The interaction of institutional quality and human capital in shaping the dynamics of capital structure in Vietnam

Enrico Santarelli and Hien Thu Tran

No wp-2018-66, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: The aim of this paper is to find which of two theories of capital structure—trade-off theory or pecking order theory—best explains the capital structure decision of non-state firms during the post-transition process in Vietnam. We also investigate the effect of human capital, institutional quality, and their interaction on the capital structure decision. For empirical evidence, we use a unique database provided by the CIEM-DANIDA project covering around 2,000 micro, small, and medium-sized enterprises in Vietnam for each year from 2003 to 2014.

Keywords: Capital Structure; Human capital; Trade-off theory; Pecking order theory; Debt; Institutional quality (search for similar items in EconPapers)
Date: 2018
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