Corporate debt and investment with financial constraints: Vietnamese listed firms

被引：24
|
作者：
Quynh Trang Phan [1 ,2 ]
机构：
[1] HCMC Open Univ, Fac Finance Banking, 35-37 Ho Hao Hon,Dist 1, Hcmc, Vietnam
[2] Univ Thai Chamber Commerce, Int Coll, Bangkok 10400, Thailand
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2018年 / 46卷
关键词：
Leverage; Debt maturity; Corporate investment; Firm constraints; Emerging markets; MATURITY STRUCTURE; CASH FLOW; DETERMINANTS; LEVERAGE; CREDIT; COST;
D O I：
10.1016/j.ribaf.2018.03.004
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
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.
引用
收藏
页码：268 / 280
页数：13
相关论文
共 50 条
12345