Adjustment Speed toward Target Leverage Throughout the Vietnamese Corporate Life Cycle: Under-Versus Over-the-Target Firms

Thi Hong An Thai and Radu Burlacu ()
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Radu Burlacu: CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes

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Abstract: This paper aims to provide empirical evidence of adjustment speeds toward an optimal capital structure over the business life cycle in Vietnam. Based on a sample of 838 non-financial Vietnamese firms quoted from 2005 to 2019, the findings show that adjustments toward target leverage levels vary significantly depending on firms' life cycles. Patterns also vary depending on whether firms are under or above their targets. While a high-low-high pattern is found with under-levered firms, a low-high-low trend is identified for over-levered firms.

Date: 2022-11
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Published in Journal of Business Cycle Research, 2022, 18, pp.315-341. ⟨10.1007/s41549-022-00069-7⟩

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Journal Article: Adjustment Speed toward Target Leverage Throughout the Vietnamese Corporate Life Cycle: Under-Versus Over-the-Target Firms (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03981384

DOI: 10.1007/s41549-022-00069-7

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