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Institutional Quality Matter and Vietnamese Corporate Debt Maturity

VNU Journal of Science: Economics and Business

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Title Institutional Quality Matter and Vietnamese Corporate Debt Maturity
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Creator Hoang Thuy Bich Tram, Nguyen
Linh, Tran Thi Thuy
 
Description This article studies whether firm-level and country-level factors affect to the corporation's debt maturity in case of Vietnam or not. The paper adopts the balance panel data of 267 listed companies on two trading board HOSE and HNX in the period from 2008 to 2015, estimated by FEM, REM, 2SLS and GMM method. To intrinsic factors, research results show that financial leverage and default risk control have high positive statistical significance with the debt maturity, but tangible assets are lower than those factors. In addition, growth opportunities and company quality have negative impacts to the debt maturity. To external factors, the results point out that economic growth, stock market development and governmental regulation's efficiency demonstrate the positive relationship to the debt maturity with fairly low correlation levels. In spite of that, inflation rate, financial development, the rule of law, corruption control and the rights of creditor factors have negative correlations to the debt maturity.
Keywords
Debt maturity, long-term debt ratio, GMM system, firm-level factors, country-level factors
References
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Publisher Vietnam National University, Hanoi
 
Date 2017-12-25
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier https://js.vnu.edu.vn/EAB/article/view/4099
10.25073/2588-1108/vnueab.4099
 
Source VNU Journal of Science: Economics and Business; Vol 33 No 5E
Chuyên san Kinh tế và Kinh doanh; Vol 33 No 5E
2588-1108
2615-9287
 
Language eng
 
Relation https://js.vnu.edu.vn/EAB/article/view/4099/3843
 
Rights Copyright (c) 2017 VNU Journal of Science: Economics and Business