RT info:eu-repo/semantics/article
T1 Common distress and reorganization patterns by sector and country for SMEs in six European countries using PDFR
T2 Patrones comunes de fracaso y reorganización por sector y país para las PYMEs de seis países europeos utilizando PDFR
A1 Tascón Fernández, María Teresa
A1 Laitinen, Erkki K
A1 Castaño Gutiérrez, Francisco Javier
A1 Castro Castro, Paula
A1 Jokipii, Annukka
A2 Economia Financiera y Contabilidad
K1 Economía
K1 Empresas
K1 Finanzas
K1 Business reorganization
K1 Business failure
K1 SMEs
K1 PDFR
K1 Boosting
AB [EN] 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 differentfeatures 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 mostdiscriminant variables of failed SMEs across all sectors and countries analyzed. By contrast, during reorganization,return on assets and its components are the main initial drivers of recovery, whereas the financialstructure factors show a progressive but slow recovery. Boosting and Z-scores are used for robustness.
PB Elsevier España
SN 1138-4891
LK https://hdl.handle.net/10612/18776
UL https://hdl.handle.net/10612/18776
NO Tascón Fernández, M. T., Laitinen, E. K., Castaño Gutiérrez, F. J., Castro Castro, P., y Jokipii, A. (2023). Common distress and reorganization patterns by sector and country for SMEs in six European countries using PDFR. Revista de contabilidad, 26(2), 291-314. https://doi.org/10.6018/RCSAR.420171
DS BULERIA. Repositorio Institucional de la Universidad de León
RD 16-may-2024