HEC-Ecole de gestion de l'Université de Liège
HEC-Ecole de gestion de l'Université de Liège

Business failure models: How to incorporte causal effects ?

Müsch, Cedric ULiège
Promotor(s) : Van Caillie, Didier ULiège
Date of defense : 5-Sep-2022/10-Sep-2022 • Permalink :
Title : Business failure models: How to incorporte causal effects ?
Translated title : [fr] Modèles d'échec commercial : Comment intégrer les effets de causalité ?
Author : Müsch, Cedric ULiège
Date of defense  : 5-Sep-2022/10-Sep-2022
Advisor(s) : Van Caillie, Didier ULiège
Committee's member(s) : Torsin, Wouter ULiège
Language : English
Number of pages : 99
Keywords : [en] causal effects, business failure, Ooghe, failure path, causality, discriminant analysis
Discipline(s) : Business & economic sciences > Accounting & auditing
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Financial Analysis and Audit
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège


[fr] This research thesis deals with the question of how to incorporate causal effects into traditional business failure models, that can predict bankruptcy for a given sample.
The aim of this study is to provide a comprehensive analysis of a company’s financial construction as well as the traditional failure paths that are based thereon, before establishing a new concept for a model combining both causal and predictive modelling. The model can build a foundation for a more accurate business failure prediction.
The required analysis to obtain these results involves thorough research about core financial elements, the functionality of discriminant analysis as well as causal modelling. Moreover, a discriminant analysis is done on a sample of Belgian firms.



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  • Müsch, Cedric ULiège Université de Liège > Master sc. gest., à fin.


Committee's member(s)

  • Torsin, Wouter ULiège Université de Liège - ULiège > HEC Liège : UER > UER Finance et Droit : Financial Reporting and Audit
    ORBi View his publications on ORBi
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  • Total number of downloads 10

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