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This study aims to develop a model based on the financial variables for better accuracy of financial distress prediction on the sample of private French, Spanish and Italian firms. Thus, firms in financial difficulties could timely request for troubled debt restructuring (TDR) to continue business.

This study used a sample of 312 distressed and 312 non-distressed firms. It includes 60 French, 21 Spanish and 231 Italian firms in both distressed and non-distressed groups. The data are extracted from the ORBIS database. First, the authors develop a new model by replacing a ratio in the original Z”-Score model specifically for financial distress prediction and estimate its coefficients based on linear discriminant analysis (LDA). Second, using the modified Z”-Score model, the authors develop a firm TDR probability index for distressed and non-distressed firms based on the logistic regression model.

The new model (modified Z”-Score), specifically for financial distress prediction, represents higher prediction accuracy. Moreover, the firm TDR probability index accurately depicts the probabilities trend for both groups of distressed and non-distressed firms.

The findings of this study are conclusive. However, the sample size is small. Therefore, further studies could extend the application of the prediction model developed in this study to all the EU countries.

This study has important practical implications. This study responds to the EU directive call by developing the financial distress prediction model to allow debtors to do timely debt restructuring and thus continue their businesses. Therefore, this study could be useful for practitioners and firm stakeholders, such as banks and other creditors, and investors.

This study significantly contributes to the literature in several ways. First, this study develops a model for predicting financial distress based on the argument that corporate bankruptcy and financial distress are distinct events. However, the original Z”-Score model is intended for failure prediction. Moreover, the recent literature suggests modifying and extending the prediction models. Second, the new model is tested using a sample of firms from three countries that share similarities in their TDR laws.

Transitional entrepreneurship in distressed economies is a fairly new concept with respect to new ventures in such challenging economic environments. Formal institutional voids are sometimes held up as a reason for the difficulties present in distressed economies, along with exogenous shocks and other upheavals. In this research, the authors seek to contribute empirically and theoretically as to ways in which formal institutions voids can be filled by a culture developed by transitional entrepreneurs. Indeed, in transition economies, formal institutions need to be enhanced by informal institutions to control corruption and other misbehavior by authorities. Iranian economists emphasize these essential reforms to be able to manage current difficulties, yet top down policies cannot help transitional entrepreneurs benefit from the country’s value-adding cultural heritage to informally address this. To study this, qualitative research methods were used to interpret transitional entrepreneurs’ ideology and ethical routines as the ingredients of a commercial culture that can establish soft law that substitutes for formal institutions. This helps to reduce the disfunctionality of formal institutions in distressed economies.

A thematic analysis interviewing key Iranian entrepreneurs and economists is conducted. Also based on an interpretive paradigm, a hermeneutic cycle has been carried out on selected texts. Results have been verified throughout related literature as to come up with a solid synthesized interpreted outcome.

This paper contributes to theory from a new perspective by discussing transitional entrepreneurship and navigating a distressed economy; in which, ideology and ethics as the ingredients of soft law (Newman and Posner, 2018) are discussed as the base to further develop a commercial culture that fills voids of formal institutions. The formal–informal institutional cycle in distressed economies as the major difficulty entrepreneurs face (Peng and Luo, 2000) is important, because they try to increasingly enhance their move toward a market orientation (Bruton et al., 2008). The authors contribute as to how transitional entrepreneurs can complete this process of adaptation and also the fact that those informal institutions do actually respond to those adaptations. The other contribution is to enrich theories about institutions from the point of view of culture. Knowing these facts helps transitional entrepreneurs, because in distressed communities, formal institutions’ function has an important effect on economic performance (Amorós, 2009). This research’s contributions shed light to help government leaders understand the pros and cons of their actions forced on the industry. As it has been characterized in this research, it can turn in to new formal set of legitimacies (Ahlstrom et al., 2008) to root out corruption and help set the economy on a path to innovation and new venture creation.

Transitional entrepreneurs can depend on the less formal cultural-cognitive aspect of ethics and ideology. These entrepreneurs can be working on the burgeoning private sector, who want to connect with the outside effectively to overcome an economy in distress. Transitional entrepreneurs may face governmental institutional intermediaries as a barrier. Formal intermediaries tend to benefit from inefficiencies caused by hierarchal orders and will improve informality in order to overcome difficulties. In this research, institutional theory from the third pillar of the cultural-cognitive sheds light on transitional entrepreneurship in distressed economies, where inquiry is to fill voids of formal institutions as a process of possible linking between new generated soft law derived by beliefs, ideology and professional morality in order to influence (old) legitimacies. The research’s focus evolves on values transitional entrepreneurs utilize to build informal institutions and then impact further on formal institutions to handle distressed communities. This theoretical background expands on subsections to define conceptual building blocks for the study, essential aspects such as individuals as transitional entrepreneurs, the values they utilize to generate soft law, informal institutions and soft law, to manage voids in formal institutions and legitimacy building aspects in policy agenda setting for transitional entrepreneurship in distressed economies.

This paper aims to demonstrate gender diversity in the structure of corporate governance and test the effect of diversity on the firm performance suffering from financial distress.

The paper is quantitative using a sample of 467 public firms in Indonesia. Data were analyzed into statistics descriptive and the hypothesis was tested using the test of logistic regression.

The preliminary results of the paper demonstrate the number of firms employing women and men in the structure of corporate governance of 13% on the commissioner board, 7% on the director board and 5% on the audit committee. Based on the test of effect, this paper further found that firms employing women and men (gender diversity) in the structure of the board of commissioners, tend to suffer from financial distress lower than firms only employing men (non-gender diversity).

This paper is not an effort to make the proportion of voices of women equal to men, however the representation of women at least exists in the structure of corporate governance as part of workforce diversity and inclusivity. In addition, this paper is considered not to use panel data with the purpose of avoiding repetitive data because of the use of a nominal scale in the logistic regression model.

The finding of the paper is addressed to deliver insights into the current conversation on the issue of women's day with the theme of Each for Equal and to firms in positioning women in the structure of boardrooms.

This paper extends the limited scholarly work on the nexus between gender diversity and financial performance. The framework of social identity theory and the tenet of corporate governance are elaborated to disclose the finding that firm shareholders tend to benefit from gender diversity in the structure of the commissioner board.

This paper examines whether financial distress is associated with tax avoidance and whether the COVID-19 pandemic moderates such association.

The sample covers 38,958 firm-year observations from 32 countries during the period 2015–2020. Financial distress is measured using the ZSCORE by Altman (1968), while tax avoidance is based on the book-tax difference.

Financially distressed firms exhibit low tax avoidance pre- and during the pandemic periods. The authors find higher tax avoidance during the pandemic compared to the pre-pandemic period, but the pandemic enhances the negative relationship between financial distress and tax avoidance.

The study offers evidence on how financial distress drives firms to engage in more tax avoidance when firms globally encountered various levels of financial difficulty sparked by the economic challenges of the COVID-19 pandemic.

The findings provide insights to policymakers on the need to monitor and incentivise financially distressed firms, especially during economic challenges due to pandemic.

This study adds to the limited, albeit important, evidence on the joint effect of the COVID-19 pandemic and financial distress on tax avoidance.

The prenatal distress level of the pregnant woman is influenced by many variables. Personality characteristics are one of the most important of these variables. Knowing personality characteristics of pregnant women contributes to the personalization of care. The purpose of this paper is to identify the effect of personality characteristics of pregnant women at risk on the prenatal distress level.

A total of 438 women who were hospitalized based on a medical diagnosis associated with pregnancy were included in the study. The participants were administered the Personal Information Form, Cervantes Personality Scale and Revised Prenatal Distress Questionnaire. Data were evaluated using the SPSS 22.0 software program.

Of the pregnant women, 27.4 percent found their ability to cope with stress insufficient, and one-fifth of them found their social support insufficient. The pregnant women at risk with introverted, neurotic and inconsistent personality were found to have high levels of prenatal distress.

This study was conducted on a group of Turkish pregnant women and cannot be generalized to other cultures. The data obtained from the research cannot be used to evaluate the psychological and physical disorders of the pregnant woman.

All health care professionals should evaluate women not only physically but also mentally and emotionally, beginning with the preconceptional period. They should determine the conditions that create distress and identify the personality characteristics that prevent from coping with stress. By using cognitive and behavioral techniques, pregnant women should be trained to gain skills on subjects such as risk perception and stress management, personality characteristics and coping, problem solving, psychological endurance and optimism. Caring initiatives should be personalized in line with personality characteristics of pregnant women. The care offered within this framework will contribute to the strengthening and development of the health of not only the women but also the family and society, and to the reduction of health care costs.

Researchers have determined that pregnant women at risk with introverted, neurotic and inconsistent personality characteristics have higher distress levels. They have determined that these pregnant women find their ability to cope with stress more inadequate. It is vital to cope with stress during pregnancy due to its adverse effects on maternal/fetal/neonatal health.

The prenatal distress level of the pregnant woman is influenced by many demographic (age, marital status and socioeconomic level), social (marital dissatisfaction, and lack of social support), personal (self-esteem, neuroticism and negative life experiences) and pregnancy-related (experiencing risky pregnancy, and previous pregnancy experiences) variables. Personality characteristics are one of the most important of these variables. This research is original because there are limited number of studies examining the effect of personality characteristics on prenatal distress level in the literature. And knowing the relationship between personality characteristics and distress by health professionals enables individualization of care. The care offered within this framework will contribute to the strengthening and development of the health of not only the women, but also the family and society, and to the decrease of health care costs.

The purpose of this study is to construct the first short-term financial distress prediction model for the Spanish banking sector.

The concept of financial distress covers a range of different types of financial problems, in addition to bankruptcy, which is not common in the sector. The methodology used to predict financial problems was artificial neural networks using traditional financial variables according to the capital, assets, management, earnings, liquidity and sensibility system, as well as a series of macroeconomic variables, the impact of which has been proven in a number of studies.

The results obtained show that artificial neural networks are a highly suitable method for studying financial distress in Spanish credit institutions and for predicting all cases in which an entity has short-term financial problems.

This is the first work that tries to build a model of artificial neural networks to predict the financial distress in the Spanish banking system, grouping under the concept of financial distress, apart from bankruptcy, other financial problems that affect the viability of these entities.

To proactively draw efficient maintenance plans, road agencies should be able to forecast main road distress parameters, such as cracking, rutting, deflection and International Roughness Index (IRI). Nonetheless, the behavior of those parameters throughout pavement life cycles is associated with high uncertainty, resulting from various interrelated factors that fluctuate over time. This study aims to propose the use of dynamic Bayesian belief networks for the development of time-series prediction models to probabilistically forecast road distress parameters.

While Bayesian belief network (BBN) has the merit of capturing uncertainty associated with variables in a domain, dynamic BBNs, in particular, are deemed ideal for forecasting road distress over time due to its Markovian and invariant transition probability properties. Four dynamic BBN models are developed to represent rutting, deflection, cracking and IRI, using pavement data collected from 32 major road sections in the United Arab Emirates between 2013 and 2019. Those models are based on several factors affecting pavement deterioration, which are classified into three categories traffic factors, environmental factors and road-specific factors.

The four developed performance prediction models achieved an overall precision and reliability rate of over 80%.

The proposed approach provides flexibility to illustrate road conditions under various scenarios, which is beneficial for pavement maintainers in obtaining a realistic representation of expected future road conditions, where maintenance efforts could be prioritized and optimized.

Mental health is as important as physical health and new university entrants report high prevalence of depression. In open and distance learning (ODL), students must manage both work and studies. Those who are unable to effectively balance these aspects may experience negative outcomes such as dropping out, distress and physical health problems. Therefore, the study aims to investigate psychological distress amongst distance-learning undergraduate students to gather evidence for recommending necessary interventions.

A cross-sectional study was conducted using depression, anxiety, stress scale (DASS-21). Participants were undergraduate students from the Open University of Sri Lanka (OUSL). The students' socio-demographic details, history of physical and mental illnesses were also recorded.

According to scoring, 51% of the sample was categorised as “psychologically distressed” relating to the anxiety levels they reported whilst depression (35%) and stress remained (20%) at low levels. The three-factor structure of DASS-21 was also confirmed with reliability scores of 0.8 obtained for all three sub-scales.

The limitations were low-response rate (less than 50%) and inability to provide causal explanations for psychological distress. Further research could address these.

The current research identified anxiety as a psychologically distressing factor for ODL students with the use of a reliable screening tool. Therefore, exploring reasons and interventions to help reduce anxiety could be developed.

Majority of distance learners are contributing to a country's economy whilst learning to improve their current socio-economic status. Therefore, addressing these negative impacts is important.

The study explored ODL students' psychological distress and highlighted the need to identify causes and development of support systems to enhance mental well-being.

This was a cross-sectional study to assess the psychological response to quarantine during COVID-19 pandemic and knowledge level about the disease among inmates of a Custodial Center in Enugu, Nigeria. A total of 66 new prison inmates were assessed for psychological distress using the Kessler Psychological Distress Scale (K10); and inmates’ knowledge about COVID-19 using a COVID-19 Knowledge Questionnaire developed by the researchers.

Participants had a mean age of 28.39±8.71 years; 63 (95.5%) were male inmates and 3 (4.5%) were female inmates. Sixty-one (92.4%) were awaiting-trial inmates, 43 (65.1%) had psychological distress, and 35 (53%) had completed at least secondary school. COVID-19 questionnaire mean score was 3.82±3.33. Thirty-one (21.8%) had adequate knowledge of COVID-19 (7-10 score), while 35 (53%) and 10 (15.2%) had poor (0-3) and average (4-6) knowledge, respectively. Adequate COVID-19 knowledge level was significantly higher among those that completed at least secondary school (48.6%) than those who did not (12.9%). Though not statistically significant, adequate COVID-19 knowledge level was commoner among those without psychological distress (43.5%) than those with psychological distress (25.6%).

Considering responses to specific questions contained in the questionnaire, knowledge about some questions was relatively high. For example, a majority of the participants 45 (68.2%) correctly responded that death can be a complication of COVID-19; whereas half of them 33 (50%) correctly responded that regular hand washing with soap and water can help prevent the spread of the disease. Nevertheless, responses to some questions showed poor knowledge about the disease as 18 (27.3%) correctly answered that COVID-19 can affect the lungs, while 20 (30.3%) correctly responded that COVID-19 is caused by a virus.

Our study highlighted the need to have all quarantined persons educated about the disease for which they are being quarantined. It also provided the opportunity to raise awareness of COVD-19 among the inmates.

We set out to carry out a case-control evaluation of psychological distress and emotional pain among adult attendees of a Nigerian dental clinic. A total of 201 subjects, made up of 101 dental patients (test group) matched with age and sex with 100 normal subjects (controls), was recruited into the study. All participants completed a designed socio-demographic questionnaire. General Health Question naire and Psyche ache Assessment Schedule were also administered to assess psychological distress based on cut-off scores ?3 and emotional pain based on cut-off scores ?28 respectively. The mean ages of study and control group were 33 (±12) and 36 (±13) years respectively, and both study and control groups were not significantly different in all the assessed socio-demographic parameters. Overall, 21.8% (n=22) of the subjects had psychological distress, while only 7% of the control group had psychological distress. This difference was statistically significant (P=0.003). Similarly, there was significant difference in the experience of psyche ache (unbearable psychological pain) as over a third of the dental patients (37.6%, n=38) had emotional pain, while only 13% of the controls experienced psych ache (P<0.001). In this study, the burden of psychological distress and emotional pain was many-fold in dental patients when compared with the controls.