Macroeconomic Factors and Corporate Capital Structure: Evidence from Listed Joint Stock Companies in Vietnam
Bibliographic record
Abstract
This study is conducted to examine how macro determinants affect capital structure of non-financial joint stock companies in Vietnam. The two-step system GMM is used to analyze data which is a combination of two sources: financial statements of 464 listed joint stock companies on 3 main stock exchanges (HOSE, HNX, and UPCOM), and World Bank database in the period of 2008-2015. The findings show that firms’ capital structure decisions are impacted by elements which reflect macroeconomic conditions. In detail, the inflation rate has positive influence while corporate income tax rate is on the contrary. Besides, the affectation of financial development and institutional quality on capital structure of these enterprises is found clearly. Not only macro factors, this research explores but also other determinants which are characteristics company such as size, profitability, and payment capacity. Finally, it is noticeable that capital structure decisions depend on capital structure of the previous year.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.002 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.001 | 0.002 |
| Open science | 0.001 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".