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Determinants of capital structure choice: Empirical evidence from Vietnamese listed companies

Author

Listed:
  • Bui Duc Nha

    (Ton Duc Thang University, Department of Finance and Banking)

  • Nguyen Thi Bich Loan

    (Ton Duc Thang University, Department of Finance and Banking)

  • Nguyen Thi Tuyet Nhung

    (Ton Duc Thang University, Department of Finance and Banking)

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.

Suggested Citation

  • Bui Duc Nha & Nguyen Thi Bich Loan & Nguyen Thi Tuyet Nhung, 2016. "Determinants of capital structure choice: Empirical evidence from Vietnamese listed companies," Society and Economy, Akadémiai Kiadó, Hungary, vol. 38(1), pages 29-45, March.
    • Handle: RePEc:aka:soceco:v:38:y:2016:i:1:p:29-45
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    File URL: http://www.akademiai.com/doi/pdf/10.1556/204.2016.38.1.3
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    Cited by:

    1. Anh‐Tuan Doan & Bich‐Thanh Truong & Chi‐Cuong Nguyen & Phan‐Tam‐Nhu Nguyen & Hai‐Yen Truong & Anh‐Tuan Le, 2023. "Corruption and corporate leverage in an emerging economy: The role of economic freedom," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 94(2), pages 599-629, June.
    2. Thi Anh Nhu Nguyen, "undated". "Financing Constraints On Smes In Emerging Markets: Does Financial Literacy Matter?," Review of Socio - Economic Perspectives 201711, Reviewsep.

    More about this item

    Keywords

    capital structure; pecking-order theory; trade-off theory;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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