IDEAS home Printed from https://ideas.repec.org/a/bla/ausecp/v55y2016i4p319-344.html
   My bibliography  Save this article

Ownership Structure and Capital Structure: A Study of Vietnamese Listed Firms

Author

Listed:
  • Thi Phuong Vy Le
  • Kathy Tannous

Abstract

No abstract is available for this item.

Suggested Citation

  • Thi Phuong Vy Le & Kathy Tannous, 2016. "Ownership Structure and Capital Structure: A Study of Vietnamese Listed Firms," Australian Economic Papers, Wiley Blackwell, vol. 55(4), pages 319-344, December.
  • Handle: RePEc:bla:ausecp:v:55:y:2016:i:4:p:319-344
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1111/1467-8454.12089
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    2. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    3. Arellano, Manuel & Bover, Olympia, 1995. "Another look at the instrumental variable estimation of error-components models," Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
    4. David Roodman, 2009. "How to do xtabond2: An introduction to difference and system GMM in Stata," Stata Journal, StataCorp LP, vol. 9(1), pages 86-136, March.
    5. Nigel Driffield & Vidya Mahambare & Sarmistha Pal, 2007. "How does ownership structure affect capital structure and firm value? Recent evidence from East Asia1," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 15(3), pages 535-573, July.
    6. Huang, Guihai & Song, Frank M., 2006. "The determinants of capital structure: Evidence from China," China Economic Review, Elsevier, vol. 17(1), pages 14-36.
    7. repec:dau:papers:123456789/9501 is not listed on IDEAS
    8. Murray Z. Frank & Vidhan K. Goyal, 2009. "Capital Structure Decisions: Which Factors Are Reliably Important?," Financial Management, Financial Management Association International, vol. 38(1), pages 1-37, March.
    9. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    10. Bor-Yi Huang & Cho-Min Lin & Chien-Ming Huang, 2011. "The Influences of Ownership Structure: evidence from China," Journal of Developing Areas, Tennessee State University, College of Business, vol. 45(1), pages 209-227, July-Dece.
    11. Berger, Philip G & Ofek, Eli & Yermack, David L, 1997. "Managerial Entrenchment and Capital Structure Decisions," Journal of Finance, American Finance Association, vol. 52(4), pages 1411-1438, September.
    12. Deesomsak, Rataporn & Paudyal, Krishna & Pescetto, Gioia, 2004. "The determinants of capital structure: evidence from the Asia Pacific region," Journal of Multinational Financial Management, Elsevier, vol. 14(4-5), pages 387-405.
    13. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    14. World Bank, 2011. "World Development Report 2011 [Rapport sur le développement dans le monde 2011 : Conflits, sécurité et développement - Abrégé]," World Bank Publications - Books, The World Bank Group, number 4389, December.
    15. Lin, Chen & Ma, Yue & Malatesta, Paul & Xuan, Yuhai, 2011. "Ownership structure and the cost of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 100(1), pages 1-23, April.
    16. Stulz, ReneM., 1990. "Managerial discretion and optimal financing policies," Journal of Financial Economics, Elsevier, vol. 26(1), pages 3-27, July.
    17. Richard J. Zeckhauser & John Pound, 1990. "Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 149-180, National Bureau of Economic Research, Inc.
    18. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    19. Chen, Zhilan & Cheung, Yan-Leung & Stouraitis, Aris & Wong, Anita W.S., 2005. "Ownership concentration, firm performance, and dividend policy in Hong Kong," Pacific-Basin Finance Journal, Elsevier, vol. 13(4), pages 431-449, September.
    20. Kim, Wi Saeng & Sorensen, Eric H., 1986. "Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 21(2), pages 131-144, June.
    21. Sibilkov, Valeriy, 2009. "Asset Liquidity and Capital Structure," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 44(5), pages 1173-1196, October.
    22. David Roodman, 2006. "How to Do xtabond2," North American Stata Users' Group Meetings 2006 8, Stata Users Group.
    23. Wiwattanakantang, Yupana, 1999. "An empirical study on the determinants of the capital structure of Thai firms," Pacific-Basin Finance Journal, Elsevier, vol. 7(3-4), pages 371-403, August.
    24. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-1177, December.
    25. Li, Kai & Yue, Heng & Zhao, Longkai, 2009. "Ownership, institutions, and capital structure: Evidence from China," Journal of Comparative Economics, Elsevier, vol. 37(3), pages 471-490, September.
    26. Laurence Booth & Varouj Aivazian & Asli Demirguc‐Kunt & Vojislav Maksimovic, 2001. "Capital Structures in Developing Countries," Journal of Finance, American Finance Association, vol. 56(1), pages 87-130, February.
    27. Dudley, Evan, 2012. "Capital structure and large investment projects," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1168-1192.
    28. Zou, Hong & Xiao, Jason Zezhong, 2006. "The financing behaviour of listed Chinese firms," The British Accounting Review, Elsevier, vol. 38(3), pages 239-258.
    29. Rajeswararao Chaganti & Fariborz Damanpour, 1991. "Institutional ownership, capital structure, and firm performance," Strategic Management Journal, Wiley Blackwell, vol. 12(7), pages 479-491, October.
    30. Wintoki, M. Babajide & Linck, James S. & Netter, Jeffry M., 2012. "Endogeneity and the dynamics of internal corporate governance," Journal of Financial Economics, Elsevier, vol. 105(3), pages 581-606.
    31. repec:dau:papers:123456789/11260 is not listed on IDEAS
    32. Hidenobu Okuda & Lai Thi Phuong Nhung, 2010. "The Determinants of the Fundraising Structure of Listed Companies in Vietnam: Estimation of the Effects of Government Ownership," Global COE Hi-Stat Discussion Paper Series gd09-110, Institute of Economic Research, Hitotsubashi University.
    33. Begley, Joy & Feltham, Gerald A., 1999. "An empirical examination of the relation between debt contracts and management incentives," Journal of Accounting and Economics, Elsevier, vol. 27(2), pages 229-259, April.
    34. Vo, Xuan Vinh, 2010. "Foreign ownership in Vietnam stock markets - an empirical analysis," MPRA Paper 29863, University Library of Munich, Germany, revised 10 Jan 2011.
    35. Friend, Irwin & Lang, Larry H P, 1988. " An Empirical Test of the Impact of Managerial Self-interest on Corporate Capital Structure," Journal of Finance, American Finance Association, vol. 43(2), pages 271-281, June.
    36. de La Bruslerie, Hubert & Latrous, Imen, 2012. "Ownership structure and debt leverage: Empirical test of a trade-off hypothesis on French firms," Journal of Multinational Financial Management, Elsevier, vol. 22(4), pages 111-130.
    37. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    38. Fan, Dennis K. K. & So, Raymond W., 2004. "What managers think of capital structure: the evidence from Hong Kong," Journal of Asian Economics, Elsevier, vol. 15(4), pages 817-830, August.
    39. Jensen, Gerald R. & Solberg, Donald P. & Zorn, Thomas S., 1992. "Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(2), pages 247-263, June.
    40. Myers, Stewart C, 1984. "The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
    41. Lipson, Marc L. & Mortal, Sandra, 2009. "Liquidity and capital structure," Journal of Financial Markets, Elsevier, vol. 12(4), pages 611-644, November.
    42. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
    43. Margaritis, Dimitris & Psillaki, Maria, 2010. "Capital structure, equity ownership and firm performance," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 621-632, March.
    44. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 277-297.
    45. World Bank, 2012. "World Development Report 2012 [Rapport sur le développement dans le monde 2012]," World Bank Publications - Books, The World Bank Group, number 4391, December.
    46. Timothy J. Brailsford & Barry R. Oliver & Sandra L. H. Pua, 2002. "On the relation between ownership structure and capital structure," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 42(1), pages 1-26, March.
    47. Harris, Milton & Raviv, Artur, 1988. "Corporate control contests and capital structure," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 55-86, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Nguyen, Thao & Bai, Min & Hou, Greg & Vu, Manh-Chien, 2020. "State ownership and adjustment speed toward target leverage: Evidence from a transitional economy," Research in International Business and Finance, Elsevier, vol. 53(C).
    2. Tuan Bach Le, & Drahomira Pavelkova, & Thi Thanh Nhan Do, & Minh Vu Ngo, 2017. "Does foreign ownership impact accounting conservatism adoption in Vietnam," Business and Economic Horizons (BEH), Prague Development Center, vol. 13(3), pages 287-294, July.
    3. Jizhe Yang & Tingfeng Jiang & Lu Dai, 2022. "State‐ownership and corporate cash holding: Evidence from China," Australian Economic Papers, Wiley Blackwell, vol. 61(2), pages 217-233, June.
    4. Mousa Sharaf Adin Hezam Saleh & Yusnidah Ibrahim & Hanita Kadir Shahar, 2020. "The Simultaneous Effect of Corporate Ownership on Dividends and Capital Structure: Malaysian Evidence," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(6), pages 46-62, December.
    5. Xiaojian Hu & Gang Yao & Taiyun Zhou, 2022. "Does ownership structure affect the optimal capital structure? A PSTR model for China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2458-2480, April.
    6. Nguyen, Thao & Bai, Min & Hou, Yang & Vu, Manh-Chien, 2021. "Corporate governance and dynamics capital structure: evidence from Vietnam," Global Finance Journal, Elsevier, vol. 48(C).
    7. Le, Tuan Bach & Pavelkova, Drahomira & Do, Thi Thanh Nhan & Ngo, Minh Vu, 2017. "Does foreign ownership impact accounting conservatism adoption in Vietnam?," Business and Economic Horizons (BEH), Prague Development Center (PRADEC), vol. 13(3).
    8. Zbysław Dobrowolski & Grzegorz Drozdowski & Mirela Panait & Simona Andreea Apostu, 2022. "The Weighted Average Cost of Capital and Its Universality in Crisis Times: Evidence from the Energy Sector," Energies, MDPI, vol. 15(18), pages 1-15, September.
    9. Chu Wang & Char-Lee Lok & Lian Kee Phua, 2023. "Ownership Structure and Capital Structure: Moderating Effect of Product Market Maturity," SAGE Open, , vol. 13(4), pages 21582440231, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Le, Thi Phuong Vy & Phan, Thi Bich Nguyet, 2017. "Capital structure and firm performance: Empirical evidence from a small transition country," Research in International Business and Finance, Elsevier, vol. 42(C), pages 710-726.
    2. Mário Santos & António Moreira & Elisabete Vieira, 2014. "Ownership concentration, contestability, family firms, and capital structure," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(4), pages 1063-1107, November.
    3. Vo, Xuan Vinh, 2017. "Determinants of capital structure in emerging markets: Evidence from Vietnam," Research in International Business and Finance, Elsevier, vol. 40(C), pages 105-113.
    4. Firano, Zakaria & Filali adib, Fatine, 2022. "Optimal Capital structure and financial stability," MPRA Paper 115790, University Library of Munich, Germany, revised 2022.
    5. Zhang, Dongyang & Liu, Deqiang, 2017. "Determinants of the capital structure of Chinese non-listed enterprises: Is TFP efficient?," Economic Systems, Elsevier, vol. 41(2), pages 179-202.
    6. Xiaojian Hu & Gang Yao & Taiyun Zhou, 2022. "Does ownership structure affect the optimal capital structure? A PSTR model for China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2458-2480, April.
    7. Mai, Nhat Chi, 2012. "Market timing, taxes and capital structure: evidence from Vietnam," OSF Preprints t3mvs, Center for Open Science.
    8. Nhung Hong LE, 2017. "The impact of family ownership status on determinants of leverage. Empirical evidence from South East Asia," Working Papers of LaRGE Research Center 2017-09, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
    9. Muhammad Yusuf Amin & Amanat Ali & Bashir Khan, 2019. "Capital Structure of Chinese Firms Across different Sectors: Does Ownership Structure Matter?," Global Economics Review, Humanity Only, vol. 4(2), pages 70-82, June.
    10. Mohamed, Hisham Hanifa & Masih, Mansur & Bacha, Obiyathulla I., 2015. "Why do issuers issue Sukuk or conventional bond? Evidence from Malaysian listed firms using partial adjustment models," Pacific-Basin Finance Journal, Elsevier, vol. 34(C), pages 233-252.
    11. Anwar, Sajid & Sun, Sizhong, 2015. "Can the presence of foreign investment affect the capital structure of domestic firms?," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 32-43.
    12. Stavros H. Arvanitis & Irakleia S. Tzigkounaki & Theodoros V. Stamatopoulos & Eleftherios I. Thalassinos, 2012. "Dynamic Approach of Capital Structure of European Shipping Companies," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 5(3), pages 33-63, December.
    13. Zeitun, Rami & Goaied, Mohamed, 2021. "The nonlinear effect of foreign ownership on capital structure in Japan: A panel threshold analysis," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
    14. Wiwattanakantang, Yupana, 1999. "An empirical study on the determinants of the capital structure of Thai firms," Pacific-Basin Finance Journal, Elsevier, vol. 7(3-4), pages 371-403, August.
    15. Xiaoyan Chen & Xin Ling, 2017. "Determinants of Chinese equity financing behaviours: traditional model and the alternatives," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57, pages 69-100, April.
    16. Amin, Qazi Awais & Liu, Jia, 2020. "Shareholders' control rights, family ownership and the firm's leverage decisions," International Review of Financial Analysis, Elsevier, vol. 72(C).
    17. Ebrahim, M. Shahid & Girma, Sourafel & Shah, M. Eskandar & Williams, Jonathan, 2014. "Dynamic capital structure and political patronage: The case of Malaysia," International Review of Financial Analysis, Elsevier, vol. 31(C), pages 117-128.
    18. Im, Hyun Joong & Kang, Ya & Shon, Janghoon, 2020. "How does uncertainty influence target capital structure?," Journal of Corporate Finance, Elsevier, vol. 64(C).
    19. Qaiser Munir & Tongxia Li, 2018. "Nonlinearity between CEO power and firm leverage: evidence from the threshold model," Review of Managerial Science, Springer, vol. 12(3), pages 593-620, July.
    20. Khémiri, Wafa & Noubbigh, Hédi, 2018. "Determinants of capital structure: Evidence from sub-Saharan African firms," The Quarterly Review of Economics and Finance, Elsevier, vol. 70(C), pages 150-159.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ausecp:v:55:y:2016:i:4:p:319-344. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0004-900X .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.