Previsão de problemas financeiros em empresas

Altman, Edward I.; Baidya, Tara Keshar Nanda; Dias, Luiz Manoel Ribeiro

doi:10.1590/s0034-75901979000100002

Cited by 46 publications

(77 citation statements)

References 8 publications

(1 reference statement)

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“…The model is accurate for 89% of the cases and performs satisfactorily compared with the main Brazilian prediction studies (Altman, Baidya & Dias, 1979;Brito & Assaf Neto, 2008;Elizabetsky, 1976;Kanitz, 1976;Matias 1978;Sanvicente & Minardi, 1998;Silva, 1982). Korol and Korodi (2010) report that no single factor is responsible for a company's bankruptcy.…”

Section: Introductionmentioning

confidence: 53%

Predicting financial distress in publicly-traded companies

Rezende

Montezano

Oliveira

et al. 2017

Rev. contab. finanç.

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Several models for forecasting bankruptcy have been developed over the years, one of the reasons for which is the important part it plays in decision-making. However, forecasting a company's bankruptcy leaves a very short time for stakeholders to change the situation. It is in this context that this paper arises in order to develop a model for predicting financial distress, which is identified as a step prior to bankruptcy. The predictive model uses the logistic regression technique with panel data and a sample of Brazilian publicly-traded companies with shares listed on the São Paulo Stock, Commodities, and Futures Exchange between 2001 and 2014. As well as financial variables, the final model includes market expectations (macroeconomic) and sector variables. These variables are statistically tested and the hypothesis is confirmed that they improve the accuracy of the model. The research identified the existence of financial distress in 96% of the companies that went bankrupt. In addition, the relationship between the phenomena of bankruptcy and financial distress is verified, using financial and macroeconomic explanatory variables. The results demonstrate that most (83%) of the explanatory variables in the model for predicting bankruptcy are also present in the model for predicting the phenomenon of financial distress. The expected gross domestic product variables and the quick ratio, asset turnover, and net equity over total liabilities financial variables are statistically significant in predicting both phenomena. With this evidence, the study suggests the use of the concept of financial distress as a stage prior to bankruptcy and provides a model for predicting financial distress with 89% accuracy when applied to publicly-traded companies in Brazil in the period examined.

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Section: Introductionmentioning

confidence: 53%

Predicting financial distress in publicly-traded companies

Rezende

Montezano

Oliveira

et al. 2017

Rev. contab. finanç.

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“…ijmp.jor.br v. 5, n. 4, October -December 2014ISSN: 2236 identify whether there is a relationship between good practices of corporate governance and the real solvency/insolvency ratio of companies from the Brazilian electricity sector, using to this end, four distinct models for the solvency calculation: Elizabetsky (1976), Kanitz (1978), Matias (1978) and Altman (1979).…”

Section: Independent Journal Of Management and Production (Ijmandp)mentioning

confidence: 99%

“…Since the aim of this study is to analyze solvency indexes in a discriminant perspective, we chose to use the models of calculation from Elizabetsky (1976), Kanitz (1978), Matias (1978) and Altman (1979), which are not of large complexity (compared, for example, to the technique of artificial neural networks) and all use the discriminant analysis through the treatment of quantitative data to foresee situations of solvency. That is, we calculated the insolvency indexes of the companies by applying the four models described below.…”

Section: Analysis: Models Of Calculation Of Solvency Indexesmentioning

confidence: 99%

“…This study aimed to identify whether there is a relationship between good practices of corporate governance and the solvency of companies from the Brazilian electricity sector, using to this end, four distinct models for the solvency calculation: Elizabetsky (1976), Kanitz (1978), Matias (1978) and Altman (1979). These models used for calculating the solvency index aim to identify and predict unfavorable financial situations to companies through the analysis of its financial results.…”

Section: Final Considerationsmentioning

confidence: 99%

“…This Article aimed to identify whether there is a relationship between good practices of corporate governance and the real solvency/insolvency ratio of companies from Brazilian electricity sector, using to this end, four distinct models for the solvency calculation: Elizabetsky (1976), Kanitz (1978), Matias (1978) and Altman (1979). with the regression analysis, it was found that there were no standards of performance or relations between the solvency indexes and the differentiated levels of corporate governance.…”

Section: Introductionmentioning

confidence: 99%

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Solvency Index at Differentiated Levels of Corporate Governance According the Models From Elizabetsky (1976), Kanitz (1978), Matias (1978) and Altman (1979): The Case of the Brazilian Electricity Sector

Rezende

Albuquerque

Souza

2014

Ind. Jour. Man. & Prod.

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This Article aimed to identify whether there is a relationship between good practices of corporate governance and the real solvency/insolvency ratio of companies from Brazilian electricity sector, using to this end, four distinct models for the solvency calculation: Elizabetsky (1976), Kanitz (1978), Matias (1978) and Altman (1979). with the regression analysis, it was found that there were no standards of performance or relations between the solvency indexes and the differentiated levels of corporate governance. That is, good practices of corporate governance -that allow the insertion of the companies best levels of corporate governance listed on the stock exchange -do not necessarily imply in better solvency, as one might assume.

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