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Evaluation of financial failure of healthcare companies traded in BIST with Fulmer H and Springate S Score Models

Yıl 2023, Cilt: 25 Sayı: 2, 257 - 264, 01.12.2023
https://doi.org/10.33707/akuiibfd.1311861

Öz

According to modern finance principles, financial failure occurs when companies fail to meet their obligations regarding assets and liabilities. Determining the financial performance of health companies traded on the BIST will ensure that health expenditures that concern the entire society are transferred to appropriate areas with maximum social benefit. This study evaluates whether companies operating in the health field and whose shares are traded in BIST carry the risk of financial failure. For this purpose, financial risk situations were examined with Fulmer H and Springate S score models using the financial statement data of 8 companies in the BIST100 index over the period 2019–2022. The results show that all but one of the health companies traded on the BIST are not facing financial failure.

Kaynakça

  • Akbulut, Y., Göktaş, B., Ağırbaş, İ., Uğurluoğlu Aldoğan, E., & Doğanay Payzıner, P. (2013). Financial Management in Health Institutions. Ankara, TC. Anadolu University Press.
  • Akkaya, G. C., Demireli, E., & Yakut, Ü. H. (2009). Prediction of Corporate Financial Distress: An Application on Ise Usıng Neural Networks Model, Eskişehir Osmangazi University Journal of Social Sciences, 10(2), 187-216.
  • Akpınar, O., & Akpınar, G. (2021). The Determinants of Financial Distress: An Application On Borsa Istanbul, Journal of Busines Research, 9(4), 932-951. Doi: 10.20491/isarder.2017.366.
  • Alparslan, D., Gençtürk, M., & Özgülbaş, N. (2015). The Analysis of Relationship Between Working Capital and Financial Perfomance Indicators in Ministry of Health Hospitals. Journal of Süleyman Demirel University Faculty of Economics and Administrative Sciences, 20(1), 317-338.
  • Ananto, R., Sriyunianti, F. and Ferdawati (2020). Prediksi Financial Distress Dengan Menggunakan Model Fulmer. Jurnal Ekonomi dan Bisnis Dharma Andalas, 22(1),110-119.
  • Astuti, R.Y. & Anggela, A. (2021). Comparative Analysis of Fulmer, Springate and Grover Models In Predicting Bankruptcy. Journal of Islamic Economics and Philanthropy, 4(2), 1295-1312
  • Ayanoğlu, Y., Atan, M., & Beylik, U. (2010). Assessments and Measurement of Financial Performance Using the Methodology of Data Envelopment Analysis (DEA) in Hospitals. Journal of Performance and Quality in Health, 2(2), 40-62.
  • Aydemir, İ. (2018). Assessment of Financial Performance in Hospitals: A Practice in the Hospitals Sector Financial Statement of Republic of Turkey's Central Bank. International Journal of Health Management and Strategies Research, 4(2), 133-149.
  • Bağcı, E. (2015). Financial Position Analysis of Turkish Textile and Clothing Sector. Marmara University Journal of Economics and Administrative Sciences, 37(2), 83-100. https://doi.org/10.14780/iibd.83811.
  • Bağcı, H. & Sağlam, Ş. (2020). Estimation of Financial Failure in Health and Sport Organizations: An Ampirical Analysis with Altman, Springate and Fulmer Model, Hacettepe Journal of Health Administration, 23(1), 149-164.
  • Büyükarıkan, U. & Büyükarıkan, B. (2014). Analysis of Firms Operating in the It Sector Financial Distress Prediction Model’s, Academic Perspective Journal,46, 160-173.
  • Civan, M. & Dayı, F. (2014). Financial Failure Prediction in Health Care Organization Using Altman Z-Score and Artifical Neural Network, Academic Perspective Journal, 41, 0-0.
  • Çam, H. (2016). Evaluation of Financial Performans in Health Organizations: The Case of Karaman State Hospital. International Journal of Scientific Research, 1(1), 14-27. https://doi.org/10.23834/isrjournal.245515.
  • Ercan, C. (2013). Financial Performance Evaluation in Public Health Enterprises: An Application on Public Hospitals Associations. Asia Minor Studies, 1(2), 54-71.
  • Erol Fidan, M. (2021). Financial Failure Estimation of Textile, Clothing and Leather Industry Businesses Traded on BİST with Altman-Z Score Method. Journal of Busıness Research-Turk, 1945-1969. https://doi.org/10.20491/isarder.2021.1239.
  • Fulmer, J., Moon, J., Gavin, T., & Erwin, J. (1984). A Bankruptcy Classification Model for Small Firms. Journal of Commercial Bank Lending, 66(11), 25-37.
  • Grice, J.S. & Ingram, R. W. (2001). Tests of The Generalizability of Altman’s Bankruptcy Prediction Model. Journal of Business Research, 54(1), 53-61.
  • Husein, M.F. & Pambekti, G. T. (2014). Precision of The Models of Altman, Springate, Zmijewski, and Grover for Predicting the Financial Distress. Journal of Economics, Business, and Accountancy Ventura, 17(3), 405 – 416
  • Işık, M. (2020). Construing “Five Deadly Business Sins” Theory of Peter Drucker for Private Healthcare Facilities with a Financial Approach. International Journal of Economics and Administrative Sciences, 6(1), 112-128. https://doi.org/10.29131/uiibd.741653.
  • Kalyoncu, D. (2013). Alternative Ways of The Risk-Free Risk Management. Okan University, Master's Thesis
  • Karadeniz, E. & Öcek, C. (2019). Comparative Financial Ratio Analysis of Companies at Risk of Financial Failure and Companies at Non-Risk of Financial Failure: A Research on Borsa İstanbul Tourism Companies. Journal of Travel and Hospitality Management, 16(2), 191-206. https://doi.org/10.24010/soid.600207.
  • Karasu, K. (2009). New ‘Public’ Organizations: Public Interest Companies. Ankara University Journal of SBF, 117-147. https://doi.org/10.1501/SBFder_0000002115.
  • Karbhari, Y. & Sori, Z. M. (2007). Prediction of Corporate Financial Distress: Evidence From Malaysian Listed Firms During The Asian Financial Crisis. Economics and Management, 329-346.
  • Kendirli, S. & Çıtak, F. (2022). Financial Failure Forecast with Altman Model:An Application in Companies Operating In BIST Wood, Paper and Printing Index, Econder International Academic Journal, 6(1), 86-97. https://doi.org/10.35342/econder.1077823.
  • Kıyak, D. & Labanauskaite, D. (2012). Assessment of the Practical Application of Corporate Bankruptcy Prediction Models. Economics and Management, 895-905.
  • Korkmaz, M. & Güney, S. (2013). Examination of Financial Performance in Hospitals: A Model Implementation on Ümraniye Research and Implementation Hospital, Black Sea-Черное Море,17, 148-164.
  • Kürklü, E. & Türk, Z. (2017). Financial Failure Estimate in BİST Companies with Altman Z-Score and Springate S-Score Models. Journal of Osmaniye Korkut Ata University Faculty of Economics and Administrative Sciences, 1(1), 1-14.
  • Lifschutz, S. & Jacobi, A. (2010). Predicting Bankruptcy: Evidence from Israel. International Journal of Business and Management, 133-141.
  • Medetoğlu, B & Uçar, S. (2023). Determining Financial Failure with Springate S and Fulmer H Score Models: an Application on Bist Textile, Clothing and Leather Industry. Doğuş University Journal, 24 (1), 307-319
  • Mizdraković, V., Knežević, G., & Stanić, N. (2015). Bankruptcy Risk Exposure of Serbian Hotels In The Period 2008-2012. International Conference in Tourism. Belgrad: Singidunum University.
  • Springate, G. (1978). Predicting The Possibility of Failure in a Canadian Firm. Unpublished M.B.A. Research Project. Simon Fraser University.
  • Tarcan, M. (2010). Determining Financial Ratios in Health Sector by Factor Analysis. Journal of Productivity, 2, 23-46.
  • Tekin, B. & Gör, Y. (2022). Financial Failure Forecast Models and an Application on Banking Sector Financial Statements: Altman and Springate Models. Journal of Adıyaman University Social Sciences Institute, 373-404. https://doi.org/10.14520/adyusbd.992296.
  • Ural, K. (2020). The Comparison of Methods of Estimating Bankruptcy: Application on the Manufacturing Companies Operand in the Istanbul Stock Exchange. Yaşar University, Ph.D. Thesis.
  • Vickers, F. (2006). Recession Proofing Your Business. USA: Vickers Publishing.
  • Wahyuningsih, T. & Venusita, L. (2022). Financial Analysis of Retail Companies Using the Altman, Springate, Zmijewski, Fulmer,and Grover Bankruptcy Prediction Models (Case Study of Retail Companies Listed on The Indonesia Stock Exchange for the Period 2019–2020), Journal of Accounting, Entrepreneurship, and Financial Technology, 3(2), 149-168.

BİST’te işlem gören sağlık şirketlerinin finansal başarısızlığının Fulmer H ve Springate S Skor Modelleri ile değerlendirilmesi

Yıl 2023, Cilt: 25 Sayı: 2, 257 - 264, 01.12.2023
https://doi.org/10.33707/akuiibfd.1311861

Öz

Modern finans ilkelerine göre, finansal başarısızlık şirketlerin varlıkları ve borçlarıyla ilgili yükümlülüklerini yerine getirememesiyle başlar. BİST’te işlem gören sağlık şirketlerinin finansal performanslarının belirlenmesi toplumun tamamını ilgilendiren sağlık harcamalarının, maksimum sosyal fayda gözetilerek, uygun alanlara aktarılmasını sağlayacaktır. Bu çalışma, sağlık alanında faaliyet gösteren ve BİST’te hisseleri işlem gören şirketlerin finansal başarısızlık riski taşıyıp taşımadıklarını değerlendirmektedir. Bu amaca yönelik olarak, BİST100 endeksinde yer alan 8 şirketin 2019-2022 dönemindeki finansal tablo verileri kullanılarak Fulmer H ve Springate S skor modelleri ile finansal risk durumları incelenmiştir. Çalışmanın sonuçları, BİST'te işlem gören sağlık şirketlerinden biri hariç diğerlerinin finansal başarısızlık ile karşı karşıya olmadıklarını göstermektedir.

Kaynakça

  • Akbulut, Y., Göktaş, B., Ağırbaş, İ., Uğurluoğlu Aldoğan, E., & Doğanay Payzıner, P. (2013). Financial Management in Health Institutions. Ankara, TC. Anadolu University Press.
  • Akkaya, G. C., Demireli, E., & Yakut, Ü. H. (2009). Prediction of Corporate Financial Distress: An Application on Ise Usıng Neural Networks Model, Eskişehir Osmangazi University Journal of Social Sciences, 10(2), 187-216.
  • Akpınar, O., & Akpınar, G. (2021). The Determinants of Financial Distress: An Application On Borsa Istanbul, Journal of Busines Research, 9(4), 932-951. Doi: 10.20491/isarder.2017.366.
  • Alparslan, D., Gençtürk, M., & Özgülbaş, N. (2015). The Analysis of Relationship Between Working Capital and Financial Perfomance Indicators in Ministry of Health Hospitals. Journal of Süleyman Demirel University Faculty of Economics and Administrative Sciences, 20(1), 317-338.
  • Ananto, R., Sriyunianti, F. and Ferdawati (2020). Prediksi Financial Distress Dengan Menggunakan Model Fulmer. Jurnal Ekonomi dan Bisnis Dharma Andalas, 22(1),110-119.
  • Astuti, R.Y. & Anggela, A. (2021). Comparative Analysis of Fulmer, Springate and Grover Models In Predicting Bankruptcy. Journal of Islamic Economics and Philanthropy, 4(2), 1295-1312
  • Ayanoğlu, Y., Atan, M., & Beylik, U. (2010). Assessments and Measurement of Financial Performance Using the Methodology of Data Envelopment Analysis (DEA) in Hospitals. Journal of Performance and Quality in Health, 2(2), 40-62.
  • Aydemir, İ. (2018). Assessment of Financial Performance in Hospitals: A Practice in the Hospitals Sector Financial Statement of Republic of Turkey's Central Bank. International Journal of Health Management and Strategies Research, 4(2), 133-149.
  • Bağcı, E. (2015). Financial Position Analysis of Turkish Textile and Clothing Sector. Marmara University Journal of Economics and Administrative Sciences, 37(2), 83-100. https://doi.org/10.14780/iibd.83811.
  • Bağcı, H. & Sağlam, Ş. (2020). Estimation of Financial Failure in Health and Sport Organizations: An Ampirical Analysis with Altman, Springate and Fulmer Model, Hacettepe Journal of Health Administration, 23(1), 149-164.
  • Büyükarıkan, U. & Büyükarıkan, B. (2014). Analysis of Firms Operating in the It Sector Financial Distress Prediction Model’s, Academic Perspective Journal,46, 160-173.
  • Civan, M. & Dayı, F. (2014). Financial Failure Prediction in Health Care Organization Using Altman Z-Score and Artifical Neural Network, Academic Perspective Journal, 41, 0-0.
  • Çam, H. (2016). Evaluation of Financial Performans in Health Organizations: The Case of Karaman State Hospital. International Journal of Scientific Research, 1(1), 14-27. https://doi.org/10.23834/isrjournal.245515.
  • Ercan, C. (2013). Financial Performance Evaluation in Public Health Enterprises: An Application on Public Hospitals Associations. Asia Minor Studies, 1(2), 54-71.
  • Erol Fidan, M. (2021). Financial Failure Estimation of Textile, Clothing and Leather Industry Businesses Traded on BİST with Altman-Z Score Method. Journal of Busıness Research-Turk, 1945-1969. https://doi.org/10.20491/isarder.2021.1239.
  • Fulmer, J., Moon, J., Gavin, T., & Erwin, J. (1984). A Bankruptcy Classification Model for Small Firms. Journal of Commercial Bank Lending, 66(11), 25-37.
  • Grice, J.S. & Ingram, R. W. (2001). Tests of The Generalizability of Altman’s Bankruptcy Prediction Model. Journal of Business Research, 54(1), 53-61.
  • Husein, M.F. & Pambekti, G. T. (2014). Precision of The Models of Altman, Springate, Zmijewski, and Grover for Predicting the Financial Distress. Journal of Economics, Business, and Accountancy Ventura, 17(3), 405 – 416
  • Işık, M. (2020). Construing “Five Deadly Business Sins” Theory of Peter Drucker for Private Healthcare Facilities with a Financial Approach. International Journal of Economics and Administrative Sciences, 6(1), 112-128. https://doi.org/10.29131/uiibd.741653.
  • Kalyoncu, D. (2013). Alternative Ways of The Risk-Free Risk Management. Okan University, Master's Thesis
  • Karadeniz, E. & Öcek, C. (2019). Comparative Financial Ratio Analysis of Companies at Risk of Financial Failure and Companies at Non-Risk of Financial Failure: A Research on Borsa İstanbul Tourism Companies. Journal of Travel and Hospitality Management, 16(2), 191-206. https://doi.org/10.24010/soid.600207.
  • Karasu, K. (2009). New ‘Public’ Organizations: Public Interest Companies. Ankara University Journal of SBF, 117-147. https://doi.org/10.1501/SBFder_0000002115.
  • Karbhari, Y. & Sori, Z. M. (2007). Prediction of Corporate Financial Distress: Evidence From Malaysian Listed Firms During The Asian Financial Crisis. Economics and Management, 329-346.
  • Kendirli, S. & Çıtak, F. (2022). Financial Failure Forecast with Altman Model:An Application in Companies Operating In BIST Wood, Paper and Printing Index, Econder International Academic Journal, 6(1), 86-97. https://doi.org/10.35342/econder.1077823.
  • Kıyak, D. & Labanauskaite, D. (2012). Assessment of the Practical Application of Corporate Bankruptcy Prediction Models. Economics and Management, 895-905.
  • Korkmaz, M. & Güney, S. (2013). Examination of Financial Performance in Hospitals: A Model Implementation on Ümraniye Research and Implementation Hospital, Black Sea-Черное Море,17, 148-164.
  • Kürklü, E. & Türk, Z. (2017). Financial Failure Estimate in BİST Companies with Altman Z-Score and Springate S-Score Models. Journal of Osmaniye Korkut Ata University Faculty of Economics and Administrative Sciences, 1(1), 1-14.
  • Lifschutz, S. & Jacobi, A. (2010). Predicting Bankruptcy: Evidence from Israel. International Journal of Business and Management, 133-141.
  • Medetoğlu, B & Uçar, S. (2023). Determining Financial Failure with Springate S and Fulmer H Score Models: an Application on Bist Textile, Clothing and Leather Industry. Doğuş University Journal, 24 (1), 307-319
  • Mizdraković, V., Knežević, G., & Stanić, N. (2015). Bankruptcy Risk Exposure of Serbian Hotels In The Period 2008-2012. International Conference in Tourism. Belgrad: Singidunum University.
  • Springate, G. (1978). Predicting The Possibility of Failure in a Canadian Firm. Unpublished M.B.A. Research Project. Simon Fraser University.
  • Tarcan, M. (2010). Determining Financial Ratios in Health Sector by Factor Analysis. Journal of Productivity, 2, 23-46.
  • Tekin, B. & Gör, Y. (2022). Financial Failure Forecast Models and an Application on Banking Sector Financial Statements: Altman and Springate Models. Journal of Adıyaman University Social Sciences Institute, 373-404. https://doi.org/10.14520/adyusbd.992296.
  • Ural, K. (2020). The Comparison of Methods of Estimating Bankruptcy: Application on the Manufacturing Companies Operand in the Istanbul Stock Exchange. Yaşar University, Ph.D. Thesis.
  • Vickers, F. (2006). Recession Proofing Your Business. USA: Vickers Publishing.
  • Wahyuningsih, T. & Venusita, L. (2022). Financial Analysis of Retail Companies Using the Altman, Springate, Zmijewski, Fulmer,and Grover Bankruptcy Prediction Models (Case Study of Retail Companies Listed on The Indonesia Stock Exchange for the Period 2019–2020), Journal of Accounting, Entrepreneurship, and Financial Technology, 3(2), 149-168.
Toplam 36 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm Araştırma Makaleleri
Yazarlar

İnci Merve Altan 0000-0002-6269-7726

Ünal Şimşek 0000-0003-1743-3235

Erken Görünüm Tarihi 11 Eylül 2023
Yayımlanma Tarihi 1 Aralık 2023
Gönderilme Tarihi 9 Haziran 2023
Kabul Tarihi 10 Eylül 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 25 Sayı: 2

Kaynak Göster

APA Altan, İ. M., & Şimşek, Ü. (2023). Evaluation of financial failure of healthcare companies traded in BIST with Fulmer H and Springate S Score Models. Afyon Kocatepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 25(2), 257-264. https://doi.org/10.33707/akuiibfd.1311861

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