Firm Credit Scoring: A Series Two-Stage DEA Bootstrapped Approach

This paper employs a cross-sectional research design to collect quantitative data for group of Greek pharmaceutical companies in order evaluate their credit risk. The are processed using variety approaches, including series two-stage envelopment analysis (DEA) combined with bootstrap and hierarchical clustering. results the DEA bootstrapped indicate that key problem firms’ performance is lack effectiveness rather than operating efficiency. correlation between efficiency indicates metrics unrelated. As result, DEA-based synthetic indicator developed be used other as inputs clustering divide sample firms into risk clusters. approach this study could aid evaluating increasing competitive advantages.