• Hoang Oanh Thoa Nong Lam University
  • Hoang Thi Nga Ho Chi Minh City Industry and Trade College



Debt structure, firm performance, emerging markets, Vietnamese listed firms, fixed-effect method


This study investigates the relationship between debt structure and firm performance among a comprehensive sample of 546 Vietnamese listed firms over the period 2010 to 2020. The purpose of the research carried out in the article is to establish the relationship between the debt structure and the results of the firm's activities. Employing a fixed-effect method, we analyze the intricate interplay between debt composition and various dimensions of firm performance within the unique economic and institutional context of Vietnam. Our findings reveal a significant and negative association between debt structure and firm performance, shedding light on the intricate dynamics that shape corporate financial decisions and outcomes in the Vietnamese market. Specifically, our analysis indicates that firms with a higher proportion of debt experience decreased levels of performance across multiple performance metrics, including profitability, growth, and operational efficiency. This negative relationship between debt structure and firm performance underscores the importance of optimal capital structure decisions and strategic financial management for Vietnamese listed firms. Our study contributes to the existing literature by providing empirical evidence that extends our understanding of the nuanced determinants of firm performance within emerging market economies. Moving forward, further research could delve deeper into the underlying mechanisms that drive the observed negative relationship. Additionally, exploring potential moderating factors, such as industry-specific characteristics or changes in economic conditions, could provide a more nuanced perspective on the interplay between debt structure and firm performance. Ultimately, this study contributes to the ongoing dialogue on optimal capital structure decisions and their ramifications for the long-term success and sustainability of Vietnamese listed firms, guiding them toward more informed and effective financial strategies.


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Author Biographies

Hoang Oanh Thoa, Nong Lam University

Nong Lam University, Ho Chi Minh City, Vietnam

Hoang Thi Nga, Ho Chi Minh City Industry and Trade College

Ho Chi Minh City Industry and Trade College (HITC), Ho Chi Minh City, Vietnam


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How to Cite

Hoang Oanh Thoa, & Hoang Thi Nga. (2023). DEBT STRUCTURE AND FIRM PERFORMANCE IN VIETNAMESE STOCK MARKET. Economics, Finance and Management Review, (3), 49–58.



Chapter 2. Development of Finance, Accounting and Auditing