Naslov
Cluster analysis approach to the financial instability discovery

Autori
Pejić Bach, Mirjana ; Juković, Sandro ; Pivar, Jasmina ; Ivanov, Marijana ; Jaković, Božidar

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Proceedings of the 6th International scientific conference Knowledge and business schallenge of globalization / Merkač Skok, Marjana ; Cingula, Marijan - Celje : Fakulteta za komercialne in poslovne vede, Celje, 2015, 175-185

ISBN
978-961-6825-99-3

Skup
6th International Scientific Conference: Knowledge and Business Challenge of Globalisation in 2015

Mjesto i datum
Celje, Slovenija, 20.11.2015

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
cluster analysis; SOM-Ward; Viscovery; financial instability; Zagreb Stock Exchange

Sažetak
Cluster analysis has been used for the purpose of the decision-making support in the beginning of the 70’s, when several authors have analysed the companies quoted on the New York Stock Exchange, according to their profit and dividends. Some researchers have used the method for the identification of the stocks that could be utilized for the portfolio diversification while retaining the profitability at the same time. The goal of this paper is to compare the application of Z- score, Kralicek DF indicator and a GCE3 indicator of the financial stability of the firms that are quoted on the Zagreb Stock Exchange. Ratios used for the generation of selected financial stability indicators were used for the cluster analysis using the SOM- Ward algorithm. For that purpose, Viscovery software was used. Cluster analysis is applied in this paper using self-organizing maps that was developed by the TuevoKohonen in 80’s, taking into account that the main advantage of this method is automated clustering and visualisation capability, which will be presented in the paper.Results revealed that analysis indicated the smallest number of unstable companies using GCE3 indicator (15% unstable companies), followed by the Kralicek DF indicator (24% of unstable companies), and Z-score (37% of unstable companies).

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija, Informacijske i komunikacijske znanosti

POVEZANOST RADA