Analysis of the financial position of enterprises in privatization in the agricultural sector in Serbia

Vukadinović, Predrag; Vujović, Slavoljub; Vojnović, Boško

doi:10.5937/ekopolj1803955v

Cited by 6 publications

(6 citation statements)

References 7 publications

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“…The first two ratio indicators are an indicator of financial stability, and the other two indicators are an indicator of the company's profitability. Companies with a healthy financial position are evaluated with 1 or 2, 3 points to indicate a good financial position; 4 points a bad financial position; and 5 points represents the risk of insolvency (Vukadinović et al, 2018). The result of the financial position was obtained based on the average values of the first and second indicators, i.e.…”

Section: Methodsmentioning

confidence: 99%

Analysis of the financial position of mill companies in Vojvodina

Tekić¹,

Mutavdžić²,

Novković³

et al. 2020

J Proc Ener Agri

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The subject of this research is the financial position of mill companies in Vojvodina. The specific aim of the research is to analyze the is to compare the applied models for the analysis of the 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 the 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, i.e. 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 financial position, i.e. to assess the risk of bankruptcy of medium-sized mill companies in Vojvodina. The general aim of the research.

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Section: Methodsmentioning

confidence: 99%

Analysis of the financial position of mill companies in Vojvodina

Tekić¹,

Mutavdžić²,

Novković³

et al. 2020

J Proc Ener Agri

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“…By comparing the observed models, it was concluded that VIKOR method shows better results. Vukadinović et al (2018) applied Altman Z'-score model, Kralicek Quick test and the balanced growth model in order to determine the financial position of three companies from the agricultural sector. The research included companies which are in the process of privatization and concluded that all of the observed companies are not stable in the market and are at risk of bankruptcy.…”

Section: Literature Reviewmentioning

confidence: 99%

“…The following Kralicek Quick test Quick test was created in 1990s with the purpose of examining the financial performance of companies using four indicators, including two indicators related to financial stability and two profitability indicators. Each indicator is assigned a score within the range from 1 to 5, where 1 represents the best and 5 the worst result (Vukadinović et al, 2018). The final result is obtained as the average of previously calculated average values of the indicators, expressed in points (Table 2).…”

Section: Kralicek Df Modelmentioning

confidence: 99%

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Bankruptcy prediction models for large agribusiness companies in AP Vojvodina

Milić¹,

Tekić²,

Zekić³

et al. 2021

Ekonomika poljoprivrede

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The aim of this paper is to present application of different methods used for predicting bankruptcy of large agricultural and food companies in AP Vojvodina, as well as to determine which model is the most suitable for analyzing the companies from the observed sectors. The following three models were applied in the paper: Altman's Z'-score model, Kralicek DF indicators and Kralicek Quick test. The analysis included five companies from the agricultural sector and five companies from the food sector operating on the territory of AP Vojvodina in the period from 2015 to 2019. The results of the research based on the applied models showed that different conclusions can be made about the financial stability of the observed companies. Altman's Z'-score model provided the most rigorous forecast in terms of the bankruptcy risk, while the results of Kralicek DF indicators and Quick test are relatively similar.

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“…Despite the favorable natural conditions (soil and climate) for the production of various agricultural products, and access to experienced producers, top experts, and scientists [7], companies in the agricultural sector of the Republic of Serbia face substantial challenges that prevent them from realizing their full potential [8]. Agricultural companies in the Republic of Serbia face low sales prices and rising production costs [9]. The process of privatization has led to the fragmentation of large agricultural complexes, leaving a number of workers jobless.…”

Section: Introductionmentioning

confidence: 99%

Bankruptcy Risk Prediction in Ensuring the Sustainable Operation of Agriculture Companies

et al. 2021

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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.

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Analysis of the financial position of enterprises in privatization in the agricultural sector in Serbia

Cited by 6 publications

References 7 publications

Analysis of the financial position of mill companies in Vojvodina

Analysis of the financial position of mill companies in Vojvodina

Bankruptcy prediction models for large agribusiness companies in AP Vojvodina

Bankruptcy Risk Prediction in Ensuring the Sustainable Operation of Agriculture Companies

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