فرآیندهای شکست شرکت و اجزای خطر شکست
ترجمه نشده

فرآیندهای شکست شرکت و اجزای خطر شکست

عنوان فارسی مقاله: فرآیندهای شکست شرکت و اجزای خطر شکست: یک تحلیل از شرکت های ورشکسته اروپایی
عنوان انگلیسی مقاله: Firm failure processes and components of failure risk: An analysis of European bankrupt firms
مجله/کنفرانس: مجله تحقیقات کسب و کار-Journal of Business Research
رشته های تحصیلی مرتبط: مدیریت
گرایش های تحصیلی مرتبط: مدیریت مالی، مدیریت کسب و کار
کلمات کلیدی فارسی: فرآیند شکست شرکت، نسبت های مالی، خطر ورشکستگی، خوشه بندی، شرکت های اروپایی
کلمات کلیدی انگلیسی: Firm failure processes، Financial ratios، Bankruptcy risk، Clustering، European firms
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.jbusres.2018.06.025
دانشگاه: Faculty of Economics and Business Administration, University of Tartu, Liivi 4, 50409 Tartu, Estonia
صفحات مقاله انگلیسی: 11
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2019
ایمپکت فاکتور: 5.352 در سال 2018
شاخص H_index: 158 در سال 2019
شاخص SJR: 1.684 در سال 2018
شناسه ISSN: 0148-2963
شاخص Quartile (چارک): Q1 در سال 2018
فرمت مقاله انگلیسی: PDF
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
کد محصول: E12163
فهرست مطالب (انگلیسی)

Abstract

1. Introduction

2. Review of literature

3. Data and methods

4. Results and discussion

5. Implications for bankruptcy prediction

6. Conclusion

Acknowledgement

Appendix A. Cluster sizes in 32 cluster solutions and classification of each cluster to a theoretical firm failure process

Appendix B. Shares of theoretically correct processes by clusters in 32 cluster solutions

Appendix C. Contingency between theoretical and empirical FFPs in the solution C8

References

بخشی از مقاله (انگلیسی)

Abstract

This paper aims to extract firm failure processes (FFPs) by using failure risk and rank the importance of failure risk contributors for different stages of FFPs. The dataset is composed of 1234 bankrupt firms from different European countries and three theoretically motivated FFPs are detected. For the dominant FFP found (73% of cases), failure risk becomes high very shortly before bankruptcy is declared. Annual and accumulated profitability are the most important failure risk contributors for these stages of all FFPs, where failure probability exceeds 50%. The obtained results provide important implications for bankruptcy prediction research and practice, especially in terms of identifying the most important financial predictors.

Introduction

Firm failure is an eternal topic in business research. The development of subdomains in this literature stream has remained unbalanced, the failure prediction domain being represented with a myriad of studies (Mellahi & Wilkinson, 2004; Ravi Kumar & Ravi, 2007; Sun, Li, Huang, & He, 2014), but in turn the processual context being in a serious minority (Amankwah-Amoah, 2016; Lukason, Laitinen, & Suvas, 2016). The processual context is more broadly linked to the stage theory of business failure, which originates from the idea that before failure, firms go through numerous observable stages (AmankwahAmoah, 2016; Weitzel & Jonsson, 1989). Of these stages, the recent focus has mainly been set on firm turnaround (James, 2016; Mann & Byun, 2017; Trahms, Ndofor, & Sirmon, 2013; Zorn, Norman, Butler, & Bhussar, 2017). On the other hand, studies focusing on the stages of processes ending with bankruptcy are infrequent and AmankwahAmoah (2016: 3392) has noted that “there remains a lack of consensus on the exact processes of decline leading to exit”.