Corporate debt and investment with financial constraints: Vietnamese listed firms
| Autor: | Quynh Trang Phan |
|---|---|
| Rok vydání: | 2018 |
| Předmět: |
040101 forestry
Finance 050208 finance Leverage (finance) Corporate debt business.industry Vietnamese media_common.quotation_subject 05 social sciences 04 agricultural and veterinary sciences Debt financing language.human_language Debt 0502 economics and business language 0401 agriculture forestry and fisheries Business Management and Accounting (miscellaneous) Debt maturity Business Emerging markets media_common Investment rate |
| Zdroj: | Research in International Business and Finance. 46:268-280 |
| ISSN: | 0275-5319 |
| DOI: | 10.1016/j.ribaf.2018.03.004 |
| Popis: | In this paper, we investigate how the choices of debt level and debt maturity could affect firm investment behaviors. We also test firm investment – debt financing relation in the control of several firm-specific characteristics in different sub-samples. Using a balanced panel dataset of Vietnamese listed firms over the period 2010–2016, the regression results show that the level of debt significantly negatively impacts on firm investment but the maturity of debt is insignificantly related to investment rate. The negative relation between leverage and firm investment also holds for private firms with long-term loans financing from banks. For state-shareholding enterprises, debt maturity has positively effect on investment level. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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