Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance
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Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance
UNIVERSITY OF ECONOMICSERASMUS UNVERSITY ROTTERDAMHO CHI MINH CITYINSTITUTE OF SOCIAL STUDIESVIETNAMTHE NETHERLANDSVIETNAM - THE NETHERLANDSPROGRAMME Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance FOR M.A IN DEVELOPMENT ECONOMICSINTER-RELATIONSHIP BETWEEN CAPITALSTRUCTLRE, FREE CASH FLOW, DIVERSIFICATION AND FIRM PERFORMANCEMASTER OF ARTS IN DEVELOPMENT ECONOMICSBYMr. THAI BA TOANAcademic Supervisor:Dr. PH AM DINH LONGHo Chi Minh City, December 2016UNIVERSITY OF ECONOMICS HO CHI MINH CITY VI Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance ETNAMINSTITUTE OF SOC IAL STI DIES THE HAGUETHE NETHERLANDSVIETNAM - NETHERLANDSPROGRAMME FOR M.A IN DEVELOPMENT ECONOMICSINTER-RELATIONSHIP BETWEEN CLuận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance
APITALSTRUCTURE, FREE CASH FLOW, DIVERSIFICATION AND FIRM PERFORMANCEA thesis submitted in partial fulfilment of the requirements for the degree ofMASUNIVERSITY OF ECONOMICSERASMUS UNVERSITY ROTTERDAMHO CHI MINH CITYINSTITUTE OF SOCIAL STUDIESVIETNAMTHE NETHERLANDSVIETNAM - THE NETHERLANDSPROGRAMME Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance ormance is always a lop concern of companies. 1 he global financial crisis and public debl crisis in Europe has had a negative impact on the economy of Vietnam, especially on Vietnamese companies. Therefore, the issues of performance enhancement, escaping from stagnating production and increasing sa Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance les are more necessary with the company. Desides, the trend of diversification has become more common in Vietnamese companies. These companies arc attLuận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance
racted to investment projects outside the industry, even these industries arc not related lo the core business of the companies, rhe selection of the UNIVERSITY OF ECONOMICSERASMUS UNVERSITY ROTTERDAMHO CHI MINH CITYINSTITUTE OF SOCIAL STUDIESVIETNAMTHE NETHERLANDSVIETNAM - THE NETHERLANDSPROGRAMME Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance t important issues. The objective of the study was to find evidence of the inter -relationship between the four factors capital structure, free cash ilow, diversification and firm performance in the Vietnamese market. The study used data from 118 non-financial companies listed on the Hanoi Stock Exc Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance hange (HNX) and Hochiminh Stock Exchange (HOSE) in the period of 2009-2014. By using 2SLS and 3SLS regression methods, combined with comparable resultLuận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance
s from Odinary least squares estimator, the study found out the evidence of the negative impact of firm performance to leverage, but this impact is poUNIVERSITY OF ECONOMICSERASMUS UNVERSITY ROTTERDAMHO CHI MINH CITYINSTITUTE OF SOCIAL STUDIESVIETNAMTHE NETHERLANDSVIETNAM - THE NETHERLANDSPROGRAMME Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance reduces free cash flow in a company. From the empirical results, the study also proposes some advices to support companies in making decisions about capital structure and investment. I he study also points out some of its limitations and fulher research.Keywords: Capital structure, free cash flow, d Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance iversification, firm performance, holistic analysis1ACKNOWLEDGEMENTThis thesis is the last exercise, which summarized the process of learning and traiLuận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance
ning in the postgraduate programe for two years. The completed study would not be accomplished without any supports. Therefore. I gratefully give acknUNIVERSITY OF ECONOMICSERASMUS UNVERSITY ROTTERDAMHO CHI MINH CITYINSTITUTE OF SOCIAL STUDIESVIETNAMTHE NETHERLANDSVIETNAM - THE NETHERLANDSPROGRAMME Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance evelopment Economics.Foremost. I would like to sincerely and gratefully thank Dr. Pham Dinh Long, my supervisor, for his great assistance, principal and valued advice during my thesis finish. He always stood by me, showed me the passion and the best way to finish my thesis. Without his counseling. I Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance were not able to accomplish this study.I would like to thank the Vietnam - Netherlands Programme, especially professors and staffs for their help durLuận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance
ing my thesis process. The professors not only gave me the knowledge but also created the best conditions for me in order to collect data and write thUNIVERSITY OF ECONOMICSERASMUS UNVERSITY ROTTERDAMHO CHI MINH CITYINSTITUTE OF SOCIAL STUDIESVIETNAMTHE NETHERLANDSVIETNAM - THE NETHERLANDSPROGRAMME Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance as references.I would like to thank all my friends, who never stopped encouraged and helped me when I met any difficulties in doing the thesis.Last but not least, I would like to give my deep gratitude to my family for their sacrifices to help me not only in studying in Master Degree, but also in m Luận văn thạc sĩ inter relasionship between capitalstructure, free cash flow, diversification and firm performance y whole life.UNIVERSITY OF ECONOMICSERASMUS UNVERSITY ROTTERDAMHO CHI MINH CITYINSTITUTE OF SOCIAL STUDIESVIETNAMTHE NETHERLANDSVIETNAM - THE NETHERLANDSPROGRAMME UNIVERSITY OF ECONOMICSERASMUS UNVERSITY ROTTERDAMHO CHI MINH CITYINSTITUTE OF SOCIAL STUDIESVIETNAMTHE NETHERLANDSVIETNAM - THE NETHERLANDSPROGRAMMEGọi ngay
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