CEO, biến động dòng tiền và cấu trúc vốn của các doanh nghiệp niêm yết tại Việt Nam
DOI:
https://doi.org/10.24311/jabes/2020.31.6.822Từ khóa:
Biến động dòng tiền, Cấu trúc vốn, CEO, Kinh nghiệm tài chínhTóm tắt
Nghiên cứu này kiểm định tác động của biến động dòng tiền lên cấu trúc vốn của các doanh nghiệp niêm yết tại Việt Nam trong giai đoạn 2008–2019. Tác giả sử dụng phương pháp GMM hệ thống để xem xét sự tác động này. Kết quả nghiên cứu cho thấy tồn tại mối quan hệ ngược chiều giữa biến động dòng tiền và cấu trúc vốn của các doanh nghiệp niêm yết tại Việt Nam trong giai đoạn nghiên cứu. Đặc biệt, khác với những nghiên cứu trước đây về biến động dòng tiền, nghiên cứu tiến hành kiểm định thêm ảnh hưởng kinh nghiệm trong lĩnh vực tài chính của tổng giám đốc/giám đốc doanh nghiệp (CEO) đến mối quan hệ giữa biến động dòng tiền và cấu trúc vốn. Kết quả kiểm định cho thấy biến động dòng tiền có tác động dương đến cấu trúc vốn khi CEO có kinh nghiệm trong lĩnh vực tài chính, ngược lại biến động dòng tiền có tác động âm đến cấu trúc vốn khi CEO không có kinh nghiệm trong lĩnh vực tài chính.
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