Determinants of capital structure choice: Empirical evidence from Vietnamese listed companies

Bui Duc Nha (), Nguyen Thi Bich Loan () and Nguyen Thi Tuyet Nhung
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Bui Duc Nha: Ton Duc Thang University, Department of Finance and Banking
Nguyen Thi Bich Loan: Ton Duc Thang University, Department of Finance and Banking
Nguyen Thi Tuyet Nhung: Ton Duc Thang University, Department of Finance and Banking

Society and Economy, 2016, vol. 38, issue 1, 29-45

Abstract: This paper examines the impact of firm-specific and industry characteristics on capital structure during a sample period spanning from 2007 to 2013. We used panel regression with fixed effects and found strong evidence that capital structure is most affected by firm-specific factors such as tangibility, non-debt tax shields, liquidity, firm size, taxes paid, profitability, Tobin’s Q ratio, and growth assets. In addition, the empirical results indicate that firms operating in different industries have dissimilar capital structures.

Keywords: capital structure; pecking-order theory; trade-off theory (search for similar items in EconPapers)
JEL-codes: C23 G30 G32 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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