Browsing by Subject "Reorganización empresarial"

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    Common distress and reorganization patterns by sector and country for SMEs in six European countries using PDFR
    (Universidad de Murcia, Servicio de Publicaciones, 2023) Tascón, María-Teresa; Laitinen, Erkki K.; Castaño, Francisco J.; Castro, Paula; Jokipii, Annukka
    This study contributes to identifying common distress patterns in financial indicators by sector and country in Finland, France, Germany, Italy, Portugal, and Spain as well as ex-post signals of reorganization success. We use PDFR that provides a distance-to-failure measure and allows us to track the behavior of different features of the firm proxied by accounting ratios. Our results show that indicators of financial structure, followed by working capital, profitability on assets, margin over sales and cash flow to assets, are the most discriminant variables of failed SMEs across all sectors and countries analyzed. By contrast, during reorganization, return on assets and its components are the main initial drivers of recovery, whereas the financial structure factors show a progressive but slow recovery. Boosting and Z-scores are used for robustness.
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    Survival of financially distressed SMEs and out-of-court versus in-court reorganization: explanatory internal factors
    (Universidad de Murcia, Servicio de Publicaciones, 2021) Manzaneque, Montserrat; Merino, Elena; Sánchez, Jesús Antonio
    The Directive (EU) 2019/1023 of 20th June 2019 on preventive restructuring frameworks, have highlighted the need to evaluate, the possibilities of restructuring insolvent companies, but viable in the future. Based on the Theory of Resources, this research aims to identify those internal factors that contribute to explain the differences in the outcome of failure SMEs. To do this, a sample of 6,285 Spanish SMEs that failed in the 2008-2010 period was used and the evolution of each of them during the 2011-2013 period is observed. We have two aims: (1) to identify the internal differences influencing the path of reorganizations versus liquidation of failed SMEs, allowing a diagnosis of the firmt’s economic and financial situation in order to prevent its disappearance; and (2) to recognize significantly internal differences between reorganized outof- court and those reorganized in-court. Specifically, our results reveal that the ability of the firm to create value and to manage the receivable and working capital financial design and the level of historical slack contribute to understand the differences between SMEs that are able to overcome difficult situations and survive of those that are liquidated. In addition, our results also reveal that the level of assets and debts are the main difference between firms that opt for an out-of-court reorganization and those that follow a judicial reorganization process