Lee, Tsun-Siou; Yeh, Yin-Hua; Liu, Rong-Tze - Center for Economic Institutions, Institute of Economic … - 2003
We integrated accounting, corporate governance, and macroeconomic variables to build up a binary logistic regression model for the prediction of financially distressed firms. Debt ratio and ROA are found to be the most explanatory accounting variables while the percentage of directors controlled...