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For example present participle of avoir is ayant but this verb does not have present verbal adjective and consequently does not have present verbal adverb.

Which verbs don't have one or both verbal adjectives and why?

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You can find a list of verbs having a verbal adjective here, which I quote below:

abstenir, fabriquer, adhérer, fatiguer, afférer, fluer, affluer, frire, agir, fringuer, ardre, influer, coïncider, s'insurger, communiquer, interférer, compéter, interroger, confirmer, intoxiquer, confisquer, intriguer, confluer, messeoir, convaincre, naviguer, converger, négliger, déférer, ordonner, déléguer, précéder, déterger, présider, différer, provoquer, divaguer, résider, diverger, révérer, émerger, somnoler, équivaloir, suffoquer, excéder, urger, exceller, vaquer, expédier, violer, extravaguer, zizaguer

I invite you to click on the link I posted if you want to know what are the present participles and the verbal adjectives for these verbs.

I don't know if this list is exhaustive (I didn't find any other example in my head), but if it is, you can consider every other verb as not having a verbal adjective.

NOTE: some of these adjectives can also be used as nouns!

As for the "why" now, after a lot of research, I didn't find a satisfactory explanation. However, I found a very interesting and very (very) thorough article in French about verbal adjectives and present participle.

While this article doesn't give an answer to the "why" question, it gives some interesting time information:

« On voit dans les ouvrages [...] que le Participe présent se déclinoit dans le XVIe siècle.

[...] On croit généralement que c’est à la publication des fameuses lettres de Pascal, en 1659, qu’il faut reporter l’époque de la fixation de notre langue à cet égard. [...] l’Académie prononça, le 3 juin 1679: "La règle est faite, on ne déclinera plus les Participes présents." » (Girault-Duvivier, Grammaire des Grammaires, 1822)

So the present participle was, in the past, used as an adjective as well, which seems to mean that verbal adjectives appeared in French language after 1679, when the Académie Française made the "not matching" rule official.

It doesn't answer the "why", but it gives information about the "when".

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