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Global financial crises have emphasized the importance of understanding current and future corporate financial states. A literature review about financial distress permits us to define it independently from the financial nature of its causes: companies may also face financial distress as a consequence of non-financial factors characterizing its starting point. After this initial step, a firm may either recover its financial situation (temporary distress) or embark on a failure path (severe financial distress). Both these cases may correspond to either a no tort or a fraud (either disclosed or undetected). The cases examined here are also relevant for understanding the passage of the focus of academic debate from prediction to explanation in order to minutely examine how companies mutate from successful into distressed ones.
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- Corporate Financial Distress: A Roadmap of the Academic Literature Concerning its Definition and Tools of Evaluation
- Chapter 2
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