Title: THE IMPACT OF BANKRUPTCY RISK ON THE FINANCIAL PERFORMANCE OF FOOD AND BEVERAGE MANUFACTURING ENTERPRISES: AN EXPERIMENTAL STUDY IN VIETNAM
Authors:
Thi Thanh Huyen Dam, Thi Hien Nguyen, Thi Thu Hang Nguyen and Thi Minh Nguyet Dang*
Abstract:
The purpose of this study is to examine how the risk of bankruptcy affects the financial performance of enterprises. The research focuses specifically on 30 food and beverage manufacturing companies that are listed on the HOSE and HNX stock exchanges. Data for the study was collected from 2016 and 2022. The financial performance of these enterprises is assessed using two important indices: Return on Assets (ROA) and Return on Equity (ROE). This research investigates the bankruptcy risk of enterprises using the Z-score index. Panel data analysis is employed in the study, utilizing OLS, FEM and REM models. Among these, the REM model is found to be the most suitable for explaining the research model. The findings reveal a positive correlation between bankruptcy risk and financial performance. These findings provide practical policy implications for investors, business managers, and aid food and beverage manufacturing comapanies in achieving sustainable growth in the future.
Keywords: Financial performance, bankruptcy risk, sustainable growth, Vietnam.
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