MALİ TABLOLAR YARDIMIYLA FİNANSAL BAŞARISIZLIĞIN TESPİTİ: BORSA İSTANBUL’DA BİR UYGULAMA

Authors : Firat KINALI, Fehmi KARASİOĞLU

Pages : 197-221

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Publication Date : 2022-07-31

Article Type : Research Paper

Abstract :The Z-score model developed by Edward I. Altman is one of the most preferred models for measuring financial failure by companies . When the studies on this subject are examined, it is seen that the predictive power of the Z-score model is quite high. Because of the concept of financial failure is related to the balance sheet and income statement in terms of accounting so to the financial statements, the Altman Z-Score model, which is one of the accounting-based bankruptcy estimation methods, is used in this study. In this study, with the financial data obtained from audited financial statements of the companies that continued their activities in Borsa Istanbul Sustainability Index between 2014 - 2019 have been tried to predict the failure levels of these companies by using Altman Z-score model. The Z-Score value and the values determined by Altman of each companies were compared and the financial failure levels of these companies were determined over the years. Companies that Z-Score’s below 1.81 are considered financially risky, Z-Score’s upper than 2.99 are financially risk-free and Z-Score’s between these two values are financially uncertain and uncritical.
Keywords : Financial Failure, Financial Statements, Altman Z Score