Estimating financial distress with a dynamic model: Evidence from family owned enterprises in a small open economy

Konstantaras, Konstantinos; Siriopoulos, Costas

doi:10.1016/j.mulfin.2011.04.001

Cited by 20 publications

(24 citation statements)

References 20 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…The results indicated that the financial situation was determined by profitability, liquidity and financial leverage variables, that is, the lower the profitability and liquidity and the higher the financial leverage, the higher the risk of being in poor financial shape. Konstantaras and Siriopoulos (2011) applied a dynamic nonlinear model (i.e. conditional maximum likelihood estimation) in analysing a sample of 4,161 annual observations of Greek listed firms for the 1994-2009 period.…”

Section: Introductionmentioning

confidence: 99%

Financial distress determinants among SMEs: empirical evidence from Sweden

Yazdanfar

2020

JES

View full text Add to dashboard Cite

PurposeThe purpose of this study is to empirically investigate determinants of financial distress among small and medium-sized enterprises (SMEs) during the global financial crisis and post-crisis periods.Design/methodology/approachSeveral statistical methods, including multiple binary logistic regression, were used to analyse a longitudinal cross-sectional panel data set of 3,865 Swedish SMEs operating in five industries over the 2008–2015 period.FindingsThe results suggest that financial distress is influenced by macroeconomic conditions (i.e. the global financial crisis) and, in particular, by various firm-specific characteristics (i.e. performance, financial leverage and financial distress in previous year). However, firm size and industry affiliation have no significant relationship with financial distress.Research limitationsDue to data availability, this study is limited to a sample of Swedish SMEs in five industries covering eight years. Further research could examine the generalizability of these findings by investigating other firms operating in other industries and other countries.Originality/valueThis study is the first to examine determinants of financial distress among SMEs operating in Sweden using data from a large-scale longitudinal cross-sectional database.

show abstract

Section: Introductionmentioning

confidence: 99%

Financial distress determinants among SMEs: empirical evidence from Sweden

Yazdanfar

2020

JES

View full text Add to dashboard Cite

show abstract

“…Furthermore, differences in tax rates, capital expenditure and capital structure decisions are not taken into account by the use of this measure. This indicator has also been utilized in previous studies as a measure of operating performance [26], financial distress [27]; [28], and firm value [29].…”

Section: Iv2 the Variablesmentioning

confidence: 99%

Vekâlet Mali̇yetleri̇ni̇n Fi̇nansal Performans Farkliliklarini Açiklamadaki̇ Rolü: Bric Ülkeleri̇nde Faali̇yet Gösteren Seçi̇lmi̇ş Halka Açik Fi̇rmalar Üzeri̇ne Ampi̇ri̇k Bi̇r Çalişma

Gurbuz

Aybars

Yeşilyurt

2016

Oneri

View full text Add to dashboard Cite

The consequences of the recent corporate scandals have directed the attention of corporations towards the opportunistic behaviors of managers; thus, evaluation of agency costs encountered within the firm. The divergence of interest between the managers and shareholders has a potential to constitute a threat to the firms' financial performance. Due to the rising importance of the topic for both academic literature and practical grounds, this study attempts to evaluate the link between agency costs of equity and financial performance of selected public firms operating in BRIC countries between the years 2003 and 2014, inclusive. Three measures have been utilized to proxy for agency costs of equity; namely, asset utilization ratio, operating expense ratio, and the ratio of free cash flows to total assets. An additional interaction variable is also generated to take into account the existence of investment opportunities when free cash flows are abundant. The findings based on panel data analysis are considered to provide useful insight upon an additional explanation to the presence of financial performance differences among the firms other than simply firm-specific attributes and emphasize the importance of finding mechanisms for alleviating agency costs to attain the overall goal of shareholder wealth maximization.

show abstract

“…Indicadores financeiros têm sido utilizados para prever o financial distress (Sayari & Mugan, 2020;Konstantaras & Siriopoulos, 2011;Platt &Platt, 2002), no entanto, não se identificou o uso de indicadores econômicos, de mercado e financeiros no cenário brasileiro para a explicação da falência nas organizações. Frente ao exposto, a pesquisa possui por objetivo verificar a influência dos indicadores de desempenho econômico, de mercado e financeiro no financial distress nas empresas brasileiras.…”

Section: Introductionunclassified

Financial Distress E O Desempenho Econômico, De Mercado E Financeiro

Lunardi

Ganz

Rodrigues

2020

Contab. Vista & Rev.

View full text Add to dashboard Cite

Este estudo teve por objetivo verificar a influência dos indicadores de desempenho econômico, de mercado e financeiro no financial distress nas empresas brasileiras. Para tal, foi realizada uma pesquisa descritiva, documental, com abordagem quantitativa dos dados, com a utilização de métodos estatísticos para a análise, como a Regressão Logística. Os dados coletados foram do período de 2006 a 2015. A amostra do estudo compreendeu as empresas brasileiras que possuíam valores disponíveis para a financial distress e o desempenho econômico, de mercado e financeiro, resultando em 309 empresas que compreenderam 3.090 observações. De maneira geral, os achados do estudo evidenciam influência dos indicadores de desempenho econômico, de mercado e financeiro no financial distress. Os achados demonstram que as situações anteriores à falência (financial distress), pode ser percebido analisando os indicadores econômico, de mercado e financeiros. Deste modo, o estudo contribui identificando os indicadores econômicos, de mercado e financeiros com um papel importante na previsão de financial distress em empresas brasileiras, demonstrando que os stakeholder podem avaliar tais indicados para analisar a situação financeira da empresa.

show abstract

Estimating financial distress with a dynamic model: Evidence from family owned enterprises in a small open economy

Cited by 20 publications

References 20 publications

Financial distress determinants among SMEs: empirical evidence from Sweden

Financial distress determinants among SMEs: empirical evidence from Sweden

Vekâlet Mali̇yetleri̇ni̇n Fi̇nansal Performans Farkliliklarini Açiklamadaki̇ Rolü: Bric Ülkeleri̇nde Faali̇yet Gösteren Seçi̇lmi̇ş Halka Açik Fi̇rmalar Üzeri̇ne Ampi̇ri̇k Bi̇r Çalişma

Financial Distress E O Desempenho Econômico, De Mercado E Financeiro

Contact Info

Product

Resources

About