DETERMINANTS OF CAPITAL STRUCTURE: EMPIRICAL EVIDENCE FROM VIETNAMESE LISTED CONSTRUCTION COMPANIES

Nguyen Thuy Anh, Le Thi Thanh Huyen

Abstract

Abstract:
This paper employs a new database containing the market and accounting data (from 2007 to
2013) of more than 100 Vietnamese listed construction companies to describe their capital structure
characteristics. As a result, we found that business risk, tangibility and growth also considerably
impact on debt-to-capital ratio while size and tax are insignifcantly associated with the capital
structure of Vietnamese construction frms. In addition, different from other researches in other
countries, Vietnamese construction companies tend to have much lower long-term debt.
Keywords: capital structure, leverage, listed companies.
Date of submission: 15th September 2014 - Date of approval: 29th January 2015