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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

Author

Listed:
  • Kiril Postolov

    (Faculty of Economics, Skopje)

  • Ivan Milenkovic

    (University of Novi Sad, Faculty of Economics Subotica, Serbia)

  • Dragana Milenkovic

    (University of Pristina, Faculty of Economics, Kosovska Mitrovica, Serbia)

  • Aleksandra Janeska Iliev

    (Faculty of Economic, Skopje)

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.

Suggested Citation

  • Kiril Postolov & Ivan Milenkovic & Dragana Milenkovic & Aleksandra Janeska Iliev, 2016. "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," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 5(3), pages 47-59.
    • Handle: RePEc:cbk:journl:v:5:y:2016:i:3:p:47-59
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