ANALYSIS OF THE FINANCIAL POSITION OF MILL COMPANIES IN VOJVODINA

Dragana Tekić

doi:10.5937/jpea24-30296

Dragana Tekić strucni saradnik

DOI: https://doi.org/10.5937/jpea24-30296

Keywords: Altman Z-score, Kralicek's Quick test, mill companies, bankruptcy

Abstract

The subject of this research is the financial position of mill companies in Vojvodina. The specific aim of the research is to analyzed the financial position, ie to assess the risk of bankruptcy of medium-sized mill companies in Vojvodina. The general aim of the research is to compare the applied models for the analysis of financial position. The basis of the analysis are the financial reports of the observed companies in the period from 2015 to 2019. The analysis of financial position was performed using two models: Altman's Z-score model and Kralicek's Quick test model. These models use standard financial ratio indicators to assess the risk of bankruptcy of companies, ie their financial stability and profitability. The obtained results suggest that the company MLINTEST stood out as the most successful company, and that the company KIKINDSKI MLIN stood out as the company with the worst financial position. Both models gave similar results, and their further use is recommended when analyzing the financial position of mill companies in Vojvodina.

References

Alihodžić, A. (2013). Testing the Kralicek DF indicator application on the Belgrade Stock Exchange. Banking, 3, 70-95.
Altman, I. E. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23 (4), 589-609.
Ijaz, S. M., Hunjra, I. A., Hameed, Z., Maqbool, A., Azam-I, R. (2013). Assessing the Financial Failure Using Z-score and Current Ratio: A Case of Sugar Sector Listed Companies of Karachi Stock Exchange. World Applied Sciences Journal, 23 (6), 863-870.
Machek, O. (2014). Long-term predictive ability of bankruptcy models in the Czech Republic:evidence from 2007-2012. Central European Business Review, 3 (2), 14-17.
Rahman, A., Belas, J., Kliestik, T., Tyll, L. (2017). Collateral requirements for SME loans: Empirical evidence from the Visegrad countries. Journal of Business and Management, 18, 650–75.
Rajin, D., Milenković, D., Radojević, T. (2016). Bankruptcy prediction models in the Serbian agricultural sector. Economics of Agriculture, 63 (1), 89-105.
Stanišić, N., Mizdraković, V., Knežević, G. (2013). Corporate Bankruptcy Prediction in the Republic of Serbia. Industrija, 41 (4), 145-159.
Vukadinović, P., Vujović, S., Vojnović, B. (2018). Analysis of the financial position of enterprises in privatization in the agricultural sector in Serbia. Economics of Agriculture, 65 (3), 955-970.
Živković, J., Jevtić-Mučibabić, R., Nježić, Z., Brkljača, J., Vukelić, N., Filipčev, B. (2014). EU food market: Value-added food, a new trend and opportunity for national food industry. Journal on Processing and Energy in Agriculture (former PTEP),18 (4), 168-170.
Šverko Grdić, Z., Krstinić Nižić, M., Mamula, M. (2017). Insolvency in the Republic of Croatia. Economic Research-Ekonomska Istraživanja, 30 (1), 1693-1704.
Kralicek, 1993 (http://www.kralicek.at/pdf/qr_druck.pdf)