, the recent economic conjuncture has been affecting many sectors and businesses, especially critical sectors. In this respect, failure to fulfill short-term obligations, declaring a concordat with its creditors for debt restructuring, deterioration in cash flow, interruption of operations and loss of active elements, etc. the problems that arise drag businesses into financial failure and then bankruptcy. In this study, financial failure risks were estimated in the light of the data between the years 2017-2021 of 11 cement companies within the Stone and Soil Based Sector in Borsa Istanbul. Altman Z-Score and Springate S-Score models, which are frequently preferred in the literature, were used in the aforementioned risk estimations. According to the results obtained from the two models used in the study, it has been observed that the risk of financial failure in the sector is relatively low. In the evaluation to be made in terms of enterprises, it can be said that 5 companies are exposed to the risk of financial failure according to Z score values and 4 companies according to S score values.

 The concept of financial failure has become even more important with the effect of recent economic crises. As a matter of fact, the recent economic conjuncture has been affecting many sectors and businesses, especially critical sectors. In this respect, failure to fulfill short-term obligations, declaring a concordat with its creditors for debt restructuring, deterioration in cash flow, interruption of operations and loss of active elements, etc. the problems that arise drag businesses into financial failure and then bankruptcy. In this study, financial failure risks were estimated in the light of the data between the years 2017-2021 of 11 cement companies within the Stone and Soil Based Sector in Borsa Istanbul. Altman Z-Score and Springate S-Score models, which are frequently preferred in the literature, were used in the aforementioned risk estimations. According to the results obtained from the two models used in the study, it has been observed that the risk of financial failure in the sector is relatively low. In the evaluation to be made in terms of enterprises, it can be said that 5 companies are exposed to the risk of financial failure according to Z score values and 4 companies according to S score values.

 Finansal başarısızlık kavramı son dönemlerde yaşanan ekonomik krizlerin etkisiyle daha da önemli hale gelmiştir. Nitekim son dönemdeki ekonomik konjektür başta kritik sektörleri olmak üzere birçok kesimi ve işletmeyi önemli ölçüde etkilemektedir. Bu doğrultuda kısa vadeli yükümlülükleri yerine getirememe, alacaklıları ile borç yapılandırması amacıyla konkordato ilan etme, nakit akışında bozulma, faaliyete ara verme ve aktif unsurları kaybetme vb. ortaya çıkan sorunlar işletmeleri finansal başarısızlığa devamında iflasa sürüklemektedir. Bu çalışmada Borsa İstanbul Taş ve Toprağa Dayalı Sektör bünyesindeki 11 çimento işletmesinin 2017-2021 yılları arasındaki verileri ışığında finansal açıdan başarısızlık riskleri tahmin edilmiştir. Söz konusu risk tahminlerinde literatürde sıklıkla tercih edilen Altman Z Skor ve Springate S Skor modelleri kullanılmıştır. Çalışmada kullanılan iki modelden elde edilen sonuçlarına göre sektördeki finansal başarısızlık riskinin nispeten az olduğu gözlemlenmiştir. İşletmeler açısından yapılacak değerlendirmede Z skor değerlerine göre 5, S skor değerlerine göre 4 işletmenin finansal başarısızlık riskine maruz kaldığı söylenebilir.

Makale detayları

Financial Failure Prediction with Altman Z And Springate S Score Models: A Research on The Cement Sector in Borsa Istanbul

Yazarlar:

Fatih Akdeniz | Birol Güven

Yayıncı:

Gumushane University

Dergi:

Gümüşhane Üniversitesi Sosyal Bilimler Dergisi Vol.14 Issue 2, pp.728-738

Belge Tipi:

Makale

Yayın Tarihi:

12/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001291323

pISSN:

1309-7423

Financial Failure

Cement Industry

Altman Z Score

Springate S ScoreFinansal Başarısızlık

Çimento Sektörü

Altman Z Skoru

Springate S Skoru

Sayı

Makale detayları

Yazarlar: Fatih Akdeniz | Birol Güven

Yayıncı: Gumushane University

Dergi: Gümüşhane Üniversitesi Sosyal Bilimler Dergisi Vol.14 Issue 2, pp.728-738

Belge Tipi: Makale

Yayın Tarihi: 12/2023

Belge Dili: Türkçe

Document ID (Org No.): 2001291323

pISSN: 1309-7423

Sayı

Yazarlar:

Fatih Akdeniz | Birol Güven

Yayıncı:

Gumushane University

Dergi:

Gümüşhane Üniversitesi Sosyal Bilimler Dergisi Vol.14 Issue 2, pp.728-738

Belge Tipi:

Makale

Yayın Tarihi:

12/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001291323

pISSN:

1309-7423