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.
Leverage; Capital structure; Quantile regression; Vietnam