Impact of Financial Structure on Firm Performance of Listed Firms on Vietnam Stock Market: Moderating Role of Financial Risk

Dung Thi Nguyet Nguyen (), Loan Thi Thu Bui and Yen Thi Hai Nguyen
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Dung Thi Nguyet Nguyen: Hanoi University of Industry
Loan Thi Thu Bui: Hanoi University of Industry
Yen Thi Hai Nguyen: Hanoi University of Industry

A chapter in Proceedings of the 5th International Conference on Research in Management and Technovation, 2025, pp 53-66 from Springer

Abstract: Abstract This research aims to evaluate the influence of financial structure on firm performance. At the same time, it analyzes the moderating function of financial risk in the relationship between financial structure and firm performance listed on Vietnam’s stock market. The author carried out a quantitative analysis. The data was gathered from 505 firms listed on the stock market in Vietnam in ten years from 2012 to 2021. The study’s outcomes demonstrate that: (i) financial structure has a positive impact on firm performance; (ii) financial risk plays a crucial role in controlling the mutual impact between financial structure and business performance. In addition, the research results also confirm the impact of a growth opportunity and liquidity ability on business performance. This research’s results support the trade-off theory of financial structure.

Keywords: Financial risk; Firm performance; Financial structure (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-981-97-9992-3_4

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DOI: 10.1007/978-981-97-9992-3_4

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