Factors affecting capital structure of the group of essential consumer sectors listed on hose

Abstract

Based on previously published studies, the authors propose a research model of the capital structure of enterprises in the group of consumer staples that have been listed on HOSE, including the following variables: Firm size, operating efficiency, company liquidity, non-debt tax shield, inflation, business cash flow, Return on equity ratio, asset structure, corporate speed growth, effective tax rate. The study was carried out by the authors using a quantitative research method. A sample of several items on the financial statements of 24 companies was collected for research purposes. The authors used STATA 13 software for descriptive statistics, correlation analysis, stationary testing, and model regression analysis by OLS, FEM, REM, and GLS methods, selecting an appropriate regression model. and performing other tests to check the robustness of the model. According to the model's regression results, the most appropriate model has been selected; factors such as effective tax rate, asset structure, growth rate, and return on equity have an impact. Positively affect capital structure. Meanwhile, non-debt tax shield, liquidity, business performance, and inflation are negatively related to capital structure. Based on the research results, the authors make conclusions and recommendations for businesses in the consumer staples industry listed on HOSE to control the appropriate debt ratio.