Altman Z Score Test Evaluation
The aim of the paper is to identify the accuracy of Altman Z- score model, a multiple discriminate analysis model in forecasting bankruptcy conditions. This can also be used to analyse the conditions which lead the companies towards bankruptcy, so that the same can be avoided. The ambit taken up is the Non-financial sector of certain Indian Companies. Altman Z score Test is a quantitative test of determining financial health of firms using five business ratios. The resultant solution is then classified into three criteria namely safe zone, grey area and risk of distress. The commonly used cut-off criteria have been used to predict the financial distress in such firms. The sample size selected was 18 companies which include 9 bankrupt firms …show more content…
They found that the BSM model adjusted for dividend payments provided enough statistics which outperformed other model of bankruptcy, the KMV Merton model.
The paper titled “Predicting Bankruptcy of Industrial Firms in Greece” by Theoharry Grammatikos also analyzed various models used in predicting bankruptcy conditions in industrial firms in Greece. The author found that the greater Z score and the Y score leads to financially strong company and vice versa. The cut off points were placed at 0.0 for Z score and 0.5 for y score respectively in predicting bankruptcy
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Altman, MałgorzataIwanicz-Drozdowska, Erkki K. Laitinen, and ArtoSuvas tried to find the efficacy and significance of MDA model in global scenario and its application in Finance and other related areas. The study was on various firms related to construction, hotels, retail firms, energy and water production etc. The results of the study indicated that the ratio of WCTA, RETA and EBITTA the median and the mean for non-failed firms are close to each other referring to balance of distributions. For the distressed firms, the median exceeds the mean for these three ratios, referring to negatively skewed distributions. For BVETL the means considerably exceed the median for both types of firms, indicating a positively skewed
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