Rủi ro địa chính trị và nguy cơ mất khả năng thanh toán: Bằng chứng thực nghiệm từ các doanh nghiệp ở Đông Nam Á

Thảo Trần Phương; Tuấn Lê Anh

doi:10.24311/jabes/2020.31.12.1

Authors

Thảo Trần Phương Trường Đại học Kinh tế TP. Hồ Chí Minh Author
Tuấn Lê Anh Đại học Quốc Lập Trung Ương (National Central University), Đài Loan Author

DOI:

https://doi.org/10.24311/jabes/2020.31.12.1

Keywords:

Geopolitical risk, Insolvency risk, Cash holdings, Manufacturing firms

Abstract

This paper examines the effect of geopolitical risk on corporate insolvency risk in four ASEAN countries. Using an extensive sample of 13,587 firm-year observations spanning from 1995 to 2018, the authors find that geopolitical risk is positively associated with firm insolvency risk. The findings are robust to alternative estimation methods such as firm-fixed effects model, and a system-generalized method of moments regression model. Further analysis shows that the adverse impact of geopolitical risk on firm insolvency is more pronounced for manufacturing firms. However, firms with greater cash holdings can better mitigate this negative impact.

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