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- Title
Estimación del riesgo de crédito en empresas del sector real en Colombia.
- Authors
SEPÚLVEDA RIVILLAS, CLAUDIA; REINA GUTIÉRREZ, WALTER; GUTIERREZ BETANCUR, JUAN CARLOS
- Abstract
This research proposes a probit model for unbalanced panel data with random effects for estimating the probability of bankruptcy of companies in the manufacturing sector in Colombia in order to infer credit risk using information from the databases of the Superintendence of Companies and BPR from 2002 to 2008 about solvent and financially distressed companies. This was based on a fundamental analysis focusing on Penman's (2010) profitability, leverage, liquidity and solvency indicators. The contribution of this research is the emphasis on operating and financial leverage and its effect on the probability of bankruptcy. The main finding underlines the less harmful effect of operating leverage in comparison to financial leverage in times of crisis.
- Subjects
COLOMBIA; CREDIT risk; MANUFACTURING industries; PANEL analysis; PROBITS; PROBABILITY theory; BANKRUPTCY
- Publication
Estudios Gerenciales, 2012, Vol 28, Issue 124, p169
- ISSN
0123-5923
- Publication type
Article
- DOI
10.1016/S0123-5923(12)70221-8