Supervivencia de las pymes en situación de "Fracaso Empresarial" y reorganización extrajudicial versus judicial: factores explicativos internos
Survival of financially distressed SMEs and out-of-court versus in-court reorganization: explanatory internal factors
Resumen
Los contenidos de la Directiva (UE) 2019/1023 de 20 de junio de 2019 sobre marcos de reestructuración preventiva, han puesto de relieve la necesidad de evaluar, con suficientes elementos de juicio, las posibilidades de reestructuración de empresas insolventes, pero viables a futuro. En este sentido, la presente investigación se apoya en la Teoría de los Recursos, para tratar de identificar aquellos factores internos que contribuyen a explicar la diferencias en el resultado que experimentan las PYMES después de haber sufrido una situación de “fracaso empresarial”, en un sentido amplio del término. Para ello, se ha utilizado una muestra de 6.285 PYMES españolas fracasadas en el período 2008-2010 y se observa la evolución de cada una de ellas durante el período 2011-2013. Los objetivos de investigación son: (1) identificar las diferentes características internas de las empresas con dificultades financieras que influyen significativamente en que se produzca su reorganización frente a que opten por liquidarse, lo que permite establecer un diagnóstico de la situación económica y financiera de este tipo de empresas para prevenir su desaparición; y, (2) reconocer características internas significativamente diferentes entre las empresas reorganizadas extrajudicialmente y las reorganizadas judicialmente. Nuestra investigación responde a la llamada sobre la realización de estudios que analicen la heterogeneidad entre el comportamiento de las PYMES, en especial, en entornos críticos. En particular, nuestros resultados revelan que la capacidad de la empresa para crear valor, y para llevar a cabo una buena gestión financiera de las cuentas por cobrar y del capital circulante, así como del volumen de resultados acumulados de ejercicios anteriores, contribuyen a comprender las diferencias entre las PYMES que son capaces de superar situaciones difíciles y sobrevivir, de aquellas que se encuentran en fase de liquidación. Además, nuestros resultados también revelan que tanto el nivel de activos como el de deudas son las principales diferencias entre las empresas que optan por una reorganización extrajudicial y las que siguen un proceso de reorganización judicial.
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