<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2007-0705</journal-id>
<journal-title><![CDATA[Nova scientia]]></journal-title>
<abbrev-journal-title><![CDATA[Nova scientia]]></abbrev-journal-title>
<issn>2007-0705</issn>
<publisher>
<publisher-name><![CDATA[Universidad de La Salle Bajío A. C., Coordinación de Investigación]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2007-07052021000200207</article-id>
<article-id pub-id-type="doi">10.21640/ns.v13i27.2881</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Testing Altman&#8217;s Z&#8217;&#8217;-Score to assess the level of accuracy of the model in Mexican companies]]></article-title>
<article-title xml:lang="es"><![CDATA[Evaluando el modelo de Puntuación Z&#8217;&#8217; de Altman para determinar su nivel de precisión en empresas mexicanas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pantoja-Aguilar]]></surname>
<given-names><![CDATA[Martín P.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pizano-Ramírez]]></surname>
<given-names><![CDATA[Guadalupe de Montserrat]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lerma-Torres]]></surname>
<given-names><![CDATA[Berenice]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zavala-Vargas]]></surname>
<given-names><![CDATA[Miguel Ángel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Guanajuato Departamento de Gestión y Dirección de Empresas ]]></institution>
<addr-line><![CDATA[ Guanajuato]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Guanajuato División de Ciencias Económico-Administrativas ]]></institution>
<addr-line><![CDATA[ Guanajuato]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2021</year>
</pub-date>
<volume>13</volume>
<numero>27</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2007-07052021000200207&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2007-07052021000200207&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2007-07052021000200207&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  Introduction: In 1968, Altman developed a multivariable predictive Z-score model to assess the probability of a public manufacturing company going to bankruptcy based on financial ratios. Later, Altman (1983) re-stated a more improved Z&#8217;&#8217;-Score model designed to apply in public or private, manufacturing, or non-manufacturing firms, but also in emerging countries. Prediction of the updated model proved to be highly efficient. This research was conducted to prove the level of accuracy of the Z&#8217;&#8217;-Score model applied to firms listed in the Mexican Stock Exchange (MSE) since there is little relevant research on this subject.  Method: This research was conducted under a quantitative approach as a census and its scope was situational with a non-experimental and longitudinal research design. The period covered by this research was 2012-2019 since the data was available for those years under a somehow stable economic situation without significant economic ups and downs. This research considered the integration of a large financial database and the design of a typology to classify and analyze 155 firms based on a standard deviation and average results of 837 Z&#8217;&#8217;-scores. A second analysis was conducted to prove if the predicted situation (area) by the Z&#8217;&#8217;-Score corresponded to the real situation in the marketplace for every company.  Results: The results showed that the accuracy level of the Altman model decreased when applied to Mexican firms. The error of the model applied to Mexican companies related to those classified in the bankruptcy prediction area was 75 % of misclassification cases. The total error of the model included all areas, or cases, was 18 % of misclassification cases. This model is supposed to be effective within a time frame of two years before a possible bankruptcy. Even considering a longer time frame, the companies located in the bankruptcy prediction area continued having misclassifications representing 57 % of error. The error for the model considering all cases and all areas, was 14 % of misclassification cases. This represented a high level of inefficiency of the model applied to an emerging country companies, such as Mexico.  Discussion or conclusion: The model is certainly effective while predicting companies in the areas of non-bankrupt sector and grey, but it was inefficient when predicting the possibility of bankruptcy. It was also demonstrated that the time frame of two years is no longer effective when applying the model to Mexican companies. As a result, more research cases are needed to update the model to perform efficiently in emerging countries including country-specific conditions and considering a different time frame to predict bankruptcy.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen  Introducción: En 1968, Altman desarrolló un modelo multivariado predictivo denominado Puntuación Z para evaluar la posibilidad de quiebra en empresas públicas manufactureras. Posteriormente, Altman (1983) rediseñó el modelo de Puntuación Z&#8217;&#8217;, mejorándolo para su aplicación en empresas públicas y privadas, manufactureras o no manufactureras, incluso en países emergentes. El nivel de predicción del nuevo modelo demostró ser altamente eficiente. Esta investigación evaluó el nivel de precisión del modelo aplicado en empresas listadas en la Bolsa Mexicana de Valores, ya que la investigación en este tema es muy escasa.  Método: La presente investigación fue realizada mediante un enfoque cuantitativo a través de un censo de alcance situacional con un corte longitudinal. El periodo cubierto fue 2012-2019, pues en este intervalo se tuvo cierta estabilidad económica sin altibajos significativos. El estudio incluyó la integración de una amplia base de datos y el diseño de una tipología para clasificar y analizar 155 empresas, basándose en la desviación estándar y el promedio de resultados de 837 puntuaciones Z&#8217;&#8217;. Un segundo análisis fue conducido para probar si la predicción de la situación (área asignada) por la Puntuación Z&#8217;&#8217; correspondía con la situación real del mercado de cada empresa.  Resultados: Los resultados obtenidos mostraron que el nivel de precisión del modelo disminuyó cuando se aplicó al censo de empresas mexicanas. El error del modelo aplicado a empresas mexicanas, y que fueron ubicadas en la zona de predicción de bancarrota, fue del 75 % de casos de error en su clasificación. El error total del modelo, incluyendo todos los casos y todas las zonas, fue del 18 % basado en la incorrecta clasificación de empresas. Se espera que el modelo sea efectivo dentro de un margen de tiempo de dos años previos a la posible bancarrota. Aun considerando un periodo más largo, las compañías ubicadas en la zona de predicción de bancarrota continuaron manteniendo un 57 % de error en su clasificación. El error total del modelo, incluyendo todas las empresas y todas las zonas clasificadas, siguió manteniendo un 14 % de error en sus clasificaciones. Esto representó un alto nivel de ineficiencia del modelo aplicado a países emergentes, en este caso México.  Discusión o Conclusión: El modelo es ciertamente efectivo al predecir la ubicación de empresas en las zonas de no-bancarrota o gris, pero resultó ser ineficiente al predecir la posibilidad de bancarrota. También fue demostrado que el periodo de dos años ya no es efectivo al aplicar el modelo a empresas mexicanas. Se evidencia que se requieren más casos de investigación para poder calibrar de nueva cuenta el modelo, a fin de que pueda ejecutarse eficientemente en países emergentes, tomando en cuenta condiciones específicas del país y considerando un periodo de diferente para predecir la bancarrota.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[predicción de quiebra]]></kwd>
<kwd lng="es"><![CDATA[Puntuación Z&#8217;&#8217;]]></kwd>
<kwd lng="es"><![CDATA[razones]]></kwd>
<kwd lng="es"><![CDATA[problemas financieros]]></kwd>
<kwd lng="es"><![CDATA[precisión del modelo]]></kwd>
<kwd lng="es"><![CDATA[países emergentes]]></kwd>
<kwd lng="es"><![CDATA[empresas mexicanas]]></kwd>
<kwd lng="es"><![CDATA[bolsa mexicana de valores]]></kwd>
<kwd lng="es"><![CDATA[economía]]></kwd>
<kwd lng="es"><![CDATA[finanzas]]></kwd>
<kwd lng="en"><![CDATA[bankruptcy prediction]]></kwd>
<kwd lng="en"><![CDATA[Z&#8217;&#8217;-Score]]></kwd>
<kwd lng="en"><![CDATA[ratios]]></kwd>
<kwd lng="en"><![CDATA[financial distress]]></kwd>
<kwd lng="en"><![CDATA[model accuracy]]></kwd>
<kwd lng="en"><![CDATA[emerging countries]]></kwd>
<kwd lng="en"><![CDATA[Mexican firms]]></kwd>
<kwd lng="en"><![CDATA[Mexican stock exchange]]></kwd>
<kwd lng="en"><![CDATA[economy]]></kwd>
<kwd lng="en"><![CDATA[finance]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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