Cấu trúc vốn và hiệu quả hoạt động của doanh nghiệp: Vai trò của cạnh tranh ngành
DOI:
https://doi.org/10.24311/jabes/2017.28.10.1335Keywords:
Industry competition, Capital structure, Firm performanceAbstract
The research examines the influence of industry competition and the effect of capital structure on firm performance. The data includes financial statements of listed companies on Ho Chi Minh Stock Exchange (HOSE) from 2007 to 2015 in a range of 13 different industries. By applying two-step GMM technique with tangibility and non-debt tax shield employed as instrument variables for unbalanced panel data, the results indicate that capital structure has a positive impact on firm performance and that this effect becomes stronger in the markets with high levels of competition. Furthermore, these findings provide significant implications for investment and policy making among enterprises.
References
Abor, J. (2005). The effect of capital structure on profitability: An empirical analysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438–445.
Aghion, P., Angeletos, G.–M., Banerjee, A., & Manova, K. (2010). Volatility and growth: Credit constraints and the composition of investment. Journal of Monetary Economics, 57(3), 246–265.
Barnea, A., Haugen, R. A., & Senbet, L. W. (1981). Market imperfections, agency problems, and capital structure: A review. Financial Management, 10(3), 7–22.
Barney, J. B. (1986). Types of competition and the theory of strategy: Toward an integrative framework. Academy of Management Review, 11(4), 791–800.
Bebchuk, L., Cohen, A., & Ferrell, A. (2008). What matters in corporate governance? The Review of Financial Studies, 22(2), 783–827.
Beiner, S., Schmid, M. M., & Wanzenried, G. (2011). Product market competition, managerial incentives and firm valuation. European Financial Management, 17(2), 331–366.
Berger, A. N., & Bonaccorsi di Patti, E. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance, 30(4), 1065–1102.
Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257–273.
Bhagat, S., & Bolton, B. (2013). Director ownership, governance, and performance. Journal of Financial and Quantitative Analysis, 48(1), 105–135.
Bhagat, S., & Bolton, B. J. (2009). Sarbanes–Oxley, governance and performance. Retrieved from https://ssrn.com/abstract=1361815
Bolton, P., & Scharfstein, D. (1988). Agency problems, financial contracting, and predation. Sloan Working Paper 1988-86. MIT.
Bolton, P., & Scharfstein, D. S. (1990). A theory of predation based on agency problems in financial contracting. The American Economic Review, 80(1), 93–106.
Bonaccorsi di Patti, E., & Dell'Ariccia, G. (2004). Bank competition and firm creation. Journal of Money, Credit, and Banking, 36(2), 225–251.
Boone, J. (2000). Measuring product market competition. CEPR Discussion Paper No. 2636.
Boone, J. (2008a). Competition: Theoretical parameterizations and empirical measures. Journal of Institutional and Theoretical Economics, 164(4), 587–611.
Boone, J. (2008b). A new way to measure competition. The Economic Journal, 118(531), 1245–1261.
Boone, J., Griffith, R., & Harrison, R. (2004). Measuring competition. Paper presented at the Encore Meeting.
Boone, J., Griffith, R., & Harrison, R. (2005). Measuring competition. Advanced Institute of Management, Working Paper No.022.
Boone, J., van Ours, J. C., & van der Wiel, H. (2013). When is the price cost margin a safe way to measure changes in competition? De Economist, 161, 45–67.
Boone, J., van Ours, J., & van der Wiel, H. (2007). How (not) to measure competition. CPB Discussion Paper.
Booth, L., Aivazian, V., Demirguc‐Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87–130. doi: 10.1111/0022-1082.00320
Brander, J. A., & Lewis, T. R. (1986). Oligopoly and financial structure: The limited liability effect. The American Economic Review, 76(5), 956–970.
Brown, L. D., & Caylor, M. L. (2006). Corporate governance and firm valuation. Journal of Accounting and Public Policy, 25(4), 409–434.
Campello, M. (2003). Capital structure and product markets interactions: evidence from business cycles. Journal of Financial Economics, 68(3), 353–378.
Campello, M. (2006). Debt financing: Does it boost or hurt firm performance in product markets? Journal of Financial Economics, 82(1), 135–172.
Chang, F.–M., Wang, Y., Lee, N. R., & La, D. T. (2014). Capital structure decisions and firm performance of Vietnamese soes. Asian Economic and Financial Review, 4(11), 1545–1563.
Chevalier, J. A., & Scharfstein, D. (1996). Capital market imperfections and countercyclical markups: Theory and Evidence. The American Economic Review, 86(4), 703–725.
Chevalier, J. A. (1995a). Capital structure and product-market competition: Empirical evidence from the supermarket industry. The American Economic Review, 85(3), 415–435.
Chevalier, J. A. (1995b). Do LBO supermarkets charge more? An empirical analysis of the effects of LBOs on supermarket pricing. The Journal of Finance, 50(4), 1095–1112.
Chevalier, J. A., & Scharfstein, D. S. (1994). Capital market imperfections and countercyclical markups: Theory and evidence. The American Economic Review, 86(4), 703–725.
Dasgupta, S., & Titman, S. (1998). Pricing strategy and financial policy. The Review of Financial Studies, 11(4), 705–737. doi: 10.1093/rfs/11.4.705
DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8(1), 3–27.
Demsetz, H. (1973). Industry structure, market rivalry, and public policy. The Journal of Law and Economics, 16(1), 1–9.
Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155–1177.
Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209–233. doi: 10.1016/S0929-1199(01)00020-7
El-Sayed Ebaid, I. (2009). The impact of capital-structure choice on firm performance: Empirical evidence from Egypt. The Journal of Risk Finance, 10(5), 477–487. doi: 10.1108/15265940911001385
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies, 15(1), 1–33.
Fresard, L. (2010). Financial strength and product market behavior: The real effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
Fudenberg, D., & Tirole, J. (1986). A "signal–jamming" theory of predation. The RAND Journal of Economics, 17(3), 366–376.
Gelos, R. G., & Werner, A. M. (2002). Financial liberalization, credit constraints, and collateral: investment in the Mexican manufacturing sector. Journal of development Economics, 67(1), 1–27.
Ghosh, S. (2008). Leverage, foreign borrowing and corporate performance: firm-level evidence for India. Applied Economics Letters, 15(8), 607–616.
Gompers, P. A., Ishii, J. L., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107–155.
Grossman, S. J., & Hart, O. D. (1983). An analysis of the principal–agent problem. Econometrica, 51(1), 7–45.
Gueorguiev, D., & Malesky, E. (2012). Foreign investment and bribery: a firm-level analysis of corruption in Vietnam. Journal of Asian Economics, 23(2), 111–129.
Guzmán, G. M., Gutiérrez, J. S., Cortes, J. G., & Ramírez, R. G. (2012). Measuring the competitiveness level in furniture SMEs of Spain. International Journal of Economics and Management Sciences, 1(11), 09–19.
Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46(1), 297–355.
Harvey, C. R., Lins, K. V., & Roper, A. H. (2004). The effect of capital structure when expected agency costs are extreme. Journal of Financial Economics, 74(1), 3–30.
Hellmann, T., & Puri, M. (2000). The interaction between product market and financing strategy: The role of venture capital. The Review of Financial Studies, 13(4), 959–984.
Hoang, T. T., Wiboonchutikula, P., & Tubtimtong, B. (2010). Does foreign direct investment promote economic growth in Vietnam? ASEAN Economic Bulletin, 27(3), 295–311.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323–329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Jensen, M. C., & Smith, C. W. (1985). Stockholder, manager, and creditor interests: Applications of agency theory. Theory of the Firm (Book), 1(1). Retrieved from https://ssrn.com/abstract= 173461.
Jermias, J. (2008). The relative influence of competitive intensity and business strategy on the relationship between financial leverage and performance. The British Accounting Review, 40(1), 71–86.
Khan, A. G. (2012). The relationship of capital structure decisions with firm performance: A study of the engineering sector of Pakistan. International Journal of Accounting and Financial Reporting, 2(1), 245–262.
King, M. R., & Santor, E. (2008). Family values: Ownership structure, performance and capital structure of Canadian firms. Journal of Banking & Finance, 32(11), 2423–2432.
Kjellman, A., & Hansén, S. (1995). Determinants of capital structure: Theory vs. practice. Scandinavian Journal of Management, 11(2), 91–102.
Kovenock, D., & Phillips, G. M. (1997). Capital structure and product market behavior: An examination of plant exit and investment decisions. The Review of Financial Studies, 10(3), 767–803.
Krishnan, V. S., & Moyer, R. C. (1997). Performance, capital structure and home country: An analysis of Asian corporations. Global Finance Journal, 8(1), 129–143.
Kyereboah-Coleman, A. (2007). The impact of capital structure on the performance of microfinance institutions. The Journal of Risk Finance, 8(1), 56–71.
Lawton, T. C. (1999). Evaluating European competitiveness: measurements and models for a successful business environment. European Business Journal, 11(4), 195–205.
Leland, H. E. (1998). Agency costs, risk management, and capital structure. The Journal of Finance, 53(4), 1213–1243.
Maksimovic, V. (1988). Capital structure in repeated oligopolies. The RAND Journal of Economics, 19(3), 389–407.
Maksimovic, V. (1995). Financial structure and product market competition. Handbooks in Operations Research and Management Science, 9, 887–920.
Maksimovic, V., & Titman, S. (1991). Financial policy and reputation for product quality. The Review of Financial Studies, 4(1), 175–200.
Margaritis, D., & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking & Finance, 34(3), 621–632.
Marsh, P. (1982). The choice between equity and debt: An empirical study. The Journal of Finance, 37(1), 121–144.
Maury, B. (2006). Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of corporate finance, 12(2), 321–341.
Mello, A. S., & Parsons, J. E. (1992). Measuring the agency cost of debt. The Journal of Finance, 47(5), 1887–1904.
Miguel, E., & Roland, G. (2011). The long-run impact of bombing Vietnam. Journal of development Economics, 96(1), 1–15.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of financial economics, 5(2), 147–175.
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574–592.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187–221.
Onaolapo, A. A., Adekunle A., & Kajola, S. O. (2010). Capital structure and firm performance: Evidence from Nigeria. European Journal of Economics, Finance and Administrative Sciences, 25, 70–82.
Opler, T. C., & Titman, S. (1994). Financial distress and corporate performance. The Journal of Finance, 49(3), 1015–1040.
Phillips, G. M. (1995). Increased debt and industry product markets an empirical analysis. Journal of Financial Economics, 37(2), 189–238.
Phillips, P. A., & Sipahioglu, M. A. (2004). Performance implications of capital structure: evidence from quoted UK organisations with hotel interests. The Service Industries Journal, 24(5), 31–51.
Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Review, 86(1), 78–93.
Quy, V. T., Khuong, N. D., & WilliamSwierczek, F. (2014). Corporate performance of privatized firms in Vietnam. The Journal of Applied Business Research, 29(5), 1437–1449.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421–1460.
San, O. T., & Heng, T. B. (2011). Capital structure and corporate performance of Malaysian construction sector. International Journal of Humanities and Social Science, 1(2), 28–36.
Titman, S. (1984). The effect of capital structure on a firm's liquidation decision. Journal of Financial Economics, 13(1), 137–151.
Tran, N. M., Nonneman, W., & Jorissen, A. (2014). Government ownership and firm performance: The case of Vietnam. International Journal of Economics and Financial Issues, 4(3), 628–650.
Tran, N. M., Nonneman, W., & Jorissen, A. (2015). Privatization of Vietnamese firms and its effects on firm performance. Asian Economic and Financial Review, 5(2), 202–217.
Wanzenried, G. (2003). Capital structure decisions and output market competition under demand uncertainty. International Journal of Industrial Organization, 21(2), 171–200.
Weill, L. (2008). Leverage and corporate performance: Does institutional environment matter? Small Business Economics, 30(3), 251–265.
Xiao, C., & Dong, J. (2000). Ownership pluralization, firm performance and industry competition. Economic Research Journal, 8, 003.
Zeitun, R., & Tian, G. G. (2014). Capital structure and corporate performance: evidence from Jordan. The Australasian Accounting Business & Finance Journal, 1(4), 40–61.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 JOURNAL OF ASIAN BUSINESS AND ECONOMIC STUDIES
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
