How to cite this paper
Phan, T., Nguyen, N., Nguyen, H., Pham, T & Huynh, N. (2024). Impact of equity structure on risk of financial distress in Vietnam.Accounting, 10(3), 139-154.
Refrences
Admati, A. R., Pfleiderer, P., & Zechner, J. (1994). Large shareholder activism, risk sharing, and financial market equilibrium. journal of Political Economy, 102(6), 1097-1130.
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The journal of finance, 23(4), 589-609.
Altman, E. I., & Hotchkiss, E. (2010). Corporate financial distress and bankruptcy: Predict and avoid bankruptcy, analyze and invest in distressed debt (Vol. 289). John Wiley & Sons.
Anderson, J. H., Lee, Y., & Murrell, P. (2000). Competition and privatization amidst weak institutions: evidence from Mongolia. Economic Inquiry, 38(4), 527-549.
Beaver, W. H. (1966). Financial ratios as predictors of failure. Journal of accounting research, 71-111.
Berger, A. N., Clarke, G. R., Cull, R., Klapper, L., & Udell, G. F. (2005). Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership. Journal of Banking & Finance, 29(8-9), 2179-2221.
Bethel, J. E., Liebeskind, J. P., & Opler, T. (1998). Block share purchases and corporate performance. The Journal of Finance, 53(2), 605-634.
Black, F., & Scholes, M. (1973). The pricing of options and corporate liabilities. Journal of political economy, 81(3), 637-654.
Boardman, A. E., & Vining, A. R. (1989). Ownership and performance in competitive environments: A comparison of the performance of private, mixed, and state-owned enterprises. the Journal of Law and Economics, 32(1), 1-33.
Boubakri, N., & Cosset, J. C. (1998). The financial and operating performance of newly privatized firms: Evidence from developing countries. The Journal of Finance, 53(3), 1081-1110.
Boycko, M., Shleifer, A., & Vishny, R. W. (1994). Voucher privatization. Journal of Financial Economics, 35(2), 249-266.
Boycko, M., Shleifer, A., & Vishny, R. W. (1996a). A theory of privatisation. The Economic Journal, 106(435), 309-319.
Boycko, M., Shleifer, A., & Vishny, R. W. (1996b). Second-best economic policy for a divided government. European Economic Review, 40(3-5), 767-774.
Campbell, J. Y., Hilscher, J., & Szilagyi, J. (2008). In search of distress risk. The Journal of finance, 63(6), 2899-2939.
Chaganti, R. S., Mahajan, V., & Sharma, S. (1985). Corporate board size, composition and corporate failures in retailing industry [1]. Journal of management studies, 22(4), 400-417.
Chang, C. (2009). The corporate governance characteristics of financially distressed firms: Evidence from Taiwan. Journal of American Academy of business, 15(1), 125-132.
Chaudhuri, A., & De, K. (2011). Fuzzy support vector machine for bankruptcy prediction. Applied Soft Computing, 11(2), 2472-2486.
Claessens, S., & Djankov, S. (1999). Ownership concentration and corporate performance in the Czech Republic. Journal of comparative economics, 27(3), 498-513.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The journal of finance, 57(6), 2741-2771.
Deng, X., & Wang, Z. (2006). Ownership structure and financial distress: evidence from public-listed companies in China. International Journal of Management, 23(3), 486.
Ding, H. (2008). Can Tax Wedge Affect Labor Productivity? A TSLS Fixed Model on OECD Panel Data. International Journal of Applied Econometrics and Quantitative Studies, 5(1), 15-32.
Donker, H., Santen, B., & Zahir, S. (2009). Ownership structure and the likelihood of financial distress in the Netherlands. Applied Financial Economics, 19(21), 1687-1696.
Fich, E. M., & Slezak, S. L. (2008). Can corporate governance save distressed firms from bankruptcy? An empirical analysis. Review of Quantitative Finance and Accounting, 30, 225-251.
Gareth, J., Daniela, W., Trevor, H., & Robert, T. (2013). An introduction to statistical learning: with applications in R. Spinger.
Gunawan, J., & Wijaya, H. (2020). Pengaruh kepemilikan manajerial, kepemilikan institusional, dan ukuran perusahaan terhadap kinerja perusahaan mnufaktur. Jurnal Paradigma Akuntansi, 2(4), 1718-1727.
Hair, J. F., Anderson, R. E., Babin, B. J., & Black, W. C. (2010). Multivariate Data Analysis: A Global Perspective (Vol. 7) Pearson. Upper Saddle River, NJ, USA.
Hart, O., Shleifer, A., & Vishny, R. W. (1997). The proper scope of government: theory and an application to prisons. The Quarterly Journal of Economics, 112(4), 1127-1161.
Helena, S., & Saifi, M. (2018). Pengaruh Corporate Governance Terhadap Financial Distress. Jurnal Administrasi Bisnis, 60(2), 143-152.
Hillegeist, S. A., Keating, E. K., Cram, D. P., & Lundstedt, K. G. (2004). Assessing the probability of bankruptcy. Review of accounting studies, 9, 5-34.
Husson-Traore, A. C. (2009). More effective corporate governance. Organisation for Economic Cooperation and Development. The OECD Observer, 50.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate governance (pp. 77-132). Gower.
Lajili, K., & Zéghal, D. (2010). Corporate governance and bankruptcy filing decisions. Journal of General Management, 35(4), 3-26.
Lee, T. S., & Yeh, Y. H. (2004). Corporate governance and financial distress: Evidence from Taiwan. Corporate governance: An international review, 12(3), 378-388.
Li, Z., Crook, J., Andreeva, G., & Tang, Y. (2021). Predicting the risk of financial distress using corporate governance measures. Pacific-Basin Finance Journal, 68, 101334.
Lin, T. H. (2009). A cross model study of corporate financial distress prediction in Taiwan: Multiple discriminant analysis, logit, probit and neural networks models. Neurocomputing, 72(16-18), 3507-3516.
Mangena, M., & Chamisa, E. (2008). Corporate governance and incidences of listing suspension by the JSE Securities Exchange of South Africa: An empirical analysis. The International Journal of Accounting, 43(1), 28-44.
Mangena, M., Priego, A. M., & Manzaneque, M. (2020). Bank power, block ownership, boards and financial distress likelihood: An investigation of Spanish listed firms. Journal of Corporate Finance, 64, 101636.
Manzaneque, M., & Priego, A. M. (2016). Corporate governance effect on financial distress likelihood: Evidence from Spain: Efecto del gobierno corporativo en la probabilidad de fracaso empresarial: evidencia española. Revista de Contabilidad-Spanish Accounting Review, 19(1), 111-121.
Mckee, T. E. (2000). Developing a bankruptcy prediction model via rough sets theory. Intelligent Systems in Accounting, Finance & Management, 9(3), 159-173.
Parker, S., Peters, G. F., & Turetsky, H. F. (2002). Corporate governance and corporate failure: a survival analysis. Corporate Governance: The international journal of business in society, 2(2), 4-12.
Pendharkar, P. C. (2005). A threshold-varying artificial neural network approach for classification and its application to bankruptcy prediction problem. Computers & Operations Research, 32(10), 2561-2582.
Pindado, J., Rodrigues, L., & De la Torre, C. (2008). Estimating financial distress likelihood. Journal of Business Research, 61(9), 995-1003.
Routledge, J., & Gadenne, D. (2000). Financial distress, reorganization and corporate performance. Accounting & Finance, 40(3), 233-259.
Shahwan, T. M. (2015). The effects of corporate governance on financial performance and financial distress: evidence from Egypt. Corporate Governance, 15(5), 641-662.
Shin, K. S., & Lee, Y. J. (2002). A genetic algorithm application in bankruptcy prediction modeling. Expert systems with applications, 23(3), 321-328.
Tinoco, M. H., & Wilson, N. (2013). Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables. International review of financial analysis, 30, 394-419.
Udin, S., Khan, M. A., & Javid, A. Y. (2017). The effects of ownership structure on likelihood of financial distress: an empirical evidence. Corporate Governance: The international journal of business in society, 17(4), 589-612.
Widhiadnyana, I. K., & Ratnadi, N. M. D. (2018). The impact of managerial ownership, institutional ownership, proportion of independent commissioner, and intellectual capital on financial distress. Journal of Economics, Business, & Accountancy Ventura, 21(3), 351-360.
Wu, M. W., & Shen, C. H. (2013). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking & Finance, 37(9), 3529-3547.
Younas, N., UdDin, S., Awan, T., & Khan, M. Y. (2021). Corporate governance and financial distress: Asian emerging market perspective. Corporate Governance: The International Journal of Business in Society, 21(4), 702-715.
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The journal of finance, 23(4), 589-609.
Altman, E. I., & Hotchkiss, E. (2010). Corporate financial distress and bankruptcy: Predict and avoid bankruptcy, analyze and invest in distressed debt (Vol. 289). John Wiley & Sons.
Anderson, J. H., Lee, Y., & Murrell, P. (2000). Competition and privatization amidst weak institutions: evidence from Mongolia. Economic Inquiry, 38(4), 527-549.
Beaver, W. H. (1966). Financial ratios as predictors of failure. Journal of accounting research, 71-111.
Berger, A. N., Clarke, G. R., Cull, R., Klapper, L., & Udell, G. F. (2005). Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership. Journal of Banking & Finance, 29(8-9), 2179-2221.
Bethel, J. E., Liebeskind, J. P., & Opler, T. (1998). Block share purchases and corporate performance. The Journal of Finance, 53(2), 605-634.
Black, F., & Scholes, M. (1973). The pricing of options and corporate liabilities. Journal of political economy, 81(3), 637-654.
Boardman, A. E., & Vining, A. R. (1989). Ownership and performance in competitive environments: A comparison of the performance of private, mixed, and state-owned enterprises. the Journal of Law and Economics, 32(1), 1-33.
Boubakri, N., & Cosset, J. C. (1998). The financial and operating performance of newly privatized firms: Evidence from developing countries. The Journal of Finance, 53(3), 1081-1110.
Boycko, M., Shleifer, A., & Vishny, R. W. (1994). Voucher privatization. Journal of Financial Economics, 35(2), 249-266.
Boycko, M., Shleifer, A., & Vishny, R. W. (1996a). A theory of privatisation. The Economic Journal, 106(435), 309-319.
Boycko, M., Shleifer, A., & Vishny, R. W. (1996b). Second-best economic policy for a divided government. European Economic Review, 40(3-5), 767-774.
Campbell, J. Y., Hilscher, J., & Szilagyi, J. (2008). In search of distress risk. The Journal of finance, 63(6), 2899-2939.
Chaganti, R. S., Mahajan, V., & Sharma, S. (1985). Corporate board size, composition and corporate failures in retailing industry [1]. Journal of management studies, 22(4), 400-417.
Chang, C. (2009). The corporate governance characteristics of financially distressed firms: Evidence from Taiwan. Journal of American Academy of business, 15(1), 125-132.
Chaudhuri, A., & De, K. (2011). Fuzzy support vector machine for bankruptcy prediction. Applied Soft Computing, 11(2), 2472-2486.
Claessens, S., & Djankov, S. (1999). Ownership concentration and corporate performance in the Czech Republic. Journal of comparative economics, 27(3), 498-513.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The journal of finance, 57(6), 2741-2771.
Deng, X., & Wang, Z. (2006). Ownership structure and financial distress: evidence from public-listed companies in China. International Journal of Management, 23(3), 486.
Ding, H. (2008). Can Tax Wedge Affect Labor Productivity? A TSLS Fixed Model on OECD Panel Data. International Journal of Applied Econometrics and Quantitative Studies, 5(1), 15-32.
Donker, H., Santen, B., & Zahir, S. (2009). Ownership structure and the likelihood of financial distress in the Netherlands. Applied Financial Economics, 19(21), 1687-1696.
Fich, E. M., & Slezak, S. L. (2008). Can corporate governance save distressed firms from bankruptcy? An empirical analysis. Review of Quantitative Finance and Accounting, 30, 225-251.
Gareth, J., Daniela, W., Trevor, H., & Robert, T. (2013). An introduction to statistical learning: with applications in R. Spinger.
Gunawan, J., & Wijaya, H. (2020). Pengaruh kepemilikan manajerial, kepemilikan institusional, dan ukuran perusahaan terhadap kinerja perusahaan mnufaktur. Jurnal Paradigma Akuntansi, 2(4), 1718-1727.
Hair, J. F., Anderson, R. E., Babin, B. J., & Black, W. C. (2010). Multivariate Data Analysis: A Global Perspective (Vol. 7) Pearson. Upper Saddle River, NJ, USA.
Hart, O., Shleifer, A., & Vishny, R. W. (1997). The proper scope of government: theory and an application to prisons. The Quarterly Journal of Economics, 112(4), 1127-1161.
Helena, S., & Saifi, M. (2018). Pengaruh Corporate Governance Terhadap Financial Distress. Jurnal Administrasi Bisnis, 60(2), 143-152.
Hillegeist, S. A., Keating, E. K., Cram, D. P., & Lundstedt, K. G. (2004). Assessing the probability of bankruptcy. Review of accounting studies, 9, 5-34.
Husson-Traore, A. C. (2009). More effective corporate governance. Organisation for Economic Cooperation and Development. The OECD Observer, 50.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate governance (pp. 77-132). Gower.
Lajili, K., & Zéghal, D. (2010). Corporate governance and bankruptcy filing decisions. Journal of General Management, 35(4), 3-26.
Lee, T. S., & Yeh, Y. H. (2004). Corporate governance and financial distress: Evidence from Taiwan. Corporate governance: An international review, 12(3), 378-388.
Li, Z., Crook, J., Andreeva, G., & Tang, Y. (2021). Predicting the risk of financial distress using corporate governance measures. Pacific-Basin Finance Journal, 68, 101334.
Lin, T. H. (2009). A cross model study of corporate financial distress prediction in Taiwan: Multiple discriminant analysis, logit, probit and neural networks models. Neurocomputing, 72(16-18), 3507-3516.
Mangena, M., & Chamisa, E. (2008). Corporate governance and incidences of listing suspension by the JSE Securities Exchange of South Africa: An empirical analysis. The International Journal of Accounting, 43(1), 28-44.
Mangena, M., Priego, A. M., & Manzaneque, M. (2020). Bank power, block ownership, boards and financial distress likelihood: An investigation of Spanish listed firms. Journal of Corporate Finance, 64, 101636.
Manzaneque, M., & Priego, A. M. (2016). Corporate governance effect on financial distress likelihood: Evidence from Spain: Efecto del gobierno corporativo en la probabilidad de fracaso empresarial: evidencia española. Revista de Contabilidad-Spanish Accounting Review, 19(1), 111-121.
Mckee, T. E. (2000). Developing a bankruptcy prediction model via rough sets theory. Intelligent Systems in Accounting, Finance & Management, 9(3), 159-173.
Parker, S., Peters, G. F., & Turetsky, H. F. (2002). Corporate governance and corporate failure: a survival analysis. Corporate Governance: The international journal of business in society, 2(2), 4-12.
Pendharkar, P. C. (2005). A threshold-varying artificial neural network approach for classification and its application to bankruptcy prediction problem. Computers & Operations Research, 32(10), 2561-2582.
Pindado, J., Rodrigues, L., & De la Torre, C. (2008). Estimating financial distress likelihood. Journal of Business Research, 61(9), 995-1003.
Routledge, J., & Gadenne, D. (2000). Financial distress, reorganization and corporate performance. Accounting & Finance, 40(3), 233-259.
Shahwan, T. M. (2015). The effects of corporate governance on financial performance and financial distress: evidence from Egypt. Corporate Governance, 15(5), 641-662.
Shin, K. S., & Lee, Y. J. (2002). A genetic algorithm application in bankruptcy prediction modeling. Expert systems with applications, 23(3), 321-328.
Tinoco, M. H., & Wilson, N. (2013). Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables. International review of financial analysis, 30, 394-419.
Udin, S., Khan, M. A., & Javid, A. Y. (2017). The effects of ownership structure on likelihood of financial distress: an empirical evidence. Corporate Governance: The international journal of business in society, 17(4), 589-612.
Widhiadnyana, I. K., & Ratnadi, N. M. D. (2018). The impact of managerial ownership, institutional ownership, proportion of independent commissioner, and intellectual capital on financial distress. Journal of Economics, Business, & Accountancy Ventura, 21(3), 351-360.
Wu, M. W., & Shen, C. H. (2013). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking & Finance, 37(9), 3529-3547.
Younas, N., UdDin, S., Awan, T., & Khan, M. Y. (2021). Corporate governance and financial distress: Asian emerging market perspective. Corporate Governance: The International Journal of Business in Society, 21(4), 702-715.