Non-financial Factors in Prediction of Financial Distress

Z-Score (Altman)
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isaiah
Accountant, Kenya

Non-financial Factors in Prediction of Financial Distress

Financial distress management may lead to a successful turnaround of a firm if there would be timely detection of the symptoms of decline well in advance. On the other hand, some turnarounds do not succeed despite of early detection.
For modeling a financial distress predictor, what could be the main determinants of success? Is there a potential of developing a universal algorithm that can be used across industries with the same level of success?
❗Are non-financial factors perhaps more important in such an analysis?

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