Analysis of Family SMEs Default Risk: the Portuguese Case
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.8/9022 |
Resumo: | This work aims to study the default risk of family SMEs (small and medium enterprises) in Portugal, more specifically in the Leiria region. For this purpose, a panel data of 2,658 firms over the period 2012-2017 is analyzed. Using an ex-ante classification of defaulting, results suggest that there are more compliant firms and the number of defaulting firms have decreased over the period analyzed. Then, using a logit regression technique and six variables to predict default obtained through the stepwise methodology, results show that defaulting firms compared to compliant firms are usually younger, with higher difficulties in generating return and in being efficient, and more indebted. The Z’-score model was used as a robustness test, and results suggest that this model is inaccurate to the present reality and this specific sample. Therefore, new coefficients were estimated to increase the model’s efficiency. The proposed and the modified Z’-score models have an accuracy of 88.74% and 85.49%, respectively. |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Analysis of Family SMEs Default Risk: the Portuguese CaseFamily FirmsDefault riskLogistic regressionStepwisePanel DataSMEThis work aims to study the default risk of family SMEs (small and medium enterprises) in Portugal, more specifically in the Leiria region. For this purpose, a panel data of 2,658 firms over the period 2012-2017 is analyzed. Using an ex-ante classification of defaulting, results suggest that there are more compliant firms and the number of defaulting firms have decreased over the period analyzed. Then, using a logit regression technique and six variables to predict default obtained through the stepwise methodology, results show that defaulting firms compared to compliant firms are usually younger, with higher difficulties in generating return and in being efficient, and more indebted. The Z’-score model was used as a robustness test, and results suggest that this model is inaccurate to the present reality and this specific sample. Therefore, new coefficients were estimated to increase the model’s efficiency. The proposed and the modified Z’-score models have an accuracy of 88.74% and 85.49%, respectively.AABFJIC-OnlineLisboa, InêsCosta, MagaliSantos, Filipa2023-12-08T17:19:10Z20212021-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.8/9022engLisboa, Inês Margarida Cadima; Costa, Magali; and Santos, Filipa, Analysis of Family SMEs Default Risk: the Portuguese Case, Australasian Accounting, Business and Finance Journal, 15(4), 2021, 76-92. doi:10.14453/aabfj.v15i4.51834-2000http://dx.doi.org/10.14453/aabfj.v15i4.5info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-17T15:58:43Zoai:iconline.ipleiria.pt:10400.8/9022Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:51:36.548925Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Analysis of Family SMEs Default Risk: the Portuguese Case |
title |
Analysis of Family SMEs Default Risk: the Portuguese Case |
spellingShingle |
Analysis of Family SMEs Default Risk: the Portuguese Case Lisboa, Inês Family Firms Default risk Logistic regression Stepwise Panel Data SME |
title_short |
Analysis of Family SMEs Default Risk: the Portuguese Case |
title_full |
Analysis of Family SMEs Default Risk: the Portuguese Case |
title_fullStr |
Analysis of Family SMEs Default Risk: the Portuguese Case |
title_full_unstemmed |
Analysis of Family SMEs Default Risk: the Portuguese Case |
title_sort |
Analysis of Family SMEs Default Risk: the Portuguese Case |
author |
Lisboa, Inês |
author_facet |
Lisboa, Inês Costa, Magali Santos, Filipa |
author_role |
author |
author2 |
Costa, Magali Santos, Filipa |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
IC-Online |
dc.contributor.author.fl_str_mv |
Lisboa, Inês Costa, Magali Santos, Filipa |
dc.subject.por.fl_str_mv |
Family Firms Default risk Logistic regression Stepwise Panel Data SME |
topic |
Family Firms Default risk Logistic regression Stepwise Panel Data SME |
description |
This work aims to study the default risk of family SMEs (small and medium enterprises) in Portugal, more specifically in the Leiria region. For this purpose, a panel data of 2,658 firms over the period 2012-2017 is analyzed. Using an ex-ante classification of defaulting, results suggest that there are more compliant firms and the number of defaulting firms have decreased over the period analyzed. Then, using a logit regression technique and six variables to predict default obtained through the stepwise methodology, results show that defaulting firms compared to compliant firms are usually younger, with higher difficulties in generating return and in being efficient, and more indebted. The Z’-score model was used as a robustness test, and results suggest that this model is inaccurate to the present reality and this specific sample. Therefore, new coefficients were estimated to increase the model’s efficiency. The proposed and the modified Z’-score models have an accuracy of 88.74% and 85.49%, respectively. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021 2021-01-01T00:00:00Z 2023-12-08T17:19:10Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.8/9022 |
url |
http://hdl.handle.net/10400.8/9022 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Lisboa, Inês Margarida Cadima; Costa, Magali; and Santos, Filipa, Analysis of Family SMEs Default Risk: the Portuguese Case, Australasian Accounting, Business and Finance Journal, 15(4), 2021, 76-92. doi:10.14453/aabfj.v15i4.5 1834-2000 http://dx.doi.org/10.14453/aabfj.v15i4.5 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
AABFJ |
publisher.none.fl_str_mv |
AABFJ |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799137007401697280 |