| dc.description.abstract | After the decision of establishing two stock exchanges, which are Ho Chi Minh City Securities Trading Center (HOSE) and Securities Trading Center in Hanoi (HNX), there is a huge transformation from private firms to joint-stock companies. There are little researches about the relationship between listing on stock exchange and corporate capital structure, especially in Vietnam. Therefore, I decided to conduct this study to evaluate the changes of corporate capital structure which has happened when companies are listed on stock exchange. Because the limitation of time and database, the study only mentions in Vietnamese steel industry, including 17 companies listed on either HOSE or HNX. The analysis bases on two samples which are a two-year before listing sample and a two-year after listing sample. In each sample, five determinants of firm size, tangibility, liquidity, growth rate and profitability are used as variables in the panel regressions. The results indicate that in the period of before listing
on stock exchange, capital structure of Vietnamese steel companies depended on the positive influence of firm size and the negative influence of tangibility, liquidity and growth rate. However, after listing on stock exchange, in the case of Vietnamese steel industry, companies only considered about the positive effect of size and the negative effect of liquidity in deciding their corporate capital structure. Profitability has no impact on capital structure of Vietnamese
steel industry. | en_US |
