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Can corporate social responsibility contribute to bankruptcy prediction? : evidence from Croatia
Adriana Galant, Robert Zenzerović, 2023, izvirni znanstveni članek

Opis: Background/Purpose: Companies are becoming aware of the fact that corporate social responsibility (CSR) is becoming the imperative of their sustainable business model despite the potential costs it could generate. Researchers are mostly focused on estimating the relationship between CSR and financial performance where most of the findings indicate their positive relationship. This paper expands existing research and focuses on the relationship between CSR and the risk of bankruptcy using the data from 102 midsize and large companies from non-financial sectors using the data for four years. Research expands existing studies on the EU level according to the fact that most of the existing studies are performed among US companies. Method: Descriptive statistics and SEM-PLS methodology was used to compare and analyze financial data with data collected from 7 groups of stakeholders. Results: Research results indicate that the relation between CSR and the risk of bankruptcy is negative. Conclusion: Becoming a socially responsible company is in the best interest of all stakeholders because CSR activities contribute to financial stability and maintenance of going concern assumption.
Ključne besede: corporate social responsibility, bankruptcy prediction, Altman Z’ score, SEM-PLS methodology
Objavljeno v DKUM: 26.09.2025; Ogledov: 0; Prenosov: 2
Celotno besedilo (713,38 KB)
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Application of the Altman model for the prediction of financial distress in the case of Slovenian companies
Tatjana Dolinšek, Tatjana Kovač, 2024, izvirni znanstveni članek

Opis: Background/Purpose: The aim of this paper is to verify the applicability and accuracy of the Altman model in the case of Slovenian companies. The use of the Altman model is hugely popular and widespread among financiers, analysts and other stakeholders who want to determine the creditworthiness of a company’s operations and the likelihood of it running into financial difficulties in the coming years. Methods: The study was conducted on a sample of 66 Slovenian companies, which were divided into two equal groups: bankruptcy and non-bankruptcy companies. Based on accounting data for the last five years, the authors of this paper calculated the Z-Score, which is based on the Multiple Discriminant Analysis (MDA). By calculating the statistical error of the estimate (type I and II), the authors verified the extent (in percentage terms) to which the companies had been correctly classified by the model. The Mann-Whitney U test was used to check whether there was a difference in the average Z-Score between the two groups of companies. Results: The authors determined that the reliability of the Altman model was 71.21% when tested at the upper bound (the threshold value of the Z-Score was 2.6) and 80.30% when tested at the lower bound (the threshold value of the Z-Score was 1.1). This is similar to other countries, where the reliability was found to be over 70% in most cases. Despite the lower reliability of the model, the Z-Score proved to be an important factor in differentiating between the two groups of companies, as bankruptcy companies had a lower value of this indicator than non-bankruptcy companies. Conclusion: Based on the results of this study, as well as those of other studies, it can be summarized that the Altman model is a fairly good way for companies to determine the success of their business in a relatively simple and quick way and also to predict the potential risk of their operations in the future. However, since the reliability of the model is not 100%, it is important to be careful when making business predictions and carry out additional in-depth analyses or use other methods.
Ključne besede: Altman model, business success, bankruptcy prediction, Slovenian companies
Objavljeno v DKUM: 12.08.2025; Ogledov: 0; Prenosov: 1
Celotno besedilo (812,92 KB)
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