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Debt maturity and the development of financial markets in Vietnamese listed firms

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  • Thuy An Chung
  • Quynh Trang Phan

Abstract

This study examines the determinants of the corporate debt maturity structure for the period from 2007 to 2016, utilising a sample of non-financial listed firms chosen from two stock exchanges: the Ho Chi Minh Stock Exchange (HOSE) and the Ha Noi Stock Exchange (HNX). The regression results partially support the theories of agency cost, signalling and liquidity risk and provide little evidence supporting the theory of tax minimisation. We find that leverage, firm size and lagged debt maturities are the important factors in the choice of corporate debt maturity. Other evidence documents that the development of the equity market plays an important role in the financial structure.

Suggested Citation

  • Thuy An Chung & Quynh Trang Phan, 2020. "Debt maturity and the development of financial markets in Vietnamese listed firms," Afro-Asian Journal of Finance and Accounting, Inderscience Enterprises Ltd, vol. 10(2), pages 184-206.
    • Handle: RePEc:ids:afasfa:v:10:y:2020:i:2:p:184-206
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    Cited by:

    1. Quynh Trang Phan & Poomthan Rangkakulnuwat, 2022. "How price informativeness affects the sensitivity of investment-to-stock price in Vietnamese listed firms," Afro-Asian Journal of Finance and Accounting, Inderscience Enterprises Ltd, vol. 12(1), pages 28-61.

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