Determinants of Capital Structure of the Listed Companies on Vietnam Stock Market

in Social Sciences Citation Index(SSCI), 社會科學引用文獻索引資料庫(SSCI)
標題Determinants of Capital Structure of the Listed Companies on Vietnam Stock Market
出版類型SSCI(Social Sciences Citation Index)
AuthorsChong-Ho Wang, 阮氏恆, & Rern-Jay Hung 洪仁杰
出版日期2016 / 6

Capital structure decisions are highly important to any firms as the firms constantly make investment decisions for their
sustenance and growth. In the same line, the objective of this study is to identify determinants of capital structure of listed
firms on Vietnamese stock exchanges. The study has used panel data from 420 non-financial publicly traded firms during
2010-2014. Multiple regression analysis was employed to examine the relationship between the firm’s capital structure
and the nine related explanatory variables (business risk, profitability, firm size, firm growth, asset tangibility, liquidity,
effective tax rate, non-debt tax shields, and lending interest rate). The study reveals that financial leverage of Vietnamese
listed firms decrease with profitability, business risk, non-debt tax shields, liquidity and increase with firm growth, firm
size. Besides, asset tangibility and liquidity have significant and negative impact on total debt ratio and long-term debt
ratio but having positive relationship with short-term debt ratio. This study not only contributes to the literature on the
determinants of firm’s capital structure but also is useful for financial managers, investors, and financial management

期刊名稱International Journal of Business & Management
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