• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.1-10
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• 2021

This paper attempts to investigate the determinants of capital structure of Vietnamese firms and also shed light on some of the factors of the modern theory of capital structure which is relevant for explaining the capital structure in advanced countries which are also relevant in the context of Vietnam. Using panel data from more than 1000 Vietnamese listed enterprises census 2017-2020, the paper finds that leverage ratio of Vietnamese firms is significantly related to probability. The firms have high level of fixed assets which they use as collateral, resulting in higher debt ratio, which is in line with the pecking order theory. The result also confirm that highly targeted debt ratio is positively correlated with the industry characteristics (using real estate firms as a benchmark), in which firm operates. Furthermore, consistent with the trade-off hypothesis, the leverage ratio is positively affected by non - debt tax shield. The result confirms that a large number of companies are state - owned, will have an insignificant impact of firm's size (as reverse proxy for bankruptcy cost) on leverage ratio. We also find that there is no distinction between state-owned enterprises and private enterprises due to strict adherence to the rules set by the Vietnamese government. Distinct from other countries, corporate income tax has slight impact on capital structure in Vietnamese firms.

• 수산경영론집
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• 제42권2호
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• pp.1-14
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• 2011

We try to find the determinants of fisheries firms' capital structure during the years from 1992 to 2007 in this paper. We also have a comparative analysis of capital raising behavior in pre and post-IMF financial crisis. Regression analysis is used for this empirical study. Dependent variable is leverage ratio and independent variables are firm size, operating risk, proportion of tangible asset, non-debt tax shield effect, sales growth ratio, profitability and dummy variable. We compared the characteristics of fisheries industry with that of manufacturing industy. The determinants of fisheries firms' capital structure and correlation between pre and post-IMF financial crisis are roughly same as the hypothses except a little difference. As a peculiar difference, corrlation between fisheries firms' operating risk and leverage ratio is (+) in the pre-IMF financial crisis, but (-) in the post-IMF financial crisis. Proportion of tangible asset has a (+) correlation with leverage ratio in pre and post-IMF financial crisis, but in case of manufacturing industy, (-) correlation shows in the pre-IMF financial crisis. Because, in the pre-IMF financial crisis, high proportion of tangible asset doesn't play a role of a collateral, but only increase the bankruptcy probability. Non-debt tax shield effect and leverage ratio have (-) correlation in all industry and all period, but only (+) correlation in case of fisheries industry in the pre-IMF financial crisis. Sales growth ratio has no significant relationship with leverage ratio in fisheries industry, and this is not coincide with our hypothsis. We have a limitation of the sample size of fisheries firms and sample period in this study. Further study is required to classify the fisheries industry with in-shore fisheries, deep sea fisheries and cold storage industry.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.71-79
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• 2021

This study investigates the capital structure policy among Indonesian public companies. Previous studies suggest that capital structure policy could follow either static or dynamic behavior. The sample data used in this study was companies in the manufacturing sector, divided into three sub-sectors: the basic and chemical industry, miscellaneous industry, and the consumer goods industry. This study uses panel data from 2010 to 2018, with the Generalized Least Square (GLS) method and compared whether the fixed effect model is better than the common effect model. The results show that the dynamic and non-linear model tests can explain the capital structure determinants than the static and linear models. The dynamic model shows that the capital structure of a certain year is influenced by the capital structure of the previous year. The findings indicate that the company performs some adjustments in its capital structure policy by referring to the previous debt ratio, which implies support to the trade-off theory (TOT). The study also shows that profitability, tangible assets, size, and age explain the variation of capital structure policy. The patterns on the dynamic and non-linear confirm that capital structure runs in a nonlinear pattern, based on the sector, company condition, and the dynamic environment.

• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.41-53
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• 2019

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm's unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam's stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

• 재무관리연구
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• 제24권1호
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• pp.109-147
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• 2007

코스닥 기업의 자본구조 결정요인을 연구하기 위하여 정태적 모형과 동태적 모형을 이용하였다. 레버리지와 기업특성변수들과의 관계, 자본구조의 조정속도, 목표자본구조의 존재여부 등을 실증분석 하였다. 정태적 모형의 결과에서 코스닥 기업의 수익성과 레버리지, 유동성과 레버리지는 음(-)의 유의적인 관계가 있어 정보비대칭으로 인하여 경영자는 자본비용이 낮은 내부자금조달을 선호한다는 자본조달우선순위이론과 부합하였다. 기업규모는 레버리지와 양(+)의 관계가 존재하여 대기업은 소기업보다 파산비용이 상대적으로 낮아 부채발행을 증가시킨다는 절충이론의 내용과 부합하였다. 코스닥 50기업에서 이익변동성은 레버리지와 양(+)의 유의적인 관계가 있었다. 이익변동성이 큰 기업은 부채의 대리인비용이 낮아 부채발행으로 자본조달을 증가시킨다는 주장을 지지하였다. 동태적 모형의 분석 결과 코스닥기업은 목표자본구조를 가지고 있는 것으로 나타났다. 최적자본구조로의 조정속도의 검증에서 코스닥 50기업의 조정속도가 코스닥 전체기업의 조정속도보다 느렸다. 이런 결과로 볼 때 코스닥 50기업은 은행과의 밀접한 관계 그리고 기업퇴출제도의 미비 등으로 목표자본구조로 부터의 이탈비용이 코스닥 전체기업보다는 전반적으로 낮음을 알 수 있었다.

• 한국항해항만학회지
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• 제37권2호
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• pp.181-186
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• 2013

기업재무분야에 있어 최적의 자본구조에 관한 내용은 주된 이슈이자 관심분야로 남아있다. 즉, 최적의 자본조달 형태의 결정은 기업의 현금흐름에 대한 유동성을 확보하고, 나아가 기업의 재무건전성과 자금조달의 토대인 기업가치 극대화에까지 영향을 미치게 된다. 이러한 관점에서 국내외 많은 연구자들은 부채만기의 결정에 관해 실증하고자 하였으나, 개별 산업적 특성이 분명하게 존재함에도 불구하고 이를 충분히 반영하지 못하는 한계점들을 내포하고 있다. 따라서 본 연구에서는 선박확보라는 주요 자본조달 의사결정이 요구되고 있는 국적외항선사들을 중심으로 부채만기결정요인에 대해 살펴보고자 하였으며, 연구결과 기업의 규모, 자산의 만기, 유동성, 성장옵션, 기업의 우량성이 해운기업의 부채만기와 관련성이 있는 것으로 나타났다. 특히, 성장옵션의 경우 부채만기와 부(-)의 관계가 존재하였으며, 세금과 레버리지는 부채의 만기와 관계가 없는 것으로 분석되었다.

• 수산경영론집
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• 제43권1호
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• pp.75-85
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• 2012

In this paper, we study the extent to which the pecking order theory of capital structure provides a satisfactory account of the financing behavior of Korean fisheries firms using financing deficit. The major results of this study are as follows. Firstly, we find that the financing deficit is a important factor that explains the pecking order theory of fisheries firms'capital structure. However, the financing deficit does not wipe out the effects of conventional variables. The information in the financing deficit appears to be factored in along with many other things that fisheries firms take into account. Such result is consistent with the result of Frank and Goyal(2003). Secondly, we find that profitability is only one factor explaining the capital structure of fisheries firms among conventional variables when we test the regression of leverage with financing deficit during post IMF period. This result is different from the previous researches of Korean fisheries firms. (Kang and Jeong; 1997, Nam, Lee, and Hong; 2011) Finally, we examine the dynamics of capital structure of Korean fisheries firms firstly. It will allow a more detailed analysis for capital structure determinants for Korean fisheries firms.

• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.61-72
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• 2020

The purpose of this study is to investigate the determinants of the capital structure of firms operating in a developing economy, Pakistan. The quantile regression method is applied on a sample of 183 non-financial companies listed on the Pakistan Stock Exchange during the period of 2008-2017. Specifically, the empirical analysis focuses on changes in the coefficients of the determinants according to the leverage ratio quantiles of the examined listed firms. The findings show that the capital structure of Pakistan listed firms differs between firms in different quantiles of leverage. These differences are significant with the sign of explanatory variables changes with the level of leverage. The research result found tangibility, profitability and age to be positively related to leverage among listed firms in Pakistan. However, size, liquidity and non-debt tax shield (NDTS) are negatively related to leverage. A firm's growth and risk are found to be insignificant predictors of capital structure in Pakistan listed firms. Moreover, the study also found a significant impact of industry characteristic on leverage. The findings of this study indicate that an individual firm's finance policy needs to be responsive to the firm's characteristics and should match with the different borrowing requirements of listed firms.

• 디지털융복합연구
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• 제15권12호
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• pp.233-238
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• 2017

지금까지 기업의 자본구조에 관한 이론적, 실증적 연구가 무수히 이루어졌지만 중견기업에 관한 연구는 존재하지 않았다. 이 논문은 한국 중견기업의 자본구조를 결정하는 요인이 무엇인가를 실증적으로 탐색하는 연구로서, 2010년부터 2016년까지 한국의 유가증권시장과 코스닥에 상장된 제조업 중견기업을 대상으로 하였다. 부채비율을 종속변수로 하고, 기존연구에서 의미있는 것으로 제시된 변수들 중에서 이용이 가능한 수익성, 기업규모, 자산의 유형성, 비부채성 세금절감을 독립변수로 선정하여 회귀분석을 시행한 결과, 회귀계수들의 유의성이 대체로 높게 나타났다. 제조업 중견기업 표본을 전체산업과 10개의 산업별로 구분하여 분석한 결과 설명변수들 중에서 기업의 수익성이 증가함에 따라 부채비율도 증가하는 뚜렷한 결과를 얻었으며, 유형자산이 증가함에 따라 기업의 레버리지도 대체로 증가했으며, 기업의 비부채성세금절감액이 증가할수록 예상과 달리 부채비율은 전체적으로 증가하는 것으로 나타났다.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.159-168
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• 2020

This is a quantitative research, underpinned by the philosophy of natural science and deduction approach that examines the impact of the various aspects of corporate governance mechanism on the choice of capital structure of Vietnamese listed firms. We focus on the effect of factors such as the board size, the board independence, and especially different ownership structures, which include the managerial ownership, the state ownership, the concentrated ownership, and the foreign ownership. They are the main scopes of corporate governance and are supposed to be relevant to determine the corporate financing choice. To explain the causal relationship between factors, we construct the regression model and then test it by using different statistical method approaches, including the pooled OLS, the fixed effects model, and the random effects model. Data are collected from 336 firms with shares listed in the Ho Chi Minh City Stock Exchange in Vietnam, totaling 1583 observations. Overall, the results reveal that the board size, state ownership, and concentrated ownership have positive impact on the firm's capital structure, whereas foreign ownership appears to have negative influence on the capital structure. The research does not find evidence of a the correlation between board independence, managerial ownership and corporate capital struture.