“…The variables used in the majority of studies to predict financial distress have been financial ratios, especially the ratios classified in the capital, assets, management, earnings and liquidity (CAMEL) or capital, assets, management, earnings, liquidity and sensibility) (CAMELS) system (Thomson, 1991;Cole and Gunther, 1998;Kumar and Ravi, 2007;Poghosyan and Cihak, 2009;Roman and S argu, 2013;Betz et al, 2014;Rosa and Gartner, 2018;Constantin et al, 2018). However, an increasing number include additional variables Prediction of financial distress that may have a significant influence on situations of corporate stress (González-Hermosillo, 1999;Curry et al, 2007).…”