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The impact of capital structure on the performance of construction companies: A study from Vietnam stock exchanges

This paper studies the impact of the factors reflecting the capital structure on the performance of construction companies listed on the Vietnam Stock Exchange by using a sample of 59 listed construction companies in three years (177 observations). | The impact of capital structure on the performance of construction companies A study from Vietnam stock exchanges Accounting 6 2020 169 176 Contents lists available at GrowingScience Accounting homepage www.GrowingScience.com ac ac.html The impact of capital structure on the performance of construction companies A study from Vietnam stock exchanges Thi Thanh Thuy Vua Thi Tu Oanh Lea and Thi Huyen Trang Nguyena aUniversity of Labour and Social Affairs Vietnam CHRONICLE ABSTRACT Article history This paper studies the impact of the factors reflecting the capital structure on the performance of construction Received September 2 2019 companies listed on the Vietnam Stock Exchange by using a sample of 59 listed construction companies in three Received in revised format years 177 observations . This research is accomplished by applying a linear regression model and correlation September 2 2019 analysis. The results show that 1 factors such as number of years of operation asset size debt equity do not Accepted October 15 2019 affect return on assets ROA and return on equities ROE 2 the factor of total fixed assets total assets yields Available online a positive and significant impact on ROA and ROE 3 the ratios of total debt total equity and long term debt October 22 2019 total equity maintain negative impacts on ROA and 4 debt equity has a strong positive effect on ROE. Keywords Capital structure Construction companies Performance 2020 by the authors licensee Growing Science Canada Vietnam Stock Exchanges 1. Introduction Capital structure has been a popular research topic conducted in various industries and countries around the world. As a developing country capital structure and firm performance are topics of high interest among scholars in Vietnam especially those conducted for construction firms. According to the Industrial Statistics Department of Vietnam construction firms make up to 14.8 of the total number of firms in Vietnam creating 16 of total jobs in the .