The relationship among capital structure, ownership structure and firm performance of listed companies on HCM stock exchange
Ha, Hoang Thi
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This paper investigates the relationship among capital structure, ownership structure and firm performance in different industries of 164 non-financial listed companies on Ho Chi Minh Stock Exchange. The writer uses return on asset to as a measure of firm performance, the total debt to total asset for measures of capital structure and block shareholders index to measure ownership structure. Using the most accurate regression model built in the conducting process of this thesis, the write concludes about a negative relation between capital structure as well as ownership structure and firm performance. Keywords: capital structure, ownership structure, firm performance, ROA, agency costs, Miller & Modigliani, supplementary regression model.