The Role of Financial Distress on Company Life Cycle and Stock Return

Akhmad Sigit Adiwibowo, Dwi Safiatun Rohmah, Putri Nurmala
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引用次数: 0

Abstract

This study aims to see how the company life cycle affects stock returns with financial distress as a moderating variable in companies listed on the Indonesia Stock Exchange between 2017 and 2021. Purposive sampling was used to obtain a sample of 71 companies. A panel regression analysis with a fixed effect model was used for the analysis. The study's findings show that the decline stage of a company's life cycle hurts stock returns, whereas the introduction, growth, and maturity stages do not affect stock returns. Financial distress can mitigate the impact of the company's decline stage on stock returns. However, it needs to mitigate the impact of the company's introduction, growth, and maturity stages on stock returns.
财务危机对公司生命周期和股票收益的影响
本研究旨在了解公司生命周期如何影响股票回报,并将财务困境作为2017年至2021年在印度尼西亚证券交易所上市的公司的调节变量。采用目的性抽样的方法获得了71家公司的样本。采用固定效应模型的面板回归分析。研究结果表明,公司生命周期的衰退期会影响股票收益,而引入期、成长期和成熟期对股票收益没有影响。财务困境可以减轻公司下滑阶段对股票回报的影响。然而,它需要减轻公司的引入,成长和成熟阶段对股票回报的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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