Bankruptcy Risk Prediction in Ensuring the Sustainable Operation of Agriculture Companies

In recent decades, predicting company bankruptcies and financial troubles has become a major concern for various stakeholders. Furthermore, because financially sustainable businesses are affected by numerous highly complex factors, both internal external, the situation is even more complex. This paper applies Altman’s Z-score models; precisely, initial model (a manufacturing companies), Z?-score (for companies operating in emerging markets), bankruptcy probability calculation. Therefore, this offers results of application different models calculation on sample agricultural listed Belgrade Stock Exchange period 2015–2019. addition, used same so that difference between their can be determined. validity data published statements respective was confirmed using Beneish M-score with five eight variables. The obtained applying (initial adapted to markets) indicate certain number had impaired stability during observed period, i.e., they were danger bankruptcy. based model, it identified showed signals possible fraudulent reporting. Further, found less than half reported environmental protection annual reports, did providing modest amount information. originality value lies suggesting policymakers Serbian markets should pay attention operations from sector, as well non-financial Future research focus comparisons sector whose securities stock exchanges region.