La Insolvencia Empresarial: Un Análisis Empírico para la Pequeña y Mediana Empresa.: Bankruptcy: Empirical Analysis for Small and Medium Size Firms

Alicia Correa Rodríguez; Miguel Acosta Molina; Ana Lorenza González Pérez

Authors

Alicia Correa Rodríguez Universidad de La Laguna
Miguel Acosta Molina Universidad de La Laguna
Ana Lorenza González Pérez Universidad de La Laguna

Keywords: bankruptcy, decision trees, logistic regression and financial analysis

Abstract

In the field of studies on the theory of firm failure, the aim of this paper is to contribute to the general knowledge of financial indicators which more efficiently anticipate banknlptcy in the small and medium size firms, one and two years before it takes place. This paper deals mainly with methodological factors: 1) Adoption of technical bankruptcy as a criterion of firm failure, much broader than the usual case of legal bankruptcy and, 2) Application of techniques such as the logistic regression and the algorithm of induction of rules and decision trees, See5, characterized by a greater flexibility and adjustment to the accounting information characteristics, not being subject to normality restrictions of ratio distributions. The results obtained indicate that indebtedness, followed by economic yield and some indicators of solvency, are the variables with greater explanatory capacity for bunkruptcy diagnosis.

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Bankruptcy: Empirical Analysis for Small and Medium Size Firms