This study empirically examines the link between firm characteristics
and leverage using the data of Vietnamese non-financial listed firms
from 2006 to 2015. In addition to traditional panel data methods, we
employ a conditional quantile regression that unveils the behavior of
regressors throughout the leverage distribution. The results confirm
the non-linear relationship between firm characteristics and leverage
at different levels of debt.
Keywords
Leverage; Capital Structure; Quantile Regression; Vietnam.
2020, Journal of Asian Business and Economic Studies
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Abstract
This study sets out to investigate the factors influencing Vietnam firms’ innovation in various sectors by using World Bank (2015) enterprise survey of 996 firms across the country. We employ ordinary least squares (OLS), probit model, and marginal effect to estimate the impact of firm characteristics, industry characteristics, and business climate on different facets of innovation, including technology and non- technology. Quantitatively, we find that direct exporters, firm size, state ownership, email using, and competition increase the probability of technology innovation. Meanwhile, foreign ownership impacts negatively on innovation in all aspects, technology and non-technology innovation. Firm age and bribery are not influential factors to innovation in all cases. From the findings of analysis, a few policy implications regarding the studied factors are drawn for better environment for firm innovation.
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