{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,14]],"date-time":"2025-10-14T00:47:15Z","timestamp":1760402835175,"version":"build-2065373602"},"reference-count":49,"publisher":"MDPI AG","issue":"2","license":[{"start":{"date-parts":[[2020,4,27]],"date-time":"2020-04-27T00:00:00Z","timestamp":1587945600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Axioms"],"abstract":"<jats:p>The paper aims to identify which variables related to capital structure theory predict business failure in the Spanish construction sector during the subprime crisis. An artificial neural network (ANN) approach based on Self-Organizing Maps (SOM) is proposed, which allows one to cluster between default and active firms\u2019 groups. The similarities and differences between the main features in each group determine the variables that explain the capacities of failure of the analyzed firms. The network tests whether the factors that explain leverage, such as profitability, growth opportunities, size of the company, risk, asset structure, and age of the firm, can be suitable to predict business failure. The sample is formed by 152 construction firms (76 default and 76 active) in the Spanish market. The results show that the SOM correctly predicts 97.4% of firms in the construction sector and classifies the firms in five groups with clear similarities inside the clusters. The study proves the suitability of the SOM for predicting business bankruptcy situations using variables related to capital structure theory and financial crises.<\/jats:p>","DOI":"10.3390\/axioms9020046","type":"journal-article","created":{"date-parts":[[2020,4,28]],"date-time":"2020-04-28T05:05:32Z","timestamp":1588050332000},"page":"46","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":5,"title":["Can the SOM Analysis Predict Business Failure Using Capital Structure Theory? Evidence from the Subprime Crisis in Spain"],"prefix":"10.3390","volume":"9","author":[{"given":"Juan Pedro","family":"Lucanera","sequence":"first","affiliation":[{"name":"CEDETS-UPSO, Ciudad de Cali 320, Bah\u00eda Blanca 8000, Argentina"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0077-161X","authenticated-orcid":false,"given":"Laura","family":"Fabregat-Aibar","sequence":"additional","affiliation":[{"name":"Department of Business Management, Faculty of Business and Economic, Universitat Rovira i Virgili; Av. Bellissens, 43204 Reus, Spain"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2759-2582","authenticated-orcid":false,"given":"Valeria","family":"Scherger","sequence":"additional","affiliation":[{"name":"Department of Economics, Universidad Nacional del Sur (UNS)-IIESS (UNS-CONICET); Campus Altos de Palihue, Bah\u00eda Blanca 8000, Argentina"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Hern\u00e1n","family":"Vigier","sequence":"additional","affiliation":[{"name":"Department of Economics, Universidad Nacional del Sur-CEDETS-UPSO; Ciudad de Cali 320, Bah\u00eda Blanca 8000, Argentina"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2020,4,27]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"71","DOI":"10.2307\/2490171","article-title":"Financial ratios as predictors of failure","volume":"4","author":"Beaver","year":"1966","journal-title":"J. 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