Evaluation of Borsa İstanbul Technology Index (XUTEK) Companies by Altman Z-Score Analysis
Abstract views: 872
/ 
PDF downloads: 825
DOI:
https://doi.org/10.46291/ISPECIJSSHvol4iss2pp59-76Keywords:
Keywords: XUTEK, Performance Analysis, Financial Analysis, Altman Z-Score, Technology CompaniesAbstract
The aim of the study is to analyze the financial failure and bankruptcy risk of technology companies traded in Borsa Istanbul XUTEK index with Altman Z-Score. Technology firms carry intense risks in terms of initial investments and R&D processes. The sector in which technology companies are located is an active sector where rapid transformations occur and fast actions are required. The study was carried out on 16 technology companies traded within the BIST XUTEK index. With Altman Z-Skor, the results obtained by using the 2019 balance sheet data of 16 technology companies were evaluated to measure the risk of future financial failure and bankruptcy. Altman Z-Score model developed for non-manufacturing and service sectors was used, and BIST 2019 share value changes were also examined. Among the companies subject to the study, only Indes company remained in the gray region, while the Z-score score of other shares was determined as 2.6 financial successes.
References
Aksoy Akın, E.E, Göker Kandil, İ.E. (2018). bankacılık sektöründe finansal risklerin z-skor ve bankometer metodları ile tespiti, Bist’te işlem gören ticari bankalar üzerine bir araştırma, Muhasebe Bilim Dünyası Dergisi, 20(2), 418-438.
Altman E. I. (2000). Predicting financial distress of companies, revisiting z-score and zeta models, http://pages.stern.nyu.edu/~ealtman/Zscores.pdf 09.04.2020.
Altman, E. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609.
Altman, E.I, Drozdowska, M.I, Laitinen, E.K, Suvas, A. (2017) Financial distress prediction in an international context: a review and empirical analysis of altman’s z-score model, Journal of International Financial Management & Accounting, 28(2).
Altman, E. I. ve Hotchkıss, E. (2006). Corporate financial distress and bankruptcy: predict and avoid bankruptcy, Anaylze and Invest in Distressed Debt. 3. bs. New Jersey : John Wiley and Sons.
Beaver, William H.(1966). Financial ratios as predictors of failure, in Empirical Research in Accounting, Selected Studies, in Supplement To The Journal Of Accounting Research, 71-111.
Büyükarıkan, U. ve Büyükarıkan, B. (2014). Bilişim sektöründe faaliyet gösteren firmaların başarısızlık tahmin modelleriyle incelenmesi, Akademik Bakış Dergisi, 46, 160-172.
Çelik, M. S. (2018). Altman z-skor modeli kullanılarak Bist-30 endeksinde yer alan imalat şirketlerinin finansal başarısızlık riskinin tahmin edilmesi, 5. Uluslararası Politik, Ekonomik ve Sosyal Araştırmalar Kongresi (ICPESS), 26-29 Ekim 2018, 525-535.
Fındık, D. ve Tiryakioğlu, M. (2017). Türkiye’de bilgi ve iletişim teknolojilerinin kullanımına yönelik politika ve öneriler, Ankara Üniversitesi SBF Dergisi, 72(3). 639-668.
Hayes, S.K., Hodge, K.A., Hughes, L.W. (2010). A study of the efficacy of altman’s z to predict bankruptcy of specialty retail firms doing business in contemporary times, Economics & Business Journal: Inquiries & Perspectives, 3(1), 122-135.
Kulalı, İ. (2016). Altman z-skor modelinin Bist şirketlerinin finansal başarısızlık riskinin tahmin edilmesinde uygulanması, Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(27). 283- 291
Mammadli, A. Helhel, Y. (2017). Fortune 100 listesinde yer alan turizm şirketleri için Altman Z skor, 1. Uluslararası Turizmin Geleceği Kongresi: İnovasyon, Girişimcilik ve Sürdürebilirlik Kongresi (Futourism 2017).
Miller, W. (2009). Comparing models of corporate bankruptcy prediction: Distance to default vs. Z-score. Morningstar, Inc.
Moriarty, S. (1979). Communicating financial information through multidimensional graphics, Journal of Accounting Research, 17(1), 205-224.
Orçun, Ç. Eren, B. S. (2017). TOPSIS yöntemi ile finansal performans değerlendirmesi: XUTEK üzerinde bir uygulama, Muhasebe ve Finansman Dergisi, Temmuz 2017 özel sayı.
Özdemir, F. S. (2014). halka açık ve halka açık olmayan işletmeler yönüyle tekdüzen muhasebe sistemi ve Altman z skor modellerinin uygulanabilirliği, Ege Akademik Bakış, 14(1), 147-16.
Özdemir, F. S., Choi, F., and Bayazıtlı, E. (2012). Finansal Başarısızlık Tahminleri Yönüyle UFRS ve Bilginin İhtiyaca Uygunluğu. Mali Çözüm Dergisi, 17-52.
Sulub, A.S. (2014). Testing the predictive power of Altman’s revised Z’ model: The case of 10 multinational companies, Research Journal of Finance and Accounting, 5(21), 174- 184.
Toker, K. Çınar, F. (2018). Türkiye’de Borsa İstanbul Teknoloji Endeksi (Xutek) ile ihracatın ithalatı karşılama oranı arasındaki ilişkinin incelenmesi, Beyder, 13(2), 139-150.
Zhang, T. And Ellınger, P. (2006). Credit risk and financial performance assessment of ıllınois farmers: a comparison of approaches with farm accounting data, American Agricultural Economics Association Annual Meeting, Long Beach California.
İnternet kaynakları
www.fintables.com
www.isyatirim.com.tr
www.tubisad.org.tr
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2020 ISPEC International Journal of Social Sciences & Humanities
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
