Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/304024 
Year of Publication: 
2023
Citation: 
[Journal:] Cogent Economics & Finance [ISSN:] 2332-2039 [Volume:] 11 [Issue:] 1 [Article No.:] 2190268 [Year:] 2023 [Pages:] 1-18
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
This study estimates the effect of COVID-19 on listed small and medium enterprises' capital structures in Vietnam from 2010 to 2020 by a dynamic panel model with 825 observations. Conducting the generalized method of moments, the findings show that COVID-19 is a significant factor affecting small and medium enterprises' capital structures. The current results are explained based on the signalling theory. Although the findings are consistent with the previous empirical studies indicating the capital structure and exploring its determinants in diverse ways, these studies are interpreted based on agency theory, pecking of order, trade-off theory. Furthermore, our results are robust to a series of endogeneity checks using an alternative method of regression.
Subjects: 
capital structure
COVID-19
signalling theory
Vietnam
JEL: 
D24
J11
L21
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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