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Home / Archives / All Issues / Volume 18, Number 3, December 2016
Volume 18, Number 3, December 2016 << Back
JED, Vol. 18, No.3, December 2016, pp. 41-63 | DOI: 10.33301/2016.18.03.03

Liabilities and The Impacts on Financial Performance of The Vietnamese Listed Small and Medium-Sized Enterprises

Nguyen Thanh Lan; Phan Hong Mai; Bui Ba Khiem

Abstract:This research aims to examine the relationship between liabilities and firm performance of the Vietnamese listed small and medium-sized enterprises (SMEs). We explore a panel data set of 61 listed SMEs in Vietnam from 2011 to 2014 and apply random-effects models to test whether the financing policy affects firm performance. It is found that leverage policy has a significantly positive impact on Tobin’s q and a negative impact on ROE of the listed SMEs. Moreover, nonfinancial variables including joint stock firm age and business areas of SMEs significantly influence their performances.

Keywords:Liabilities; firm performance; Tobin’s q; ROE; SMEs.
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