164133 20251121161352.0 sideral 146271 ART-2025-146271 eng Bernate-Valbuena M. Earnings management indicators as predictors of bankruptcy in Spanish companies 2025 This study examines whether earnings management indicators, which highlight unjustified variations in accounting items, can predict business bankruptcy. Using data from 179,559 Spanish firms, from 2009 to 2014, both traditional financial ratios and earnings management indicators were analyzed. Significant differences between failed and non-failed firms were observed years before bankruptcy. To ensure robustness, a test sample from a future period validated the findings. Logistic regression revealed that certain earnings management indicators, particularly a synthetic index combining multiple indicators, can predict bankruptcy. Such indexes could enhance bankruptcy prediction models, offering valuable insights for assessing financial health and potential risks in businesses. Access copy available to the general public Unrestricted info:eu-repo/semantics/openAccess by-nc-sa https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Gutiérrez-Nieto B. Universidad de Zaragoza (orcid)0000-0003-3044-4983 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. (2025), [37 pp.] Doc. trab. (Fac. Cienc. Econ. Empres. Univ. Zaragoza) Documentos de trabajo. (Universidad de Zaragoza. Facultad de Ciencias Económicas y Empresariales) 2171-6668 2067738 http://zaguan.unizar.es/record/164133/files/texto_completo.pdf Versión publicada 1306707 http://zaguan.unizar.es/record/164133/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:164133 articulos driver 2025-11-21-14:27:10 ARTICLE