How do firms’ characteristics affect risks? ASEAN firms panel data analysis
We investigate the associations between three firm factors (size, leverage, and profitability) and risks from financial distress, investments, green finance, deferred taxes, merger and acquisitions, and contingent liabilities. Using Association of Southeast Asian Nations (ASEAN) firms in our sample,...
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| Format: | Article |
| Language: | English |
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Taylor & Francis Group
2025-12-01
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| Series: | Cogent Business & Management |
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| Online Access: | https://www.tandfonline.com/doi/10.1080/23311975.2024.2436646 |
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| _version_ | 1850103538885066752 |
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| author | Icuk Rangga Bawono Rangga Handika Emir Surya Rahmajati |
| author_facet | Icuk Rangga Bawono Rangga Handika Emir Surya Rahmajati |
| author_sort | Icuk Rangga Bawono |
| collection | DOAJ |
| description | We investigate the associations between three firm factors (size, leverage, and profitability) and risks from financial distress, investments, green finance, deferred taxes, merger and acquisitions, and contingent liabilities. Using Association of Southeast Asian Nations (ASEAN) firms in our sample, we apply panel data from each country and perform robust panel estimations (two-way, Hausman and Taylor (HT), and panel logit). We contribute to modeling country-unique-specific factors and assessing idiosyncratic risks among ASEAN countries. We find associations between firm characteristics and risks from financial distress, investments, and green finance, but no (or very weak) associations between firm characteristics and risks from deferred taxes, mergers and acquisitions, and contingent liabilities. Additionally, the degrees of association among countries, varies; country-specific factors tend to play a dominant role in systematic and non-systematic financial distress and deferred tax risk. |
| format | Article |
| id | doaj-art-9d3766491e23403eb8625700e49084ea |
| institution | DOAJ |
| issn | 2331-1975 |
| language | English |
| publishDate | 2025-12-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | Cogent Business & Management |
| spelling | doaj-art-9d3766491e23403eb8625700e49084ea2025-08-20T02:39:31ZengTaylor & Francis GroupCogent Business & Management2331-19752025-12-0112110.1080/23311975.2024.2436646How do firms’ characteristics affect risks? ASEAN firms panel data analysisIcuk Rangga Bawono0Rangga Handika1Emir Surya Rahmajati2Accounting Department, Faculty of Economics and Business, Universitas Jenderal Soedirman, Purwokerto, IndonesiaInstitute for International Strategy, Tokyo International University, Tokyo, JapanAccounting Department, Faculty of Economics and Business, Universitas Jenderal Soedirman, Purwokerto, IndonesiaWe investigate the associations between three firm factors (size, leverage, and profitability) and risks from financial distress, investments, green finance, deferred taxes, merger and acquisitions, and contingent liabilities. Using Association of Southeast Asian Nations (ASEAN) firms in our sample, we apply panel data from each country and perform robust panel estimations (two-way, Hausman and Taylor (HT), and panel logit). We contribute to modeling country-unique-specific factors and assessing idiosyncratic risks among ASEAN countries. We find associations between firm characteristics and risks from financial distress, investments, and green finance, but no (or very weak) associations between firm characteristics and risks from deferred taxes, mergers and acquisitions, and contingent liabilities. Additionally, the degrees of association among countries, varies; country-specific factors tend to play a dominant role in systematic and non-systematic financial distress and deferred tax risk.https://www.tandfonline.com/doi/10.1080/23311975.2024.2436646Financial characteristicsfirms’ riskpanel dataASEAN firmspanel logitM40 |
| spellingShingle | Icuk Rangga Bawono Rangga Handika Emir Surya Rahmajati How do firms’ characteristics affect risks? ASEAN firms panel data analysis Cogent Business & Management Financial characteristics firms’ risk panel data ASEAN firms panel logit M40 |
| title | How do firms’ characteristics affect risks? ASEAN firms panel data analysis |
| title_full | How do firms’ characteristics affect risks? ASEAN firms panel data analysis |
| title_fullStr | How do firms’ characteristics affect risks? ASEAN firms panel data analysis |
| title_full_unstemmed | How do firms’ characteristics affect risks? ASEAN firms panel data analysis |
| title_short | How do firms’ characteristics affect risks? ASEAN firms panel data analysis |
| title_sort | how do firms characteristics affect risks asean firms panel data analysis |
| topic | Financial characteristics firms’ risk panel data ASEAN firms panel logit M40 |
| url | https://www.tandfonline.com/doi/10.1080/23311975.2024.2436646 |
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