Page 33 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.82, # 1, 2025, pp. 19-35

Appendix B
M-Score values according to the 5-factor Roxas model and the 8-factor Beneish
model at companies for 2023-2024
M-Score value
according to the M-Score value
No Companies according to the 8-
5-factor model factor model Beneish
Roxas
1 LLC "EMARKET UKRAINE" -2.82 1.38
2 LLC "GOOGLE" -3.08 -1.81
3 LLC "TIBIW'WAY UKRAINE" 0.40 2.2
4 LLC "ADVERTISING AGENCY "AITI" 18.85 10.43
5 LLC "MEDIACOM UKRAINE" -5.14 -2.74
6 LLC "HAVAS ENGAGE UKRAINE" 10.46 5.66
7 PP "CENTER OF MEDICAL AND PHARMACEUTICAL -2.61 -1.49
INFORMATION "MEDICAL DATA MANAGEMENT"
8 LLC "STAR UP PLUS" 1.85 10.43
9 LLC "ROBOTA INTERNATIONAL" -1.66 -1.84
10 LLC "PROMOLIGHT" -0.09 17.46
11 LLC "MEGA - POLIS - PLUS" -2.07 -4.05
12 LLC "ELITE-TM" 0.13 0.66
13 LLC "TECHNOSTAR GROUP" -0.67 27.25
14 LLC "BORDPROM" -3.43 0.78
15 LLC "ADVERTISING AGENCY HK" -2.32 14.92
16 LLC "OLTECH COMPANY" -0.97 2.37
17 "MEDIUM-TV" LLC 8.98 4.35
18 "RA "MEGAPOLIS" LLC -0.06 38.89
19 "EDMIX DNIPRO" LLC -8.02 -7.34
20 "DEMETRA CONSULTING BUREAU" LLC 3.07 9.96
21 "NATIV CREATIVE" LLC -3.19 3.34
22 "AVANTAIME" LLC -1.69 8.06
23 "AQUARIUM" ADVERTISING AGENCY" LLC -2.36 176.95
24 "EMK" LLC -3.05 -2.40
25 "OMG AGENCY" LLC 30.42 36.43
26 "PHARM-VECTOR MARIA" LLC -2.29 2.90
27 "DALI" MARKETING CENTER" LLC -3.08 8.96
28 "PARTNER MEDIA" LLC -1.49 281.93
29 "KVV-D" LLC -0.88 14.63
30 "G. O. MEDIA" -3.01 751.09
31 PP "VILNE ZHYTTYA" -3.74 137.80
32 LLC "INTERNET-REKLAMA RIA" -2.20 -2.28
33 LLC "LOON UA" -2.99 32.59
34 LLC "ALL-SKY" -1.58 5.92
35 LLC "FLEETFAY UA" 208.26 384.09
36 LLC "POS - MASTER" -2.74 -0.60
37 LLC "ADVERTISING AGENCY "SANNY" -2.94 4.63
38 LLC "ADVERTISING AGENCY" BASTION" -0.10 199.65
39 LLC "PRNEWS" -3.00 7.19
40 LLC "GROVEX MEDIA" -2.11 34.13
41 LLC "FLYROCK" -3.05 -1.00
42 LLC "LATI WEB" 2.97 10.50
43 LLC "LATI PRODUCTION" 1.14 2328.21
44 LLC "KOMERTS EVOLUTION" 8.28 15.27
45 LLC "POLIGRAPHYCH" -3.01 54.54
46 LLC "JOHN DEERE UKRAINE" -1.55 0.85
47 LLC "STARLIGHT MEDIA" -2.52 -2.05
48 LLC "AFISHA PRINT" -3.14 679.12
49 LLC "WAY AP" -2.21 4.91
50 "ADVERTISING AGENCY "BAGI - RA" LL C -8.67 335.86
Source: Compiled by the authors

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