Empirical Analysis of Factors Affecting Financial Distress at Companies: An Emphasis on Data Mining Models

Abdu,  E. (2022). Financial distress situation of financial sectors in Ethiopia: A review paper, Cogent Economics & Finance, 10(1). Retrieved from https://www.tandfonline.com/doi/full/10.1080/23322039.2021.1996020

Altman, E. (1968). Financial ratio, discriminant analysis, and the prediction of corporate bankruptcy. Journal of Finance, 23, 589-610. Retrieved from https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1968.tb00843.x

Altman, E. I. (1983). Corporate Financial Distress- A Complete Guide to Predicting, Avoiding, and Dealing with Bankruptcy. New York: John Wiley & Sons.

Altman, E. I., & Hotchkiss, E. (2006). Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt. New York: John Wiley & Sons.

Anderson, T.W., & Hsiao, C. (1982). Formulation and Estimation of Dynamic Models Using Panel Data. Journal of Econometrics, 18 (1), 47-82. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/0304407682900951

Andrade, G., & Kaplan, S. (1998). How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed. Journal of Finance, 53, 1443-1493. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1111/0022-1082.00062

Bauer, J., & Agarwal, V. (2014). Are hazard models superior to traditional bankruptcy prediction approaches? A comprehensive test. Journal of Banking & Finance, 40, 432–442. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0378426613004858

Bayani, O., Mohammadi, T., Bahrami, J., & Tavakolian, H. (2019). Effect of Shock Factors Affecting Financial Crises in Iran's Economy: Autoregressive Vector Models Variable-Time Parameters. Economical Modeling, 13(46), 45-72. Retrieved from https://sanad.iau.ir/Journal/eco/Article/995466

Beneish, M. D. (1999). The Detection of Earnings Manipulation. Financial Analysts Journal, 55(5), 24-36. Retrieved from https://www.tandfonline.com/doi/abs/10.2469/faj.v55.n5.2296

Brochet, F,. Limbach, P., Schmid, M., & Scholz , M. (2017). CEO Firm Match Quality, Entrenchment, and the Relation between CEO Tenure and Firm Value, Finance Meeting Eurofidai, 18, 109-131. Retrieved from https://publications.aaahq.org/accounting-review/article-abstract/96/6/47/4388/CEO-Tenure-and-Firm-Value?redirectedFrom=fulltext

Calvo, G. A., Izquierdo, A., & Loo-Kung, R. (2006). Relative Price Volatility under Sudden Stops: The Relevance of Balance Sheet Effects. Journal of International Economics, 69(1), 231-254. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0022199605000693

Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97, 470-487. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0304405X10000413

Cardarelli, R., M. A. Kose & S. Elekdag. (2010). Capital Inflows: Macroeconomic Implications and Policy Responses. Economic Systems, 34(4), 1-62. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0939362510000361

Citterio, A., & King, T. (2023). The role of Environmental, Social, and Governance (ESG) in predicting bank financial distress. Finance Researhc Letters, 51, 103411.Retrieved from  https://www.sciencedirect.com/science/article/pii/S1544612322005888

Claessens, S., M. A. Kose & M. Terrones. (2009). What Happens During Recessions, Crunches and Busts? Economic Policy, 60, 653-700. Retrieved from https://academic.oup.com/economicpolicy/article-abstract/24/60/653/2924932

Dell'Ariccia, G., Detragiache, E., & Rajan, R. (2008). The Real Effect of Banking Crises. Journal of Financial Intermediation, 17, 89-112. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S104295730700040X

Demerjian, P., Lev, B., Lewis, M., & MacVay, S. (2013). Managerial ability and Earnings quality. The Accounting Review, 88(2), 463-498. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1650309

Edison, H. (2000). Do Indicators of Financial Crisis Work? An Evaluation of an Early Warning System. Federal Reserve Board of Governors. International Finance Discussion Papers, 675, 1-74. Retrieved from  https://onlinelibrary.wiley.com/doi/abs/10.1002/ijfe.197

Forbes, K. J., & Warnock, F. (2012). Capital Flow Waves: Surges, Stops, Flight, & Retrenchment. Journal of International Economics, 88(2), 235-51. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0022199612000566

Frankel, J. A., & Saravelos, G. (2012). Can Leading Indicators Assess Country Vulnerability? Evidence from the 2008–09 Global Financial Crisis. Journal of International Economics, 87(2), 216–231. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0022199611001735

Fredrickson, J. W., Hambrick, D. C., & Baumrin, S. (1988). A model of CEO dismissal. Academy of Management Review, 13(2), 255–270. Retrieved from  https://journals.aom.org/doi/10.5465/amr.1988.4306882

Fu, Z., Chen, Z., Sharif, A., & Razi, U. (2022). The role of financial stress, oil, gold and natural gas prices on clean energy stocks: Global evidence from extreme quantile approach. Resources Policy, 78, 102860. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0301420722003063

Ghadiri Moghadam, A. A. F, Gholampourfard, M. M., & Nasirzadeh, F. (2009). Review of the prediction power of altman and ohlson models in predicting bankruptcy of listed companies in tehran stock exchange. Knowledge and Development, 16(28), 193-220. Retrieved from https://danesh24.um.ac.ir/article_25680.html

Gervais, S., Heaton, J. B., & Odean, T. (2007). Overconfidence, Investment Policy, and Manager Welfare. Durham: Fuqua School of Business, Duke Univ.

Gordon, M. J. (1971). Towards a theory of financial distress. Journal of Finance, 26 (2), 347–356. Retrieved from https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1971.tb00902.x

Hannes Lang, J. (2018). Cross-country Linkages and Spill-overs in Early Warning Models for Financial Crises. ECB Working Paper Series, 2160. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3199724#

Huang, X., & Sun, Li. (2017). Managerial Ability and Real Earnings Management. Advances in Accounting, 39, 91-104. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0882611015301255

Gunay, S., & Can, G. (2022). The source of financial contagion and spillovers: An evaluation of the covid-19 pandemic and the global financial crisis. PLoS ONE 17(1), e0261835. Retrieved from https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0261835

Kalash, I. (2023). The financial leverage–financial performance relationship in the emerging market of Turkey: the role of financial distress risk and currency crisis, EuroMed Journal of Business, 18(1) 1-20. Retrieved from https://www.emerald.com/emjb/article-abstract/18/1/1/94528/The-financial-leverage-financial-performance?redirectedFrom=fulltext

Keasey, K., & Watson, R., (1987). Current cost accounting and the prediction of small company performance, Journal of Business Finance and Accounting, 13, 51-70. Retrieved from https://onlinelibrary.wiley.com/doi/10.1111/j.1468-5957.1986.tb01172.x

Kose, M. A., Loungani, P., & Terrones, M. (2015). Collapse and Revival: Understanding Global Recessions and Recoveries. Washington: International Monetary Fund.

Laeven, L., & Valencia, F. (2018). Systemic Banking Crises Revisited. International Monetary Fund Working Paper, 206. Retrieved from https://www.imf.org/en/Publications/WP/Issues/2018/09/14/Systemic-Banking-Crises-Revisited-46232

Lashkan, A. M., & Wijekoon W.M.H.N.. (2012). Corporate governance and corporate failure. Procedia Economics and Finance, 2(1), 191-198. Retrieved from https://www.sciencedirect.com/science/article/pii/S2212567112000792

Mashikhi, B., & Ganji, H. (2014). The impact on the quality of earnings bankruptcy prediction using artificial neural network. Financial Accounting and Auditing Research, 6(22), 147-173.Retrieved from  https://sanad.iau.ir/en/Journal/faar/Article/1073925

Meshki Miavaghi, M., & Hashemi, M. (2015). Investigating the Relationship between Corporate Governance with Bankruptcy Probability in Companies Listed in Tehran Stock Exchange. Journal of Accounting and Social Interests, 5(2), 37-58. Retrieved from https://jaacsi.alzahra.ac.ir/article_2176.html?lang=en

Moglie, M. L., & Sorrenti, G. (2022). Revealing “Mafia Inc.”? Financial Crisis, Organized Crime, and the Birth of New Enterprises. The Review of Economics and Statistics, 104 (1), 142–156. Retrieved from https://direct.mit.edu/rest/article-abstract/104/1/142/97638/Revealing-Mafia-Inc-Financial-Crisis-Organized?redirectedFrom=fulltext

Moradi, M., & Hosseinzadeh, S. (2017). The Role of Corporate Governance in Firm`s Financial Distress: Pre- and Post-Internal Controls Instruction. Financial Accounting Research, 9(3), 67-90. Retrieved from https://far.ui.ac.ir/article_22532.html?lang=en

Namazi, M., Rezaei, G., & Momtazian, A. (2015). Product Market Competition and Accounting Information Quality. Journal of Accounting Advances, 6(2), 131-166. Retrieved from https://jaa.shirazu.ac.ir/article_2858.html?lang=en

Ohlson, J. A. (1980). Financial ratios and the probabilistic prediction of bankruptcy Wanke, Journal of Accounting Research 18 (1), 109-131. Retrieved from https://www.jstor.org/stable/2490395

Wank, P., Barros, C. P., & Faria, J. R. (2015). Financial distress drivers in Brazilian Banks: A dynamic slacks approach. European Journal of Operational Research, 240(1), 258-268. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0377221714005475

Panahi, H., Asadzadeh, A., & Jalili Marand, A. (2014). A Five-Year-Ahead Bankruptcy Prediction: the Case of Tehran Stock Exchange. Financial Research Journal, 16(1), 57-76. Retrieved from https://jfr.ut.ac.ir/article_51840.html?lang=en

Percic, S., Apostoaie, C. M., & Cocriş, V. (2013). Early Warning Systems For Financial Crises- A Critical Approach. CES Working Paper, 5(1), 77-88. Retrieved from Retrieved from https://www.econstor.eu/handle/10419/198231

Phan, T. D., Hoang, T. T., & Tran, N. M. (2022). Cash flow and financial distress of private listed enterprises on the Vietnam stock market: A quantile regression approach, Cogent Business & Management, 9(1). Retrieved from https://www.tandfonline.com/doi/full/10.1080/23311975.2022.2121237

Platt, H.D., & Platt, M.B. (2006). Understanding differences between financial distress and bankruptcy. Review of Applied Economics, 2(2), 141-157. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=876470

Reinhart, C. M., & Rogoff, K. S. (2009). This Time is Different. New Jersey: Princeton University Press.

Schrand, C. M., & Zehman, S. L. (2011) Executive Overconfidence and the Slippery Slope to Financial Misreporting. Journal of Accounting and Economics 53, 311–29. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0165410111000644

Sharma, V. (2010). Stock returns and product market competition: Beyond industry concentration. Review of Quantitative Finance and Accounting, 37, 283-299. Retrieved from https://link.springer.com/article/10.1007/s11156-010-0205-0

Ugur, M., Solomon, E., & Zeynalov, A. (2022). Leverage, competition and financial distress hazard: Implications for capital structure in the presence of agency costs, Economic Modelling, 108, 105740. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0264999321003291

Wang, L., Kuang, N., & Shu, M.-H. (2014). Impacts of R&D-marketing Interaction: market performance of new products. International Journal of Economics and Statistics, 2, 137-144. Retrieved from https://www.naun.org/main/NAUN/economics/2014/a322001-297.pdf

Wolk, H. I., Dodd, J. L., & Rozycki, J. J. (2013). Accounting theory: Conceptual issues in a political and economic environment (8^th Ed.). Newcastle: Sage Publication Inc.

Zavgren, C. V. (1985). Assessing the vulnerability to failure of American industrial firms: a logistic analysis, Journal of Business Finance and Accounting, 12(1), 19-45. Retrieved from https://onlinelibrary.wiley.com/doi/10.1111/j.1468-5957.1985.tb00077.x

Zhang, Z., Wu, C., Qu, S., & Chen, X. (2022). An explainable artificial intelligence approach for financial distress prediction. Information Processing & Management, 59(4), 102988. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0306457322001030

Zubair, S., Kabir, R., & Huang, X. (2020). Does the financial crisis change the effect of financing on investment? Evidence from private SMEs. Journal of Business Research, 110, 456-463. Retrieved from https://www.sciencedirect.com/science/article/pii/S0148296320300758