A study on the effect of corporate governance and capital structure on firm value in Vietnam

Abstract

The paper examines the impact of corporate governance (CG), capital structure (CS) on firm value (FV) of firms in Vietnam. The study used different regression methods using the data collected at enterprises listed on the stock market in Vietnam over the period 2008-2018, with 2937 observations. The research results find that the size of the Board of Directors, the independence of the Board of Directors, the percentage of women participating in the Board of Directors had a positive influence on FV. Besides, in the case of the Chairman of the Board of Directors controlling the CEO, the frequency of the Board meeting had a negative effect on FV. The study has determined that CS has nonlinear influence on FV, in addition, the research results also prove that firm size had positive relationship to FV. The empirical research results are a useful basis to help businesses improve FV, thereby helping businesses need to consider the elements of the Board of Directors in each enterprise, determine the appropriate capital structure.

The Impacts of Earnings Quality on Dividend Policy of Listed Enterprises in Vietnam

“…11, No. 3; Published by Sciedu Press 208 ISSN 1923-3981 E-ISSN 1923-399X et al, 2007, (K. Li & Zhao, 2008), (Alzahrani & Lasfer, 2012), (Jiang et al, 2017), (Dang, Nguyen, & Tran, 2020;Dang, Pham, Nguyen, & Nguyen, 2020;Khanh, Hung, Van, & Huyen, 2020;Phuong, Hung, Van, & Xuan, 2020;Van Thi Thuy, Phan, & Dang, 2020 . In the path structure model, with the earnings quality variable (EQ) as an intermediate variable, there are two factors: firm size and capital structure affecting EQ in all respects. In which, firm size is negatively related to the enterprise's EQ, while financial leverage is positively related to the enterprise's EQ (Appendix 1, 2,3,4,5).…”

Indeks Maqashid Syariah Dan Nilai Perusahaan Bank Umum Syariah

“…Pada penelitian tentang pengaruh struktur modal terhadap nilai perusahaan oleh Antwi et al (2012), Ananda (2017), Saifi et al (2020) memberikan hasil bahwa terdapat pengaruh yang signifikan antara struktur modal dan nilai perusahaan. Namun berbeda dengan hasil penelitian dengan topik yang sama oleh Gupta & Gupta (2014), Lestari (2017), Khanh et al, (2020) yang menunjukan bahwa struktur modal tidak mempunyai pengaruh yang signifikan terhadap nilai perusahaan.…”

“…Saifi et al (2020) menemukan bahwa perusahaan lebih memilih untuk menggunakan pendanaan internal daripada pendanaan eksternal karena pembayaran bunga dari hutang akan mengurangi pendapatan dan menurunkan profitabilitas. Khanh et al (2020) menemukan bahwa sturktur modal mempunyai pengaruh nonlinier terhadap nilai perusahaan dimana kesalahan dalam pengambilan hutang perusahaan akan mengurangi nilai perusahaan bahkan menyebabkan kebangkrutan. Begitupun peneltian yang dilakukan Gupta & Gupta (2014) yang menunjukan adanya hubungan negatif signifikan dalam sturktur modal dan nilai perusahaan.…”

The Influence of Related Party Transaction, Profitability, Liquidity, and Debt Policy on Firm Value in Property and Real Estate Companies Listed on IDX 2016-2020 with Firm size as a Moderating Variable

“…On the contrary, the lower the stock price, the lower the firm value (Moestafa, 2020). The increasing value of this company can attract investors to invest their capital (Khanh et al, 2020). The higher the firm value, the greater the owner's prosperity of a company (Alvionita and Agussalim, 2021).…”