Institutional Quality Matters and Vietnamese Corporate Debt Maturity
This article studies whether firm-level and country-level factors affect a corporation’s debt maturity in the case of Vietnam or not.
Tác giả: Nguyễn Hoàng Thùy Bích Trâm, Trần Thị Thùy Linh
In trong: Chuyên san Kinh tế và Kinh doanh
Số: Tập 33, Số 5, 2017, tr. 26-39
Ngôn ngữ: Tiếng Anh
Từ khóa: Debt maturity, long-term debt ratio, GMM system, firm-level factors, country-level factors
Tóm tắt: Debt maturity, long-term debt ratio, GMM system, firm-level factors, country-level factors balance panel data of 267 listed companies on the two Vietnamese trading boards, HOSE and HNX, in the period from 2008 to 2015, estimated by the FEM, REM, 2SLS and GMM method. For intrinsic factors, research results show that financial leverage and default risk control have a high positive statistical significance with debt maturity, but tangible assets are lower than those factors. In addition, growth opportunities and company quality have negative impacts on debt maturity. For external factors, the results point out that economic growth, stock market development and governmental regulation efficiency demonstrate a positive relationship with debt maturity with fairly low correlation levels. In spite of that, the inflation rate, financial development, the rule of law, corruption control and the rights of creditor factors have negative correlations with debt maturity
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