Template-type: ReDIF-Paper 1.0
Author-Name: Duc Hong Vo
Author-Workplace-Name: Business and Economics Research Group Ho Chi Minh City Open University, Vietnam.
Author-Name: Binh Vo-Ninh Pham
Author-Workplace-Name: Business and Economics Research Group Ho Chi Minh City Open University, Vietnam.
Author-Name: Trung Vu-Thanh Pham
Author-Workplace-Name: Curtin University, Australia.
Author-Name:
 Michael McAleer
Author-Workplace-Name:
 Department of Quantitative Finance National Tsing Hua University, Taiwan and Econometric Institute Erasmus School of 
	Economics Erasmus University Rotterdam, The Netherlands and Department of Quantitative Economics Complutense University of 
	Madrid, Spain And Institute of Advanced Sciences Yokohama National University, Japan.
Title: Corporate Financial Distress of Industry Level Listings in an Emerging Market
Abstract: 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.
Classification-JEL: F62, F65, G01, G31, G33, G34.
Keywords: Listed firms, Industry level, Corporate financial distress, Bankruptcy, Distance to default, Fundamentals, Global Financial Crisis, Vietnam.
Length: 35 pages 
Creation-Date: 2019-03
Number: 2019-09
X-File-Ref: http://america.sim.ucm.es/repec/ucm/ref/doicae1909.txt
File-URL: https://eprints.ucm.es/id/eprint/54767/1/1909.pdf
File-Format: Application/pdf
Handle: RePEc:ucm:doicae:1909