Ecuadorian Manufacturing Companies in Pandemic: Comparative Analysis Of Bankruptcy Forecast

Irene Gisel Buele Nugra, Christian Geovanny Inga Chichay, Joselyn Tatiana Mejia Loza

Research output: Contribution to journalArticle


The Altman Z-Score model helps to determine the possibility of a company's bankruptcy, offering the opportunity to make corrective decisions in a prompt manner. This article compares the financial situation of manufacturing companies in the years 2019 and 2020, through the analysis of financial ratios and the Altman Z-Score model. This research aims to determine the changes in the financial situation and the probability of bankruptcy in the first year of the Covid-19 pandemic. The results show a negative impact on liquidity (0.11%), the profitability showed an increase of 4%, demonstrating that profits have been generated despite the fact that sales did not increase. The probability of bankruptcy is 2.22 for manufacturing companies in 2019 and 1.97 for 2020, because of a 10% decrease in sales.
Translated title of the contributionEmpresas manufactureras ecuatorianas en pandemia: análisis comparativo del pronóstico de quiebras
Original languageEnglish (US)
Pages (from-to)1-21
Number of pages21
JournalJournal of Business Strategy Finance and Management
Issue number6
StatePublished - 7 Mar 2024


  • Bankruptcy forecast
  • Covid-19
  • Altman z-score
  • Manufacturing companies.
  • Financial ratios

CACES Knowledge Areas

  • 314A Administration


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