Análisis del fracaso empresarial por sectores: factores diferenciadores = Cross-industry analysis of business failure: differential factors

María Jesús Mures Quintana, Ana García Gallego, María Eva Vallejo Pascual

Resumen


El objetivo de este trabajo se centra en el análisis del fracaso empresarial por sectores, a fin de identificar los factores explicativos y predictivos de este fenómeno que son diferentes en tres de los principales sectores que se distinguen en toda economía: industria, construcción y servicios.
Para cada uno de estos sectores, seguimos el mismo procedimiento. En primer lugar, aplicamos un análisis de componentes principales con el que identificamos los factores explicativos del fracaso empresarial en los tres sectores. A continuación, consideramos dichos factores como variables independientes en un análisis discriminante, que aplicamos para predecir el fracaso de una muestra de empresas, utilizando no sólo información financiera en forma de ratios, sino también otras variables no financieras relativas a las empresas, así como información externa a las mismas que refleja las condiciones macroeconómicas bajo las que desarrollan su actividad.

This paper focuses on a cross-industry analysis of business failure, in order to identify the explanatory and predictor factors of this event that are different in three of the main industries in every economy: manufacturing, building and service.

For each one of these industries, the same procedure is followed. First, a principal components analysis is applied in order to identify the explanatory factors of business failure in the three industries. Next, these factors are considered as independent variables in a discriminant analysis, so as to predict the firms’ failure, using not only financial information expressed by ratios, but also other non-financial variables related to the firms, as well as external information that reflects macroeconomic conditions under which they develop their activity.


Palabras clave


Fracaso empresarial; Ratios financieros; Información no financiera; Análisis discriminante; Sectores; Business failure; Financial ratios; Non-financial information; Discriminant analysis; Industries

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Referencias


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DOI: http://dx.doi.org/10.18002/pec.v0i2012.1107

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Copyright (c) 2012 María Jesús Mures Quintana, Ana García Gallego, María Eva Vallejo Pascual

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