{"title":"企业财务困境:新兴市场经济中上市公司的案例","authors":"Regina M. Lizares, Carlos C. Bautista","doi":"10.1111/jifm.12122","DOIUrl":null,"url":null,"abstract":"<p>Occurrences of financial distress <i>(FD)</i> are not readily obvious yet can span several periods. This paper examines episodes of <i>FD</i> using industry-relative (IR) firm-/ accounting-, market- and macro-level information. Mixed logit regressions reveal that firm- and market-based measures, as well as macro-level variables explain the likelihood of <i>FD</i> in 263 publicly listed non-banking firms in the Philippines during the period 1995 to 2018. Rates of identification of firms in financial distressed states of close to 69 percent are obtained at a cutoff probability of 0.30 in the model with time-varying intercept and slope. This study shows the importance of recognizing heterogeneous firm behavior. The ability to more accurately predict the probability of <i>FD</i> and to determine the financial health of firms can help financial institutions in allocating funds and policy makers in predicting crises episodes.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"32 1","pages":"5-20"},"PeriodicalIF":9.4000,"publicationDate":"2020-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12122","citationCount":"12","resultStr":"{\"title\":\"Corporate financial distress: The case of publicly listed firms in an emerging market economy\",\"authors\":\"Regina M. Lizares, Carlos C. Bautista\",\"doi\":\"10.1111/jifm.12122\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>Occurrences of financial distress <i>(FD)</i> are not readily obvious yet can span several periods. This paper examines episodes of <i>FD</i> using industry-relative (IR) firm-/ accounting-, market- and macro-level information. Mixed logit regressions reveal that firm- and market-based measures, as well as macro-level variables explain the likelihood of <i>FD</i> in 263 publicly listed non-banking firms in the Philippines during the period 1995 to 2018. Rates of identification of firms in financial distressed states of close to 69 percent are obtained at a cutoff probability of 0.30 in the model with time-varying intercept and slope. This study shows the importance of recognizing heterogeneous firm behavior. The ability to more accurately predict the probability of <i>FD</i> and to determine the financial health of firms can help financial institutions in allocating funds and policy makers in predicting crises episodes.</p>\",\"PeriodicalId\":46659,\"journal\":{\"name\":\"Journal of International Financial Management & Accounting\",\"volume\":\"32 1\",\"pages\":\"5-20\"},\"PeriodicalIF\":9.4000,\"publicationDate\":\"2020-08-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1111/jifm.12122\",\"citationCount\":\"12\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of International Financial Management & Accounting\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/jifm.12122\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of International Financial Management & Accounting","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jifm.12122","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Corporate financial distress: The case of publicly listed firms in an emerging market economy
Occurrences of financial distress (FD) are not readily obvious yet can span several periods. This paper examines episodes of FD using industry-relative (IR) firm-/ accounting-, market- and macro-level information. Mixed logit regressions reveal that firm- and market-based measures, as well as macro-level variables explain the likelihood of FD in 263 publicly listed non-banking firms in the Philippines during the period 1995 to 2018. Rates of identification of firms in financial distressed states of close to 69 percent are obtained at a cutoff probability of 0.30 in the model with time-varying intercept and slope. This study shows the importance of recognizing heterogeneous firm behavior. The ability to more accurately predict the probability of FD and to determine the financial health of firms can help financial institutions in allocating funds and policy makers in predicting crises episodes.
期刊介绍:
The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.