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Academic literature on the topic 'Delisted firms'
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Journal articles on the topic "Delisted firms"
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Kusumawati, Maharani Dhian. "MANIPULASI LABA SEBELUM DELISTING." Jurnal Riset Akuntansi dan Keuangan 9, no. 1 (February 1, 2013): 35. http://dx.doi.org/10.21460/jrak.2013.91.19.
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This study aims to test earnings manipulation by the firm prior delist from the stock exchange in Indonesia, Malaysia, Singapore, and Thailand. Manipulation of earnings used is accrual earnings management and calculate using discretionary accruals. The study found that forced delisted firms and voluntary delisted firms manipulate earnings by income decreasing. Income decreasing in forced delisted firms higher than income decreasing in voluntary delisted firms. Keywords: earnings management¸ delisting, forced delisted, voluntary delisted
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Kang, Sun Min. "Voluntary Delisting In Korea: Causes And Impact On Company Performance." Journal of Applied Business Research (JABR) 33, no. 2 (March 1, 2017): 391–408. http://dx.doi.org/10.19030/jabr.v33i2.9912.
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This research investigates the attributes of firms that choose to voluntarily delist in Korea, including the evolution of firms after delisting, using performance indicators such as total assets, revenue, and net income. Empirical evidence suggests that the higher the shareholding ratio of the largest shareholder and the higher the growth prospects and liquidity, the greater the incentive for voluntary delisting. In addition, firms in non-high-tech industries choose to delist more often than those in high-tech industries. Further, firms that have delisted show lower total assets, revenues, and net incomes than listed firms, and these gaps increase over time.
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Park, Jinwoo, Kengo Shiroshita, Naili Sun, and Yun W. Park. "Involuntary delisting in the Japanese stock market." Managerial Finance 44, no. 9 (September 10, 2018): 1155–71. http://dx.doi.org/10.1108/mf-04-2017-0126.
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Purpose The purpose of this paper is to analyze the wealth effect of involuntary delisting and investigate insider opportunism and the role of corporate governance, liquidity and legal environment in involuntary delisting in Japan’s stock market. Design/methodology/approach The authors use a sample of 136 involuntarily delisted firms in Japan’s stock markets between 2002 and 2012. The authors examine ownership changes of inside shareholders prior to delisting and estimate regression models for the wealth effect of involuntary delisting. Findings Involuntary delisting is highly disruptive in Japan, and limited liquidity of delisted stocks appears to be an important cause. However, the ownership reduction of inside shareholders before delisting is limited, totaling 2–3 percent. For delisted firms with an insider bank, the decrease in share price leading up to a delisting announcement is much less, while the decrease in share price upon a delisting announcement is far greater. Originality/value The study investigates involuntary delisting in regard to the opportunistic behavior of inside shareholders and the role of institutional environment in Japan’s stock market. Insiders, especially insider banks, maintain ownership in a distressful context leading to the forcible delisting of a distressed firm. The authors find some evidence that suggests that the market believes the insider bank will try to prevent the ailing firm’s insolvency. The findings are consistent with the implicit relational contracts that characterize Japanese firms.
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Eisdorfer, Assaf. "Delisted firms and momentum profits." Journal of Financial Markets 11, no. 2 (May 2008): 160–79. http://dx.doi.org/10.1016/j.finmar.2007.12.001.
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Hussain Khan, Muhammad Nadir, and Haji Suleman Ali. "Can DuPont Analysis Predict Voluntary Delisting from Stock Exchange? Evidence from Pakistan." Jinnah Business Review 7, no. 2 (July 1, 2019): 41–48. http://dx.doi.org/10.53369/ofjk7670.
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This study explores whether voluntary delisting of companies from stock exchanges can be predicted by the DuPont Model. ROE (Return on Equity), NPM (Net Profit Margin), ATO (Assets Turnover) and LM (Leverage Multiplier) of 13 voluntarily delisted firms from Karachi Stock Exchange were compared with same ratios of respective sectors for 6 years preceding the delistment year by applying t-test. Difference of means of DuPont ratios between voluntarily delisted firms and their respective sectors were not found statistically significant. Thus, ROE, NPM, ATO and LM, which are the measures of profitability, asset utilization (efficiency) and leverage respectively, are not the significant predictors of voluntary delisting decisions in Pakistan. To the best of researchers knowledge, this study is first attempt to differentiate between voluntarily delisted and listed companies on the basis of DuPont Model.
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Akinsomi, Omokolade, Katlego Kola, Thembelihle Ndlovu, and Millicent Motloung. "The performance of the Broad Based Black Economic Empowerment compliant listed property firms in South Africa." Journal of Property Investment & Finance 34, no. 1 (February 1, 2016): 3–26. http://dx.doi.org/10.1108/jpif-09-2014-0061.
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Purpose – The purpose of this paper is to examine the impact of Broad-Based Black Economic Empowerment (BBBEE) on the risk and returns of listed and delisted property firms on the Johannesburg Stock Exchange (JSE). The study was investigated to understand the impact of Black Economic Empowerment (BEE) property sector charter and effect of government intervention on property listed markets. Design/methodology/approach – The study examines the performance trends of the listed and delisted property firms on the JSE from January 2006 to January 2012. The data were obtained from McGregor BFA database to compute the risk and return measures of the listed and delisted property firms. The study employs a capital asset pricing model (CAPM) to derive the alpha (outperformance) and beta (risk) to examine the trend amongst the BEE and non-BEE firms, Sharpe ratio was also employed as a measurement of performance. A comparative study is employed to analyse the risks and returns between listed property firms that are BEE compliant and BEE non-compliant. Findings – Results show that there exists differences in returns and risk between BEE-compliant firms and non-BEE-compliant firms. The study shows that BEE-compliant firms have higher returns than non-BEE firms and are less risky than non-BEE firms. By establishing this relationship, this possibly affects the investor’s decision to invest in BEE firms rather than non-BBBEE firms. This study can also assist the government in strategically adjusting the policy. Research limitations/implications – This study employs a CAPM which is a single-factor model. Further study could employ a multi-factor model. Practical implications – The results of this investigation, with the effects of BEE on returns, using annualized returns, the Sharpe ratio and alpha (outperformance), results show that BEE firms perform better than non-BEE firms. These results pose several implications for investors particularly when structuring their portfolios, further study would need to examine the role of BEE on stock returns in line with other factors that affect stock returns. The results in this study have several implications for government agencies, there may be the need to monitor the effect of the BEE policies on firm returns and re-calibrate policies accordingly. Originality/value – This study investigates the performance of listed property firms on the JSE which are BEE compliant. This is the first study to investigate listed property firms which are BEE compliant.
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Djerbi, Chiraz, and Jarboui Anis. "Boards, retained ownership and failure risk of French IPO firms." Corporate Governance 15, no. 1 (February 2, 2015): 108–21. http://dx.doi.org/10.1108/cg-10-2013-0115.
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Purpose – This paper aims to investigate the relationship between corporate governance structures of French initial public offering (IPO) firms and the likelihood of failure and involuntary delisting from the stock exchange in the long run. Design/methodology/approach – A matched-pairs research design was used and 36 delisted IPO firms were compared to an equal number of control IPO firms matched in terms of time, size and industry. Conditional logistic regression analyses were performed, and it was found that corporate governance structures in delisted IPO firms were relatively weak compared to control IPO firms. Findings – A significant negative association was found between the likelihood of exchange delisting and the proportion of independent directors. A positive and significant relationship was also found between the likelihood of exchange delisting on the one hand and the chief executive officer/Chair role duality and the retained ownership by insiders after the IPO on the other hand. However, no relationship was detected between IPO failure risk and board size at the IPO time. Originality/value – Retained ownership and failure risk of French IPO firms.
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Chien, Chu-Yang, Yuh-Jiuan Parng, and Chen-Wei Lu. "Corporate board, ownership structure and the involuntary delisted firms." Corporate Ownership and Control 6, no. 4 (2009): 370–81. http://dx.doi.org/10.22495/cocv6i4c3p3.
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The Financial Supervisory Commission in Taiwan has advocated the importance of corporate governance for several years. The purpose of this study is to act in concern with the policy through the test of the relationship between the corporate governance mechanism, especially Board of Directors’ composition and ownership structure, and the involuntary delisted firms. The study extracts 58 involuntary delisted firms from Taiwan Securities Exchange (TSE) during 1997 to 2007 and matches with 112 similar control firms. The results from probit regression suggest that Board of Directors (BOD) with more number of outside independent directors, larger board size, lower ratio of shares pledged to the total shares, higher seats over control right, and lower control right over right for cash flow may reduce the likelihood of delisting. The study could become monitoring indices for internal examination system, the warning signals for investors, and the reference for the policy makers
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Mun, Sung Gyun, and SooCheong (Shawn) Jang. "Restaurant firms’ IPO motivations and post-IPO performances." International Journal of Contemporary Hospitality Management 31, no. 9 (September 9, 2019): 3484–502. http://dx.doi.org/10.1108/ijchm-08-2018-0677.
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Purpose This study aims to identify why restaurant firms go public (IPO) despite high financing costs and which factors make firms stay public for the long term after an IPO. Also, this study aimed to link and compare restaurant firms’ pre- and post-IPO accounting information and how IPO proceeds were used. Design/methodology/approach This study used random-effects regression analysis with a number of dependent variables for a sample of 1,347 unbalanced panel data. In addition, logistic regression analyses were used to identify why restaurant firms were delisted within short periods after going public. Findings First, rebalancing financial structures was the most important reason for IPOs, whereas financing future growth was only a minor motivation. Second, post-IPO performance significantly differed between restaurant firms based on their pre-IPO financial conditions, as well as how they used IPO proceeds. Third, restaurant firms with low profitability, inefficient non-operating expenses and difficulties in generating revenue increased their financial burdens, which ultimately caused restaurant firms to be delisted within a short period after an IPO. Furthermore, the reasons for merging included cash shortages, large short-term liabilities and increased major operating expenses, together with increases in capital expenditures. Originality/value This study is unique, in that it explains the relationships between motivations for going public and post-IPO performances by directly linking the usages of IPO proceeds with firms’ operational performances. To the best of the authors’ knowledge, this study is the first to examine the effects of IPOs on restaurant firms’ operational, non-operational, investment and financial activities on firms’ performances.
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김연화. "Effects of auditor change in delisted firms on audit quality." Korea International Accounting Review ll, no. 57 (October 2014): 241–68. http://dx.doi.org/10.21073/kiar.2014..57.014.
Full textDissertations / Theses on the topic "Delisted firms"
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Lin, Su-Ching, and 林素菁. "Hazard Rate and Survival Duration of Listed Firms-An Empirical Research of Delisted Firms in Mainland and Taiwan." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/82548992255193328234.
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碩士中原大學
企業管理研究所
92
The purpose of the study is to build warning model of survival time and hazard rate for Mainland’s and Taiwan’s companies and analyze the reasons of financial crisis. First, we used survival model to analyze survival time, survival rate and hazard rate. The sample was divided into four parts which were Mainland delisted stock, Mainland ST stock, Taiwan delisted stock and Taiwan full delivery stock from 1999 to 2003. The Empirical results of the best fit for probability distribution showed that Mainland delisted stock was Weibull distribution, while Mainland ST stock was Lognormal distribution. Futher, Taiwan delisted stock was Lognormal distribution, while Taiwan full delivery stock was Lognormal. Our empirical results revealed that current ratio, quick ratio, total assets turnover ratio, debt ratio and quality of sale were positive relation to survival time of Mainland’s firms. However, fixed ratio and capital acquisitions ratio were negative relation to survival time in Mainland. We also found that current ratio, quick ratio, total assets turnover ratio, return on total assets, debt ratio, cash debt coverage and cash return on debt and equity were showed positive relation to survival time of Taiwan’s firms. Fixed ratio, cash interest coverage and cash return on stockholders’ equity were showed negative relation to survival time of Taiwan’s firms. Second empirical research employed Logit model to analyze crisis probability. The study sample was designed to two parts. They were Mainland delisted stock and Taiwan full delivery stock. We used traditional financial ratios and cash flow financial to build warning models. We found that the performance for employing cash flow to build warning model was poor. The empirical result showed that current ratio, capital to total assets and cash debt coverage are negative relation to the occurrence of crisis probability of Mainland’s delisted stock, while cash interest coverage and quality of sale were positive relation to the occurrence of crisis probability. Meanwhile, quickly ration and quality of sale were negative relation to the occurrence of crisis probability of Taiwan’s fully delivery stock. They were showed positive relation between fixed ratio and the occurrence of crisis probability.
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Tang, Hao-Chun, and 唐豪駿. "Corporate Governance, Financial Ratios, Sensitivity Variables of Macroeconomics into Financial Distress Model －An Empirical Research of Delisted Firms in Taiwan." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/73426891716827332356.
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碩士南台科技大學
企業管理系
97
Nowadays, the global stock market was dramatically affected by the Subprime Mortgage Crisis and all inventors were worried about the stocks they hold would become the “tank stocks”. The main purpose of this research is to construct an alarm system for the financial crisis by applying the financial ratios, corporate governance and sensitivity variables of macroeconomics. This research would like to analyze and predict the possibility of occurring financial distress companies as well as provide the warning information to related organizations or inventors. The samples in this study were collected from 2003 to 2006 TSEC and OTC companies in Taiwan. First, the companies which failed during the period of financial crisis because of the Bounced cheque, Relief-financial distress or Concerns continue to operate are selected. Then, the companies in normal financial conditions are selected to compare those in contrast financial situations. The average rate of each group in the T test and Logit regression are used to verify the hypotheses and the significant variables are selected to build the financial crisis prediction model. Finally, the Classification Table is used to examine the prediction ability of our financial crisis prediction model. Then, the data of 2007 are used to verify the model. The results show that the prediction ability during 2003-2006 is 89.23% whereas in 2007 is 87.33%. According to these results, the financial crisis prediction model in this study presents good prediction ability. The main purpose of this research of financial crisis prediction model is not only to alert the investors away from the potential tank stocks when they are making decisions on investment, but also to provide the alarm signals for the competent authority, TSEC and OTC companies in Taiwan.
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Chang, Chia-Chien, and 張家健. "The Analysis of the Impact on R&D Intensity and Patent Right to the Firm's Performance and Delist." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/95459248765709616580.
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碩士國立雲林科技大學
財務金融系
102
With the progress of high-tech technology, how business to obtain patents is an important issue. This study examine the association between R&D, patent, performance and the occurrence of delist by using a sample of Taiwanese companies over 1997-2012. The results show that the R&D strength are positively related to short-term performance. The number of patents and patent citations are positively related to long-term performance. Companies with higher R&D has higher probability to be delisted. In contrast, companies with more patent and patent citations have lower probability to be delisted. The results are more pronounced in sub-samples of high-tech and non-high tech firms.