Understanding the stakeholders’ role in a business failure situationan empirical boosting approach
- Priego-de-la-Cruz, Alba María 1
- Alfaro-Cortés, Esteban 2
- Manzaneque-Lizano, Montserrat 2
-
1
Universidad de Huelva
info
-
2
Universidad de Castilla-La Mancha
info
ISSN: 1138-4891
Ano de publicación: 2020
Volume: 23
Número: 1
Páxinas: 113-126
Tipo: Artigo
Outras publicacións en: Revista de contabilidad = Spanish accounting review: [RC-SAR]
Obxectivos de Desenvolvemento Sustentable
Resumo
We investigate the stakeholders’ role in a business failure situation. In particular, we analyse which primary stakeholders have an impact on the business failure, and how. This work also proposes an order of prioritization of primary stakeholders with the purpose of showing business managers useful information which guides their decisions to reduce the emergence of conflicts of interest that may affect the sustainability of firms long-term in financial crisis situations. We have taken a sample of 2,352 Spanish SMEs, 1,176 non-failed firms matched with 1,176 failed firms, from which economic and financial data are been extracted from their financial reporting. In this vein, logistic regression and boosting methodologies have been applied. The findings indicate that the primary stakeholders have a statistically significant effect on the likelihood of business failure. Furthermore, the results present a ranking of primary stakeholders related to their impact on the likelihood of business failure in contexts of financial crisis. Thus, our study provides a useful guide to managers seeking to understand the primary stakeholders’ roles and their relative priority in business failure.
Información de financiamento
Value added generated by employees (GW) Value added distributed to employees (DW) Shareholders’ financial support (SH) Value added distributed to shareholders (DSH) Suppliers (S)Referencias bibliográficas
- Agle, B. R., Donaldson, T., Freeman, R. E., Jensen, M. C., Mitchell, R. K. & Wood, D. J. (2008). Dialogue: Toward superior stakeholder theory. Business Ethics Quarterly, 18(2), 153-190. https://doi.org/10.5840/beq200818214
- Alfaro, E., Gámez, M. & García, N. (2007). Multiclass corporate failure prediction by Adaboost. International Advances in Economic Research, 13(3), 301-312. https://doi.org/10.1007/s11294-007-9090-2
- Alfaro, E., Gámez, M. & García, N. (2008). Linear discriminant analysis versus Adaboost for failure forecasting. Spanish Journal of Financing and Accounting, 37(137), 13-32.
- Alfaro, E., García, N., Gámez, M. & Elizondo, D. (2008). Bankruptcy forecasting: An empirical comparison of AdaBoost and neural networks. Decision Support Systems, 45, 110-122. https://doi.org/10.1016/j.dss.2007.12.002
- Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
- Altman, E. I., Haldeman, R. G., & Narayanan, P. (1977). ZETATM analysis A new model to identify bankruptcy risk of corporations. Journal of Banking & Finance, 1(1), 29-54. https://doi.org/10.1016/0378-4266(77)90017-6
- Altman, E. I. (1981). Financial handbook. 5º Edition John Wiley & Son, New York.
- Altman, E. I. (1984). A further empirical investigation of the bankruptcy cost question. The Journal of Finance, 39(4), 1067-1089. https://doi.org/10.2307/2327613
- Altman, E. I., & Narayanan, P. (1997). An international survey of business failure classification models. Financial Markets, Institutions & Instruments, 6(2), 1-57. https://doi.org/10.1111/1468-0416.00010
- Balcaen, S. & Ooghe, H. (2006). 35 Years of studies on business failure: an overview of the classic statistical methodologies and their related problems. The British Accounting Review, 38(1), 63-93. https://doi.org/10.1016/j.bar.2005.09.001
- Barney, J. B., & Arikan, A. M. (2001). The resource-based view: Origins and implications. Handbook of Strategic Management, 124188.
- Berle, A. & Means, G. (1932). The modern corporation and private property. Harcourt, Brace & World Inc, New York. https://doi.org/10.2307/3475545
- Berman, S. L., Wicks, A. C., Kotha, S. & Jones, T. M. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Academy of Management journal, 42(5), 488-506. https://doi.org/10.2307/256972
- Brixy, U. & Grotz, R. (2007). Regional patterns and determinants of birth and survival of new firms in western Germany. Entrepreneurship & Regional Development, 19 (4), 293-312. https://doi.org/10.1080/08985620701275510
- Bunn, P. & Redwood. V. (2003). Company accounts based modeling of business failures and the implications for financial stability bank of England. Discussion Paper, No. 201. https://doi.org/10.2139/ssrn.598276
- Campbell, J.L. (2003). States, politics, and globalization: why institutions still matter. In The Nation-State in Question, Paul TV, Ikenberry GJ, Hall AJ (eds). Princeton University Press: Princeton, NJ; 234-259.
- Carter, R., & Van Auken, H. (2006). Small firm bankruptcy. Journal of Small Business Management, 44(4), 493-512. https://doi.org/10.1111/j.1540-627x.2006.00187.x
- Casasola, M.J. & Cardone, C. (2009). Too important to fail: ¿Favorecen las relaciones bancarias la situación crediticia de las PYMES españolas? Universia Business Review, 24, 12-29.
- Cegarra-Leiva, D., Sánchez-Vidal, M. E., & Cegarra-Navarro, J. G. (2012). Work life balance and the retention of managers in Spanish SMEs. The International Journal of Human Resource Management, 23(1), 91-108. https://doi.org/10.1080/09585192.2011.610955
- Choi, Y. & Lin, Y. (2009). Consumer response to crisis: exploring the concept of involvement in matte product recalls. Public Relations Review, 35, 18-22. https://doi.org/10.1016/j.pubrev.2008.09.009
- Choi, J. & Wang, H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic Management Journal, 30(8), 895-907. https://doi.org/10.1002/smj.759
- Clarkson, M. E. (1995). A stakeholder framework for analysing and evaluating corporate social performance. Academy of Management Review, 20(1), 92- 117. https://doi.org/10.5465/amr.1995.9503271994
- Correa, A., Acosta, M. & González, A.L. (2003). La insolvencia empresarial: Un análisis empírico para la pequeña y mediana empresa. Revista de Contabilidad-Spanish Accounting Review, 12, 47-79.
- Derry, R. (2012). Reclaiming marginalized stakeholders. Journal of Business Ethics, 111(2), 253-264. https://doi.org/10.1007/s10551-012-1205-x
- Donaldson, T. & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65-91. https://doi.org/10.3138/9781442673496-011
- Donker, H., Poff, D. & Zahir, S. (2008). Corporate values, codes of ethics, and firm performance: A look at the Canadian context. Journal of Business Ethics, 82(3), 527-537. https://doi.org/10.1007/s10551-007-9579-x
- Dowell, G., Shackell, M. & Stuart, N. (2011). Boards, CEOs, and surviving a financial crisis: Evidence from the internet shakeout. Strategic Management Journal, 32(10), 1025-1045. https://doi.org/10.1002/smj.923
- Dunham, L., Freeman, R.E., & Liedtka, J. (2006). Enhancing stakeholder practice: A particularized exploration of community. Business Ethic Quarterly, 16(1), 23-42. https://doi.org/10.5840/beq20061611
- European Commission. (2003). Recommendation 2003/361/EC.
- Everett, J. & Watson, J. (1998) Small Business Failure and External Risk Factors. Small Business Economics, 11, 371-390.
- Fassin, Y. (2012). Stakeholders management, reciprocity and stakeholder responsibility. Journal of Business Ethics, 109(1), 83-96. https://doi.org/10.1007/s10551-012-1381-8
- Fassin, Y., de Colle, S., & Freeman, R. E. (2017). Intra‐stakeholder alliances in plant‐closing decisions: A stakeholder theory approach. Business Ethics: A European Review, 26(2), 97-111. https://doi.org/10.1111/beer.12136
- Fisher, K., Geenen, J., Jurcevic, M., McClintock, K. & Davis, G. (2009). Applying asset‐based community development as a strategy for CSR: a Canadian perspective on a win–win for stakeholders and SMEs. Business Ethics: A European Review, 18(1), 66-82. https://doi.org/10.1111/j.1467-8608.2009.01549.x
- Freeman, E. (1984). Strategic management: A stakeholder approach. Boston, Pitman.
- Freeman, R.E., Harrison, J.S., Parmar, B.L. & Colle, S.D. (2010). Stakeholder theory. The state of the art. Cambridge University Press, Cambridge.
- Freund, Y. & Schapire, R. E. (1996). Experiments with a new boosting algorithm. In Icml, 96, 148-156.
- Friedman, A. L., & Miles, S. (2006). Stakeholders: Theory and practice. Oxford University Press on Demand.
- Frooman, J. (1999). Stakeholder influence strategies. Academy of Management Review, 24, 2, 191-205. https://doi.org/10.5465/amr.1999.1893928
- García, D., Arqués, A., & Calvo-Flores, A. (1995). Un modelo discriminante para evaluar el riesgo bancario de los créditos a empresas. Revista Española de Financiación y Contabilidad, 82, 175-200.
- Gilbert, L. R., Menon, K., & Schwartz, K. B. (1990). Predicting bankruptcy for firms in financial distress. Journal of Business Finance & Accounting, 17(1), 161-171. https://doi.org/10.1111/j.1468-5957.1990.tb00555.x
- Goktan, M. S., Kieschnick, R. & Moussawi, R. (2018). Corporate governance and firm survival. Financial Review, 53(2), 209-253. https://doi.org/10.1111/fire.12161
- Goxens, M.A. & Gay, J.M. (2005). Análisis de estados contables: Diagnóstico económico-financiero. Pearson Educación, Madrid, 369.
- Granda, G. & Trujillo, R. (2011). La gestión de los grupos de interés (Stakeholders) en la estrategia de las organizaciones. Economía industrial, 1(381), 71-76.
- Grant R. (1996). Toward a knowledge-based theory of the firm. Strategic Management Journal, Winter Special, 17, 109-122. https://doi.org/10.1002/smj.4250171110
- Griffin, J. J. (2017). Tracing stakeholder terminology then and now: Convergence and new pathways. Business Ethics: A European Review, 26(4), 326-346. https://doi.org/10.1111/beer.12158
- Hambrick, D.C., & D’Aveni, R.A. (1988). Large corporate failures as downward spirals. Administrative Science Quarterly, 33, 1-23. https://doi.org/10.2307/2392853
- Harrison, J.S., Bosse, D.A. & Phillips, R.A. (2010). Managing for stakeholders, stakeholder utility functions, and competitive advantage. Strategic Management Journal, 31(1), 58-74. https://doi.org/10.1002/smj.801
- Harrison, J. S. & Freeman, R. E. (1999). Stakeholders, social responsibility, and performance: Empirical evidence and theoretical perspectives. Academy of Management Journal, 42(5), 479-485. https://doi.org/10.5465/256971
- Herrera, J., Larrán, M., Lechuga, P. & Martínez, D. (2016). Corporate social responsibility practices in Spanish small and medium business: Explanatory factors analysis. Revista de Contabilidad-Spanish Accounting Review, 19(1), 31-44.
- Hessels, J., & Terjesen, S. (2010). Resource dependency and institutional theory perspectives on direct and indirect export choices. Small business economics, 34(2), 203-220. https://doi.org/10.1007/s11187-008-9156-4
- Hillman, A. J. & Keim, G. D. (2001). Shareholder value, stakeholder management, and social issues: What's the bottom line? Strategic Management Journal, 125-139. https://doi.org/10.1002/1097-0266(200101)22:2<125::aid-smj150>3.0.co;2-h
- Hummels, H. (1998). Organizing ethics: A stakeholder debate. Journal of Business Ethics, 17(13), 1403-1419.
- International Monetary Fund. (2012). World economic outlook. Growth resuming. Dangers Remain, Washington.
- James, S.D. (2016). Strategic bankruptcy: A stakeholder management perspective. Journal of Business Research, 69, 492-499. https://doi.org/10.1016/j.jbusres.2015.05.006
- Jawahar, I.M. & McLaughlin, G.L. (2001). Toward a Descriptive Stakeholder Theory: An Organizational Life Cycle Approach. Academy of Management Review, 26 (3), 397-414. https://doi.org/10.2307/259184
- Jensen, M.C. (1983). Organization theory and methodology. Accounting Review, 50, 319-39. https://doi.org/10.2139/ssrn.94036
- Jensen, M.C. & Meckling, W. H. (1976). Theory of the firm, managerial behaviour, agency costs and ownership structure. Journal Financial Economic, 3, 305-360. https://doi.org/10.1016/0304-405x(76)90026-x
- John, T. A. (1993). Accounting measures of corporate liquidity, leverage, and costs of financial distress. Financial Management, 22(3), 91-100. https://doi.org/10.2307/3665930
- Jones, F. L. (1987). Current techniques in bankruptcy prediction. Journal of Accounting Literature, 6, 131-164.
- Jones, T. M. & Wicks, A. C. (1999). Convergent stakeholder theory. Academy of Management Review, 24(2), 206-221. https://doi.org/10.5465/amr.1999.1893929
- Kacperczyk, A. (2009). With greater power comes greater responsibility? Takeover protection and corporate attention to stakeholders. Strategic Management Journal, 30(3), 261-285. https://doi.org/10.1002/smj.733
- Kane, G. D., Richardson, F. M. & Graybeal, P. (1996). Recession‐induced stress and the prediction of corporate failure. Contemporary Accounting Research, 13(2), 631-650. https://doi.org/10.1111/j.1911-3846.1996.tb00517.x
- Kassinis, G., & Vafeas, N. (2006). Stakeholder pressures and environmental performance. Academy of Management Journal, 49(1), 145-159. https://doi.org/10.5465/amj.2006.20785799
- Keasey, K. & Watson, R. (1987). Non‐financial symptoms and the prediction of small company failure, a test of Argentis hypotheses. Journal of Business Finance & Accounting, 14(3), 335-354. https://doi.org/10.1111/j.1468-5957.1987.tb00099.x
- Keasey, K. & Watson, R. (1991). Financial distress prediction models: a review of their usefulness. British Journal of Management, 2(2), 89-102. https://doi.org/10.1111/j.1467-8551.1991.tb00019.x
- Koh, H. C., & Killough, L. N. (1990). The use of multiple discriminant analysis in the assessment of the going‐concern status of an audit client. Journal of Business Finance & Accounting, 17(2), 179-192. https://doi.org/10.1111/j.1468-5957.1990.tb00556.x
- Labatut, G. L., Campillo, P. & Ferrer, E. (2009). Modelización temporal de los ratios contables en la detección del fracaso empresarial de la PYME española. Spanish Journal of Finance and Accounting/Revista Española de Financiación y Contabilidad, 38(143), 423-447. https://doi.org/10.1080/02102412.2009.10779672
- Laffarga, J., Martín, J., & Vázquez, J. (1985). La predicción de la crisis bancaria: El caso español. Revista Española de Financiación y Contabilidad, 20, 66, 151-163.
- Larrinaga-González, C. (2007). Sustainability reporting, insights from neo-institutional theory. In J. Unerman, B. O’Dwyer and J. Bebbington (eds). Sustainability accounting and accountability. London, Routledge. https://doi.org/10.4324/noe0415384889.ch8
- Law 22/2003, Spanish Insolvency Act 22-2003, BOE (Officil State Bulletin), 164, 10 July.
- Lee, D.Y. & Tsang, E.W.K. (2001). The effects of entrepreneurial personality, background and network activities on venture growth. Journal of Management Studies, 38 (4): 583–602. https://doi.org/10.1111/1467-6486.00250
- Lemmon, M. L. & Lins, K. V. (2003). Ownership structure, corporate governance, and firm value, evidence from the east Asian financial crisis. The Journal of Finance, 58(4), 1445-1468. https://doi.org/10.1111/1540-6261.00573
- Lizárraga, F. (1997). Utilidad de la información contable en el proceso de fracaso, análisis del sector industrial de la mediana empresa española. Revista Española de Financiación y Contabilidad, 93, 871-915.
- Madrid-Guijarro, A., García-Pérez-de-Lema, D., & Van Auken, H. (2011). An analysis of non-financial factors associated with financial distress. Entrepreneurship and Regional Development, 23(3-4), 159-186. https://doi.org/10.1080/08985620903233911
- Manzaneque, M., García‐Pérez‐De‐Lema, D. & Antón, M. (2015). Bootstrap Replacement to Validate the Influence of the Economic Cycle on the Structure and the Accuracy Level of Business Failure Prediction Models. Journal of Forecasting, 34(4), 275-289. https://doi.org/10.1002/for.2327
- Manzaneque, M., Priego, A. M., & Merino, E. (2016). Corporate governance effect on financial distress likelihood: Evidence from Spain. Revista de Contabilidad-Spanish Accounting Review, 19(1), 111-121. https://doi.org/10.1016/j.rcsar.2015.04.001
- McDonald, L. & Härtel, C.E.J. (2000). Applying the involvement construct to organizational crisis. Proceedings of the Australian and New Zealand Marketing Conference, Gold Coast, Australia.
- McDonald, L., Sparks, B. & Glendon, A. I. (2010). Stakeholders reactions to company crisis communication and causes. Public Relations Review, 36, 263-271. https://doi.org/10.1016/j.pubrev.2010.04.004
- Mellahi, K. & Wilkinson, A. (2004). Organizational failure, a critique of recent research and a proposed integrative framework. International Journal of Management Reviews, 5(1), 21-41. https://doi.org/10.1111/j.1460-8545.2004.00095.x
- Mensah, Y. M. (1984). An examination of the stationarity of multivariate bankruptcy prediction models, a methodological study. Journal of Accounting Research, 380-395. https://doi.org/10.2307/2490719
- Minoja, M. (2012). Stakeholder management theory, firm strategy, and ambidexterity. Journal of Business Ethics, 1-16. https://doi.org/10.1007/s10551-012-1380-9
- Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of Management Review, 22(4), 853-886. https://doi.org/10.2307/259247
- Moore, S. B. & Manring, S. L. (2009). Strategy development in small and medium sized enterprises for sustainability and increased value creation. Journal of Cleaner Production, 17(2), 276-282. https://doi.org/10.1016/j.jclepro.2008.06.004
- Mora, A. (1994). Los modelos del fracaso empresarial, una aplicación empírica del logit. Revista Española de Financiación y Contabilidad, 24(78), 203-233.
- Neville, B. A. & Menguc, B. (2006). Stakeholder multiplicity, toward an understanding of the interactions between stakeholders. Journal of Business Ethics, 66(4), 377-391. https://doi.org/10.1007/s10551-006-0015-4
- Ohlson, J. A. (1980). Financial ratios and the probabilistic prediction of bankruptcy. Journal of accounting research, 109-131. https://doi.org/10.2307/2490395
- Padilla, J., & Requejo, A. (2000). The Cost and Benefits of the Strict Protection of Creditor Rights: Theory and Evidence. https://doi.org/10.2139/ssrn.1814659
- Pajunen, K. (2006). Stakeholders influences in organizational survival. Journal of Management Studies, 43(6), 1261-1288. https://doi.org/10.1111/j.1467-6486.2006.00624.x
- Parmar, B. L., Freeman, R. E., Harrison, J. S., Wicks, A. C., Purnell, L. & De Colle, S. (2010). Stakeholder theory, the state of the art. Academy of Management Annuals, 4(1), 403-445. https://doi.org/10.1080/19416520.2010.495581
- Penrose, E. (1995). The Theory of the Growth of the Firm. Oxford UK: Basil Blackwell, 2nd Edition. https://doi.org/10.1093/0198289774.001.0001
- Pérez-Carballo, J.F. (2001). Del valor de la empresa a la creación de valor. Estrategias para empresarios y financieros. Biblioteca Civitas, Economía y Empresa, Madrid.
- Perrini, F. (2006). SMEs and CSR theory, evidence and implications from an Italian perspective. Journal of Business Ethics, 67(3), 305-316. https://doi.org/10.1007/s10551-006-9186-2
- Peursem, K. & Chan, Y. C. (2014). Forecasting New Zealand corporate failures 2001-10, opportunity lost? Australian Accounting Review, 24(3), 276-288. https://doi.org/10.1111/auar.12029
- Pfeffer, J. & Salancik, G. R. (1978). The external control of organizations. Harper & Row, New York. https://doi.org/10.2307/2392573
- Pinnuck, M. (2012). A review of the role of financial reporting in the global financial crisis. Australian Accounting Review, 22(1), 1-14. https://doi.org/10.1111/j.1835-2561.2011.00155.x
- Platt, H. D., Mirick, C. R., & Platt, M. B. (2011). Ethics, bankruptcy and greed: the unintended consequences for landlords of the 2005 bankruptcy amendments. International Journal of Business Governance and Ethics, 6(3), 249-263. https://doi.org/10.1504/ijbge.2011.043240
- Platt, H. D., & Platt, M. B. (1990). Development of a class of stable predictive variables: the case of bankruptcy prediction. Journal of Business Finance & Accounting, 17(1), 31-51. https://doi.org/10.1111/j.1468-5957.1990.tb00548.x
- Post J.E., Preston L.E. & Sachs, S. (2002). Managing the extended enterprise, the new stakeholder view. California Management Review, 45(1), 6-28. https://doi.org/10.2307/41166151
- Preston, L.E. & Sapienza, H. (1990). Stakeholder management and corporate performance. Journal of Behavioral Economics, 19, 361-375. https://doi.org/10.1016/0090-5720(90)90023-Z
- Priego, A., Banegas, R. & Manzaneque, M. (2012). Stakeholders y riesgo empresarial desde la perspectiva de la información contable. Strategy & Management Business Review, 33 -57.
- Priego, A., Manzaneque, M. & Merino, E. (2014). Business failure: Incidence of stakeholders’ behavior. Academia Revista Latinoamericana de Administración, 27(1), 75-91. https://doi.org/10.1108/arla-12-2013-0188
- Russo, A. & Tencati, A. (2009). Formal vs. informal CSR strategies, evidence from Italian micro, small, medium-sized, and large firms. Journal of Business Ethics, 85, 339-353. https://doi.org/10.1007/s10551-008-9736-x
- San-José, L. & Cowton, C.J. (2009). El crédito comercial y la crisis crediticia, un análisis descriptivo en Europa, Reino Unido y España. In F.J. Cossío-Silva (eds), in administrando en entornos inciertos (Managing in Uncertain Environment). Escuela Superior de Gestión Comercial y Marketing, Sevilla, 23-55.
- Schutjens, V. A., & Wever, E. (2000). Determinants of new firm success. Papers in Regional Science, 79(2), 135-153. https://doi.org/10.1007/s101100050040
- Sen, S., & Cowley, J. (2013). The relevance of stakeholder theory and social capital theory in the context of CSR in SMEs: An Australian perspective. Journal of Business Ethics, 118(2), 413-427. https://doi.org/10.1007/s10551-012-1598-6
- Somoza, A. (2001). La Consideración de Factores Cualitativos, Macroeconómicos y Sectoriales en los Modelos de Predicción de la Insolvencia Empresarial. Su Aplicación al Sector Textil y Confección de Barcelona (1994-1997). Papeles de Economía Española, 89, 90, 402-416
- Tabachnick, B. G. & Fidell, L. S. (1996). Analysis of covariance. Using Multivariate Statistics, 8(1), 321-374.
- Tantalo, C. & Priem, R. L. (2016). Value creation through stakeholder synergy. Strategic Management Journal, 37(2), 314-329. https://doi.org/10.1002/smj.2337
- Tascón, M.T., & Castaño, F.J. (2012). Variables y modelos para la identificación y predicción del fracaso empresarial: revisión de la investigación empírica reciente. Revista de Contabilidad-Spanish Accounting Review, 15(1), 7-58. https://doi.org/10.1016/s1138-4891(12)70037-7
- Van Hemmen, S. (2000). Reasignación de recursos y resolución de contratos en el sistema concursal español. Paper presented at the annual meeting of the X Congreso Nacional de ACEDE.
- Villanueva-Villar, M., Rivo-Lopez, E. & Lago-Penas, S. (2016). On the relationship between corporate governance and value creation in an economic crisis, empirical evidence for the Spanish case. BRQ Business Research Quarterly, 19(4), 233-245. https://doi.org/10.1016/j.brq.2016.06.002
- Von Stein, J. H., & Ziegler, W. (1984). The prognosis and surveillance of risks from commercial credit borrowers. Journal of Banking and Finance, 8, 249–268. https://doi.org/10.1016/0378-4266(84)90006-2
- Wood, R. (1947) Or forfeit freedom. New York, Doubleday.
- Worthington, I., Ram, M. & Jones, T. (2006). Exploring corporate social responsibility in the UK Asian small business community. Journal of Business Ethics, 67(2), 201-217. https://doi.org/10.1007/s10551-006-9024-6
- financial distress likelihood: Evidence from Spain. Revista de Contabilidad-Spanish Accounting Review, 19(1), 111-121. https://doi.org/10.1016/j.rcsar.2015.04.001
- Zavgren, C. V., & Friedman, G. E. (1988). Are bankruptcy prediction models worthwhile? An application. Management International Review, 28(1), 34.