TY  - JOUR
AU  - Rajin, Danica
AU  - Milenković, Danijela
AU  - Radojević, Tijana
PY  - 2016
UR  - https://farfar.pharmacy.bg.ac.rs/handle/123456789/3472
AB  - The aim of this paper is to present different models for predicting the possibility of
opening bankruptcy proceedings in companies in Serbia, as well as to research which
models are most suitable for companies in the agricultural sector. In this paper, we have
used and displayed three models: the Altman’s Z-score model, Kralicek’s DF model and
Quick test. Many authors have dealt with this issue, but most of them have developed
models for developed markets, which are different from market of Serbia. Striving
towards improving the analysis and prediction of bankruptcy has led to comparison of
the reference value, in order to obtain concrete models for the evaluation of difficulty
in the functioning of the company. In this connection, on a sample of five companies
operating on the territory of the Republic of Serbia, we have applied three models
that used standard financial indicators to show the financial condition and stability of
the company. Results suggest that Kralicek’s DF model indicates better financial state
of the company than Altman’s Z-score model, considering the characteristics of the
market in which the model is formed.
AB  - Cilj ovog rada je prikazivanje različitih modela za predviđanje mogućnosti otvaranja
stečajnog postupka u kompanijama u Srbiji, kao i istraživanje koji modeli su najpogodniji
za kompanije iz sektora poljoprivrede. U radu su korišćena i prikazana tri modela:
Altmanov Z-score model, Kralicekov DF model i Quick test. Ovom tematikom se bavilo
dosta autora, međutim, većina njih je razvijala modele na razvijenim tržištima, koja
se razlikuju od tržišta Srbije. Težnja ka unapređenju analize i predviđanja stečaja
dovela je do upoređivanja referentnih vrednosti, da bi se na kraju došlo do konkretnih
modela za procenu poteškoća u funkcionisanju preduzeća. S tim u vezi na uzorku od
pet preduzeća koja posluju na teritoriji Republike Srbije, primenili smo tri modela
koji koriste standardne finansijske pokazatelje za prikazivanje finansijskog stanja
i stabilnosti preduzeća. Rezultati ukazuju da Kralicekov DF model ukazuje na bolje
finansijsko stanje preduzeća nego što je ono prikazano Altmanovim Z-score modelom,
upravo zbog karakteristika tržišta na kome je model formiran.
PB  - Belgrede : The Balkan Scientific Association of Agrarian Economists
PB  - Belgrade : Institute of Agricultural Economics
PB  - Bucharest : Academy of Economics Studies
T2  - Ekonomika poljoprivrede
T1  - Bankruptcy prediction models in the Serbian agricultural sector
T1  - Modeli predviđanja stečajnog postupka poljoprivrednih preduzeća u Republici Srbiji
VL  - 63
IS  - 1
SP  - 89
EP  - 105
DO  - 10.5937/ekoPolj1601089R
ER  - 

@article{
author = "Rajin, Danica and Milenković, Danijela and Radojević, Tijana",
year = "2016",
abstract = "The aim of this paper is to present different models for predicting the possibility of
opening bankruptcy proceedings in companies in Serbia, as well as to research which
models are most suitable for companies in the agricultural sector. In this paper, we have
used and displayed three models: the Altman’s Z-score model, Kralicek’s DF model and
Quick test. Many authors have dealt with this issue, but most of them have developed
models for developed markets, which are different from market of Serbia. Striving
towards improving the analysis and prediction of bankruptcy has led to comparison of
the reference value, in order to obtain concrete models for the evaluation of difficulty
in the functioning of the company. In this connection, on a sample of five companies
operating on the territory of the Republic of Serbia, we have applied three models
that used standard financial indicators to show the financial condition and stability of
the company. Results suggest that Kralicek’s DF model indicates better financial state
of the company than Altman’s Z-score model, considering the characteristics of the
market in which the model is formed., Cilj ovog rada je prikazivanje različitih modela za predviđanje mogućnosti otvaranja
stečajnog postupka u kompanijama u Srbiji, kao i istraživanje koji modeli su najpogodniji
za kompanije iz sektora poljoprivrede. U radu su korišćena i prikazana tri modela:
Altmanov Z-score model, Kralicekov DF model i Quick test. Ovom tematikom se bavilo
dosta autora, međutim, većina njih je razvijala modele na razvijenim tržištima, koja
se razlikuju od tržišta Srbije. Težnja ka unapređenju analize i predviđanja stečaja
dovela je do upoređivanja referentnih vrednosti, da bi se na kraju došlo do konkretnih
modela za procenu poteškoća u funkcionisanju preduzeća. S tim u vezi na uzorku od
pet preduzeća koja posluju na teritoriji Republike Srbije, primenili smo tri modela
koji koriste standardne finansijske pokazatelje za prikazivanje finansijskog stanja
i stabilnosti preduzeća. Rezultati ukazuju da Kralicekov DF model ukazuje na bolje
finansijsko stanje preduzeća nego što je ono prikazano Altmanovim Z-score modelom,
upravo zbog karakteristika tržišta na kome je model formiran.",
publisher = "Belgrede : The Balkan Scientific Association of Agrarian Economists, Belgrade : Institute of Agricultural Economics, Bucharest : Academy of Economics Studies",
journal = "Ekonomika poljoprivrede",
title = "Bankruptcy prediction models in the Serbian agricultural sector, Modeli predviđanja stečajnog postupka poljoprivrednih preduzeća u Republici Srbiji",
volume = "63",
number = "1",
pages = "89-105",
doi = "10.5937/ekoPolj1601089R"
}

Rajin, D., Milenković, D.,& Radojević, T.. (2016). Bankruptcy prediction models in the Serbian agricultural sector. in Ekonomika poljoprivrede
Belgrede : The Balkan Scientific Association of Agrarian Economists., 63(1), 89-105.
https://doi.org/10.5937/ekoPolj1601089R

Rajin D, Milenković D, Radojević T. Bankruptcy prediction models in the Serbian agricultural sector. in Ekonomika poljoprivrede. 2016;63(1):89-105.
doi:10.5937/ekoPolj1601089R .

Rajin, Danica, Milenković, Danijela, Radojević, Tijana, "Bankruptcy prediction models in the Serbian agricultural sector" in Ekonomika poljoprivrede, 63, no. 1 (2016):89-105,
https://doi.org/10.5937/ekoPolj1601089R . .