This study explores the main determinants of financial distress in 11 emerging countries. Using two-way cluster-robust standard errors, evidence shows that matured, profitable, liquid, small firms with high market-to-book ratio and low growth in assets are less prone to financial distress. Moreover, well-developed financial markets in countries with low levels of corruption reduce financial distress. Furthermore, it uses tests for equality between coefficients and moderates multiple regressions to capture the effect of firm life cycle on financial distress, over three Arab Spring sub-periods. The results imply adopting strategies to increase earned capital and cash holdings, avoid over-investment, and facilitate risk diversification strategies.

本研究探讨了 11 个新兴国家财务困境的主要决定因素。使用双向集群稳健标准误差，证据表明成熟、盈利、流动性强、市值与账面比高且资产增长率低的小公司不太容易陷入财务困境。此外，腐败程度低的国家发达的金融市场可以减少财务困境。此外，它使用系数之间的相等性检验和缓和多元回归来捕捉公司生命周期对三个阿拉伯之春子时期财务困境的影响。结果意味着采取战略来增加挣得资本和现金持有量，避免过度投资，并促进风险分散战略。