Corporate bankruptcy prediction model

Abstract

This study is a systematic literature review aimed at providing a comprehensive understanding of the use of various models such as Altman Z-Score, Springate, Zmijewski, Grover, Beneish, and Ohlson in the analysis of bankruptcy prediction for companies. The study details many research articles published in various academic journals and other reliable sources. Literature analysis involves identifying trends, common findings, as well as recent developments in the use of these models as bankruptcy prediction tools. This literature review indicates that despite significant advancements in the development of bankruptcy prediction models, challenges persist in applying these models universally across different contexts, particularly given contextual variations between industries and countries. The insights from this literature study are valuable for researchers, financial practitioners, and decision-makers in applying any models for bankruptcy prediction analysis. Furthermore, this literature review encourages further research in developing more sophisticated and timely bankruptcy prediction models.