<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2182-8458</journal-id>
<journal-title><![CDATA[Tourism & Management Studies]]></journal-title>
<abbrev-journal-title><![CDATA[TMStudies]]></abbrev-journal-title>
<issn>2182-8458</issn>
<publisher>
<publisher-name><![CDATA[Escola Superior de Gestão, Hotelaria e Turismo da Universidade do Algarve]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2182-84582025000300053</article-id>
<article-id pub-id-type="doi">10.18089/tms.20250304</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[New Early Warning Tools for Insolvency Prevention in the European Context]]></article-title>
<article-title xml:lang="es"><![CDATA[Nuevas Herramientas de Alerta Temprana para la Prevención de la Insolvencia en el Contexto Europeo]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hidalgo-Díaz]]></surname>
<given-names><![CDATA[Ana Elena]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Alaminos-Aguilera]]></surname>
<given-names><![CDATA[David]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Delgado-Gómez]]></surname>
<given-names><![CDATA[Enrique]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,University of Málaga  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,University of Barcelona Department of Business ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Autonomous University of Madrid  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2025</year>
</pub-date>
<volume>21</volume>
<numero>3</numero>
<fpage>53</fpage>
<lpage>70</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://scielo.pt/scielo.php?script=sci_arttext&amp;pid=S2182-84582025000300053&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.pt/scielo.php?script=sci_abstract&amp;pid=S2182-84582025000300053&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.pt/scielo.php?script=sci_pdf&amp;pid=S2182-84582025000300053&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Directive 2019/1023 of the European Union represents an important step in ensuring that companies in financial distress can achieve continuity. To this end, Member States are adopting various restructuring mechanisms for debtors, with early warning tools being particularly significant. These tools help companies detect risk situations and correct them before insolvency becomes imminent. There is a growing demand for new models that allow for a more robust verification of companies' exposure to financial risk and potential insolvency within the European context. This study addresses this gap by developing models with high predictive accuracy for European countries. Using a sample of 8,400 European companies from 2017-2022 and advanced computational techniques, the study achieves a prediction accuracy exceeding 98%, providing alerts up to three years in advance. These results surpass those obtained by current early warning systems and present important implications for regulators, professionals and academics, who can promote the efficiency of early warning systems through more robust and reliable models.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La Directiva 2019/1023 de la Unión Europea representa un paso importante para garantizar que las empresas en dificultades financieras puedan lograr la continuidad. Los Estados miembros están adoptando diversos mecanismos de reestructuración para los deudores, entre los que destacan las herramientas de alerta temprana. Estas herramientas ayudan a las empresas a detectar situaciones de riesgo y corregirlas antes de que la insolvencia sea inminente. Existe una demanda creciente de nuevos modelos que permitan una verificación más sólida de la exposición al riesgo financiero y a la posible insolvencia. Este estudio aborda esta laguna mediante el desarrollo de modelos con una alta precisión predictiva para los países europeos. Utilizando una muestra de 8 400 empresas europeas de 2017 a 2022 y técnicas computacionales avanzadas, el estudio alcanza una precisión de predicción superior al 98 %, proporcionando alertas con hasta tres años de antelación. Estos resultados superan los obtenidos por los sistemas de alerta temprana actuales y tienen importantes implicaciones para los reguladores, los profesionales y los académicos, que pueden promover la eficiencia de los sistemas de alerta temprana mediante modelos más sólidos y fiables.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Insolvency]]></kwd>
<kwd lng="en"><![CDATA[Early Warning]]></kwd>
<kwd lng="en"><![CDATA[Insolvency Prediction]]></kwd>
<kwd lng="en"><![CDATA[Machine Learning]]></kwd>
<kwd lng="en"><![CDATA[Europe]]></kwd>
<kwd lng="es"><![CDATA[Insolvencia]]></kwd>
<kwd lng="es"><![CDATA[Alerta Temprana]]></kwd>
<kwd lng="es"><![CDATA[Predicción de Insolvencia]]></kwd>
<kwd lng="es"><![CDATA[Aprendizaje Automático]]></kwd>
<kwd lng="es"><![CDATA[Europa]]></kwd>
</kwd-group>
</article-meta>
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