A comparative analysis of the effectiveness of corporate bankruptcy prediction models based on financial ratios: Evidence from Colombia, 2008 to 2015 - Publikacja - MOST Wiedzy

Wyszukiwarka

A comparative analysis of the effectiveness of corporate bankruptcy prediction models based on financial ratios: Evidence from Colombia, 2008 to 2015

Abstrakt

Logit and discriminant analyses have been used for corporate bankruptcy prediction in several studies since the last century. In recent years there have been dozens of studies comparing the several models available, including the ones mentioned above and also probit, artificial neural networks, support vector machines, among others. For the first time for Colombia, this paper presents a comparative analysis of the effectiveness of several models predicting corporate bankruptcy. Such models have previously been mostly used in relation to European and North American markets, whereas here they are applied to the financial ratios of three firms located in Colombia. The main objective is to corroborate the validity of these models in terms of their ability to predict firm failure in the Latin American context, specifically for two bankrupt Colombian firms and one healthy one. The analysis is conducted using bankruptcy forecasting models widely proposed in the literature and used systematically in developed countries: the multiple discriminant analysis Z-Altman model, Korol’s two-function model and Prusak’s P2 model. In addition, the logit and decision tree models developed by T. Korol are tested.

Cytowania

  • 4

    CrossRef

  • 0

    Web of Science

  • 2

    Scopus

Informacje szczegółowe

Kategoria:
Publikacja w czasopiśmie
Typ:
artykuły w czasopismach recenzowanych i innych wydawnictwach ciągłych
Opublikowano w:
Journal of International Studies nr 11, strony 273 - 287,
ISSN: 2071-8330
Język:
angielski
Rok wydania:
2018
Opis bibliograficzny:
Arroyave Jimenez J.: A comparative analysis of the effectiveness of corporate bankruptcy prediction models based on financial ratios: Evidence from Colombia, 2008 to 2015// Journal of International Studies. -Vol. 11., nr. 1 (2018), s.273-287
DOI:
Cyfrowy identyfikator dokumentu elektronicznego (otwiera się w nowej karcie) 10.14254/2071-8330.2018/11-1/21
Bibliografia: test
  1. Altman, E. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance, 23(4), 589-609. otwiera się w nowej karcie
  2. Altman, E. (1993). Corporate financial distress and bankruptcy: a complete guide to predicting & avoiding distress and profiting from bankruptcy. New York: John Wiley & Sons. Inc. otwiera się w nowej karcie
  3. Beaver, W. (1966). Financial ratios as predictors of failure. Journal of Accounting Research (Supplement), 4(3), 71-111. Electricaribe. (2016). Financial reports 2009-2015. Retrieved from http://www.electricaribe.com/co /conocenos/inversionistas/informacion+economica/1297110271117/informe+anual.html otwiera się w nowej karcie
  4. Feld, J. (2016). Standard & Poor's ratings of Pacific. Retrieved from Wallstreet.org http://www.wallstreet.org/sp- downgrades-pacific-exploration-and-production-to-d-following-missed-interest-payment-tsepre/ Fitch. (2016). Fitch ratings of Isagen. Retrieved from https://www.fitchratings.com/site/pr/1004108
  5. Isagen. (2016). Financial reports 2008-2015. Retrieved from https://www.isagen.com.co/investors/financial- information/annual-information/ otwiera się w nowej karcie
  6. Korol, T. (2005). Modele prognozowania upadłości przedsiębiorstw -analiza porównawcza wyników sztucznych sieci neuronowych z tradycyjną analizą dyskryminacyjną. Bank i Kredyt, 6, 10-17.
  7. Korol, T. (2010). Systemy Ostrzegania Przedsiębiorstw Przed Ryzykiem Upadłości. Warszawa: Wolters Kluwer Polska.
  8. Korol, T. (2013). Early warning models against bankruptcy risk for Central European and Latin American enterprises. Economic Modelling, 31, 22-30. doi: http://dx.doi.org/10.1016/j.econmod.2012.11.017. otwiera się w nowej karcie
  9. Korol, T., & Korodi, A. (2011). An evaluation of effectiveness of fuzzy logic model in predicting the business bankruptcy. Romanian Journal of Economic Forecasting, 3(1), 92-107. doi: http://dx.doi.org/10.1016/j.econmod.2012.11.017. otwiera się w nowej karcie
  10. Jackson Arroyave A comparative analysis of the effectiveness of corporate bankruptcy prediction models ... otwiera się w nowej karcie
  11. Lukason, O. (2016). Characteristics of firm failure processes in an international context. PhD dissertation. Estonia: University of Tartu.
  12. Moody's. (2016). Moody's ratings of Pacific. Retrieved from https://www.moodys.com/research/Moodys-downgrades- Pacific-EP-to-C--PR_342459
  13. Ohlson, J. (1980). Financial ratios and the probabilistic prediction of bankruptcy. Journal of Accounting Research, 18(1), 109-131. otwiera się w nowej karcie
  14. Pacific. (2016). Financial reports 2008-2015. Retrieved from http://www.pacific.energy/reports-presentations/ Prusak, B. (2005). Nowoczesne metody prognozowania zagrozenia finansowego predsiebiorstw. Warszawa: Difin. otwiera się w nowej karcie
  15. Riggs, H. E. (2004). Financial and economic analysis for engineering and technology management. New Jersey: Wiley- Interscience.
  16. Walsh, C. (2006). Key management ratios: the clearest guide to the critical numbers that drive your business. Great Britain: Pearson Education.
Weryfikacja:
Politechnika Gdańska

wyświetlono 61 razy

Publikacje, które mogą cię zainteresować

Meta Tagi