Browsing by Author "Pham AV"

Now showing 1 - 2 of 2
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    Business Resilience: Lessons from Government Responses to the Global COVID-19 Crisis
    (Elsevier B.V., 2023-08-22) Nguyen H; Pham AV; Pham MDM; Pham MH
    This study explores the survival of firms across countries, and what factors contribute to their ability to withstand large-scale exogenous shocks, focusing on the COVID-19 pandemic. Using corporate default risk as a measure of non-resilience, our empirical results from 97 countries reveal that stringent COVID-19 containment measures created a significant resilience test for businesses worldwide. Further tests suggest that cash holdings, knowledge assets, international sales, and access to foreign capital markets are crucial for global businesses to pull through exogenous shocks. Country-level institutional qualities also play an essential role in shaping business resilience during a crisis. Our study is the first to comprehensively analyze the drivers of business resilience across diverse countries using the COVID-19 outbreak as a major global crisis, providing a nuanced understanding of this topic in international business.
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    Climate change and corporate creditworthiness: International evidence
    (Elsevier Inc, 2025-03-01) Nguyen H; Pham AV; Pham MDM; Pham MH
    This study examines how climate change risks affect corporate credit ratings worldwide. Using a comprehensive dataset of 4427 firms across 60 countries, we find that firms in countries more susceptible to climate change receive lower credit ratings. Such a negative relation ensues from inferior firm fundamentals, such as higher default risk and cash flow volatility associated with climate-change-related uncertainties. We also find that the adverse impact of climate change risks on credit ratings impedes firms' access to debt financing and increases the costs of holding credit default swaps. Further analyses reveal that institutional factors and market attention to climate change significantly shape rating agencies' responses to climate change risks.