Literature Review and Research Model Development: Factors Affecting the Financial Strength of Tourism and Leisure Companies Listed on the Vietnam Stock Exchange

Abstract

This study examines the factors influencing the financial strength of listed tourism and leisure companies on the Vietnamese stock market amidst post-COVID-19 volatility. By synthesizing existing theories and previous literature, a research model is developed to investigate the relationship between financial strength, internal financial determinants, and macroeconomic factors. A quantitative approach is employed, utilizing secondary data from the financial statements of listed firms for the 2020-2024 period, analyzed through panel data regression models. The results indicate that financial strength is significantly driven by firm size, liquidity, financial leverage, and asset utilization efficiency, while also being influenced by the broader macroeconomic environment.