Journal of Economics and Development, Vol. 18 No. 3 (2016), 41-63. https://doi.org/10.33301/2016.18.03.03
Liabilities and The Impacts on Financial Performance of The Vietnamese Listed Small and Medium-Sized Enterprises
Abstract
This research aims to examine the relationship between liabilities and firm performance of the Vietnamese listed small and medium-sized enterprises (SMEs). We explore a panel data set of 61 listed SMEs in Vietnam from 2011 to 2014 and apply random-effects models to test whether the financing policy affects firm performance. It is found that leverage policy has a significantly positive impact on Tobin’s q and a negative impact on ROE of the listed SMEs. Moreover, nonfinancial variables including joint stock firm age and business areas of SMEs significantly influence their performances.Keywords:Liabilities, firm performance, Tobin’s q, ROE, SMEs.
How to Cite
Nguyen, T. L., Phan, H. M., & Bui, B. K. (2016). Liabilities and The Impacts on Financial Performance of The Vietnamese Listed Small and Medium-Sized Enterprises. Journal of Economics and Development, 18(3), 41-63. https://doi.org/10.33301/2016.18.03.03