tailieunhanh - Factors Effect on capital structure the caseof delisted companies on the Vietnam stock market
The study results have implications for investors and for managers in making decisions about optimal capital structure. The results are a basis for investors to predict the health of the companies in which they intend to invest, or delisted companies that have still the capability of developing. | VNU Journal of Science: Education Research, Vol. 32, No. 5E (2016) 66-75 Factors Effect on Capital Structure The Caseof Delisted Companies on the Vietnam Stock Market Nguyen Vinh Khuong1,*, Dinh Thi Thu Thao2 1 University of Economics and Law, Quarter 3, Linh Xuan Ward, Thu Duc Dist., Ho Chi Minh City 2 Nguyen Tat Thanh University, No. 300A, Nguyen Tat Thanh Str., Ward 13, Dist. 4, Ho Chi Minh City Received 03 November 2016 Revised 10 December 2016, Accepted 22 December 2016 Abstract: The intent of this study is to investigate the factors effect on the capital structure of companies delisted on the stock market. In the period from 2012 to 2015, 120 companies delisted on Vietnam’s stock markets (HNX and HOSE). We classified the chosen companies delisted by delisting reason. We then we chose those companies delisted relating to the issue of capital. Based on data from 80 companies delisted on Vietnam stock markets using quantitative research methods, we find a correlation between the debt ratio of the firms and the proxy of firm’s performance, the proxy of firm size, the liquidity ratio and return on assets. The study results have implications for investors and for managers in making decisions about optimal capital structure. The results are a basis for investors to predict the health of the companies in which they intend to invest, or delisted companies that have still the capability of developing. Keywords: Capital structure, stock market, delisted firms, Vietnam. 1. Introduction * entails accomplishing the overall objectives of the firm. The conflict that arises between managers and the shareholders is as follows: shareholders assume that managers do not spend the cash in the right way, this is due to their different interests. The goal of managers is to find investments that will lead to growth of the company. More growth means more power for them, because of the increasing resources. A developing company usually means a higher compensation for managers as .
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