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Original Articles

Explaining financial difficulties based on previous payment behavior, management background variables and financial ratios

Pages 839-868 | Received 01 Mar 2002, Accepted 01 Apr 2005, Published online: 17 Feb 2007

Keep up to date with the latest research on this topic with citation updates for this article.

Read on this site (9)

Edward I. Altman, Marco Balzano, Alessandro Giannozzi & Stjepan Srhoj. (2023) Revisiting SME default predictors: The Omega Score. Journal of Small Business Management 61:6, pages 2383-2417.
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Edward I. Altman, Marco Balzano, Alessandro Giannozzi & Stjepan Srhoj. (2023) The Omega Score: An improved tool for SME default predictions. Journal of the International Council for Small Business 4:4, pages 362-373.
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Constantin Siggelkow & Roberto Marquez Fernandez. (2023) SME default prediction using random forest including nonfinancial features: An empiricial analysis of German enterprises. Journal of the International Council for Small Business 0:0, pages 1-19.
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Cristina Gianfelici, Nourhene Benyoussef & Giuseppe Savioli. (2021) Exploring the Going Concern Statement, Readability and Length Cues as Indicators of Distress at Italian Companies. Accounting in Europe 18:3, pages 325-352.
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Edward I. Altman, Małgorzata Iwanicz-Drozdowska, Erkki K. Laitinen & Arto Suvas. (2020) A Race for Long Horizon Bankruptcy Prediction. Applied Economics 52:37, pages 4092-4111.
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Vahid Baradaran & Maryam Keshavarz. (2015) An integrated approach of system dynamics simulation and fuzzy inference system for retailers’ credit scoring. Economic Research-Ekonomska Istraživanja 28:1, pages 959-980.
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Alnoor Bhimani, Mohamed Azzim Gulamhussen & Samuel da Rocha Lopes. (2013) The Role of Financial, Macroeconomic, and Non-financial Information in Bank Loan Default Timing Prediction. European Accounting Review 22:4, pages 739-763.
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Antonia Madrid-Guijarro, Domingo García-Pérez-de-Lema & Howard van Auken. (2011) An analysis of non-financial factors associated with financial distress. Entrepreneurship & Regional Development 23:3-4, pages 159-186.
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Mohammad Mahdi Mousavi, Jamal Ouenniche & Kaoru Tone. (2022) A dynamic performance evaluation of distress prediction models. Journal of Forecasting 42:4, pages 756-784.
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Yasmine M. Ragab & Mohamed A. Saleh. (2021) Non-financial variables related to governance and financial distress prediction in SMEs–evidence from Egypt. Journal of Applied Accounting Research 23:3, pages 604-627.
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Angelo Paletta & Genc Alimehmeti. (2021) The efficiency of the Italian preventive agreement: a legal, economic and organizational perspective. International Journal of Law and Management 64:1, pages 80-109.
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Keijo Kohv & Oliver Lukason. (2021) What Best Predicts Corporate Bank Loan Defaults? An Analysis of Three Different Variable Domains. Risks 9:2, pages 29.
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Francesco Ciampi, Valentina Cillo & Fabio Fiano. (2018) Combining Kohonen maps and prior payment behavior for small enterprise default prediction. Small Business Economics 54:4, pages 1007-1039.
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Nora Muñoz‐Izquierdo, Erkki K. Laitinen, María‐del‐Mar Camacho‐Miñano & David Pascual‐Ezama. (2019) Does audit report information improve financial distress prediction over Altman's traditional Z ‐Score model? . Journal of International Financial Management & Accounting 31:1, pages 65-97.
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Oliver Lukason & Art Andresson. (2019) Tax Arrears Versus Financial Ratios in Bankruptcy Prediction. Journal of Risk and Financial Management 12:4, pages 187.
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Nora Muñoz-Izquierdo, María Jesús Segovia-Vargas, María-del-Mar Camacho-Miñano & David Pascual-Ezama. (2019) Explaining the causes of business failure using audit report disclosures. Journal of Business Research 98, pages 403-414.
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Velia Gabriella Cenciarelli, Giulio Greco & Marco Allegrini. (2018) External audit and bankruptcy prediction. Journal of Management and Governance 22:4, pages 863-890.
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Mariluz Maté-Sánchez-Val, Fernando López-Hernandez & Christian Camilo Rodriguez Fuentes. (2018) Geographical factors and business failure: An empirical study from the Madrid metropolitan area. Economic Modelling 74, pages 275-283.
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Jesús Salvador Vivanco Florido, Martha Gonzalez Adame & Miguel Angel Oropeza Tagle. (2015) Financial Strategies, the Professional Development of Employers and Performance of sme's (AGUASCALIENTES Case). Procedia - Social and Behavioral Sciences 174, pages 768-775.
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Zahra Arasti, Fahimeh Zandi & Neda Bahmani. (2014) Business failure factors in Iranian SMEs: Do successful and unsuccessful entrepreneurs have different viewpoints?. Journal of Global Entrepreneurship Research 4:1.
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Didier G.R. Soopramanien & Steve Finlay. 2014. Wiley StatsRef: Statistics Reference Online. Wiley StatsRef: Statistics Reference Online.
Yuanlin Chen, Yi Liu, Yueting Chai & Hongbo Sun. (2014) Opportunity cost based constraint model for transaction credit evaluation. Opportunity cost based constraint model for transaction credit evaluation.
Juha-Pekka Kallunki & Elina Pyykkö. (2012) Do defaulting CEOs and directors increase the likelihood of financial distress of the firm?. Review of Accounting Studies 18:1, pages 228-260.
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Mehmet Baha Karan, Aydın Ulucan & Mustafa Kaya. (2012) Credit risk estimation using payment history data: a comparative study of Turkish retail stores. Central European Journal of Operations Research 21:2, pages 479-494.
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Nadine Levratto. (2013) From failure to corporate bankruptcy: a review. Journal of Innovation and Entrepreneurship 2:1, pages 20.
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Yu Cao & Xiao-hong Chen. (2012) An agent-based simulation model of enterprises financial distress for the enterprise of different life cycle stage. Simulation Modelling Practice and Theory 20:1, pages 70-88.
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Cindy Yoshiko Shirata, Hironori Takeuchi, Shiho Ogino & Hideo Watanabe. (2011) Extracting Key Phrases as Predictors of Corporate Bankruptcy: Empirical Analysis of Annual Reports by Text Mining. Journal of Emerging Technologies in Accounting 8:1, pages 31-44.
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Erkki K. Laitinen. (2010) Assessing viability of Finnish reorganization and bankruptcy firms. European Journal of Law and Economics 31:2, pages 167-198.
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Lyudmila Lugovskaya. (2010) Predicting default of Russian SMEs on the basis of financial and non-financial variables. Journal of Financial Services Marketing 14:4, pages 301-313.
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Erkki K. Laitinen & Teija Laitinen. (2009) Audit Report in Payment Default Prediction: A Contingency Approach. International Journal of Auditing 13:3, pages 259-280.
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Stefan Sundgren. (2009) Perceived Audit Quality, Modified Audit Opinions and the Likelihood of Liquidating Bankruptcy among Financially Weak Firms. International Journal of Auditing 13:3, pages 203-221.
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Erkki K. Laitinen. (2008) Data system for assessing probability of failure in SME reorganization. Industrial Management & Data Systems 108:7, pages 849-866.
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Didier G.R. Soopramanien & Steve Finlay. 2008. Encyclopedia of Quantitative Risk Analysis and Assessment. Encyclopedia of Quantitative Risk Analysis and Assessment.
Mohammad Mahdi Mousavi. (2021) A Dynamic Evaluation of Distress Predication Models Using Malmquist-DEA. SSRN Electronic Journal.
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María-del-Mar Camacho-Miñano, Nora Muñoz-Izquierdo, Morton P.K. Pincus & Patricia Wellmeyer. (2020) Are Key Audit Matter Disclosures Useful in Assessing Financial Distress?. SSRN Electronic Journal.
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Christof Beuselinck, Ferdinand Elfers, Joachim Gassen & Jochen Pierk. (2019) Accounting by Private Firms: Empirical Evidence, Data, and Research Perspectives. SSRN Electronic Journal.
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Edward I. Altman, Malgorzata Iwanicz-Drozdowska, Erkki K. Laitinen & Arto Suvas. (2015) Financial and Non-Financial Variables as Long-Horizon Predictors of Bankruptcy. SSRN Electronic Journal.
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Silke Klara Waterstraat. (2011) Cultural Significance on Accounting: Challenging Hofstede's Uncertainty Scale in the Hofstede-Gray-Framework. SSRN Electronic Journal.
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