<?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>0123-5923</journal-id>
<journal-title><![CDATA[Estudios Gerenciales]]></journal-title>
<abbrev-journal-title><![CDATA[estud.gerenc.]]></abbrev-journal-title>
<issn>0123-5923</issn>
<publisher>
<publisher-name><![CDATA[Universidad Icesi]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-59232019000400347</article-id>
<article-id pub-id-type="doi">10.18046/j.estger.2019.153.3151</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Analysis of credit risk faced by public companies in Brazil: an approach based on discriminant analysis, logistic regression and artificial neural networks]]></article-title>
<article-title xml:lang="es"><![CDATA[Análisis del riesgo de crédito que enfrentan las empresas de capital abierto en Brasil: un enfoque utilizando análisis discriminante regresión logística y redes neuronales artificiales]]></article-title>
<article-title xml:lang="pt"><![CDATA[Análise de risco de crédito enfrentada por empresas de capital aberto no Brasil: uma abordagem utilizando análise discriminante de regressão logística e redes neurais artificiais]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[do Prado]]></surname>
<given-names><![CDATA[José Willer]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[de Melo Carvalho]]></surname>
<given-names><![CDATA[Francisval]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Carvalho de Benedicto]]></surname>
<given-names><![CDATA[Gideon]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ribeiro Lima]]></surname>
<given-names><![CDATA[André Luis]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Federal University of Lavras Department of Management and Economics ]]></institution>
<addr-line><![CDATA[Lavras ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Federal University of Lavras Department of Management and Economics ]]></institution>
<addr-line><![CDATA[Lavras ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Federal University of Lavras Department of Management and Economics ]]></institution>
<addr-line><![CDATA[Lavras ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Federal University of Lavras Department of Management and Economics ]]></institution>
<addr-line><![CDATA[Lavras ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<volume>35</volume>
<numero>153</numero>
<fpage>347</fpage>
<lpage>360</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-59232019000400347&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-59232019000400347&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-59232019000400347&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The aims of the present article are to identify the economic-financial indicators that best characterize Brazilian public companies through credit-granting analysis and to assess the most accurate techniques used to forecast business bankruptcy. Discriminant analysis, logistic regression and neural networks were the most used methods to predict insolvency. The sample comprised 121 companies from different sectors, 70 of them solvent and 51 insolvent. The conducted analyses were based on 35 economic-financial indicators. Need of working capital for net income, liquidity thermometer, return on equity, net margin, debt breakdown and equity on assets were the most relevant economic-financial indicators. Neural networks recorded the best accuracy and the Receiver Operating Characteristic Curves (ROC curve) corroborated this outcome. JEL Classification: G110, G210, G330.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo del presente artículo es identificar cuáles son los indicadores económicos-financieros que mejor distinguen a las empresas brasileras de capital abierto por medio de concesión de crédito y evaluar cuáles de las técnicas utilizadas son las más precisas para prever la bancarrota de las empresas. Los métodos utilizados para prever la insolvencia fueron análisis discriminante, regresión logística y redes neuronales. La muestra fue compuesta por 121 empresas de diversos sectores, siendo 70 solventes y 51 insolventes. Los análisis utilizaron 35 indicadores económicos-financieros. Los indicadores económicos-financieros más relevantes fueron: necesidad de capital de trabajo sobre utilidad líquida, termómetro de liquidez, retorno sobre el patrimonio líquido, margen de beneficio, ratio de endeudamiento y patrimonio líquido sobre los activos. El modelo de redes neuronales presentó una mayor precisión y fue corroborada por la Curvas Características Operativas del Receptor (curva ROC).]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo O objetivo deste artigo é identificar quais são os indicadores econômico-financeiros que melhor distinguem as empresas de capital aberto brasileiras por meio da concessão de credito e avaliar quais das técnicas utilizadas são as mais precisas para prever a falência das empresas. Os métodos utilizados para antecipar a insolvência foram analise discriminante, regressão logística e redes neurais. A amostra foi composta por 121 empresas de diversos setores, sendo 70 solventes e 51 insolventes. As analises utilizaram 35 indicadores econômico-financeiros. Os indicadores-econômico-financeiros mais relevantes foram: necessidade de capital de giro sobre lucro líquido, termômetro de liquidez, retorno sobre patrimônio líquido, margem de lucro, índice de dívida e patrimônio líquido sobre ativos. O modelo de rede neural apresentou maior precisão e foi corroborado pela curva ROC.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[credit risk]]></kwd>
<kwd lng="en"><![CDATA[bankruptcy]]></kwd>
<kwd lng="en"><![CDATA[Brazil]]></kwd>
<kwd lng="en"><![CDATA[financial indicators]]></kwd>
<kwd lng="es"><![CDATA[riesgo de crédito]]></kwd>
<kwd lng="es"><![CDATA[bancarrota]]></kwd>
<kwd lng="es"><![CDATA[Brasil]]></kwd>
<kwd lng="es"><![CDATA[indicadores financieros]]></kwd>
<kwd lng="pt"><![CDATA[risco de crédito]]></kwd>
<kwd lng="pt"><![CDATA[falência]]></kwd>
<kwd lng="pt"><![CDATA[Brasil]]></kwd>
<kwd lng="pt"><![CDATA[indicadores financeiros]]></kwd>
</kwd-group>
</article-meta>
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