Factors Impact on Capital Structure Fluctuation of Enterprises Listed on Hose, Vietnam

Le Trung Thanh; Tran Dinh Van

doi:doi:10.11648/j.ijafrm.20240901.12

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Factors Impact on Capital Structure Fluctuation of Enterprises Listed on Hose, Vietnam

Le Trung Thanh, Tran Dinh Van^*

Published in International Journal of Accounting, Finance and Risk Management (Volume 9, Issue 1)

Received: 3 January 2024 Accepted: 12 January 2024 Published: 23 January 2024

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Abstract

Changes in corporate capital structure were often considered on a yearly basis. However, to more deeply evaluate the fluctuations in corporate capital structure, we collected quarterly panel data of 180 enterprised listed on the Hochiminh Stock Exchange (HoSe, Vietnam) for researching. Regression techniques such as Pooled-OLS, FEM, REM and GLS were used to test the impact of a number of factors on the fluctuation of the capital structure of enterprises listed on HoSE in the period 2015 - 2020. The results of regression analysis showed that profitability, asset turnover, firm size (asset scale), short-term debt ratio and long-term debt ratio showed a positive impact on capital structure fluctuations, meanwhile ROS, firm size (revenue scale), short-term asset ratio and net cash flow showes negative impact on capital structure fluctuations. The findings based on balanced panel data collected quarterly showed differences compared to some previous researches on the same topic, on the other hand, added empirical evidence on the statistically significant relationship of some factors to fluctuations of enterprise capital structure. The results suggested future research directions, continuing empirical researches to demonstrate the impact of regional factors, corporate governance, macro factors,... on fluctuation of capital structure or use an more effective scale of capital structure fluctuations.

Published in	International Journal of Accounting, Finance and Risk Management (Volume 9, Issue 1)
DOI	10.11648/j.ijafrm.20240901.12
Page(s)	12-18
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Capital Structure, Listed Enterprise, Fluctuations, Impact Factor

References

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[8]	Le, T. T. & Tran, D. V. (2022). Impact of Several Factors on the Change Speed of Capital Structure of Listed Firms in Vietnam. Journal of Business and Economic Development. Volume 7, Issue 1, pp. 11-17. doi: 10.11648/j.jbed.20220701.12.
[9]	Le, T. T. & Tran, D. V. (2021a). The capital structure adjustment speed of the enterprise: Information significance and influencing factors. Journal of Finance. 776, 92-95.
[10]	Le, T. T & Tran, D. V. (2021b). The change in capital structure of listed firms in Vietnam: An analysis of cyclicality. Economy And Forecast Review. 36(790), 7-10.
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APA Style

Thanh, L. T., Van, T. D. (2024). Factors Impact on Capital Structure Fluctuation of Enterprises Listed on Hose, Vietnam. International Journal of Accounting, Finance and Risk Management, 9(1), 12-18. https://doi.org/10.11648/j.ijafrm.20240901.12

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ACS Style

Thanh, L. T.; Van, T. D. Factors Impact on Capital Structure Fluctuation of Enterprises Listed on Hose, Vietnam. Int. J. Account. Finance Risk Manag. 2024, 9(1), 12-18. doi: 10.11648/j.ijafrm.20240901.12

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AMA Style

Thanh LT, Van TD. Factors Impact on Capital Structure Fluctuation of Enterprises Listed on Hose, Vietnam. Int J Account Finance Risk Manag. 2024;9(1):12-18. doi: 10.11648/j.ijafrm.20240901.12

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@article{10.11648/j.ijafrm.20240901.12,
  author = {Le Trung Thanh and Tran Dinh Van},
  title = {Factors Impact on Capital Structure Fluctuation of Enterprises Listed on Hose, Vietnam},
  journal = {International Journal of Accounting, Finance and Risk Management},
  volume = {9},
  number = {1},
  pages = {12-18},
  doi = {10.11648/j.ijafrm.20240901.12},
  url = {https://doi.org/10.11648/j.ijafrm.20240901.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijafrm.20240901.12},
  abstract = {Changes in corporate capital structure were often considered on a yearly basis. However, to more deeply evaluate the fluctuations in corporate capital structure, we collected quarterly panel data of 180 enterprised listed on the Hochiminh Stock Exchange (HoSe, Vietnam) for researching. Regression techniques such as Pooled-OLS, FEM, REM and GLS were used to test the impact of a number of factors on the fluctuation of the capital structure of enterprises listed on HoSE in the period 2015 - 2020. The results of regression analysis showed that profitability, asset turnover, firm size (asset scale), short-term debt ratio and long-term debt ratio showed a positive impact on capital structure fluctuations, meanwhile ROS, firm size (revenue scale), short-term asset ratio and net cash flow showes negative impact on capital structure fluctuations. The findings based on balanced panel data collected quarterly showed differences compared to some previous researches on the same topic, on the other hand, added empirical evidence on the statistically significant relationship of some factors to fluctuations of enterprise capital structure. The results suggested future research directions, continuing empirical researches to demonstrate the impact of regional factors, corporate governance, macro factors,... on fluctuation of capital structure or use an more effective scale of capital structure fluctuations.
},
 year = {2024}
}

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TY  - JOUR
T1  - Factors Impact on Capital Structure Fluctuation of Enterprises Listed on Hose, Vietnam
AU  - Le Trung Thanh
AU  - Tran Dinh Van
Y1  - 2024/01/23
PY  - 2024
N1  - https://doi.org/10.11648/j.ijafrm.20240901.12
DO  - 10.11648/j.ijafrm.20240901.12
T2  - International Journal of Accounting, Finance and Risk Management
JF  - International Journal of Accounting, Finance and Risk Management
JO  - International Journal of Accounting, Finance and Risk Management
SP  - 12
EP  - 18
PB  - Science Publishing Group
SN  - 2578-9376
UR  - https://doi.org/10.11648/j.ijafrm.20240901.12
AB  - Changes in corporate capital structure were often considered on a yearly basis. However, to more deeply evaluate the fluctuations in corporate capital structure, we collected quarterly panel data of 180 enterprised listed on the Hochiminh Stock Exchange (HoSe, Vietnam) for researching. Regression techniques such as Pooled-OLS, FEM, REM and GLS were used to test the impact of a number of factors on the fluctuation of the capital structure of enterprises listed on HoSE in the period 2015 - 2020. The results of regression analysis showed that profitability, asset turnover, firm size (asset scale), short-term debt ratio and long-term debt ratio showed a positive impact on capital structure fluctuations, meanwhile ROS, firm size (revenue scale), short-term asset ratio and net cash flow showes negative impact on capital structure fluctuations. The findings based on balanced panel data collected quarterly showed differences compared to some previous researches on the same topic, on the other hand, added empirical evidence on the statistically significant relationship of some factors to fluctuations of enterprise capital structure. The results suggested future research directions, continuing empirical researches to demonstrate the impact of regional factors, corporate governance, macro factors,... on fluctuation of capital structure or use an more effective scale of capital structure fluctuations.

VL  - 9
IS  - 1
ER  -

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Author Information

Le Trung Thanh

Faculty of Finance and Banking, VNU University of Economics and Business, Hanoi, Vietnam
Tran Dinh Van

Faculty of Finance and Banking, Trade Union University, Hanoi, Vietnam

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APA Style

Thanh, L. T., Van, T. D. (2024). Factors Impact on Capital Structure Fluctuation of Enterprises Listed on Hose, Vietnam. International Journal of Accounting, Finance and Risk Management, 9(1), 12-18. https://doi.org/10.11648/j.ijafrm.20240901.12

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ACS Style

Thanh, L. T.; Van, T. D. Factors Impact on Capital Structure Fluctuation of Enterprises Listed on Hose, Vietnam. Int. J. Account. Finance Risk Manag. 2024, 9(1), 12-18. doi: 10.11648/j.ijafrm.20240901.12

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AMA Style

Thanh LT, Van TD. Factors Impact on Capital Structure Fluctuation of Enterprises Listed on Hose, Vietnam. Int J Account Finance Risk Manag. 2024;9(1):12-18. doi: 10.11648/j.ijafrm.20240901.12

Copy | Download

@article{10.11648/j.ijafrm.20240901.12,
  author = {Le Trung Thanh and Tran Dinh Van},
  title = {Factors Impact on Capital Structure Fluctuation of Enterprises Listed on Hose, Vietnam},
  journal = {International Journal of Accounting, Finance and Risk Management},
  volume = {9},
  number = {1},
  pages = {12-18},
  doi = {10.11648/j.ijafrm.20240901.12},
  url = {https://doi.org/10.11648/j.ijafrm.20240901.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijafrm.20240901.12},
  abstract = {Changes in corporate capital structure were often considered on a yearly basis. However, to more deeply evaluate the fluctuations in corporate capital structure, we collected quarterly panel data of 180 enterprised listed on the Hochiminh Stock Exchange (HoSe, Vietnam) for researching. Regression techniques such as Pooled-OLS, FEM, REM and GLS were used to test the impact of a number of factors on the fluctuation of the capital structure of enterprises listed on HoSE in the period 2015 - 2020. The results of regression analysis showed that profitability, asset turnover, firm size (asset scale), short-term debt ratio and long-term debt ratio showed a positive impact on capital structure fluctuations, meanwhile ROS, firm size (revenue scale), short-term asset ratio and net cash flow showes negative impact on capital structure fluctuations. The findings based on balanced panel data collected quarterly showed differences compared to some previous researches on the same topic, on the other hand, added empirical evidence on the statistically significant relationship of some factors to fluctuations of enterprise capital structure. The results suggested future research directions, continuing empirical researches to demonstrate the impact of regional factors, corporate governance, macro factors,... on fluctuation of capital structure or use an more effective scale of capital structure fluctuations.
},
 year = {2024}
}

Copy | Download

TY  - JOUR
T1  - Factors Impact on Capital Structure Fluctuation of Enterprises Listed on Hose, Vietnam
AU  - Le Trung Thanh
AU  - Tran Dinh Van
Y1  - 2024/01/23
PY  - 2024
N1  - https://doi.org/10.11648/j.ijafrm.20240901.12
DO  - 10.11648/j.ijafrm.20240901.12
T2  - International Journal of Accounting, Finance and Risk Management
JF  - International Journal of Accounting, Finance and Risk Management
JO  - International Journal of Accounting, Finance and Risk Management
SP  - 12
EP  - 18
PB  - Science Publishing Group
SN  - 2578-9376
UR  - https://doi.org/10.11648/j.ijafrm.20240901.12
AB  - Changes in corporate capital structure were often considered on a yearly basis. However, to more deeply evaluate the fluctuations in corporate capital structure, we collected quarterly panel data of 180 enterprised listed on the Hochiminh Stock Exchange (HoSe, Vietnam) for researching. Regression techniques such as Pooled-OLS, FEM, REM and GLS were used to test the impact of a number of factors on the fluctuation of the capital structure of enterprises listed on HoSE in the period 2015 - 2020. The results of regression analysis showed that profitability, asset turnover, firm size (asset scale), short-term debt ratio and long-term debt ratio showed a positive impact on capital structure fluctuations, meanwhile ROS, firm size (revenue scale), short-term asset ratio and net cash flow showes negative impact on capital structure fluctuations. The findings based on balanced panel data collected quarterly showed differences compared to some previous researches on the same topic, on the other hand, added empirical evidence on the statistically significant relationship of some factors to fluctuations of enterprise capital structure. The results suggested future research directions, continuing empirical researches to demonstrate the impact of regional factors, corporate governance, macro factors,... on fluctuation of capital structure or use an more effective scale of capital structure fluctuations.

VL  - 9
IS  - 1
ER  -

Copy | Download