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<p>This study investigates the determinants of financial failure among manufacturing companies listed on Borsa Istanbul from 2014 to 2023, employing POLS regression analysis. To analyze a comprehensive dataset, Altman Z Score and Springate S score are used as the dependent variables. A unique part of this research is the integration of the Beneish M score, besides more contemporary capital-efficiency metrics, such as return on invested capital (ROIC) and return on capital employed (ROCE), which are rarely included in the traditional models. The paper further classifies companies by profitability and financial health status: healthy, uncertain, and unhealthy. The findings indicate that ROCE, leverage, and ATR are the three main independent variables affecting financial distress. Meanwhile, the Beneish M score is not statistically significant. Although ROCE is consistently a signifier of financial health for all categories, the importance of other variables differs by firm health category. These results suggest the importance of customized examinations of capital efficiency and operational speed for early detection of financial difficulty and provide significant information for financial managers, investors, and policymakers in the manufacturing sector.</p>

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Determinants of financial distress: an analysis of manufacturing sector companies traded on Borsa Istanbul

  • 期刊论文

  • 发表日期：

    2026年5月21日

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  • Nida Aydın,
  • Nida Abdioğlu

摘要

This study investigates the determinants of financial failure among manufacturing companies listed on Borsa Istanbul from 2014 to 2023, employing POLS regression analysis. To analyze a comprehensive dataset, Altman Z Score and Springate S score are used as the dependent variables. A unique part of this research is the integration of the Beneish M score, besides more contemporary capital-efficiency metrics, such as return on invested capital (ROIC) and return on capital employed (ROCE), which are rarely included in the traditional models. The paper further classifies companies by profitability and financial health status: healthy, uncertain, and unhealthy. The findings indicate that ROCE, leverage, and ATR are the three main independent variables affecting financial distress. Meanwhile, the Beneish M score is not statistically significant. Although ROCE is consistently a signifier of financial health for all categories, the importance of other variables differs by firm health category. These results suggest the importance of customized examinations of capital efficiency and operational speed for early detection of financial difficulty and provide significant information for financial managers, investors, and policymakers in the manufacturing sector.