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

  • María-Teresa Tascón [1] ; Erkki K. Laitinen [2] ; Francisco Javier Castaño Gutiérrez [1] ; Paula Castro Castro [1] ; Annukka Jokipii [2]
    1. [1] Universidad de León

      Universidad de León

      León, España

    2. [2] University of Vaasa

      University of Vaasa

      Vaasa, Finlandia

  • Localización: Revista de contabilidad = Spanish accounting review: [RC-SAR], ISSN 1138-4891, Vol. 26, Nº 2, 2023, págs. 291-314
  • Idioma: inglés
  • DOI: 10.6018/rcsar.420171
  • Títulos paralelos:
    • Patrones comunes de fracaso y reorganización por sector y país para las PYMEs de seis países europeos utilizando PDFR
  • Enlaces
  • Resumen
    • español

      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

    • English

      This study contributes to identifying common distress patterns in financial indicators by sector and countryin Finland, France, Germany, Italy, Portugal, and Spain as well as ex-post signals of reorganization success.We use PDFR that provides a distance-to-failure measure and allows us to track the behavior of different features of the firm proxied by accounting ratios. Our results show that indicators of financial structure,followed by working capital, profitability on assets, margin over sales and cash flow to assets, are the most discriminant variables of failed SMEs across all sectors and countries analyzed. By contrast, during reorgan-ization, return on assets and its components are the main initial drivers of recovery, whereas the financia lstructure factors show a progressive but slow recovery. Boosting and Z-scores are used for robustness

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