The impact of large ownership on capital structure of Vietnamese listed firms
by An Thai; Tri M. Hoang
Afro-Asian J. of Finance and Accounting (AAJFA), Vol. 9, No. 1, 2019

Abstract: This paper seeks to explore the determinants of the capital structure of Vietnamese listed companies with an emphasis on large ownership based on an updated sample of 261 firms listed on Ho Chi Minh Stock Exchange during the period 2007-2014. Using several estimators, including pooled ordinary least squares, random effects, fixed effects and fixed effects regression with clusters, our empirical results demonstrate that the proportion of blockholders investment is linear and negatively associated with short-term, total book and market leverage. There is no evidence about the non-linear relationship between large ownership and the capital structure of the observed firms.

Online publication date: Thu, 13-Dec-2018

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