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An analysis of non-financial factors associated with financial distress

机译：与财务困境相关的非财务因素分析

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This article examines factors associated with financial distress among 1006 Spanish manufacturings (SMEs), distinguishing high and low technology industries. Financial distress is analysed using industrial organizational theory through the Porter's five competitive forces model (external factors) and the resource based view through strategic variables (internal factors), such as training, planning, innovation, technology and quality. Two different sources of information were used in the study: Qualitative information related to environmental conditions and strategic variables was gathered through a questionnaire addressed to the firm manager. Quantitative information to identify whether the firm was in financial distress was gathered from the balance sheets and earning statements of the firms. Evidence from this study shows that environmental conditions and some strategic variables are associated with financial distress. The results found that young SMEs with low technology and in a highly competitive environment had a higher probability of financial distress. High bargaining power of buyers and high degree of rivalry among existing competitors were positively associated with financial distress. Financial distress in high-technology industries was not affected by external factors. However, firms with a quality certification have better quality control procedures that ultimately improve financial performance of firms in the technology industries.View full textDownload full textKeywordsfinancial distress, international, financial managementRelated var addthis_config = { ui_cobrand: "Taylor & Francis Online", services_compact: "citeulike,netvibes,twitter,technorati,delicious,linkedin,facebook,stumbleupon,digg,google,more", pubid: "ra-4dff56cd6bb1830b" }; Add to shortlist Link Permalink http://dx.doi.org/10.1080/08985620903233911
机译：本文研究了1006个西班牙制造业（SME）中与财务困境相关的因素，从而区分了高技术产业和低技术产业。使用产业组织理论，通过波特的五个竞争力模型（外部因素）分析财务困境，并通过战略变量（内部因素）（例如培训，计划，创新，技术和质量）使用基于资源的观点进行分析。在研究中使用了两种不同的信息来源：与环境条件和战略变量有关的定性信息是通过发给公司经理的问卷收集的。从企业的资产负债表和损益表中收集定量信息，以识别企业是否陷入财务困境。这项研究的证据表明，环境条件和某些战略变量与财务困境有关。结果发现，技术含量低，竞争激烈的年轻中小企业财务困境的可能性更高。买家的高议价能力和现有竞争对手之间的高度竞争与财务困境正相关。高科技行业的财务困境不受外部因素的影响。但是，具有质量认证的公司具有更好的质量控制程序，最终可以改善技术行业中公司的财务绩效。查看全文下载全文关键字财务困境，国际，财务管理相关的var addthis_config = {ui_cobrand：“泰勒和弗朗西斯在线”，services_compact： “ citeulike，netvibes，twitter，technorati，美味，linkedin，facebook，stumbleupon，digg，google，更多”，发布：“ ra-4dff56cd6bb1830b”};添加到候选列表链接永久链接http://dx.doi.org/10.1080/08985620903233911911

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