Chapter 15 The determinants of capital structure: Evidence from Vietnam

Nahum Biger · Quyen X. Hoang

29 citations0/0 files storedInternational finance review

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Corporate Finance and Governance Financial Analysis and Corporate Governance Corporate Taxation and Avoidance

Abstract

This study examines financing decisions by Vietnamese firms and compares the results with the findings observed in economies characterized by market mechanisms and property rights. It uses data from Vietnamese enterprises census 2002–2003. Similar to findings in other countries, financial leverage of Vietnamese firms increases with firm size and managerial ownership and decreases with profitability, and with non-debt tax shield. It is also correlated with industry characteristics. Financial leverage was negatively correlated with fixed assets and positively correlated with growth opportunities, contrary to the findings in other countries. Corporate income tax has a negative, albeit small effect on financial leverage.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1984Corporate financing and investment decisions when firms have information that investors do not have 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1958The Cost of Capital, Corporation Finance and the Theory of Investment 1977Determinants of corporate borrowing 2019American Economic Review 1995What Do We Know about Capital Structure? Some Evidence from International Data 1988The Determinants of Capital Structure Choice

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