2022
DOI: 10.55454/rcsas.2.10.2022.001
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Debt Financing and Firm Performance: Evidence from Vietnam

Abstract: This paper examines the effect of debt financing on firm performance using a dataset created out of 352 firms listed on Vietnam's stock exchanges in 2015-2019.The Two-step System Generalized Method of Moments is used to tackle the endogeneity, unobserved heterogeneity, and autocorrelation problems in our estimation model. The findings reveal a significant negative relationship between debt financing and corporate performance. High levels of debt result in suboptimal investment due to the fear of default and hi… Show more

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