Determinants of debt maturity structure: Evidence in Vietnam

Cogent Business & Management

Kim Quoc Trung Nguyen¹ 

[1] The University of Finance – Marketing , Ho Chi Minh city Vietnam;

关键词: Debt maturity structure;    agency cost theory;    signaling theory;    tax-based theory;    matching theory;    generalised method of moments;   

DOI  :  10.1080/23311975.2022.2094588

来源: DOAJ

【 摘 要 】

This paper examines the determinants of debt maturity structure in listed small and medium enterprises in Vietnam from 2010 to 2019. Agency cost theory, signaling theory, tax-based theory, and matching theory are discussed as platform theories for determining the factors affecting corporate debt maturity structure. Based on those theories and previous research studies, combined with the two-step generalized method of moments regression model, the impact of lagged debt maturity structure, leverage ratio, profitability, firm size, growth opportunities, gross domestic product, and inflation has been demonstrated to be statistically significant at 5%. The contribution of this paper is to define the debt maturity structure of enterprises as dynamic, and the debt maturity structure is adjusted to the optimal structure at the speed of 46%.

【 授权许可】

Unknown