Factors Influencing Capital Structure of Vietnam's Real Estate Enterprises: A Move from Static to Dynamic Models
In this study, which investigates the determinants of capital structure of Vietnam’s listed real estate companies, we conduct a comparative analysis of static and dynamic models, finding out several factors affecting the capital structure. By applying panel data for 47 listed companies in the real e...
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University of Economics Ho Chi Minh City
2023
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oai:scholar.dlu.edu.vn:DLU123456789-1154812023-03-08T03:56:24Z Factors Influencing Capital Structure of Vietnam's Real Estate Enterprises: A Move from Static to Dynamic Models Pham, Tien Minh Nguyen, Tien Dung In this study, which investigates the determinants of capital structure of Vietnam’s listed real estate companies, we conduct a comparative analysis of static and dynamic models, finding out several factors affecting the capital structure. By applying panel data for 47 listed companies in the real estate domain from 2008 to 2013, we find that static panel models and dynamic estimators provide significantly different results. To finally identify the capital structure determinants, we then employ the system-GMM estimation. The empirical results indicate that the pecking order theory dominates the static trade-off theory as for the Vietnam’s listed real estate companies, which are also found to partially adjust their capital structure toward the target capital structure at a low speed (α = 0.452), implying that these have to face quite large adjustment costs. 2023-03-08T03:56:24Z 2023-03-08T03:56:24Z 2015 Article 2615-9112 http://jabes.ueh.edu.vn/Home/SearchArticle?article_Id=10540f39-2662-485a-a6ce-db4f6e0ac5b5 http://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115481 10.24311/jabes/2015.22.4.07 en Journal of Asian Business and Economic Studies, Volume 22, Issue 04; p. 76-91 application/pdf University of Economics Ho Chi Minh City |
| institution |
Thư viện Trường Đại học Đà Lạt |
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Thư viện số |
| language |
English |
| description |
In this study, which investigates the determinants of capital structure of Vietnam’s listed real estate companies, we conduct a comparative analysis of static and dynamic models, finding out several factors affecting the capital structure. By applying panel data for 47 listed companies in the real estate domain from 2008 to 2013, we find that static panel models and dynamic estimators provide significantly different results. To finally identify the capital structure determinants, we then employ the system-GMM estimation. The empirical results indicate that the pecking order theory dominates the static trade-off theory as for the Vietnam’s listed real estate companies, which are also found to partially adjust their capital structure toward the target capital structure at a low speed (α = 0.452), implying that these have to face quite large adjustment costs. |
| format |
Article |
| author |
Pham, Tien Minh Nguyen, Tien Dung |
| spellingShingle |
Pham, Tien Minh Nguyen, Tien Dung Factors Influencing Capital Structure of Vietnam's Real Estate Enterprises: A Move from Static to Dynamic Models |
| author_facet |
Pham, Tien Minh Nguyen, Tien Dung |
| author_sort |
Pham, Tien Minh |
| title |
Factors Influencing Capital Structure of Vietnam's Real Estate Enterprises: A Move from Static to Dynamic Models |
| title_short |
Factors Influencing Capital Structure of Vietnam's Real Estate Enterprises: A Move from Static to Dynamic Models |
| title_full |
Factors Influencing Capital Structure of Vietnam's Real Estate Enterprises: A Move from Static to Dynamic Models |
| title_fullStr |
Factors Influencing Capital Structure of Vietnam's Real Estate Enterprises: A Move from Static to Dynamic Models |
| title_full_unstemmed |
Factors Influencing Capital Structure of Vietnam's Real Estate Enterprises: A Move from Static to Dynamic Models |
| title_sort |
factors influencing capital structure of vietnam's real estate enterprises: a move from static to dynamic models |
| publisher |
University of Economics Ho Chi Minh City |
| publishDate |
2023 |
| url |
http://jabes.ueh.edu.vn/Home/SearchArticle?article_Id=10540f39-2662-485a-a6ce-db4f6e0ac5b5 http://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115481 |
| _version_ |
1765278340547084288 |