Factors Effect on Capital Structure: The Caseof Delisted Companies on the Vietnam Stock Market

The intent of this study is to investigate the factors effect on the capital structure of companies delisted on the stock market. In the period from 2012 to 2015, 120 companies delisted on Vietnam’s stock markets (HNX and HOSE).

Tác giả:       Nguyen Vinh Khuong, Dinh Thi Thu Thao

In trong:      Chuyên san Kinh tế và Kinh doanh

Số:            Tập 32, Số 5, 2016, tr. 66-75

Ngôn ngữ:  Tiếng Anh

Từ khóa:    Capital structure, stock market, delisted firms, Vietnam

Tóm tắt:   The intent of this study is to investigate the factors effect on the capital structure of companies delisted on the stock market. In the period from 2012 to 2015, 120 companies delisted on Vietnam’s stock markets (HNX and HOSE). We classified the chosen companies delisted by delisting reason. We then we chose those companies delisted relating to the issue of capital. Based on data from 80 companies delisted on Vietnam stock markets using quantitative research methods, we find a correlation between the debt ratio of the firms and the proxy of firm’s performance, the proxy of firm size, the liquidity ratio and return on assets. The study results have implications for investors and for managers in making decisions about optimal capital structure. The results are a basis for investors to predict the health of the companies in which they intend to invest, or delisted companies that have still the capability of developing.

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  Ban biên tập

Trưởng ban:


PGS.TS. Nguyễn Hồng Sơn


Phó trưởng ban:


TS. Nguyễn Anh Thu


Thành viên:


TS. Regina M. Abrami

PGS.TS. Christopher Gan

GS.TS. Matsui Yoshiki

PGS.TS. Lê Bộ Lĩnh

PGS.TSKH. Võ Đại Lược

PGS.TS. Phùng Xuân Nhạ

GS. James Riedle

GS. TS. Takakuwa Soemon

GS.TSKH. Nguyễn Quang Thái

TS. Nguyễn Đức Thành

TS. Võ Trí Thành

GS.TS. Trần Văn Thọ

PGS.TS Phạm Văn Dũng

 
 
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