Does capital structure affect firm value in Vietnam?
This study aims to examine whether the capital structure and several factors have significant influences on firm value in Vietnam. To achieve this objective, 435 non-financial listed companies have been selected from 2012 to 2019 on Vietnamese stock exchanges. Four groups of firms continue to be cho...
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| Format: | Article |
| Language: | English |
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LLC "CPC "Business Perspectives"
2021-01-01
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| Series: | Investment Management & Financial Innovations |
| Subjects: | |
| Online Access: | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14608/IMFI_2021_01_Dang.pdf |
| _version_ | 1818875280366764032 |
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| author | Tien Dat Dang Thi Van Trang Do |
| author_facet | Tien Dat Dang Thi Van Trang Do |
| author_sort | Tien Dat Dang |
| collection | DOAJ |
| description | This study aims to examine whether the capital structure and several factors have significant influences on firm value in Vietnam. To achieve this objective, 435 non-financial listed companies have been selected from 2012 to 2019 on Vietnamese stock exchanges. Four groups of firms continue to be chosen from the total to investigate the differences in the outcomes among industries. The results altogether using the GMM method show that the impact of capital structure and other control variables on firm value is significant, yet different across industries: capital structure has a significant positive impact on firm value in the food and beverage industry, but has a significant negative effect on the value of the firm in wholesale trade and construction, as well as real estate industry, while has an insignificant influence on enterprise value considering all industries. Apart from the firm size, the impact of other control factors on firm value also indicates mixed results. |
| first_indexed | 2024-12-19T13:23:59Z |
| format | Article |
| id | doaj.art-86111347597f4b249e6c23f28aaa85a4 |
| institution | Directory Open Access Journal |
| issn | 1810-4967 1812-9358 |
| language | English |
| last_indexed | 2024-12-19T13:23:59Z |
| publishDate | 2021-01-01 |
| publisher | LLC "CPC "Business Perspectives" |
| record_format | Article |
| series | Investment Management & Financial Innovations |
| spelling | doaj.art-86111347597f4b249e6c23f28aaa85a42022-12-21T20:19:38ZengLLC "CPC "Business Perspectives"Investment Management & Financial Innovations1810-49671812-93582021-01-01181334110.21511/imfi.18(1).2021.0314608Does capital structure affect firm value in Vietnam?Tien Dat Dang0Thi Van Trang Do1https://orcid.org/0000-0002-1906-3680MSc, Department of Finance, Banking Academy, HanoiPh.D., Department of Finance, Banking Academy, HanoiThis study aims to examine whether the capital structure and several factors have significant influences on firm value in Vietnam. To achieve this objective, 435 non-financial listed companies have been selected from 2012 to 2019 on Vietnamese stock exchanges. Four groups of firms continue to be chosen from the total to investigate the differences in the outcomes among industries. The results altogether using the GMM method show that the impact of capital structure and other control variables on firm value is significant, yet different across industries: capital structure has a significant positive impact on firm value in the food and beverage industry, but has a significant negative effect on the value of the firm in wholesale trade and construction, as well as real estate industry, while has an insignificant influence on enterprise value considering all industries. Apart from the firm size, the impact of other control factors on firm value also indicates mixed results.https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14608/IMFI_2021_01_Dang.pdfcapital structurefirm valueGMM methodVietnamese securities market |
| spellingShingle | Tien Dat Dang Thi Van Trang Do Does capital structure affect firm value in Vietnam? Investment Management & Financial Innovations capital structure firm value GMM method Vietnamese securities market |
| title | Does capital structure affect firm value in Vietnam? |
| title_full | Does capital structure affect firm value in Vietnam? |
| title_fullStr | Does capital structure affect firm value in Vietnam? |
| title_full_unstemmed | Does capital structure affect firm value in Vietnam? |
| title_short | Does capital structure affect firm value in Vietnam? |
| title_sort | does capital structure affect firm value in vietnam |
| topic | capital structure firm value GMM method Vietnamese securities market |
| url | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14608/IMFI_2021_01_Dang.pdf |
| work_keys_str_mv | AT tiendatdang doescapitalstructureaffectfirmvalueinvietnam AT thivantrangdo doescapitalstructureaffectfirmvalueinvietnam |