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Book cover: International Finance Review

International Finance Review

ISSN: 1569-3767
Series editor(s): Professor J. Jay Choi

Subject Area: Accounting and Finance

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Chapter 15 The determinants of capital structure: Evidence from Vietnam


Document Information:
Title:Chapter 15 The determinants of capital structure: Evidence from Vietnam
Author(s):Nahum Biger, Nam V. Nguyen, Quyen X. Hoang
Volume:8 Editor(s): Suk-Joong Kim, Michael D. Mckenzie ISBN: 978-0-7623-1471-3 eISBN: 978-1-84950-514-7
Citation:Nahum Biger, Nam V. Nguyen, Quyen X. Hoang (2007), Chapter 15 The determinants of capital structure: Evidence from Vietnam, in Suk-Joong Kim, Michael D. Mckenzie (ed.) Asia-Pacific Financial Markets: Integration, Innovation and Challenges (International Finance Review, Volume 8), Emerald Group Publishing Limited, pp.307-326
DOI:10.1016/S1569-3767(07)00015-5 (Permanent URL)
Publisher:Emerald Group Publishing Limited
Article type:Chapter Item
Abstract:This study examines financing decisions by Vietnamese firms and compares the results with the findings observed in economies characterized by market mechanisms and property rights. It uses data from Vietnamese enterprises census 2002–2003. Similar to findings in other countries, financial leverage of Vietnamese firms increases with firm size and managerial ownership and decreases with profitability, and with non-debt tax shield. It is also correlated with industry characteristics. Financial leverage was negatively correlated with fixed assets and positively correlated with growth opportunities, contrary to the findings in other countries. Corporate income tax has a negative, albeit small effect on financial leverage.

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