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Journals / Doğuş Üniversitesi Dergisi / 2026 / Cilt: 27 Sayı: 1

DETERMİNANTS OF FİNANCİAL DİSTRESS WİTHİN THE FRAMEWORK OF ACCOUNTİNG-BASED FİNANCİAL RATİOS: A PANEL DATA ANALYSİS USİNG THE ALTMAN Z-SCORE

MUHASEBE TABANLI FİNANSAL ORANLAR ÇERÇEVESİNDE FİNANSAL SIKINTININ BELİRLEYİCİLERİ: ALTMAN Z-SKORU İLE PANEL VERİ ANALİZİ

Çağla Demir Pali(YEDİTEPE ÜNİVERSİTESİ)0000-0002-5859-7706
Pages
1702–1716
Publication Date
2026-09-25
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The study contributes to the literature by providing insights for various information users—such as regulatory authorities, firm managers, and investors—regarding the impact of liquidity, profitability, and financial leverage ratios on firms’ financial distress.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The study aims to examine the factors that determine firms’ levels of financial distress using internal financial ratios.
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Key Findings & Data:The analysis was conducted using an unbalanced panel data set covering the 2016–2024 period, and the data were obtained from the financial statements of publicly traded garment producers.
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Conclusion & Impact:The study contributes to the literature by providing insights for various information users—such as regulatory authorities, firm managers, and investors—regarding the impact of liquidity, profitability, and financial leverage ratios on firms’ financial distress.
🔬Design:Modeling & Simulation
📍Scope:2016–2024 Verileri
⚙️Variables:Finansal sıkıntı · Altman Z-skoru · Finansal oranlar

Abstract

The study aims to examine the factors that determine firms’ levels of financial distress using internal financial ratios. The Altman Z’-score method, based on financial ratios, was used to assess financial distress. The analysis was conducted using an unbalanced panel data set covering the 2016–2024 period, and the data were obtained from the financial statements of publicly traded garment producers. Due to the use of secondary data and the inability to fully observe firm-specific internal dynamics, a fixed-effects panel data model was applied, and a panel logit model was employed for robustness checks. Firm-level financial ratios such as profitability, liquidity, and financial leverage were identified as significant indicators. Although firm size is a firm-specific characteristic, it was concluded to have no statistically significant effect on financial distress. The study contributes to the literature by providing insights for various information users—such as regulatory authorities, firm managers, and investors—regarding the impact of liquidity, profitability, and financial leverage ratios on firms’ financial distress.

Özet

Çalışmada içsel finansal oranlar kullanılarak işletmelerin finansal sıkıntı düzeylerini belirleyen unsurların incelenmesi amaçlanmıştır. Finansal sıkıntının ölçümünde, finansal oranlara dayalı Altman Z’-skoru yöntemi kullanılmıştır. Analiz, 2016–2024 dönemini kapsayan dengesiz panel veri seti üzerinden gerçekleştirilmiş olup bilgiler halka açık tekstil ürünleri imalatçılarının finansal tablolarından elde edilmiştir. İkincil veri kullanılması ve işletme içi dinamiklerin tam olarak bilinememesi nedeniyle, sabit etkiler panel veri modeli, sağlamlık testi için de panel logit modeli uygulanmıştır. Kârlılık, likidite ve finansal kaldıraç gibi işletme içi finansal oranların önemli göstergeler olduğu tespit edilmiştir. İşletmeye özgü bir değerle olmakla birlikte, işletme büyüklüğünün finansal sıkıntı üzerinde istatistiksel olarak bir etkisi olmadığı sonucuna ulaşılmıştır. Çalışma düzenleyici otoriteler, işletme yöneticileri ve yatırımcılar gibi çeşitli bilgi kullanıcılarına likidite, kârlılık ve finansal kaldıraç gibi oranların işletmelerin finansal sıkıntıları üzerindeki etkisi hakkında bilgi vererek literatüre katkı sağlamaktadır.

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Cite This Article

Pali, Ç. D. (2026). DETERMİNANTS OF FİNANCİAL DİSTRESS WİTHİN THE FRAMEWORK OF ACCOUNTİNG-BASED FİNANCİAL RATİOS: A PANEL DATA ANALYSİS USİNG THE ALTMAN Z-SCORE. Doğuş Üniversitesi Dergisi, Cilt: 27 Sayı: 1, 1702–1716. https://doi.org/10.31671/doujournal.1895073

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