| dc.description.abstract | With the main motivation from the limitation of empirical research on ownership structure and capital structure in developing country, especially in Vietnam, this thesis was conducted on listed firms included in top VN100 of Ho Chi Minh Stock Exchange to further examine the association between capital structure and ownership structure and between firm financing decisions and firm performance. Despite the presence of numerous studies on diverse aspects of leverage and ownership structure as well as the relation of them, there are still some limitation. First, the limited studies on the effect of ownership structure on financing decisions of firms exists beside investigation which have mainly concentrated on ownership structure and firm performance. Second, few in-depth investigations conducting on leverage and structure have been conducted in developing country, especially in Vietnam which has an typical economy among developing nations. Additionally, the research has often investigated on managerial or institutional ownership instead of foreign or state ownership which have become more significant in developing country.
To fulfill the overall purpose of this study, panel data of non-financial VN100 firms listed on HOSE during the period of 5 years from 2011 to 2015 was analyzed. Pooled OLS, Fixed effects, Random effects regression method were employed in conducting analyzation. Despite of using many approaches, the results collected were consistent.
The found evidences show that while there is no certain conclusion on how state and large ownership link to capital structure, the negative association between leverage and foreign ownership and positive linkage between managerial ownership and leverage were strongly supported.
Specially, statistical evidence which support the negative linkage between capital structure and accounting performance of firm measured by ROA and ROE was found, meanwhile, there is no statistically significant sign of the effect of leverage on firm market performance captured by Tobin’s Q. | en_US |
