Uma aplicação do sistema PEARLS às cooperativas de crédito brasileiras

ABSTRACTAn application of the PEARLS system to Brazilian credit unionsThe main objective of this study was to adapt the indicators of the PEARLS system to Brazilian reality and to estimate the probability of insolvency of the credit unions affiliated with Sicoob (the Brazilian Credit Unions System). With this in mind, a Logit model was estimated using a database with 35,485 observations obtained from a sample of 510 cooperatives affiliated with Sicoob from January 2000 to June 2008. The results obtained showed the relevance of indicators in the following key areas (using the original nomenclature of the system), which appear to be the most important for the analysis of the insolvency of the studied cooperatives: Protection, Effective financial structure, Assets quality, and Rates of return and costs