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    Determinantes financieros del fracaso empresarial en Colombia
    (Universidad EAFIT, 2021) Vega Cabrera, Ana Patricia; Garzón Garzón, Ramón; Restrepo Tobón, Diego Alexander
    This project identifies the financial variables that determine business failure in Colombia from 1995 to 2018, controlling factors such as fixed time and macro-sector effects for lagged values of the variables at one, two and three years. The financial indicators which turned out to better explain business failure were determined based on the financial statements reported by Colombian companies to the Enterprise Information System (Sistema de Información Empresarial, SIREM), of Superintendencia de Sociedades, and through logistic regression logit model analysis. As a result, the most relevant variables which measure the probability of bankruptcy for a company are related to liquidity (Available / sales and current assets / total assets), solvency (Total liabilities / total assets) and control by size (Total assets and operative income). Understanding the factors which determine companies’ failure, eases administrators on appropriate decision making, taking required measures to avoid non-compliance events that risk financial survival and stability of the enterprises.