Common distress and reorganization patterns by sector and country for SMEs in six European countries using PDFR

  1. María-Teresa Tascón 1
  2. Erkki K. Laitinen 2
  3. Francisco Javier Castaño Gutiérrez 1
  4. Paula Castro Castro 1
  5. Annukka Jokipii 2
  1. 1 University of León, León-SPAIN
  2. 2 University of Vaasa, Vaasa-FINLAND
Revista:
Revista de contabilidad = Spanish accounting review: [RC-SAR]

ISSN: 1138-4891

Año de publicación: 2023

Volumen: 26

Número: 2

Páginas: 291-314

Tipo: Artículo

DOI: 10.6018/RCSAR.420171 DIALNET GOOGLE SCHOLAR lock_openDIGITUM editor

Otras publicaciones en: Revista de contabilidad = Spanish accounting review: [RC-SAR]

Resumen

Este estudio contribuye a la identificación de patrones comunes de fracaso en indicadores financieros por sector y país en Alemania, España, Finlandia, Francia, Italia y Portugal, así como a la identificación de patrones comunes de éxito en la reorganización. Utilizamos PDFR, que proporciona una medida de distancia al fracaso y permite hacer un seguimiento de la evolución de la empresa a través de sus ratios contables. Nuestros resultados muestran que los indicadores de estructura financiera, seguidos de fondo de maniobra, rentabilidad sobre activos, margen sobre ventas y *cashflow* sobre activos, son las variables más discriminantes de las pymes clasificadas como fracasadas, en todos los sectores y países analizados. Encontraste, durante la reorganización, la rentabilidad sobre activos y sus componentes son los principales inductores iniciales de la recuperación, mientras que los indicadores de estructura financiera muestran una progresiva pero lenta recuperación. Se utilizan Boosting y Z-score como medidas de robustez

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