Ấn phẩm:
State ownership and costs of debt financing in SMEs: evidence of the agency mechanism
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Tác giả chính
Le Hang My Hanh PhD.
Le Son Dai PhD.
Nguyen Thi Minh Ha PhD.
Dao Thi Huong Assoc. Prof. PhD.
Nguyen Ngoc Huan PhD.
Le Son Dai PhD.
Nguyen Thi Minh Ha PhD.
Dao Thi Huong Assoc. Prof. PhD.
Nguyen Ngoc Huan PhD.
Tác giả khác
Năm xuất bản
2026
Nhà xuất bản
Học viện Tài chính
Tóm tắt
This paper examines how state ownership influences SMEs' costs of debt financing in Vietnam. Data is collected from the National Statistics Office's database. The research sample contains 5,450 observations. Using both fixed and random effect regression techniques, we find that state ownership positively affects SMEs' costs of debt. This effect is stronger in smaller firms. These can be explained that SMEs are less effective in helping the government conduct socio-economic policies due their limited resources. Moreover, in Vietnam, state ownership in most SMEs belong to the local government which has limited capability to support them. These characteristics make SMEs receive less soft budget constraint. Consequently, the agency problem arising from state ownership may make SMEs face high costs of debt financing. Our paper has two major contributions to the literature are as follows. First, while prior studies support the soft budget constraint for listed firms, we find supporting evidence for the agency problem mechanism in the context of SMEs. Second, the favorable treatment that the government provides firms with state ownership is determined by firm size.
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vie
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Chủ đề
state ownership , debt financing , SMEs , Vietnam
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