Cash flow and financial distress of private listed enterprises on the Vietnam stock market: A quantile regression approach

Phan, Thuy Duong; Hoang, Thi Thanh; Tran, Ngoc Mai

doi:10.1080/23311975.2022.2121237

Cited by 8 publications

(18 citation statements)

References 38 publications

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“…Penelitian (Dirman, 2020) menemukan bahwa leverage tidak berpengaruh terhadap financial distress. (Phan et al, 2022;Putri, 2021) menemukan bahwa arus kas berpengaruh negatif terhadap financial distress. Namun, hasil penelitian ini tidak sejalan dengan penelitian yang dilakukan oleh (Pandapotan dan Puspitasari, 2022;Finishtya, 2019) yang menyatakan arus kas berpengaruh positif terhadap financial distress.…”

Section: Pendahuluanunclassified

“…Teori ini menjelaskan bahwa pihak pengirim (pemiliki informasi) menyampaikan informasi perusahaan yang relevan kepada pihak penerima melalui sinyal. (Phan et al, 2022) menjelaskan bahwa perusahaan mengirimkan informasi kepada pihak eksternal sebagai sinyal positif karena informasi dapat menjadi faktor penting bagi investor sebagai gambaran kondisi, masa lalu, dan masa depan perusahaan.…”

Section: Kajian Teoriunclassified

“…Penelitian ini sejalan dengan (Finishtya, 2019); Waqas dan Rus, 2018) yang menemukan arus kas berpengaruh positif terhadap financial distress. Penelitian ini tidak sejalan dengan (Phan et al, 2022;Putri, 2021;Saleem et al, 2020) yang menyatakan bahwa arus kas berpengaruh negatif terhadap negatif terhadap financial distress.…”

Section: Kajian Teoriunclassified

“…Hasil penelitian ini sejalan dengan (Finishtya, 2019), (Pandapotan dan Puspitasari, 2022), dan (Waqas dan Rus, 2018) yang menyatakan arus kas berpengaruh positif signifikan terhadap financial distress. Berbeda dengan hasil penelitian yang dilakukan oleh (Phan et al, 2022) dan (Saleem et al, 2020) yang menunjukkan bahwa arus kas berpengaruh negatif signifikan terhadap financial distress.…”

Section: Diskusiunclassified

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Pengaruh Likuiditas, Leverage, Dan Arus Kas Terhadap Financial Distress

Wijaya

Suhendah

2023

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The purpose of this study is to obtain empirical evidence regarding the effect of liquidity, leverage, and cash flow on financial distress. This study used consumer cyclicals sector companies listed on the Indonesia Stock Exchange in 2019-2021. Samples were selected by purposive sampling method and the data used were 133 data. The data obtained was processed using the E-Views 12 program. Based on the research conducted, liquidity has a positive significant effect on financial distress, leverage has a negative significant effect on financial distress, and cash flow has a positive significant effect on financial distress. The implication of this research is that liquidity, leverage, and cash flow affect company management, investors, and creditors in making decisions.

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Section: Pendahuluanunclassified

Section: Kajian Teoriunclassified

Section: Diskusiunclassified

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Pengaruh Likuiditas, Leverage, Dan Arus Kas Terhadap Financial Distress

Wijaya

Suhendah

2023

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“…The failure to effectively manage the flow of cash led to this outcome. Several researchers have agreed on the link between cash flow and financial difficulties (Murty & Misra, 2004;Rodgers, 2011;Ward, 1994;Yap et al, 2012;Phan et al, 2022). The cash held will play a role in preventing financial problems and providing assistance when financial problems occur (Abani et al, 2021;Adjei, 2013;Alnori, 2020;Lozano & Yaman, 2020).…”

Section: Introduction *mentioning

confidence: 99%

Understanding The Cash Flow Impact on Financial Distress among Hospitality Listed Firms Amidst the Covid-19 Pandemic: The Case of Indonesia

Pratiwi,

Wahyuni,

Adrianto

2024

Quant. Econ. Manag. Stud.

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This study investigates the relationship between cash flow variables and financial distress among hospitality companies listed on the Indonesian stock market between 2017 and 2022. Analysis focused on Operating Cash Flow (OCF), Investment Cash Flow (ICF), and Financial Cash Flow (FCF) to discern their individual and combined impacts on financial distress. The findings reveal that each cash flow variable—OCF, ICF, and FCF—exerts a significant influence on financial distress when considered independently. This supports hypotheses 1, 2, and 3, signifying their substantial role in shaping the financial health of these companies. Additionally, the collective effect of these cash flow variables, as evidenced by the F-test, demonstrates a noteworthy combined impact on financial distress. In summary, this study highlights the intricate interplay between cash flow dynamics and financial distress among Indonesian-listed private companies. While each cash flow component independently affects financial stability, their cumulative influence significantly determines vulnerability to financial distress. This underscores the critical need for comprehensive cash flow management strategies to mitigate financial risks and ensure sustained financial health in these entities amidst economic uncertainties.

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Limit to Arbitrage and Distress Risk Puzzle in Vietnam: Does Corporate Bankruptcy Regulation Matter?

Duong,

Nguyen,

et al. 2024

Sage Open

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This study is the first to examine how limit-to-arbitrage factors impact the distress risk puzzle in Vietnam before and after implementing bankruptcy regulations. Our research utilizes asset pricing models, portfolio sorting methodologies, and the Fama and French four-factor model to analyze an unbalanced panel with 35,255 firm-month observations from non-financial firms in the Vietnam stock market from 2008 to 2021. We find a persistent negative correlation between distress risk and corporate profitability, even after accounting for limit-to-arbitrage factors. Notably, this trend is more pronounced among larger firms. Intriguingly, the distress risk puzzle disappears after the introduction of bankruptcy regulations. Additionally, we observe that limit-to-arbitrage factors suppress stock returns due to mispricing issues, supporting liquidity risk theory. Our study provides valuable insights into the distress risk puzzle, especially in emerging markets. JEL Classification: G11, G12, G14.

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Cash flow and financial distress of private listed enterprises on the Vietnam stock market: A quantile regression approach

Cited by 8 publications

References 38 publications

Pengaruh Likuiditas, Leverage, Dan Arus Kas Terhadap Financial Distress

Pengaruh Likuiditas, Leverage, Dan Arus Kas Terhadap Financial Distress

Understanding The Cash Flow Impact on Financial Distress among Hospitality Listed Firms Amidst the Covid-19 Pandemic: The Case of Indonesia

Limit to Arbitrage and Distress Risk Puzzle in Vietnam: Does Corporate Bankruptcy Regulation Matter?

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