- مبلغ: ۸۶,۰۰۰ تومان
- مبلغ: ۹۱,۰۰۰ تومان
This paper uses the Cox regression model in survival analysis to investigate whether factors that affect the financial distress among listed and OTC (over-the-counter) firms in the emerging Taiwan market will continue to influence the probability of bankruptcy/delisting or recovery. The results show that the variables of liquidity, profitability, capital structure and corporate governance have significant differences in their level of influences among the three models. When cash and cash equivalent holdings are lower, the ratio of independent directors is lower, the control rights deviation level is smaller, the company is not a family-owned business, and then the probability of financial distress is higher. A high debt level increases the chance of bankruptcy/delisting. In the case of higher outsider shareholdings or more control rights deviation, the probability of bankruptcy/delisting or recovery is lower. More excess cash does not necessarily help the firm resume operations. The average stock returns of recovered firms significantly outperform the market index in the following two years. Industry classification and being a family-owned business have no influence on the chance of bankruptcy/delisting or on that of recovery. Moreover, the period from the occurrence of financial distress to the bankruptcy/delisting (to recovery) is about 18 (23) months.