Factors Affecting on the Capital Structure of Real Estate Joint-Stock Companies Listed on Vietnam’s Stock Exchange

Abstract

This study is conducted to evaluate and analyze factors affecting the capital structure of real estate joint-stock companies listed on Vietnam’s stock exchange for more than 5 years or more. The research uses a regression model for table data in which data is collected from the consolidated financial statements and other information of 55 joint-stock companies in the real estate industry from the period 2015 - 2019. The result indicates that factors such as firm size, age of the Chairman of the Board and return on equity (ROE) have a positive effect on capital structure. In contrast, factors such as operating time, gender, liquidity, asset turnover ratio, and return on total assets (ROA) have a negative impact on the capital structure of real estate joint-stock companies. In general, the women-chaired enterprises have a higher debt ratio than those of males. However, the higher age of the men-chaired enterprises, the higher the debt ratio their enterprises have compared to women-chaired enterprises.