The Analysis of Factors Affecting the Capital Structure of Listed Manufacturing Companies on the Vietnam Stock Market

Abstract

This study focuses on identifying the factors affecting the capital structure of manufacturing enterprises listed on the Vietnam Stock Exchange from 2016 to 2023. The research data was collected from 223 manufacturing companies and analyzed using the panel data regression method. The results indicate that firm size, asset structure, liquidity, and age of establishment influence capital structure. Specifically, firm size has a positive impact, while asset structure and liquidity have a negative effect on TLEV. Additionally, the number of years in operation is also found to inversely affect the capital structure. These findings provide insights into the internal factors influencing the financial decisions of manufacturing enterprises in Vietnam.