Analysing the nature of the variables with significant impact on delist risk, we can conclude that they are represented only by activity ratios (ASTU and CASTU) and liquidity ratios (FLEX).
Only one variabile, namely Current Assets turnover (CASTU) is identified in other studies as well, namely in that conducted by Siminica (2010).
Referring to the ASTU or CASTU ratios of activity that were identified as having a significant impact on the delisting risk, in Turkey, Ugurlu and Aksoy (2006) found similar variables for a company's delisting probability and Chi and Tang (2006) making a bankruptcy risk study in seven capital markets from Asia and the Pacific (Hong Kong, Japan, Korea, Malaysia, Singapore, Thailand and the Philippines) they identified the Fixed Assets turnover ratio as having a significant impact in predicting bankruptcy.
For two of the three resulted variables, specifically for FLEX and CASTU the results are aligned with the expectations based on the economic theory.
Three variables such as Flexibility ratio (FLEX), Assets turnover (ASTU) and Current assets turnover (CASTU) were found to be significant determinants for a company's listing on the stock exchange.