Purpose

The authors investigate whether firms can ensure their financial stability during the coronavirus disease 2019 (COVID-19) pandemic by having ex-ante risk management.

Design/methodology/approach

The authors study 279 Vietnamese listed firms by investigating their disclosure of risk awareness and risk management tool(s) in the 2019 annual reports. The authors then examine whether prior risk awareness and adoption of risk management tool(s) can enhance the firms' financial ratios during the COVID-19 pandemic.

Findings

The authors find that firms that disclose their risk management tool(s) in the 2019 annual reports have better asset utilization and higher liquidity during the COVID-19 pandemic than the others. However, firms that simply express their risk awareness exert no stronger financial stability. In addition, the authors document that debt management is the most popular and most effective tool to ensure firms' financial stability during the crisis.

Originality/value

The study highlights the need for ex-ante risk management for future pandemics. The authors also suggest that stakeholders can rely on the degree of risk management tool utilization to evaluate the financial stability of firms.

中文翻译：

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COVID-19 大流行期间的事前风险管理和金融稳定：对越南公司的研究

目的

作者调查了公司是否可以通过事前风险管理来确保 2019 年冠状病毒病 (COVID-19) 大流行期间的财务稳定。

设计/方法/方法

作者通过调查 279 家越南上市公司在 2019 年年报中披露的风险意识和风险管理工具来研究它们。然后，作者研究了先前的风险意识和风险管理工具的采用是否可以在 COVID-19 大流行期间提高公司的财务比率。

发现

作者发现，在 2019 年年度报告中披露其风险管理工具的公司在 COVID-19 大流行期间比其他公司拥有更好的资产利用率和更高的流动性。然而，仅仅表达其风险意识的公司并没有表现出更强的财务稳定性。此外，作者还指出，债务管理是在危机期间确保公司财务稳定的最流行和最有效的工具。

原创性/价值

该研究强调了对未来流行病进行事前风险管理的必要性。作者还建议利益相关者可以依靠风险管理工具的使用程度来评估公司的财务稳定性。