Offhand, this doesn't seem worth a "study".
It seems to say that companies which don't have enough money (negative operational cash flow) to pay their bills
and whose shares are losing value (cannot easily cover operational expenses by issuing more stock)
are more likely to declare bankruptcy.
Almost expected it to be signed "Alfred E. Neuman and Hoopla B. Smurf, Principal Investigators."
I may have read it wrong, too. Hope so.
Arf