Ấn phẩm:
The impact of capital structure on profitability of listed firms in Vietnam: linear or non-linear relationships?
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Tran Tat Thanh PhD.
Nguyen Thi Thanh Vinh PhD.
Nguyen Thi Thanh Vinh PhD.
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Năm xuất bản
2026
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Tóm tắt
This paper contributes to the existing literature by developing a model examining both linear and nonlinear relationships while simultaneously evaluating the impact of short-term and long-term debt on firm profitability. To the best of our knowledge, this study is the first of its kind. Using data from 438 non-financial firms listed on the Hanoi Stock Exchange and Ho Chi Minh Stock Exchange from 2010 to 2018, our findings reveal that the impact of short-term debt and long-term debt ratios on Return on Assets (ROA) is linear and negative. Short-term debt's impact on Return on Equity (ROE) is nonlinear, displaying an inverted U-shape, while long-term debt's impact on ROE follows a nonlinear U-shape. These results enable a comprehensive analysis of the trade-off between these two types of debt. Furthermore, to highlight our contribution, we compare models that jointly and separately examine short-term and long-term debt, showing that omitting a debt component may bias the estimates and undermine the economic validity of the results.
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Chủ đề
capital structure , firm profitability , Vietnam-listed firms
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