Please use this identifier to cite or link to this item:
https://digital.lib.ueh.edu.vn/handle/UEH/55177
Full metadata record
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Pham Tien Minh | - |
dc.contributor.other | Nguyen Tien Dung | - |
dc.date.accessioned | 2017-09-14T11:02:08Z | - |
dc.date.available | 2017-09-14T11:02:08Z | - |
dc.date.issued | 2015 | - |
dc.identifier.issn | 1859 -1124 | - |
dc.identifier.uri | http://digital.lib.ueh.edu.vn/handle/UEH/55177 | - |
dc.identifier.uri | http://jabes.ueh.edu.vn/Home/SearchArticle?article_Id=10540f39-2662-485a-a6ce-db4f6e0ac5b5 | - |
dc.description.abstract | In this study, which investigates the determinants of capital structure of Vietnam’s listed real estate companies, we conduct a comparative analysis of static and dynamic models, finding out several factors affecting the capital structure. By applying panel data for 47 listed companies in the real estate domain from 2008 to 2013, we find that static panel models and dynamic estimators provide significantly different results. To finally identify the capital structure determinants, we then employ the system-GMM estimation. The empirical results indicate that the pecking order theory dominates the static trade-off theory as for the Vietnam’s listed real estate companies, which are also found to partially adjust their capital structure toward the target capital structure at a low speed (α = 0.452), implying that these have to face quite large adjustment costs. | - |
dc.format | Portable Document Format (PDF) | - |
dc.publisher | Trường Đại học Kinh tế Tp. Hồ Chí Minh | - |
dc.relation.ispartof | Journal of Economic Development | - |
dc.relation.ispartofseries | JED, Vol.22(4) | - |
dc.subject | Capital structure | - |
dc.subject | Static model | - |
dc.subject | Dynamic model | - |
dc.subject | GMM | - |
dc.subject | Real estate | - |
dc.subject | Speed of adjustment | - |
dc.title | Factors influencing capital structure of Vietnam’s real estate enterprises: a move from static to dynamic models | - |
dc.type | Journal Article | - |
dc.relation.reference | Antoniou, A.,Guney, Y., & Paudyal, K. (2008). The determinants of capital structure:Capital market-oriented versus bank-oriented institutions. Journal ofFinancial and Quantitative Analysis, 43(1), 59–92. | - |
dc.relation.reference | Arellano, M.,& Bond, S. (1991). Some tests of specification for panel data: Monte Carloevidence and an application to employment equations. The Review of EconomicStudies, 58(2), 277–297. | - |
dc.relation.reference | Baltagi, B.(2008). Econometric analysis of panel data (Vol. 1). NJ: John Wiley& Sons. | - |
dc.relation.reference | Blundell, R.,& Bond, S. (1998). Initial conditions and moment restrictions in dynamicpanel data models. Journal of Econometrics, 87(1), 115–143. | - |
dc.relation.reference | Bond, S. A.,& Scott, P. J. (2006). The capitalstructure decision for listed real estate companies. http://dx.doi.org/10.2139/ssrn.876429 | - |
dc.relation.reference | Booth, L., Aivazian,V., Demirguc‐Kunt,A., & Maksimovic, V. (2001). Capital structures in developing countries. TheJournal of Finance, 56(1), 87–130. | - |
dc.relation.reference | Chen, J. J.(2004). Determinants of capital structure of Chinese-listed companies. Journalof Business Research, 57(12), 1341–1351. | - |
dc.relation.reference | Chikolwa, B.(2011). Investigating the capital structure of A-REITs. Journal of RealEstate Literature, 19(2), 391–411. | - |
dc.relation.reference | DeAngelo, H.,& Masulis, R. W. (1980). Optimal capital structure under corporate andpersonal taxation. Journal of Financial Economics, 8(1), 3–29. | - |
dc.relation.reference | Flannery, M.J., & Hankins, K. W. (2013). Estimating dynamic panel models in corporatefinance. Journal of Corporate Finance, 19, 1–19. | - |
dc.relation.reference | Frank, M. Z.,& Goyal, V. K. (2009). Capital structure decisions: Which factors are reliablyimportant? Financial Management, 38(1), 1–37. | - |
dc.relation.reference | Gaud, P.,Jani, E., Hoesli, M., & Bender, A. (2005). The capital structure of Swisscompanies: An empirical analysis using dynamic panel data. EuropeanFinancial Management, 11(1), 51–69. | - |
dc.relation.reference | Getzmann, A.,Lang, S., & Spremann, K. (2010). Determinantsof the target capital structure and adjustment speed: Evidence from Asiancapital markets. Retrieved March 2012 fromhttp://www.uibk.ac.at/ibf/sonstiges/seminar/targetcapitalstructureasia.pdf | - |
dc.relation.reference | Graham, J. R.,& Leary, M. T. (2011). A review of empirical capital structure research anddirections for the future. Annual Review of Financial Economics, 3. | - |
dc.relation.reference | Hall, G.,Hutchinson, P., & Michaelas, N. (2000). Industry effects on thedeterminants of unquoted SMEs' capital structure. International Journal ofthe Economics of Business, 7(3), 297–312. | - |
dc.relation.reference | Jensen, M. C.(1986). Agency cost of free cash flow, corporate finance, and takeovers. AmericanEconomic Review, 76(2), 323–329. | - |
dc.relation.reference | Le, D. C. (2013). Factors affecting thecapital structure planning of Vietnamese financial managers (in Vietnamese). Journalof Development and Integration, 9(19), 22–28. | - |
dc.relation.reference | Le, P.D., & Nguyen, T. T. T. (2013). Factors influencing financial structure ofbuilding materials firms.Journal of Economic Development, 271, 51–64. | - |
dc.relation.reference | Lim, T. C., Zhao, D., & Chai, R. (2012). Capital structure of real estate firms in Chinesestock market.InternationalJournal of Management Sciences and Business Research, 1(9), 75–85. | - |
dc.relation.reference | Modigliani,F., & Miller, M. H. (1958). The cost of capital, corporation finance andthe theory of investment. The American Economic Review, 48(3), 261–297. | - |
dc.relation.reference | Myers, S. C.(1984). The capital structure puzzle. The Journal of Finance, 39(3),574–592. | - |
dc.relation.reference | Myers, S. C.,& Majluf, N. S. (1984). Corporate financing and investment decisions whenfirms have information that investors do not have. Journal of FinancialEconomics, 13(2), 187–221. | - |
dc.relation.reference | Ooi, J.(1999). The determinants of capital structure evidence on UK propertycompanies. Journal of Property Investment & Finance, 17(5),464–480. | - |
dc.relation.reference | Ozkan, A.(2001). Determinants of capital structure and adjustment to long run target:Evidence from UK company panel data. Journal of Business Finance &Accounting, 28(1‐2), 175–198. | - |
dc.relation.reference | Rajan, R. G.,& Zingales, L. (1995). What do we know about capital structure? Someevidence from international data. The Journal of Finance, 50(5),1421–1460. | - |
dc.relation.reference | Titman, S.,& Wessels, R. (1988). The determinants of capital structure choice. TheJournal of Finance, 43(1), 1–19. | - |
dc.relation.reference | Tongkong, S.(2012). Key factors influencing capital structure decision and its speed ofadjustment of Thai listed real estate companies. Procedia-Social andBehavioral Sciences, 40, 716–720. | - |
dc.relation.reference | Tran, D. K.N., & Ramachandran, N. (2006). Capital structure in small and medium-sizedenterprises: The case of Vietnam. ASEAN Economic Bulletin, 23(2),192–211. | - |
dc.relation.reference | Vo. T. T. A.,& Bui, P. N. K. (2012). Factors affecting corporate financial structure: Anempirical study on HOSE-listed firms in manufacturing industry (in Vietnamese).Journal of Economic Development, No.260, 33–40. | - |
dc.relation.reference | Wald, J.(1999). Capital structure with dividend restrictions. Journal of CorporateFinance, 5(2), 193–208. | - |
dc.relation.reference | Westgaard, S.,Eidet, A., Frydenberg, S., & Grosås, T. C. (2008). Investigating thecapital structure of UK real estate companies. Journal of Property Research, 25(1), 61–87. | - |
dc.identifier.doi | http://doi.org/10.24311/jed/2015.22.4.07 | - |
dc.format.firstpage | 76 | - |
dc.format.lastpage | 91 | - |
item.fulltext | Only abstracts | - |
item.openairetype | Journal Article | - |
item.grantfulltext | none | - |
item.openairecristype | http://purl.org/coar/resource_type/c_18cf | - |
item.cerifentitytype | Publications | - |
Appears in Collections: | JABES in English |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.