A Comparative Analysis of Financial Performance With Altman Z, Springate S Score and Zmijewski Models: A Research on The Cement Sector in Istanbul Stock Exchange
DOI:
https://doi.org/10.5281/zenodo.20573557Schlagworte:
Zmijewski J models, Springate S, Bankruptcy Risk, Altman Z, Financial DistressAbstract
Companies' growth, development, survival, and profitability depend on their ability to compete with other companies operating in the same sector. To achieve this goal, companies must use their resources effectively and efficiently and avoid inappropriate resource waste. This study estimates the financial risk exposure of cement-producing companies listed on the Borsa Istanbul and whose shares are publicly traded. Financial data from cement-producing companies covering a 4-year, 48-period period between 2021 and 2024 was used. The companies' financial risk (bankruptcy) status was estimated using the Altman Z, Springate S, and Zmijewski J-Score models. At the end of the study, a prediction was made regarding whether firms are exposed to bankruptcy risk using the Altman Z-score, Springate S, and Zmijewski J methods. Based on financial risk (bankruptcy) and financial soundness studies conducted using three different models, it was found that BSOKE and BTCIM firms were at risk of bankruptcy for all periods studied using the Altman Z-score and Springate S methods, and for the 2021-2022 periods using the Zmijewski J model. Similarly, the same models concluded that NUHCM, OYAKC, and BISCIM firms were financially sound in all three models. The study concluded that, over a period of 4 years and 48 periods, 0.62 of the firms were financially sound and not at risk of bankruptcy according to the Altman Z-score method, 0.50 according to the Springate S method, and 0.85 according to the Zmijewski J-score. The study found that the Altman Z-score and Springate S methods yielded similar results, but there was a slight difference in the Zmijewski J-score method. This is primarily due to the lower bankruptcy risk parameters in the Zmijewski J model compared to the other two methods. The analysis results indicate that the methods used to calculate the firms' bankruptcy risk yielded similar results.
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