Corporate governance and dynamic capital structures –Observations from listed companies in Vietnam

Abstract

This study examines the roles of corporate governance and corporate characteristics on capital structuring decision of firms on a sample of listed companies in Vietnam. With a balanced panel dataset, static and dynamic models of capital structures are tested. Empirical results show that capital structures are not only influenced by firms’ characteristics but also by firms’ ownership structures. Firms with more foreign invested funds tend to reduce debts to avoid agency costs of debts. This evidence supports agency problem theory of Jensen & Meckling (1976).

Keywords

• quản trịcông ty
• cấu trúc vốn
• mô hình động.