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The capital market is among the most effective tools used in measuring the level of economic growth for many emerging markets. According to Stoica (2002), a good capital market is an effective economic instrument that organizes monetary resources between the users and the suppliers of money. Effective allocation and mobilization of financial resources allow enterprises to sustain their growth and development in a nation like the stock market and this promotes efficiency of capital to guarantee optimal output (Osinubi, 2000). Capital market’s weight has driven several scholars and professionals; technologists, economists, and accountants to put into documentation voluminous empirical issues of the capital market. Use of qualitative and quantitative analysis in studying the capital markets cover a broad range of concerns that concentrate on business failure, future cash flow, security of prices, and future cash flow (Subrahmanyam, 2010).
In this new millennium, the most common theme of studying capital markets is the prediction of financial distress and corporate failure. Private companies and the government has perceived studies on the subject of corporate failure prediction. As a huge cost burden resulting from corporate failure affects several people; the government has a concern with its overall effect on the economy of the nation and society. On the contrary, the interest of private companies is preventive and corrective actions (Andreer, 2005).
According to Beaver (1966), corporate failure is the lack of ability by organizations to meet their financial responsibility as they continue to mature. Elam (1975) on the other hand describes it as the occurrence where the total liability of the organization exceeds the fair values of the assets it owns. There are several known ways of defining corporate failure, but it mainly refers to a firm’s insolvency. According to Yusof (2008), corporate failure is a synonym with failing to meet the financial obligation, business termination, application of bankruptcy protection, and the recognition of debt.
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Edward I. Altman (1968) and William H. Beaver developed corporate failure study in the mid 1960’s. according to Braver (1966), financial statements act as a successful predictor of bankruptcy by making use of univariate analysis. Edward Altman (1968) on the other hand reviewed other scholar’s work by combining several financial ratios referred to as the Z-score model which is a multivariate analysis. According to reports, the Z-score predicts corporate failure better even though it has to keep up with some limitations. From that time, there has been an establishment of a large number of failure prediction models using different forms of frameworks and approaches.
Apart from the prediction model. We can also trace corporate failure through various failure signals at any business cycle level. Sori, Hamid & Nasir (2005) came to a conclusion that corporate failure is not an event that comes suddenly but a cumulative punishment of unsolved hassles. Ahmad, Hamzah and Husni (2008) also supported these claims by revealing in their study that the logical factors that expose any business to corporate failure include human error, corporate fraud, marketing deficiencies, financial factors, and economic factors.
Incidences like extender periods of poor performance, insufficient cash by the compony (Ahmad et al.,2008; Sori et al., 2005), new company, bad management, high leverage competition, (Heng et al.;1995); (Sori et al, 2005; Andre and Kaplan, 1998, Heng et ak.;1995; Argenti, 1976; Stallworthy and Tkharbanda, 1985), creative accounting (Sori et al, 2005), economic downturn condition, un-strategic location, fraud (Kharbanda and Stallworthy, 1985, Andre and Kaplan, 1998, Argenti, 1976) just to name a few are potential indicators that may result into business failure. Failed enterprises are mostly associated with initial management defects and this result into making poor decisions that finally lead to insolvency and financial deterioration. A suggestion was put forward by Andreica, Andreica, & Andreica (2009) that the management of the company should be able to forecast any reducing business activity and provide a solution to the situation to allow early precautionary actions to be undertaken.
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