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COLORCROSS CALIBRATION HIGHER QR PC
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The results indicate that necessary conditions for viable firms are CR and QR for each year. Our analysis is based on five financial ratios: the Total Debt Capacity, the Long-Term Debt Capacity, the Financial Expenses Management, the Current Ratio (CR), and the Quick Ratio (QR).
According to their financial situation, firms are either viable or in bankruptcy or even in a between financial condition. The outcome explored in the current study concerns the viability of 89 randomly selected Greek firms for three consecutive years, 2009-2011. In this frame, the method explores rules, which lead to an outcome condition. The fsQCA method focuses on linguistic summarization of ‘ if-then’ type rules. Necessary causal conditions are those that produce the outcome, while sufficient combinations are those that always lead to the given outcome. In the current study, the methodological approach is based on fuzzy sets and Boolean logic, namely, the fuzzy set Qualitative Comparative Analysis method (fsQCA), which explores all the necessary conditions and sufficient combinations in a dataset for the presence or the absence of an outcome. Various methodological tools have been employed to assess the viability of firms.
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