Estimation of Business Excellence of Listed Companies Operating in the Food and Beverage Industry

This paper analyses business excellence of companies operating in the food and beverage industry which are listed on Zagreb Stock Exchange. Business excellence is estimated using BEX index, while the data needed for the analysis were collected from the financial statements of companies included in the survey. Since the financial statements of listed companies are the main source of information for interested parties that may appear in the role of shareholders, customers, creditors and so on, estimation of business excellence can greatly assist them in deciding whether to keep, sell or buy shares of a company, will they charge its claims or realize the return of borrowed money. In the world of today there are a raising number of companies that deal with financial problems and at the end some of them go bankrupt, so in the business world there is a huge interest for the analysis of the liquidity and solvency of business partners. In order to obtain detailed insight into the company’s business excellence or failure, BEX index will be compared with the other model for the analysis of business performance - the Altman's Z-score model and with the financial indicators of liquidity and solvency.