Institutional Ownership, Firm Size, and Market Risk on Firm Stability of ASEAN Property Firms
Keywords:
Firm Stability (Altman Z?-Score); Institutional Ownership; Firm Size; Systematic Risk (Beta); ASEAN Property FirmsAbstract
This study examines whether institutional ownership and firm size affect corporate financial stability in ASEAN listed property firms, and whether systematic market risk (beta) moderates these relationships. Using a balanced panel of 32 firms across Indonesia, Malaysia, Thailand, the Philippines, and Vietnam over 2020–2024 (160 firm-year observations), firm stability is proxied by the Altman Z?-Score (higher values indicate higher stability/lower distress). Fixed-effects panel regressions (selected via Chow and Hausman tests) show that both institutional ownership and firm size are significantly negatively associated with the Z?-Score, implying higher distress risk for firms with higher institutional shareholding and larger asset bases during the sample period. Systematic risk shows a significant direct negative effect on stability when included alongside the main predictors, while the interaction terms (institutional ownership × beta; firm size × beta) are statistically insignificant, suggesting that market risk operates primarily as an independent driver rather than a moderator. The findings provide governance and risk-management implications for investors and regulators in ASEAN property markets.
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