Capital structure and firm performance: An empirical study of companies listed on Ho Chi Minh stock exchange
Abstract
This dissertation examined the relationship between capital structure and
firm performance of companies listed on Ho Chi Minh stock exchange period 2009 -
2011. The study used the data form annual financial statements of 140 companies
exclude financial firms and firms without available data in period 2009-2011.
By using the fixed effects model estimation of panel data, the result
showed that capital structure and the firm performance has a negativerelatinship. To
be specific, the shor term debt and total debt have a negative impact on firm
performance measured by return on asset and earnings per share ratio, while long term
debt found to be insignificant with performance.