TAILIEUCHUNG - Factors influencing capital structure of Vietnam’s real estate enterprises: A move from static to dynamic models

In this study, which investigates the determinants of capital structure of Vietnam’s listed real estate companies, we conduct a comparative analysis of static and dynamic models, finding out several factors affecting the capital structure. | 76!! ! ! Pham Tien Minh & Nguyen Tien Dung / Journal of Economic Development. 22(4), 76-91 ! Factors Influencing Capital Structure of Vietnam’s Real Estate Enterprises: A Move from Static to Dynamic Models PHAM TIEN MINH Vietnam National University, HCMC University of Technology – ptminh@ NGUYEN TIEN DUNG Vietnam National University, HCMC University of Technology – ntdung@ This research is funded by HCMC University of Technology under grant number TQLCN-2014-71. ARTICLE INFO ABSTRACT Article history: In this study, which investigates the determinants of capital structure of Vietnam’s listed real estate companies, we conduct a comparative analysis of static and dynamic models, finding out several factors affecting the capital structure. By applying panel data for 47 listed companies in the real estate domain from 2008 to 2013, we find that static panel models and dynamic estimators provide significantly different results. To finally identify the capital structure determinants, we then employ the system-GMM estimation. The empirical results indicate that the pecking order theory dominates the static trade-off theory as for the Vietnam’s listed real estate companies, which are also found to partially adjust their capital structure toward the target capital structure at a low speed (α = ), implying that these have to face quite large adjustment costs. Received: Jan. 14 2015 Received in revised form: May 15 2015 Accepted: 04 July 2015 Keywords: Capital structure, static model, dynamic model, GMM, real estate, speed of adjustment. ! ! Pham Tien Minh & Nguyen Tien Dung / Journal of Economic Development. 22(4), 76-91 !77! ! 1.! Introduction Recent years have marked a significant shift in the investigation of capital structure, exclusively from either static to dynamic models or basic estimates with strict hypothesis testing to advanced measures in the event of violated hypotheses. Various studies so far conducted in Vietnam have .

• Kinh tế học
• Capital structure
• Static model
• Dynamic model
• GMM estimation
• Real estate
• Speed of adjustment
• Vietnamese construction firms
• Capital structure choice
• Return on assets
• Return on equity
• Business finance
• Lecture Business finance
• Capital market
• Financial management
• Capital structure decisions
• Firm performance
• Foreign ownership
• Capital ownership form
• Relation to capital structure
• The capital structure
• Initial public offerings
• Ordinary least square
• Market timing on capital structure
• Vietnam construction industry
• Market timing on capital structureevidence
• Capital Structure Policy
• The Effect of Financial Leverage
• Corporate Taxes
• Bankruptcy Costs
• The Capital Structure Question
• Finance management
• Fundamentals of finance management
• Optimal capital structure
• Operating leverage
• Capital structure theory
• Managerial finance
• Lecture Managerial finance
• Financial statements
• Capital structure effects
• Financial risk
• Quantile regression
• Determinants of capital structure
• Listed firms in Vietnam
• Vietnamese non financial listed firms
• Provincial institutions and capital structure
• New evidence from a transitional economy
• Capital structure and SMEs
• Vietnam’s legal environment
• Firm provincial level panel dataset
• Summary of Doctoral thesis
• Capital structure of tourism service enterprises
• Tourism service enterprises
• The economic market
• Firm characteristics
• SMEs’ capital structure in Egypt
• Non quoted SMEs
• Managerial ownership
• Capital structure in corporate performance utilizing firm size
• Corporate performance utilizing firm size as moderation
• Manufacturing companies listed on the IDX
• Moderate capital structure
• Innovation on corporate performance
• Indian corporate sector
• Multi objective goal setting
• Globalised era of fierce competitions
• Capital structure controversy debate
• Summary of PhD thesis
• Thesis Summary of Doctor of Finance Banking
• Finance Banking
• Impact of capital structure
• Profitability of enterprises
• Listed enterprises
• Fundamentals of financial management
• Financial statement
• Quản lý tài chính
• Market timing
• The initial public offering
• Using ordinary least square
• Equity market timing on capital structure
• Listed companies
• Trade off hypothesis
• Debt ratio
• Leverage financing
• Listed construction companies in Malaysia
• Selected private Bank
• Leverage and Profitability
• Dividend Payout Ratio
• Appropriate capital structure
• Fixed Effect Panel Regression Mode
• Vietnam stock market
• Aquaculture model
• Enterprise capital structure
• Debt maturity structure
• Real estate construction investment
• Trading enterprises in Vietnam
• Sources of finance
• Trade off theory
• Pecking order theory
• Capital adequacy
• Global financial crisis