Advances in Decision Sciences
Volume 2011 (2011), Article ID 928716, 28 pages
Research Article

Structural and Evolutionary Patterns of Companies in a Financial Distress Situation

Facultad de Economía y Empresa, Campus Miguel de Unamuno, 37007 Salamanca, Spain

Received 16 December 2010; Revised 11 March 2011; Accepted 28 April 2011

Academic Editor: Henry Schellhorn

Copyright © 2011 M. I. González-Bravo and Arjola Mecaj. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.


The present paper studies the evolution of a set of USA firms during the years 1993–2002. The firms that faced a difficult economic and financial situation in 1993 were considered to be in a distress situation. The aim of this study is to explore if the evolution of this situation depends on the initial features of the distress or if it concerns certain firms' characteristics. If the evolution is independent from the above, the management decisions become crucial in critical times. For the analysis we used a Multidimensional Scaling methodology where the firms are represented in a consensus map according to symptom variables, reaction variables, and recovering variables.