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- W2121062023 abstract "De literatuur over falingspredictie negeert eigendomsstructuren en maakt de assumptie dat alle ondernemingen onafhankelijke economische entiteiten zijn. Door het belang van ondernemingsgroepen gaat die assumptie niet op voor het Europese Continent. In een steekproef bestaande uit middelgrote en grote Belgische ondernemingen tonen we aan dat de verklarende kracht van een aantal vaakgebruikte boekhoudkundige ratio’s (vb. winstgevendheid, schuldgraad, liquiditeit en efficientie) verschillend is voor ondernemingen die deel uitmaken van een groep dan wel voor zelfstandige bedrijven. Het uitspelen van de relatieve verschillen in verklaringskracht kan de performantie van een falingspredictiemodel verbeteren zonder nieuwe informatie toe te voegen. Verdere verbetering is nog mogelijk door rechtstreeks te corrigeren voor groepsgebonden effecten, bijvoorbeeld door het toevoegen van een maatstaf voor de financiele situatie van de hele groep. Tenslotte wordt aangetoond dat ook de voorspellingskracht van enkele vooraanstaande predictiemodellen kan verbeterd worden door rekening te houden met groepsfactoren. * * * The bankruptcy prediction literature generally ignores corporate ownership and assumes companies are independent economic entities. In Continental Europe this latter assumption does not hold, due to the importance of business groups. Using a sample of mostly non-quoted Belgian medium and large sized companies, we show that the predictive power of several accounting ratios that are commonly used in bankruptcy prediction models (e.g. performance, leverage, liquidity and efficiency) is different for group member companies as compared to stand-alone companies. By exploiting these differences in relative importance, model fit can be improved without adding any new information. Performance can be increased further by directly adjusting for group related factors, e.g. by including a measure of financial health of the group as a whole. Finally, it is shown that group adjustments can also improve the fit of some well-known existing prediction models." @default.
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- W2121062023 title "The Impact of Business Groups on Bankruptcy Prediction Modeling" @default.
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