Incidencia del cash-flow en la probabilidad de quiebra en las empresas del sector G, de la provincia Tungurahua de Ecuador, períodos 2019 - 2023

Abstract

Abstract: This study analyzes the impact of cash flow on the probability of bankruptcy in companies in the G sector of the Tungurahua province of Ecuador during the period 2019-2023. A non-experimental, quantitative, correlational, and longitudinal research design was applied, allowing for the examination of real financial data without variable manipulation. The techniques used included descriptive analysis, correlational analysis, and the application of Altman's Z-Score model to determine the level of bankruptcy risk. The results show heterogeneous cash flow patterns among the companies and reveal that positive cash flow does not guarantee stability if high levels of debt or low liquidity coexist. A moderate positive correlation was also identified between operating cash flow and a decrease in the risk of insolvency, while external financing increased exposure to bankruptcy. The study concludes that cash flow influences financial soundness, although its effect depends on the interaction between liquidity, leverage, and operating efficiency.