Occurrences of financial distress (FD) are not readily obvious yet can span several periods. This paper examines episodes of FD using industry‐relative (IR) firm‐/ accounting‐, market‐ and macro‐level information. Mixed logit regressions reveal that firm‐ and market‐based measures, as well as macro‐level variables explain the likelihood of FD in 263 publicly listed non‐banking firms in the Philippines during the period 1995 to 2018. Rates of identification of firms in financial distressed states of close to 69 percent are obtained at a cutoff probability of 0.30 in the model with time‐varying intercept and slope. This study shows the importance of recognizing heterogeneous firm behavior. The ability to more accurately predict the probability of FD and to determine the financial health of firms can help financial institutions in allocating funds and policy makers in predicting crises episodes.

中文翻译：

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公司财务困境：新兴市场经济中的上市公司案例

财务困境（FD）的发生不是很明显，但是可能会跨越多个时期。本文使用行业相关（IR）的公司/会计，市场和宏观层面的信息检查了FD的情节。混合logit回归表明，基于公司和市场的测度以及宏观变量可以解释1995年至2018年期间菲律宾263家公开上市的非银行公司FD的可能性。金融公司的识别率在具有随时间变化的截距和斜率的模型中，以0.30的截止概率获得了接近69％的应力状态。这项研究表明了认识异质公司行为的重要性。更准确地预测发生概率的能力FD和确定公司的财务状况可以帮助金融机构分配资金，并帮助决策者预测危机事件。