Journal of Economic Development
Vol. 22(4) , October 2015, Page 92-116


Investigating Factors Affecting Capital Structure of Equitized State-Owned Enterprises in Ho Chi Minh City
Tran Thi Thuy Linh

DOI: 10.24311/jed/2015.22.4.04
Abstract
Using panel data along with the application of Pooled OLS, FEM, and REM estimates, this study conducts an investigation into the effects of a series of factors, namely state ownership, size, tangible assets, growth, return on assets (ROA), effective tax rate, and liquidity, on capital structure of 165 HCMC-based equitized state-owned enterprises (SOEs), categorized into three groups over the 2008–2012 period. As suggested by the findings, tangible assets, ROA, and liquidity are negatively related to leverage ratio and short-term debt ratio for the three groups of enterprises. In terms of firm size, there exists a positive correlation with leverage ratio and short-term debt ratio for Group 1 and 2 but a negative correlation with short-term debt ratio for the case of Group 3.

Keywords
Capital Structure; State Ownership; Financial Leverage; Equitized SOEs.
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