Financial Distress and Financial Performance on Stock Return with Firm Size as Moderating Variable

Laurens, Sebastianus; Mulyani, Susi Dwi

doi:10.26905/jmdk.v10i1.6587

J. Manaj. dan Kewirausahaan

2022

DOI: 10.26905/jmdk.v10i1.6587

|View full text |Cite

Financial Distress and Financial Performance on Stock Return with Firm Size as Moderating Variable

Sebastianus Laurens

Susi Dwi Mulyani²

Abstract: This study analyses the factors that impact the stock return, whether financial distress, earnings (per share), and price to book value affect the stock return. The sample data used are secondary data with a sample using 28 listed manufacturing companies with a decade of 2012-2021 with a total sample of 209, with 71 data being excluded because they do not fit the criteria-the data processed with moderated regression analysis using statistic software. The statistic test showed earnings (per share), financial di… Show more

Help me understand this report

Search citation statements

Order By: Relevance

Paper Sections

Select...

Citation Types

Supporting

Mentioning

Contrasting

Year Published

2023

2024

Publication Types

Select...

Article3

Relationship

Self Cite0

Independent3

Authors

Journals

Cited by 3 publications

References 16 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

Relación entre los indicadores financieros del modelo Altman Z y el puntaje Z

Roque

Carrero

2023

retos

View full text Add to dashboard Cite

desde un punto de vista teórico, no existe un consenso general sobre la identificación de las dificultades financieras de una empresa. El modelo Altman Z-Score es reconocido en la literatura como un indicador para medir la probabilidad de insolvencia financiera. Aunqueeste modelo es muy difundido y utilizado como métrica para predecir las dificultades financieras, no existe acuerdo sobre los factores que determinan el comportamiento o resultado del puntaje Z. En este sentido, el propósito de este estudio es analizar los factores que determinan el comportamiento del puntaje Z-Score en las empresas colombianas. Esta investigación se desarrolla bajo un enfoque metodológico cuantitativo,con un diseño de tipo correlacional. Este alcance de investigación busca medir la asociación entre el puntaje Z de Altman y los indicadores financieros que determinan su resultado; para tal fin se analizan un total de 2684 empresas del sector comercial colombiano que reportaroninformación financiera de forma sistemática durante el periodo 2016-2020. Los resultados de las pruebas estadísticas efectuadas revelan que existe relación directa entre el indicador que mide la estructura financiera (patrimonio/pasivo) y el puntaje Z de Altman. Adicionalmente,permiten concluir que, desde el punto de vista del modelo de Altman, las empresas que capitalizan sus beneficios y mantienen bajo control su nivel de endeudamiento son empresas financieramente estables y con baja probabilidad de insolvencia.

show abstract

Relación entre los indicadores financieros del modelo Altman Z y el puntaje Z

Roque

Carrero

2023

retos

View full text Add to dashboard Cite

show abstract

The Linking of the Fama French Five Factor and Environmental Performance on Market Value

Siagian

2024

Economics

View full text Add to dashboard Cite

The pharmaceutical industries are crucial for the nation’s health and economy; therefore, their performance must be maintained. When they obtain the more successful performance indicators that can sway investors to raise their confidence as well as market value. This study aims to examine the effect of the Fama-French five factors and environmental performance on share returns. This was conducted on pharmaceutical industries listed on the Indonesia Stock Exchange, and all data was obtained from annual-quarterly reports in the period 2017–2023. A total of 196 panel data observations have been conducted, and the analysis technique has employed quantitative approaches, notably autoregressive distributed lag analysis, of time series data. The results showed that market risk premium (MRP), firm size (SMB), profitability (RMW), and environment performance (EP) have a significant impact on share returns (SR), while firm size (SMB) and book value to equity (CMA) have not been significant statistically. The study is important for a variety of stakeholders, including managers, investors, and policymakers, who are interested in resolving the financial and environmental performance of pharmaceutical companies and preserving market prices by establishing mitigation strategies related to the specific factors. However, this study has limited relevance to the presence of F-F five factors and environmental performance that cannot maximally encourage the disclosure of market value.

show abstract

Behavior Among Stock Price, Financial Performance, and Financial Distress Evidence from the Australian and New Zealand Stock Exchanges

Azizan,

Abidin

2024

RGSA

View full text Add to dashboard Cite

Objective: The main objective of this study is to investigate the behavior among stock price, financial performance, and financial distress in Australian and New Zealand Stock Exchanges. Similar studies have been done on United States and European markets, but none on Australian and New Zealand Stock Exchanges. Our finding suggested that PE Ratio is not a reliable measure of financial performance in Australian and New Zealand Stock Exchanges. Method: Altman’s Z-score is applied to reflect the financial distress of the large listed firms in Australian Stock Exchange and New Zealand Stock Exchange while expected return on total investment minus the market premium, which is associated with the overall risk of a firm, is used as a proxy to stock price performance. In addition, this study also investigates the various effects on profitability, financial leverage, liquidity, growth, and size factors on stock performance. Results: Regression models are applied to investigate the stock performance upon independent variables’ effects. Results of the study show that all selected variables are reliable to use to measure performance, except P/E ratio. Moreover, Z-score, current ratio, P/E ratio, and ROE generally have significant positive relationship with stock price performance, while total assets, in general, have significant negative relationship with stock price performance. Conclusion: This paper has a potential to contribute in knowledge of stock price and financial performance. It also examines financial distress of the market. The objective of the study is to examine the dynamics of stock prices using market value ratios and financial performance using financial ratios under financial distress of selective countries particularly. Using the empirical data from listed companies from the stock exchanges, this study determines the stock performance in a unique way with the combination of market value ratios and financial ratios.

show abstract

scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.

Contact Info

customersupport@researchsolutions.com

10624 S. Eastern Ave., Ste. A-614

Henderson, NV 89052, USA

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Blog Terms and Conditions API Terms Privacy Policy Contact Cookie Preferences Do Not Sell or Share My Personal Information

Made with 💙 for researchers

Part of the Research Solutions Family.

Financial Distress and Financial Performance on Stock Return with Firm Size as Moderating Variable

Cited by 3 publications

References 16 publications

Relación entre los indicadores financieros del modelo Altman Z y el puntaje Z

Relación entre los indicadores financieros del modelo Altman Z y el puntaje Z

The Linking of the Fama French Five Factor and Environmental Performance on Market Value

Behavior Among Stock Price, Financial Performance, and Financial Distress Evidence from the Australian and New Zealand Stock Exchanges

Contact Info

Product

Resources

About