In recent decades, predicting company bankruptcies and financial troubles has become a major concern for various stakeholders. Furthermore, because financially sustainable businesses are affected by numerous highly complex factors, both internal and external, the situation is even more complex. This paper applies Altman’s Z-score models; more precisely, the paper applies the initial Z-score model (a model for manufacturing companies), the Z′-score model (for companies operating in emerging markets), and the Z-score bankruptcy probability calculation. Therefore, this paper offers the results of the application of different Z-score models and the calculation of bankruptcy probability on a sample of agricultural companies listed on the Belgrade Stock Exchange in the period 2015–2019. In addition, different Z-score models are used for the same sample so that the difference between their results and application can be determined. In addition, the validity of the data published in the financial statements of the respective companies was confirmed using the Beneish M-score model with five and eight variables. The results obtained by applying Altman’s Z-score model (initial and adapted to emerging markets) indicate that a certain number of companies had impaired financial stability during the observed period, i.e., that they were in danger of bankruptcy. In addition, based on the results obtained using the Beneish M-score model, it was identified that a number of companies showed signals that indicate possible fraudulent financial reporting. Further, it was found that less than half of the observed companies reported on environmental protection in their annual reports, and they did so by providing a modest amount of information. The originality and value of the paper lies in suggesting that policymakers in the Serbian emerging markets should pay more attention to the operations of companies from the observed sector, as well as to their financial and non-financial reporting. Future research should focus on comparisons with agricultural companies from the same sector whose securities are listed on stock exchanges in the region.
Environmental demanding situations require businesses to innovative as a way to gain each environmental, economic and social goals. This article objectives to suggest the elements influencing improvement of green female entrepreneurship thinking about the improvement possibilities thru standardization and gender equality inherent within side the green economy. Using the methods of regression evaluation with the aggregate of Likert's scale approach, 226 woman entrepreneurs from Serbia in 2021 have been involved in the research. The findings display female entrepreneurship however also, that there may be inadequate interest been committed to them within side the procedure of greening their enterprise in green economy support measures for small and medium companies.
The objective of this study is to examine the relationships between factors connected to the capability aspects of the female working on the digital platform and the performance-sustainability of that employment. There are selected 3 groups of factors: first, professional learning and digital skills and capabilities of digital female workers; second, entrepreneurial learning and orientation as a personal and corporate precondition for successful work online on a platform, and third group of factors connected to the legal ecosystem issues, tax, social protection, and labour relations as important frameworks to digital work sustainability. The dependent variable is defined as females from textile and fashion design sub-sectors working online on the platform's sustainability, treated as performance. Empirical research with 396 female participants working online on platforms connected to the jobs, tasks, and freelancing from textile, fashion design, and other textile sub-sectors was provided in Serbia in 2022. They have by a five-level Likert scale evaluated the level of the factors and their 16 statements' impact on the dependent variable. All three independent variables do exhibit a positive relationship with the dependent one. The most significant influence has the professional and digital skills and capabilities of female workers or their corporations. The paper’s findings can serve to remind female digital workers that they cannot neglect the element of entrepreneurial capabilities and digital and professional skills in their digital activities. The results can be useful for the government to enforce consistent, dynamic, and adjusted taxation, social protection, incentives, and employment regulations for textile female digital workers and all others in boosting employment within new flexible patterns and technologies. The research is further shown relative to the SDGs on gender equality, digital divide issues, and pillars of social, economic, and environmental sustainability. The research model for this study was drawn from the literature on digitalization, work flexibility, institutional, financial and social theory and contributes to the current literature.
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