Palavras-chave
Modelo Altman Z-Sc
Modelo Altman Z-Score
gestão de risco
contas a receber
gestão financeira
Como Citar
Resumo
Esta pesquisa examina o impacto das contas a receber na insolvência financeira das empresas do setor industrial colombiano no período de 2018 a 2022. Para atingir o objetivo proposto, adotou-se uma abordagem quantitativa de tipo correlacional. A metodologia empregada incluiu análises estatísticas para avaliar a dispersão das observações e a correlação entre variáveis, proporcionando uma visão aprofundada da gestão financeira. Os resultados indicam que, em média, as empresas do setor apresentam baixa probabilidade de insolvência, o que é positivo. No entanto, o aumento do desvio padrão e dos valores do coeficiente de variação ao longo do tempo sinalizam uma crescente disparidade na saúde financeira da indústria colombiana. A principal recomendação é que uma gestão eficaz das contas a receber pode mitigar o risco de insolvência; no entanto, isso deve ser complementado por boas práticas contábeis e avaliações regulares da solvência dos clientes para melhorar a liquidez.
Adjei-Boateng, E. S. (2022). A Literature Review on Management Practices among Small and Medium-Sized Enterprises. Economics, 7(1), 1-23.
Alcalde, R., Alonso de Armiño, C., & García, S. (2022). Analysis of the economic sustainability of the supply chain sector by applying the Altman Z-score predictor. Sustainability, 14(2), 851. https://doi.org/10.3390/su14020851
Altman, E. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance, 23(4), 589-609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
Altman, E., Iwanicz-Drozdowska, M., Laitinen, E., & Arto, S. (2017). Financial distress prediction in an international context: A review and empirical analysis of Altman's Z-Score Model. Journal of International Financial Management and Accounting, 28(2), 131-171. https://doi.org/10.1111/jifm.12053
Altman, E. I. (2018). A fifty-year retrospective on credit risk models, the Altman Z-Score family of models and their applications to financial markets and managerial strategies. Journal of Credit Risk, 14(4), 1-34. 10.21314/JCR.2018.243
Antysheva, E., Prishutova, T., & Frolova, V. (2020). Accounts receivable management in Digital transformation. Proceedings of the International Scientific Conference-Digital Transformation on Manufacturing, Infrastructure and Service, (30), 1-6. https://doi.org/10.1145/3446434.3446486
Bagade, S., Chitta, S. S., Jain, R. K., Padmavathi, V., & Prasad, K. D. V. (2023). Association Between Financial Efficiency and Credit Risk of SMEs—A Study Using DEA and Altman Z-score. FIIB Business Review, 0(0). https://doi.org/10.1177/23197145231177182
Bernstein, S., Colonnelli, E., Hoffman, M., & Iverson, B. (2023). Life after death: A field experiment with small businesses on information frictions, stigma, and bankruptcy (Working Paper 30933). 10.3386/w30933
Bhuvaneskumar, A., Sivakumar, V. J., & Pushparaj, N. (2023). Performance assessment and ranking of socially responsible companies in India using FAHP, TOPSIS and Altman Z-score. Benchmarking: An International Journal, 30(3), 736-765. https://doi.org/10.1108/BIJ-09-2021-0512
Bureau, B., Duquerroy, A., & Vinas, F. (2023). Activity shocks and corporate liquidity: the role of trade credit. Review of Corporate Finance Studies, 13(3), 668-711. https://doi.org/10.1093/rcfs/cfae002
Bejarano, J., Carranza, J. E., Casas, C., González-Ramírez, A. X., Moreno-Burbano, S., & Vélez-Velásquez, J. S. (2018). La industria colombiana en el siglo XXI. Revista Ensayos Sobre Política Económica, (87), 1-69.
Daoud, K. A. A., & Yaseen, O. K. B. (2024). Does the board of directors influence the likelihood and resolution of financial distress? International Journal of Managerial and Financial Accounting, 16(2), 229-248. https://doi.org/10.1504/IJMFA.2024.137625
Dubinina, M., Potryvaieva, N., Vyshnevska, O., Usykova, O., & Kuzoma, V. (2023). Institutional aspects of transactional spending accounting demonstration in agricultural organisations. Scientific Horizons, 26(3), 124-134. https://doi.org/10.48077/scihor3.2023.124
Emuron, A. S. O., & Yixiang, T. (2020). Financial distress and non‐executive director compensation: Evidence from state‐owned enterprises in South Africa post King III. African Development Review, 32(2), 228-239. https://doi.org/10.1111/1467-8268.12430
Farooq, M., Khan, I., Al Jabri, Q., & Khan, M. T. (2023). Does corporate social responsibility mediate the relationship between board diversity and financial distress: evidence from an emerging economy? Corporate Governance, 24(2), 390-417. https://doi.org/10.1108/CG-05-2023-0210
García Martínez, M., Zouaghi, F., García Marco, T., & Robinson, C. (2018). What drives business failure? Exploring the role of internal and external knowledge capabilities during the global financial crisis. Journal of Business Research, 98, 441-449. https://doi.org/10.1016/j.jbusres.2018.07.032
Guzikova, L., Neelova, N., & Ushakov, D. (2023). Environmental analysis in bankruptcy diagnosing (the case of construction companies). E3S Web of Conferences (371), 02059. https://doi.org/10.1051/e3sconf/202337102059
Hung, D. H., Nga, T. T., Hà, N. V., & Huyền, H. T. (2021). The Impact of Working Capital Management on Solvency: Empirical Study from Listed Companies in Vietnam. Research in World Economy, 12(2), 178-185. https://doi.org/10.5430/rwe.v12n2p178
Ibrahem, N. A., Elghareeb, H., Farahat, F. F., & AboElfotouh, A. (2021). Comparative Mathematical Model for Predicting Financial Loans Default using Altman Z-Score and Neutrosophic AHP Methods. Neutrosophic Sets & Systems, 43, 23-43.
Isaac-Roque, D., & Caicedo-Carrero, A. (2023). Relación entre los indicadores financieros del modelo Altman Z y el puntaje Z. RETOS. Revista de Ciencias de la Administración y Economía, 13(25), 139-158. https://doi.org/10.17163/ret.n25.2023.09
Isaac-Roque, D., Caicedo-Carrero, A., & Muñoz-Álvarez, A. N. (2023). Capacidad predictiva del modelo Altman z-score en empresas declaradas en reorganización empresarial. Apuntes de economía y sociedad, 4(1), 129-141. https://doi.org/10.5377/aes.v4i1.16451
Jaunanda, M., Sembel, R., Hulu, E., & Ugut, G. S. S. (2024). The impact of intellectual capital strategy on firm value and financial distress. Corporate & Business Strategy Review, 5(3), 148-158. https://doi.org/10.22495/cbsrv5i3art14
Kelly, M. (2023). A joint sitting of international courts – solving the cross-border insolvency of an online financial services provider. En International Involvency and Restructuring Review (pp. 1-76). Markets Beaumont Capital. https://www.nautadutilh.com/documents/87/International_Insolvency__Restructuring_Review_2022-23.pdf.
Kücher, A., Mayr, S., Mitter, C., Duller, C., & Feldbauer-Durstmüller, B. (2020). Firm age dynamics and causes of corporate bankruptcy: age dependent explanations for business failure. Review of Managerial Science, 14, 633-661.
Lamber-Racine, Michaël, & Yong, A. (2023). Business Insolvency: An Overview of Legislation and Recent Trends in Canada. Library of Parliament Hill Studies.
Lukason, O., & Hoffman, R. C. (2014). Firm bankruptcy probability and causes: An integrated study. International Journal of Business and Management, 9(11), 80-91. 10.5539/ijbm.v9n11p80
Luu Thu, Q. (2023). Impact of earning management and business strategy on financial distress risk of Vietnamese companies. Cogent Economics & Finance, 11(1), 2183657. https://doi.org/10.1080/23322039.2023.2183657
Martínez Ortega, R. M., Tuya Pendás, L. C., Martínez Ortega, M., Pérez Abreu, A., & Cánovas, A. M. (2009). El coeficiente de correlación de los rangos de Spearman caracterización. Revista Habanera de Ciencias Médicas, 8(2), 1-19.
Minyoso, J. E., & Otuya, W. (2023). A Critical Review on Working Capital Management and Financial Distress in Chartered Public Universities in Kenya. African Journal of Empirical Research, 4(2), 181-189.
Muigai, R. G., & Nasieku, T. (2021). Working capital management and financial distress of non-financial companies listed at the Nairobi securities exchange. European Journal of Economic and Financial Research, 5(1), 79-92. http://dx.doi.org/10.46827/ejefr.v5i1.1073
Nugrahanti, Y. W., Sutrisno, T., Rahman, A. F., & Mardiati, E. (2020). Do firm characteristics, political connection and corporate governance mechanism affect financial distress? (Evidence from Indonesia). International Journal of Trade and Global Markets, 13(2), 220-250.
Olabarrieta, U., San-Jose, L., & Araujo, A. (2023). The lemon market of insolvency proceedings in Spain in the new normal: Information, asymmetry, and adverse selection problems. Cogent Business & Management, 10(3), 2266656. https://doi.org/10.1080/23311975.2023.2266656
Onyango, F., & Ngahu, S. (2018). Influence of working capital management on financial distress in hospitality industry (a study of four-and five-star hotels in Nairobi County). IOSR Journal of Economics and Finance, 9(3), 52-59. 10.9790/5933-0903025259
Posada Gómez, M. G. (2020). Analysis of insolvency proceedings in Spain against the backdrop of the covid-19 crisis: insolvency proceedings, pre-insolvency arrangements and the insolvency moratorium. https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/20/Files/do2029e.pdf
Prasetiyo, Y., Ipda Riyani, E., Widiastuti, Y., & Agustina, P. (2023). Altman Z-Score Models and Financial Distress. En A. W. S. Gama, I. M. S. Prayoga, & I. K Bagiana (Eds.), Proceedings of the 5th International Public Sector Conference, IPSC 2023. https://doi.org/10.4108/eai.10-10-2023.2342214
Price Waterhouse Cooper. (2024). About the Bankruptcies and liquidations guide. Bankruptcies and liquidations. https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/bankruptcies_and_liq/assets/pwcbankruptciesguide0524.pdf
Roque, D. I., & Caicedo, A. (2021). Relación entre la creación de valor económico y la insolvencia financiera en empresas no cotizantes en el mercado de valores de Colombia (2016-2019). Semestre Económico, 24(57), 76-97. https://doi.org/10.22395/seec.v24n57a4
Roque, D. I., & Carrero, A. C. (2022). Detección de insolvencia financiera mediante el modelo Z-Altman en empresas colombianas no cotizantes durante el periodo 2016-2019. Contabilidad y Negocios, 17(33), 167-192. https://doi.org/10.18800/contabilidad.202201.007
Sah, G. G. (2022). Influence of account receivable management practices on the performance of small and medium scale enterprises. Technium Social Sciences Journal, 32(1), 376-388. https://doi.org/10.47577/tssj.v32i1.6679
Shi, Y., Li, X., & Asal, M. (2023). Impact of sustainability on financial distress in the air transport industry: the moderating effect of Asia–Pacific. Financial Innovation, 9, 97. https://doi.org/10.1186/s40854-023-00506-1
Singh, K. (2024). Listing on environmental, social and governance index and financial distress: does the difference-in-differences matter? Asian Review of Accounting, 32(2), 302-326. https://doi.org/10.1108/ARA-07-2023-0197
Stender, S. (2023). Improvement of accounting and tax accounting of receivables. Scientific Bulletin of Mukachevo State University. Series Economics, 10(2), 42-53. https://doi.org/10.52566/msu-econ2.2023.42
Ud-din, S., Khan, M. Y., Javeed, A., & Pham, H. (2020). Board structure and likelihood of financial distress: An emerging Asian market perspective. The Journal of Asian Finance, Economics and Business, 7(11), 241-250. https://doi.org/10.13106/jafeb.2020.vol7.no11.241
Vargas, F. V. (2007). Estadística Descriptiva para Ingeniería Ambiental con SPSS. Impresora Feriva S.A.
Vinh Nguyen, T., Tram Le, T. H., & Huong Le, T. X. (2023). Application of the Altman Z-Score Model in Assessing the Financial Health of Garment Manufacturing Enterprises Listed on the Vietnam Stock Market. International Journal of Multidisciplinary Research and Analysis, 6(6), 2687-2692. https://doi.org/10.47191/ijmra/v6-i6-67
Este trabalho está licenciado sob uma licença Creative Commons Attribution 4.0 International License.
Copyright (c) 2025 Andrés Caicedo Carrero, Daniel Isaac Roque, Wilmar Arnulfo Bravo Murillo