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Open AccessArticle

Corporate Financial Distress of Industry Level Listings in Vietnam

1
Business and Economics Research Group, Ho Chi Minh City Open University, Ho Chi Minh City 7000, Vietnam
2
Department of Finance, Asia University, Taichung 41354, Taiwan
3
Discipline of Business Analytics, University of Sydney Business School, Sydney 2006, Australia
4
Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, 3062 PA Rotterdam, The Netherlands
5
Department of Economic Analysis and ICAE, Complutense University of Madrid, 28040 Madrid, Spain
6
Institute of Advanced Sciences, Yokohama National University, Yokohama 240-8501, Japan
*
Author to whom correspondence should be addressed.
J. Risk Financial Manag. 2019, 12(4), 155; https://doi.org/10.3390/jrfm12040155
Received: 13 August 2019 / Revised: 9 September 2019 / Accepted: 17 September 2019 / Published: 22 September 2019
(This article belongs to the Special Issue Contemporary Issues in Business and Economics)
Any critical analysis of the corporate financial distress of listed firms in international exchange would be incomplete without a serious dissection at the industry level, because of the different levels of risks concerned. This paper considers the financial distress of listed firms at the industry level in Vietnam over the last decade. Two periods are considered, namely during the Global Financial Crisis (GFC) (2007–2009) and post-GFC (2010–2017). The logit regression technique is used to estimate alternative models based on accounting and market factors. The paper also extends the analysis to include selected macroeconomic factors that are expected to affect the corporate financial distress of listed firms at the industry level in Vietnam. The empirical findings confirm that the corporate financial distress prediction model, which includes accounting factors with macroeconomic indicators, performs much better than alternative models. In addition, the evidence confirms that the GFC had a damaging impact on each sector, with the Health & Education sector demonstrating the most impressive recovery post-GFC, and the Utilities sector recording a dramatic increase in bankruptcies post-GFC. View Full-Text
Keywords: listed firms; industry level; corporate financial distress; bankruptcy; distance to default; fundamentals; Global Financial Crisis; Vietnam listed firms; industry level; corporate financial distress; bankruptcy; distance to default; fundamentals; Global Financial Crisis; Vietnam
MDPI and ACS Style

Vo, D.H.; Pham, B.N.V.; Ho, C.M.; McAleer, M. Corporate Financial Distress of Industry Level Listings in Vietnam. J. Risk Financial Manag. 2019, 12, 155. https://doi.org/10.3390/jrfm12040155

AMA Style

Vo DH, Pham BNV, Ho CM, McAleer M. Corporate Financial Distress of Industry Level Listings in Vietnam. Journal of Risk and Financial Management. 2019; 12(4):155. https://doi.org/10.3390/jrfm12040155

Chicago/Turabian Style

Vo, Duc H.; Pham, Binh N.V.; Ho, Chi M.; McAleer, Michael. 2019. "Corporate Financial Distress of Industry Level Listings in Vietnam" J. Risk Financial Manag. 12, no. 4: 155. https://doi.org/10.3390/jrfm12040155

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