Sustentabilidade financeira e recuperação judicial: um estudo sobre o desempenho de empresas da B3 e o risco de insolvência via Termômetro de Kanitz

Abstract

Judicial reorganization is a relevant mechanism for restructuring companies in financial difficulties. This study aims to analyze the financial sustainability and insolvency risk of six publicly traded companies listed on the B3 stock exchange that are undergoing judicial reorganization between January 1, 2019, and January 1, 2025. Methodologically, the research is exploratory and qualitative, using documentary analysis of primary sources, in addition to the application of the Kanitz Thermometer. The results show that the economic and financial deterioration of the studied organizations is a progressive process of liquidity erosion and exhaustion of equity that precedes, in most cases, by years, the legal granting of reorganization. The study allowed us to diagnose that the judicial request occurs as a last resort, with indicators already in zones of imminent bankruptcy. However, the occurrence of "false positives" in the insolvency factor was identified in scenarios of negative equity, where the reversal of the sign of net worth masks technical insolvency. The study offers insights for investors and creditors in anticipating crises and making more assertive decisions. It supports preventative management, academically validates the Kanitz Thermometer as a metric in crisis contexts, and ultimately, its findings can guide the application of the Kanitz Thermometer in public policies to measure the effectiveness of judicial reorganization and the strengthening of the business environment