Determinants of capital structure choice: Empirical evidence from Vietnamese listed companies
Determinants of capital structure choice: Empirical evidence from Vietnamese listed companies
Author(s): Bui Duc Nha, Nguyen Thi Bich Loan, Nguyen Thi Tuyet NhungSubject(s): Business Economy / Management, Evaluation research, Financial Markets, Socio-Economic Research
Published by: Akadémiai Kiadó
Keywords: capital structure; pecking-order theory; trade-off theory;
Summary/Abstract: This paper examines the impact of firm-specific and industry characteristics on capital structure during a sample period spanning from 2007 to 2013. We used panel regression with fixed effects and found strong evidence that capital structure is most affected by firm-specific factors such as tangibility, non-debt tax shields, liquidity, firm size, taxes paid, profitability, Tobin’s Q ratio, and growth assets. In addition, the empirical results indicate that firms operating in different industries have dissimilar capital structures.
Journal: Society and Economy. In Central and Eastern Europe ǀ Journal of the Corvinus University of Budapest
- Issue Year: 38/2016
- Issue No: 1
- Page Range: 29-45
- Page Count: 17
- Language: English