Application Of Altman's Z2 Model In The Characterization Of Financial Risk In Credit Unions In Ecuador During The Period 2019 – 2022


  • Lascano-Pérez, Luis
  • Cárdenas-Pérez, Alisva
  • Proaño-Altamirano, Gladys
  • Veloz-Jaramillo, Marco
  • Chenet-Zuta, Manuel Enrique


The COVID-19 pandemic constitutes an imminent danger to the life of human beings, besides being a silent enemy that becomes very dangerous for financiers: the risk of bankruptcy. The present quantitative approach study is applied to the balance sheet accounts contained in the monthly statistical reports delivered by the Ecuadorian Financial Institutions of the Popular and Solidarity Economy on their official website for three years. Its population consisted of 273 financial institutions from segments I, II, III and mutual institutions, and a sample of 7 institutions was taken to reflect losses based on a non-probabilistic purposive sample. For the analysis, Altman's Z2 model was applied, where the organizations' current solvency and possible risk of bankruptcy after the COVID-19 pandemic were identified. One of the most important findings is that the organizations have gone through a decline in their assets during this period leading some Cooperatives to change their level according to the Altman scale from stable to gray and from gray to bankruptcy.