Ownership structure, capital structure and firm performance : a study of Vietnamese listed firms

Abstract

This paper examines the relationships between ownership structure and capital structure for non-financial listed firms in Vietnam during the period 2007–2012. Although different approaches are applied in this research, all results from those models are consistent. The study finds that while foreign ownership has a negative impact on leverage, state ownership has a positive influence. Managerial ownership has a positive relation with debt level, while the effect of large ownership on debt level is not conclusive.