The Impact of Capital Structure on Firm Performance: Evidence from Vietnam

• 발행기관: 한국유통과학회
• 저자명: Hieu Thanh NGUYEN Anh Huu NGUYEN
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 7 No.4, 97~105쪽, 전체 9쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2020.04.30

영문 초록

This paper explores the impact of capital structure on firm performance in the context of Vietnam. The paper investigates the different effect of capital structure on firm performance in state-owned and non-state enterprises listed on the Vietnam stock market. The panel data of research sample includes 488 non-financial listed companies on the Vietnam stock market for a period of six years, from 2013 to 2018. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, firm performance is measured by return on equity (ROE), return on assets (ROA), and earnings per share (EPS). The ratios of short-term liabilities, long-term liabilities, and total liabilities to total assets are proxy for capital structure. Firm sizes, growth rate, liquidity, and ratio of fixed assets to total assets are control variables in the study. The empirical results show that capital structure has a statistically significant negative effect on the firm performance. The result also shows this effect is stronger in state-owned enterprises than non-state enterprises in Vietnam. These evidences provide a new insight to managers of both state-owned and non-state enterprises on how to improve the firm’s performance with capital structure.

목차

1. Introduction

2. Basic Theory and Literature Review

3. Hypothesis Development

4. Research Methodology

5. Empirical Results

6. Discussion and Recommendations

7. Conclusion

References

키워드

Capital Structure Firm Performance State-owned Enterprises Non-state Enterprises Vietnam