IDEAS home Printed from https://ideas.repec.org/a/afj/journl/v27y2025i2p1-14.html

Delisting Risk in a Developing Economy: An Empirical Analysis of Financial and Macroeconomic Factors

Author

Listed:
  • Peter Lansdell
  • Ilse Botha
  • Ben Marx

    (University of Johannesburg)

Abstract

This research explores financial and macroeconomic drivers of delisting on the Johannesburg Stock Exchange (JSE). A structured literature review identifies key indicators, which are tested using a multivariate panel probit regression model. Analysing data from 302 delisted firms and matched listed counterparts from 2010 to 2023, the research highlights financial leverage, cash flow, firm growth, financial distress, and macroeconomic conditions as significant predictors of delisting risk. Although focused on South Africa, the findings offer broader relevance for stakeholders in emerging markets, emphasising the need for sound financial management and stable economic environments to mitigate delisting threats.

Suggested Citation

  • Peter Lansdell & Ilse Botha & Ben Marx, 2025. "Delisting Risk in a Developing Economy: An Empirical Analysis of Financial and Macroeconomic Factors," The African Finance Journal, Africagrowth Institute, vol. 27(2), pages 1-14.
    • Handle: RePEc:afj:journl:v:27:y:2025:i:2:p:1-14
    as

    Download full text from publisher

    File URL: https://journals.co.za/doi/abs/10.10520/ejc-finj_v27_n2_a1
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:afj:journl:v:27:y:2025:i:2:p:1-14. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kirk De Doncker (email available below). General contact details of provider: https://edirc.repec.org/data/afrgrza.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.