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

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.