Patrones comunes de fracaso y reorganización por sector y país para las PYMEs de seis países europeos utilizando PDFR

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


Palabras clave: Reorganización empresarial, Fracaso empresarial, pymes, PDFR, Boosting

Agencias de apoyo

  • Junta de Castilla y León (Consejería de Educación) under Grant number LE103G18.


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. En contraste, 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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Cómo citar
Tascón, M.-T., Laitinen, E. K., Castaño, F. J., Castro, P., & Jokipii, A. (2023). Patrones comunes de fracaso y reorganización por sector y país para las PYMEs de seis países europeos utilizando PDFR: Common distress and reorganization patterns by sector and country for SMEs in six European countries using PDFR. Revista de Contabilidad - Spanish Accounting Review, 26(2), 291–314.