<?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>1390-8618</journal-id>
<journal-title><![CDATA[RETOS. Revista de Ciencias de la Administración y Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Retos]]></abbrev-journal-title>
<issn>1390-8618</issn>
<publisher>
<publisher-name><![CDATA[Universidad Politécnica Salesiana]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1390-86182023000100139</article-id>
<article-id pub-id-type="doi">10.17163/ret.n25.2023.09</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Relación entre los indicadores financieros del modelo Altman Z y el puntaje Z]]></article-title>
<article-title xml:lang="en"><![CDATA[Relationship between the financial indicators of the Altman Z-model and the Z-Score]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Isaac-Roque]]></surname>
<given-names><![CDATA[Daniel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Caicedo-Carrero]]></surname>
<given-names><![CDATA[Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Fundación Universitaria Konrad Lorenz  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Colegio Mayor de Cundinamarca  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<volume>13</volume>
<numero>25</numero>
<fpage>139</fpage>
<lpage>158</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_arttext&amp;pid=S1390-86182023000100139&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_abstract&amp;pid=S1390-86182023000100139&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_pdf&amp;pid=S1390-86182023000100139&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen desde un punto de vista teórico, no existe un consenso general sobre la identificación de las dificultades financieras de una empresa. El modelo Altman Z-Score es reconocido en la literatura como un indicador para medir la probabilidad de insolvencia financiera. Aunque este modelo es muy difundido y utilizado como métrica para predecir las dificultades financieras, no existe acuerdo sobre los factores que determinan el comportamiento o resultado del puntaje Z. En este sentido, el propósito de este estudio es analizar los factores que determinan el comportamiento del puntaje Z-Score en las empresas colombianas. Esta investigación se desarrolla bajo un enfoque metodológico cuantitativo, con un diseño de tipo correlacional. Este alcance de investigación busca medir la asociación entre el puntaje Z de Altman y los indicadores financieros que determinan su resultado; para tal fin se analizan un total de 2684 empresas del sector comercial colombiano que reportaron información financiera de forma sistemática durante el periodo 2016-2020. Los resultados de las pruebas estadísticas efectuadas revelan que existe relación directa entre el indicador que mide la estructura financiera (patrimonio/pasivo) y el puntaje Z de Altman. Adicionalmente, permiten concluir que, desde el punto de vista del modelo de Altman, las empresas que capitalizan sus beneficios y mantienen bajo control su nivel de endeudamiento son empresas financieramente estables y con baja probabilidad de insolvencia.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract from a theoretical point of view, there is no general consensus on the identification of a company&#8217;s financial difficulties. The Altman Z-Score model is recognized in the literature as an indicator for measuring the probability of financial insolvency. While this model is widely used as a metric for predicting financial distress, there is no agreement on the factors that determine the behavior or outcome of the Z-Score. In this sense, the purpose of this study is to analyze the factors that determine the behavior of the Z-Score in Colombian companies. The research is developed under a quantitative methodological approach, with a correlational design. This scope of research seeks to measure the association between the Altman Z-Score and the financial indicators that determine its outcome; to this end, a total of 2,684 companies in the Colombian commercial sector that reported financial information on a systematic basis during the period 2016-2020 are analyzed. The results of the statistical tests carried out reveal that there is a direct relationship between the indicator measuring financial structure (equity/liabilities) and the Altman Z-Score. This leads to the conclusion that a company that seeks to capitalize profits and keep debt levels under control, from the point of view of Altman&#8217;s model, will be a company with financial stability and a low probability of financial insolvency.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Liquidez]]></kwd>
<kwd lng="es"><![CDATA[apalancamiento]]></kwd>
<kwd lng="es"><![CDATA[rendimiento]]></kwd>
<kwd lng="es"><![CDATA[estructura financiera]]></kwd>
<kwd lng="es"><![CDATA[correlación]]></kwd>
<kwd lng="es"><![CDATA[insolvencia financiera]]></kwd>
<kwd lng="en"><![CDATA[liquidity]]></kwd>
<kwd lng="en"><![CDATA[leverage]]></kwd>
<kwd lng="en"><![CDATA[performance]]></kwd>
<kwd lng="en"><![CDATA[financial structure]]></kwd>
<kwd lng="en"><![CDATA[correlation]]></kwd>
<kwd lng="en"><![CDATA[financial insolvency]]></kwd>
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</article-meta>
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