Skip to main content

2024 | OriginalPaper | Buchkapitel

Capital Structure, Financial Risk, and Operational Efficiency: Evidence of Firms in the Food and Beverage Industry Listed on the Vietnam Stock Market

verfasst von : Thi Hong Le Hoang, Thuy Duong Phan, Thi Thanh Hoang

Erschienen in: Proceedings of the 4th International Conference on Research in Management and Technovation

Verlag: Springer Nature Singapore

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

The study analyzes the impact of capital structure, financial risk, and other factors on the performance of food and beverage firms listed on the Vietnam stock market in 2011 and 2020. We use data in the financial statements of 41 food and beverage firms listed on the Ho Chi Minh Stock Exchange and the Hanoi Stock Exchange from 2011 to 2020 in the FiinPro Database. The S-GMM regression method was used to analyze the influence of capital period structure, financial risk, and other factors on the performance of listed food and beverage firms. The results show that the lagged variables of operational efficiency and capital structure have a positive impact, but financial risks have a negative impact on the performance of listed food and beverage firms. Furthermore, the study proposes some policy implications on building capital structure and building financial risk management processes, contributing to improving the performance of Vietnamese food and beverage enterprises.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 390 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Maschinenbau + Werkstoffe




 

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Literatur
1.
Zurück zum Zitat Abor, J.: The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana. J. Risk Finan. 6(5), 438–445 (2005)CrossRef Abor, J.: The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana. J. Risk Finan. 6(5), 438–445 (2005)CrossRef
2.
Zurück zum Zitat Abor, J.: Corporate governance and financing decisions of Ghanaian listed firms. Corporate Governance. Int. J. Bus. Soc. 7(1), 83–92 (2007) Abor, J.: Corporate governance and financing decisions of Ghanaian listed firms. Corporate Governance. Int. J. Bus. Soc. 7(1), 83–92 (2007)
3.
Zurück zum Zitat Ammar, A.G., Asif, S., Ammar, A.: Corporate governance and performance: an empirical evidence from textile sector of Pakistan. Afr. J. Bus. Manage. 7(22), 2112–2118 (2013) Ammar, A.G., Asif, S., Ammar, A.: Corporate governance and performance: an empirical evidence from textile sector of Pakistan. Afr. J. Bus. Manage. 7(22), 2112–2118 (2013)
4.
Zurück zum Zitat Bhargava, A., Sargan, J.D.: Estimating dynamic random effects models from panel data covering short time periods. Econometrica 51(6), 1635–1659 (1983)CrossRef Bhargava, A., Sargan, J.D.: Estimating dynamic random effects models from panel data covering short time periods. Econometrica 51(6), 1635–1659 (1983)CrossRef
5.
Zurück zum Zitat Bathory, A.: Predicting Corporate Collapse: Credit Analysis in the Determination and Forecasting of Insolvent Companies. Financial Times Business Information, London, UK (1984) Bathory, A.: Predicting Corporate Collapse: Credit Analysis in the Determination and Forecasting of Insolvent Companies. Financial Times Business Information, London, UK (1984)
6.
Zurück zum Zitat Bhunia, A., Mukhuti, S.: Financial risk measurement of small and medium-sized companies listed in Bombay Stock Exchange. Int. J. Adv. Manag. Econ. 1(3), 27–34 (2012)CrossRef Bhunia, A., Mukhuti, S.: Financial risk measurement of small and medium-sized companies listed in Bombay Stock Exchange. Int. J. Adv. Manag. Econ. 1(3), 27–34 (2012)CrossRef
7.
Zurück zum Zitat Cohen, J.: Set correlation and contingency tables. Appl. Psychol. Meas. 12(4), 425–434 (1988)CrossRef Cohen, J.: Set correlation and contingency tables. Appl. Psychol. Meas. 12(4), 425–434 (1988)CrossRef
8.
Zurück zum Zitat Dandago, K.I., Baba, B.U.: The use of multi-discriminant analysis for the prediction of corporate bankruptcy in Malaysian textile industry. J. Bus. Econ. 5(6), 813–822 (2014) Dandago, K.I., Baba, B.U.: The use of multi-discriminant analysis for the prediction of corporate bankruptcy in Malaysian textile industry. J. Bus. Econ. 5(6), 813–822 (2014)
9.
Zurück zum Zitat Ebiringa, O.T.: Benchmarking incidence of distress in the Nigerian banking industry on Altman scale. Serbian J. Manag. 6(2), 221–230 (2011)CrossRef Ebiringa, O.T.: Benchmarking incidence of distress in the Nigerian banking industry on Altman scale. Serbian J. Manag. 6(2), 221–230 (2011)CrossRef
10.
Zurück zum Zitat Fali, I.M., Philomena, O.N., Ibrahim, Y., Amos, J.: Risk management committee size, independence, expertise and financial performance of listed insurance firms in Nigeria. Int. Res. Innov. Soc. Sci. (IJRISS) 4(5), 313–319 (2020) Fali, I.M., Philomena, O.N., Ibrahim, Y., Amos, J.: Risk management committee size, independence, expertise and financial performance of listed insurance firms in Nigeria. Int. Res. Innov. Soc. Sci. (IJRISS) 4(5), 313–319 (2020)
11.
Zurück zum Zitat Graham, J.R., Harvey, C.R.: The theory and practice of corporate finance: evidence from the field. J. Finan. Econ. 60(2–3), 187–243 (2001)CrossRef Graham, J.R., Harvey, C.R.: The theory and practice of corporate finance: evidence from the field. J. Finan. Econ. 60(2–3), 187–243 (2001)CrossRef
12.
Zurück zum Zitat Gul, S., CHO, H.R.: Capital structure and default risk: evidence from Korean stock market. J. Asian Finan. Econ. Bus. 6(2), 15–24 (2019) Gul, S., CHO, H.R.: Capital structure and default risk: evidence from Korean stock market. J. Asian Finan. Econ. Bus. 6(2), 15–24 (2019)
13.
Zurück zum Zitat Hau, V.T.: An analysis of factors influencing financial risk of real estimate firms listed on Ho Chi Minh stock market. J. Econ. Dev. 240, 86–93 (2017) Hau, V.T.: An analysis of factors influencing financial risk of real estimate firms listed on Ho Chi Minh stock market. J. Econ. Dev. 240, 86–93 (2017)
14.
Zurück zum Zitat Holton, G.A.: Defining risk. Finan. Anal. J. 60(6), 19–25 (2004) Holton, G.A.: Defining risk. Finan. Anal. J. 60(6), 19–25 (2004)
15.
Zurück zum Zitat Lam M.: Opportunities for the food and beverage industry. The Bank Times, https://thoibaonganhang.vn/co-hoi-cho-nganh-thuc-pham-do-uong-131420.html#:~:text=Theo%20thống%20kê%20của%20Bộ,tỷ%20USD%20vào%20năm%202021. Last accessed 29 Oct 2023 Lam M.: Opportunities for the food and beverage industry. The Bank Times, https://​thoibaonganhang.​vn/​co-hoi-cho-nganh-thuc-pham-do-uong-131420.​html#:~:text=Theo%20thống%20kê%20của%20Bộ,tỷ%20USD%20vào%20năm%202021. Last accessed 29 Oct 2023
16.
Zurück zum Zitat Le, T.P.V., Phan, T.B.N.: Capital structure and firm performance: empirical evidence from a small transition country. Res. Int. Bus. Finan. 42, 710–726 (2017)CrossRef Le, T.P.V., Phan, T.B.N.: Capital structure and firm performance: empirical evidence from a small transition country. Res. Int. Bus. Finan. 42, 710–726 (2017)CrossRef
17.
Zurück zum Zitat Li, S.: Future trends and challenges of financial risk management in the digital economy. Manag. Finan. 29(5/6), 111–125 (2003) Li, S.: Future trends and challenges of financial risk management in the digital economy. Manag. Finan. 29(5/6), 111–125 (2003)
18.
Zurück zum Zitat Majumdar, S.K., Chhibber, P.: Capital structure and performance: evidence from a transition economy on an aspect of corporate governance. Public Choice 98(3), 287–305 (1999)CrossRef Majumdar, S.K., Chhibber, P.: Capital structure and performance: evidence from a transition economy on an aspect of corporate governance. Public Choice 98(3), 287–305 (1999)CrossRef
19.
Zurück zum Zitat Margaritis, D., Psillaki, M.: Capital structure, equity ownership and firm performance. J. Bank. Finan. 34(3), 621–632 (2010)CrossRef Margaritis, D., Psillaki, M.: Capital structure, equity ownership and firm performance. J. Bank. Finan. 34(3), 621–632 (2010)CrossRef
20.
Zurück zum Zitat Masnoon, M., Saeed, A.: Capital structure determinants of KSE listed automobile companies. Euro. Sci. 10(13), 451–461 (2014) Masnoon, M., Saeed, A.: Capital structure determinants of KSE listed automobile companies. Euro. Sci. 10(13), 451–461 (2014)
21.
Zurück zum Zitat McConnell, J.J., Servaes, H.: Equity ownership and the two faces of debt. J. Finan. Econ. 39(1), 131–157 (1995)CrossRef McConnell, J.J., Servaes, H.: Equity ownership and the two faces of debt. J. Finan. Econ. 39(1), 131–157 (1995)CrossRef
22.
Zurück zum Zitat Modigliani, F., Miller, M.H.: The cost of capital, corporation finance and the theory of investment. Am. Econ. Rev. 48(3), 261–297 (1958) Modigliani, F., Miller, M.H.: The cost of capital, corporation finance and the theory of investment. Am. Econ. Rev. 48(3), 261–297 (1958)
23.
Zurück zum Zitat Nguyen, T.N.H., Ha, T.C.: The impact of financial structure and financial risk on performance of listed companies on Vietnam Stock Exchange. J. Econ. Dev. 301(7), 45–53 (2022) Nguyen, T.N.H., Ha, T.C.: The impact of financial structure and financial risk on performance of listed companies on Vietnam Stock Exchange. J. Econ. Dev. 301(7), 45–53 (2022)
24.
Zurück zum Zitat Saeed, R.B.A., Badar, R.: Impact of capital structure on performance empirical evidence from sugar sector of Pakistan. Euro. J. Bus. Manag. 5(5), 78–86 (2013) Saeed, R.B.A., Badar, R.: Impact of capital structure on performance empirical evidence from sugar sector of Pakistan. Euro. J. Bus. Manag. 5(5), 78–86 (2013)
25.
Zurück zum Zitat Salim, M., Yadav, R.: Capital structure and firm performance: evidence from Malaysian listed companies. Procedia Soc. Behav. Sci. 65, 156–166 (2012)CrossRef Salim, M., Yadav, R.: Capital structure and firm performance: evidence from Malaysian listed companies. Procedia Soc. Behav. Sci. 65, 156–166 (2012)CrossRef
26.
Zurück zum Zitat San, O.T., Heng, T.B.: Capital structure and corporate performance of Malaysian construction sector. Int. J. Humanit. Soc. Sci. 1(2), 28–36 (2011) San, O.T., Heng, T.B.: Capital structure and corporate performance of Malaysian construction sector. Int. J. Humanit. Soc. Sci. 1(2), 28–36 (2011)
27.
Zurück zum Zitat Sbeiti, W.: The determinants of capital structure: evidence from the GCC countries. Int. Res. J. Financ. Econ. 47(2), 56–82 (2010) Sbeiti, W.: The determinants of capital structure: evidence from the GCC countries. Int. Res. J. Financ. Econ. 47(2), 56–82 (2010)
28.
Zurück zum Zitat Simantinee, S., Kumar, T.V.V.: Factors influencing financial risk-A case study of NSE NIFTY companies. Int. J. Manag. Soc. Sci. 3(8), 132–137 (2015) Simantinee, S., Kumar, T.V.V.: Factors influencing financial risk-A case study of NSE NIFTY companies. Int. J. Manag. Soc. Sci. 3(8), 132–137 (2015)
29.
Zurück zum Zitat Stulz, R.: Managerial discretion and optimal financing policies. J. Financ. Econ. 26(1), 3–27 (1990)CrossRef Stulz, R.: Managerial discretion and optimal financing policies. J. Financ. Econ. 26(1), 3–27 (1990)CrossRef
30.
Zurück zum Zitat Venkatraman, N., Ramanujam, V.: Measurement of business performance in strategy research: a comparison of approaches. Acad. Manag. Rev. 11(4), 801–814 (1986)CrossRef Venkatraman, N., Ramanujam, V.: Measurement of business performance in strategy research: a comparison of approaches. Acad. Manag. Rev. 11(4), 801–814 (1986)CrossRef
31.
Zurück zum Zitat Wani, A.A., Ahmad, S.: Relationship between financial risk and financial performance: an insight of Indian insurance industry. Int. J. Sci. Res. 4(11), 1424–1433 (2015) Wani, A.A., Ahmad, S.: Relationship between financial risk and financial performance: an insight of Indian insurance industry. Int. J. Sci. Res. 4(11), 1424–1433 (2015)
32.
Zurück zum Zitat Wanjohi, J.G.: The effect of financial risk management on the financial performance of commercial banks in Kenya (Doctoral dissertation, University of Nairobi) (2013) Wanjohi, J.G.: The effect of financial risk management on the financial performance of commercial banks in Kenya (Doctoral dissertation, University of Nairobi) (2013)
33.
Zurück zum Zitat Zeitun, R., Tian, G.G.: Does ownership affect a firm’s performance and default risk in Jordan? Corporate Governance: Int. J. Bus. Soc. 7(1), 66–82 (2007)CrossRef Zeitun, R., Tian, G.G.: Does ownership affect a firm’s performance and default risk in Jordan? Corporate Governance: Int. J. Bus. Soc. 7(1), 66–82 (2007)CrossRef
Metadaten
Titel
Capital Structure, Financial Risk, and Operational Efficiency: Evidence of Firms in the Food and Beverage Industry Listed on the Vietnam Stock Market
verfasst von
Thi Hong Le Hoang
Thuy Duong Phan
Thi Thanh Hoang
Copyright-Jahr
2024
Verlag
Springer Nature Singapore
DOI
https://doi.org/10.1007/978-981-99-8472-5_3

Premium Partner