Monitoring the financial health of a company to prevent bankruptcy is not only a matter of interest to owners, management and creditors as previously thought, but also a subject of interest to the wider community due to the consequences that bankruptcy may cause. There are numerous models for predicting bankruptcy, but one of the most commonly used is Altman's Z-score model. Over time, the model has been modified so that from its initial form that was intended solely for one enterprise model, today we have a model that can be applied to manufacturing, service, public and private enterprises, as well as to businesses operating in developing markets. The paper uses Altman's Z-score model for companies operating in developing markets to assess the financial health, that is, the possibility of bankruptcy in a sample of 7 hotel companies listed on the Belgrade Stock Exchange.

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Bankruptcy forecasting of hotel companies in the Republic of Serbia using Altman's Z-score model

Nowadays, wine tourism belongs to the key business activities of a winery. It represents a diversification tool of a typical production company. The research paper aims to explore the relationship between wine tourism and business model parameters according to financial and production performance of a winery. The results of the parametric Independent sample t –test reveal that there is no difference in revenue, profit or gross margin between two groups of wineries with or without wine tourism activities. But the analysis gave proof about the difference in a number of revenue streams, key, and additional business activities. The effect size r for t- test was also calculated. Measuring the association between key performance indicators and wine tourism activities reveals the dependency with the number of revenue streams of a winery. Additional business activities are the most relevant parameter to perform better results in wine tourism.

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Wine tourism as an increasingly valuable revenue stream of a winery‘s business model

Financial management plays an important role in the development of enterprises as well as in the development of a country's economic activity. Financial management has a special place in the management system, because of the close connection between finance and management, technology, resources, personnel, etc. The modern financial manager needs to be flexible in order to be able to adapt to changing economic conditions. Its success and ability to find financing sources and manage financial resources depend on the success of the enterprise and the entire economy. For this reason, the primary task of financial management is to maximize the value of stocks by making decisions that increase the value of the company.

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The role of financial management in the company

Since the efficient agricultural sector is one of the most important drivers of country's economic development, the main objective of this paper was to examine relative technical efficiency of agricultural production in 25 Serbian districts using two-stage data envelopment analysis. Results of this research indicate that the efficiency score values lie between 70% and 100%, therefore it can be concluded that the agricultural sector of Serbia performs at a high level of efficiency, with the average efficiency score of 90%. The lowland region of Vojvodina is characterized with the highest efficiency scores, while districts in the southeastern part of Serbia have the lowest efficiency score values. Furthermore, the Tobit regression model was applied that one may examine the drivers of technical efficiency scores. The results show the significance of agricultural training among farm managers, land irrigation and age of farm holders in altering agricultural efficiency among Serbian districts.

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A two-stage dea model to evaluate agricultural efficiency in case of serbian districts

Both theoretical and practical importance have recently been attached to an analysis of the operating profit margin or earnings before interest, taxes, depreciation and amortization (EBITDA margin) as a measure of the long-term performance of companies. In the integrated financial reporting it is presented through various indicators based on it. In view of this, we have made a comparative analysis of the operating profit margin and its impact on the performance of food trade companies in Serbia and comparable countries. Under the influence of different factors, the dynamics of the size of the operating profit margin of food trading companies in Serbia varies from comparable global food retailers in various countries. Based on the obtained results of empirical  research, we can also conclude that the EBITDA margin of the leading food trading companies in Serbia is lower than the in analyzed comparable food retail trade companies from the developed market economies. It points to the conclusion that it is necessary to efficiently manage revenues, costs, profit, assets, and financial structure in order to improve the performance of food trading companies in Serbia in the future. The general conclusion is that it shows a growth tendency and is, nevertheless, lower in comparison to food trading companies from countries of a developed market economy. In order to increase the operating profit margin, as a measure of long-term performance, it is necessary to manage the financial structure of the food trading companies in Serbia as effectively as possible.

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The operative profit margin and interest cost in retail food

This paper contains the attempt to evaluate the activity development efficiency of small wineries in the Republic of Serbia as insufficiently used development potential of one industry branch. Small wineries represent an activity which is currently being developed and it is expected that it will, as it is the case in developed countries, contribute to the total economic development and employment, development of brand as recognizable brand of wine from this region and start further recognizable development of this branch as family business in the country and abroad. The analysis was performed using the non-parametric linear programming model DEA (Data Envelopment Analysis). The aim of this paper is that, using the analysis of financial statements and the effectiveness of representative wineries belonging to the category of small enterprises, a rational strategic decision-making is provided.

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Nemanja Lekić

Papers

The efficiency analysis in small wineries in the republic of serbia