TAILIEUCHUNG - Determinants of capital structure of listed firms in Vietnam: A quantile regression approach

This study empirically examines the link between firm characteristics and leverage using the data of Vietnamese non-financial listed firms from 2006 to 2015. In addition to traditional panel data methods, we employ a conditional quantile regression that unveils the behavior of regressors throughout the leverage distribution. | 114 Nguyen Thi Canh et al. / Journal of Economic Development 24(2) 114-131 Determinants of capital structure of listed firms in Vietnam: A quantile regression approach NGUYEN THI CANH University of Economics and Law – canhnt@ NGUYEN THANH LIEM University of Economics and Law – liemnt@ TRAN HUNG SON University of Economics and Law – sonth@ ARTICLE INFO ABSTRACT Article history: This study empirically examines the link between firm characteristics and leverage using the data of Vietnamese non-financial listed firms from 2006 to 2015. In addition to traditional panel data methods, we employ a conditional quantile regression that unveils the behavior of regressors throughout the leverage distribution. The results confirm the non-linear relationship between firm characteristics and leverage at different levels of debt. Received: Nov. 14, 2016 Received in revised form: Feb. 9, 2017 Accepted: Mar. 31, 2017 Keywords: Leverage Capital structure Quantile regression Vietnam Nguyen Thi Canh et al. / Journal of Economic Development 24(2) 114-131 115 1. Introduction There have been numerous studies on capital structure determinants with some consistence in which size, asset composition, growth opportunities, profitability, and non-debt tax shields are critical. Nonetheless, most empirical studies assume the same impact of explanatory variables across high and low debt levels. This is unlikely in light of the papers suggesting that highly leveraged firms tend to encounter higher borrowing costs, thus reducing their debt capacity dramatically (Peyer & Shivdasani, 2001). Lenders tend to perceive higher risk of bankruptcy, and can demand premium for such risk by asking for extra protection. As a result, conventional determinants may exert different effects on leverage, depending on the leverage levels of firms. In fact, the potential non-linearity of the impacts of variables on capital structure decisions exists within the .

• Kinh tế học
• Capital structure
• Quantile regression
• Determinants of capital structure
• Listed firms in Vietnam
• Vietnamese non financial listed firms
• 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
• 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