Empirical studies on coroorate capital structure in viet nan
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Empirical studies on coroorate capital structure in viet nan
EMPIRICAL STUDIES ON CORPORATECAPITAL STRUCTURE IN VIETNAMLINH. DOAN NGOC DƯY1 Department of Business Administration Graduate School of Soongsil Unive Empirical studies on coroorate capital structure in viet nan ersity. KoreaABSTRACTThe purpose of the study is to examine the influence of firm characteristics (profitability, investment opportunity "market-to-book ratio", tangibility, size, growth) and industry effect to capital structure of stock companies in Vietnam. The study uses OLS regression method to Empirical studies on coroorate capital structure in viet nan analyze a data set consisting of 522 non-financial companies listed in the two stock exchanges Ho Chi Minh Stock Exchange (HSX) and Ha Noi Stock ExchaEmpirical studies on coroorate capital structure in viet nan
nge (HNX) during the period from 2008 to 2011.The aggregate market-based leverage ratio in Vietnam is about 0.29. Despite the differences in business EMPIRICAL STUDIES ON CORPORATECAPITAL STRUCTURE IN VIETNAMLINH. DOAN NGOC DƯY1 Department of Business Administration Graduate School of Soongsil Unive Empirical studies on coroorate capital structure in viet nan r.Email address: doạmigoc_dụyhub£yạhpọ.com- 1 -aggregate market-based leverage ratio has been about 0.32".The empirical results show that profitability. tangibility, and grow th arc the major three determinants to debt ratios, rhe strong negative correlation between profitability and all debt ratios Empirical studies on coroorate capital structure in viet nan supports the prediction of rhe pecking order theory' and it is considered as a serious delect of the trade-oil’ theory-. Tangibility has a strong posEmpirical studies on coroorate capital structure in viet nan
itive correlation with long-term debt ratio but it has a negative correlation with short-term debt ratio. I llis result IS consistent with the maturitEMPIRICAL STUDIES ON CORPORATECAPITAL STRUCTURE IN VIETNAMLINH. DOAN NGOC DƯY1 Department of Business Administration Graduate School of Soongsil Unive Empirical studies on coroorate capital structure in viet nan tangibility are expected to have high long-term debt ratio but low short-term debt ratio". The strong positive correlation between growth and all debt ratios is consistent to the statement of Jensen and Mecklmg, 197Ớ “Debt disciplines managers and mitigates agency problems to free cash flow since d Empirical studies on coroorate capital structure in viet nan ebt must be repaid to avoid bankruptcy". However, the fact that firms that have cash on hand actually issue debts is considered a serious problem of tEmpirical studies on coroorate capital structure in viet nan
he pecking order theory (Frank and Goyal, 2007).As per the empirical results the corporate capital structure of the whole data is dominated by short-tEMPIRICAL STUDIES ON CORPORATECAPITAL STRUCTURE IN VIETNAMLINH. DOAN NGOC DƯY1 Department of Business Administration Graduate School of Soongsil Unive Empirical studies on coroorate capital structure in viet nan 1997) "Industry' leverage is used as a proxy for target capital structure". According to llovakimian et al. (2001). firms actively adjust their debt ratios towards the industry average. And similar persistence al linn level is reported in Lemmon cl al. (2007). The differences of corporate capital st Empirical studies on coroorate capital structure in viet nan ructure at industry level and the- 2 -similar persistence of capital structure at firm level reflect the role of industry effect as the crucial determEmpirical studies on coroorate capital structure in viet nan
inant of the target debt ratios.- 3 -CHAPTER 1: Introduction1.1 IntroductionTo finance then business operations, companies have to use either equity cEMPIRICAL STUDIES ON CORPORATECAPITAL STRUCTURE IN VIETNAMLINH. DOAN NGOC DƯY1 Department of Business Administration Graduate School of Soongsil Unive Empirical studies on coroorate capital structure in viet nan d Miller (1958; 1963) set a foundation for implementation of empirical research and development of alternative theories on capital structure. These theories have been tested through a series of empirical studies to identify which determinants have a major role on capital structure decision. This stu Empirical studies on coroorate capital structure in viet nan dy is the first empirical test of the capital structure theories in the Vietnam market. Since it IS the first empirical work on the capital structureEmpirical studies on coroorate capital structure in viet nan
in Vietnam, this study introduces capital structure theories and provides empirical evidences for managers and investors of companies in Vietnam whichEMPIRICAL STUDIES ON CORPORATECAPITAL STRUCTURE IN VIETNAMLINH. DOAN NGOC DƯY1 Department of Business Administration Graduate School of Soongsil Unive Empirical studies on coroorate capital structure in viet nan . industry median leverage, profitability, tangibility. markel-lo-book ratio, size, and inflation arc six core factors which account for more than 27% of the variation in leverage. 1 hat is the reason why the study examines the effect of firm characteristics (profitability, tangibility, investment o Empirical studies on coroorate capital structure in viet nan pportunity, size, and growth) on debt ratios al firm level and then expanding into industry level in order to examine the industry effect. The empiricEmpirical studies on coroorate capital structure in viet nan
al results are reliable because they are based on the raw data of 552 firms listed in the- 4 -Stock Exchanges in the period from 2008 to 2011.The studEMPIRICAL STUDIES ON CORPORATECAPITAL STRUCTURE IN VIETNAMLINH. DOAN NGOC DƯY1 Department of Business Administration Graduate School of Soongsil Unive Empirical studies on coroorate capital structure in viet nan s then divided into two essays (chapter 2 and chapter 3). Chapter 2. which examines the effects of a firm’s characteristics, consists of four sections: section 1 develops hypotheses between a firm's characteristic factors and leverage; section 2 discusses data collection and designs model; section 3 Empirical studies on coroorate capital structure in viet nan presents empirical results; and section 4 presents the conclusion of the chapter. Chapter 3. which examines the industry effect, consists of four secEmpirical studies on coroorate capital structure in viet nan
tions: section 1 summarizes industry groups in Vietnam; section 2 designs model; section 3 presents empirical results; and section 4 presents the concEMPIRICAL STUDIES ON CORPORATECAPITAL STRUCTURE IN VIETNAMLINH. DOAN NGOC DƯY1 Department of Business Administration Graduate School of Soongsil Unive Empirical studies on coroorate capital structure in viet nan big change in the concept of an economy that transformed the command economy to a market economy. The privatization program was rhe key issue in the process of economic transformation at that time. In the process of economic transformation, the government promoted private ownership and launched the Empirical studies on coroorate capital structure in viet nan privatization program which transformed the State-Owned Enterprises (SOEs) to joint stocks companies. There has been an impressive reduction in the nEmpirical studies on coroorate capital structure in viet nan
umber of SOEs from 12.000 SOEs in 1991 to 1.200 SOEs in 2010 (IMF. 2010; WB. 2012). As a result, a lot of Slock companies were created in the market aEMPIRICAL STUDIES ON CORPORATECAPITAL STRUCTURE IN VIETNAMLINH. DOAN NGOC DƯY1 Department of Business Administration Graduate School of Soongsil Unive Empirical studies on coroorate capital structure in viet nan s a bank-centered financial system. According to the National Financial Supervisory Committee, up until 2009. 80% of the capital of the national economy was bank loans (Nguyen. H.. 2010). According to Manh Quan Nguyen, deputy general director of HDBank. most of the capital in the bank is short-term Empirical studies on coroorate capital structure in viet nan funds, while the demand from the market for longer term loans is increasing rapidly (MHB. 2009). The capital market, which is overly dependent on bankEmpirical studies on coroorate capital structure in viet nan
finance, reflects the lack of stable long-term financing channels and underdevelopment of the capital market in Vietnam.1.2.2 The equity market in ViEMPIRICAL STUDIES ON CORPORATECAPITAL STRUCTURE IN VIETNAMLINH. DOAN NGOC DƯY1 Department of Business Administration Graduate School of Soongsil Unive Empirical studies on coroorate capital structure in viet nan ectively. From the beginning in 2000. there were only 5 companies with market capitalization, accounting for 0.2% GDP listed in the equity market. Ten years later in 2010. there were 600 companies With market capitalization of USD 35 billion, accounting for 45% GDP, listed tn the equity market.The b Empirical studies on coroorate capital structure in viet nan ooming of the equity market has offered a long-term financing channel to reduce the burden on the banking system. It has also offered an effective chaEmpirical studies on coroorate capital structure in viet nan
nnel to attract foreign investment capital.- 6 •EMPIRICAL STUDIES ON CORPORATECAPITAL STRUCTURE IN VIETNAMLINH. DOAN NGOC DƯY1 Department of Business Administration Graduate School of Soongsil UniveEMPIRICAL STUDIES ON CORPORATECAPITAL STRUCTURE IN VIETNAMLINH. DOAN NGOC DƯY1 Department of Business Administration Graduate School of Soongsil UniveGọi ngay
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