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Long-run performance of firms emerging from financial distress: Empirical evidence from Malaysia

Abd Halim Ahmad, Nur Adiana Hiau Abdullah and Kamarun Nisham Taufil Mohd

Economics and Business Letters, 2018, vol. 7, issue 1, 47-54

Abstract: We examine the long-run performance of firms emerging from financial distress in Malaysia. The sample consists of 114 companies listed on the Bursa Malaysia stock exchange that emerged from a financially distressed classification between 2001 and 2014. We investigate whether post-distressed performance is similar to the performance of firms of equivalent size and book-to-market ratio and the market indices. The results suggest that firms emerging from financial distress in Malaysia underperform when compared to the performance of firms similar in size and book-to-market ratio and the market indices. This suggests that the post-restructuring performance of firms on the Bursa Malaysia stock exchange that have emerged from financial distress does not improve.

Date: 2018
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