How to cite this paper
Khanh, V., Hung, D., Van, V & Huyen, H. (2020). A study on the effect of corporate governance and capital structure on firm value in Vietnam.Accounting, 6(3), 221-230.
Refrences
Abor, J. (2005). The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438-445.
Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328. doi: https://doi.org/10.1111/1540-6261.00567
Arora, A., & Sharma, C. (2016). Corporate governance and firm performance in developing countries: evidence from India. Corporate Governance, 16(2), 420-436. doi: https://doi.org/10.1108/CG-01-2016-0018
Bhagat, S., & Black, B. (2002). The non-correlation between board independence and long-term firm performance. Journal of Corporation Law, 27(1), 231-273.
Black, B. S., Jang, H., & Kim, W. (2006). Does corporate governance predict firms' market values? Evidence from Korea. The Journal of Law, Economics, and Organization, 22(2), 366-413. doi: https://doi.org/10.1093/jleo/ewj018
Booth, L., Aivazian, V., Demirguc‐Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. doi: https://doi.org/10.1111/0022-1082.00320
Boyd, B. K. (1995). CEO duality and firm performance: A contingency model. Strategic Management Journal, 16(4), 301-312. doi: https://doi.org/10.1002/smj.4250160404
Brickley, J. A., Coles, J. L., & Terry, R. L. (1994). Outside directors and the adoption of poison pills. Journal of Financial Economics, 35(3), 371-390. doi: https://doi.org/10.1016/0304-405X(94)90038-8
Brown, L. D., & Caylor, M. L. (2004). Corporate governance and firm performance. Available at SSRN 586423, 1-52.
Catalyst. (2004). The bottom line: Connecting corporate performance and gender diversity: Catalyst.
Coles, J. L., Daniel, N. D., & Naveen, L. (2008). Boards: Does one size fit all? Journal of financial economics, 87(2), 329-356.
Conger, J. A., Finegold, D., & Lawler, E. E. (1998). Appraising boardroom performance. Harvard business review, 76, 136-164.
Core, J. E., Guay, W. R., & Rusticus, T. O. (2006). Does weak governance cause weak stock returns? An examination of firm operating performance and investors' expectations. The Journal of Finance, 61(2), 655-687.
Cuong, N. T. (2014). Threshold effect of capital structure on firm value: Evidence from seafood processing enterprises in the South Central region of Vietnam. International Journal of Finance & Banking Studies, 3(3), 14-29.
Cheng, Y.-S., Liu, Y.-P., & Chien, C.-Y. (2010). Capital structure and firm value in China: A panel threshold regression analysis. African Journal of Business Management, 4(12), 2500-2507.
Chowdhury, A., & Chowdhury, S. P. (2010). Impact of capital structure on firm’s value: Evidence from Bangladesh. Business and Economic Horizons, 3(3), 111-122.
Daily, C. M., & Dalton, D. R. (1997). CEO and board chair roles held jointly or separately: much ado about nothing? Academy of Management Perspectives, 11(3), 11-20.
Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2019). Study the Impact of Growth, Firm Size, Capital Structure, and Profitability on Enterprise Value: Evidence of Enterprises in Vietnam. Journal of Corporate Accounting & Finance, 30(1), 144-160.
Dang, N. H., Pham, D. C., & Vu, T. B. H. (2018). Effects of financial statements information on firms’ value: evidence from Vietnamese listed firms. Investment Management and Financial Innovations, 15(4), 210-218.
Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: evidence from Thailand. Research in International Business and Finance, 42(1), 689-709.
Durand, D. (1952). Costs of debt and equity funds for business: trends and problems of measurement. Paper presented at the Conference on research in business finance.
Ehikioya, B. I. (2009). Corporate governance structure and firm performance in developing economies: evidence from Nigeria. Corporate Governance: The International Journal of Business in Society, 9(3), 231-243.
El-Sayed Ebaid, I. (2009). The impact of capital-structure choice on firm performance: empirical evidence from Egypt. The Journal of Risk Finance, 10(5), 477-487.
ElKelish, W. W., & Marshall, A. P. (2007). Financial structure and firm value: empirical evidence from the emerging market of the United Arab Emirates. International Journal of Business Research, 7(1), 69-76.
Elsayed, K. (2007). Does CEO duality really affect corporate performance? Corporate Governance: An International Review, 15(6), 1203-1214.
Fosberg, R. H. (1989). Outside directors and managerial monitoring. Akron Business and Economic Review, 20(2), 24-32.
Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-156.
Ha, T. V., Dang, N. H., Tran, M. D., Van Vu, T. T., & Trung, Q. (2019). Determinants Influencing Financial Performance of Listed Firms: Quantile Regression Approach. Asian Economic and Financial Review, 9(1), 78-90.
Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795-822.
Hung, D. N., Pham, C. D., & Ha, V. T. B. (2018). Effects of Financial Statements Information on Firms’ Value: Evidence From Vietnamese Listed Firms. Investment Management and Financial Innovations, 15(4), 210-218.
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831-880.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jiraporn, P., & Liu, Y. (2008). Capital structure, staggered boards, and firm value. Financial Analysts Journal, 64(1), 49-60.
John, K., & Senbet, L. W. (1998). Corporate governance and board effectiveness. Journal of Banking & Finance, 22(4), 371-403.
Khan, A. G. (2012). The relationship of capital structure decisions with firm performance: A study of the engineering sector of Pakistan. International Journal of Accounting Financial Reporting, 2(1), 245-262.
Lipton, M., & Lorsch, J. W. (1992). A modest proposal for improved corporate governance. The Business Lawyer, 48(1), 59-77.
Margaritis, D., & Psillaki, M. (2007). Capital structure and firm efficiency. Journal of Business Finance & Accounting, 34(9‐10), 1447-1469.
Mashayekhi, B., & Bazaz, M. S. (2008). Corporate governance and firm performance in Iran. Journal of Contemporary Accounting & Economics, 4(2), 156-172.
Mitani, H. J. I. R. o. E., & Finance. (2014). Capital structure and competitive position in product market. 29, 358-371.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 433-443.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Nieh, C.-C., Yau, H.-Y., & Liu, W.-C. (2008). Investigation of target capital structure for electronic listed firms in Taiwan. Emerging Markets Finance and Trade, 44(4), 75-87.
Nirajini, A., & Priya, K. (2013). Impact of capital structure on financial performance of the listed trading companies in Sri Lanka. International Journal of Scientific Research Publications, 3(5), 1-9.
Ogbulu, O. M., & Emeni, F. K. (2012). Capital structure and firm value: Empirical evidence from Nigeria. International Journal of Business and Social Science, 3(19), 252-261.
Onaolapo, A. A., & Kajola, S. O. (2010). Capital structure and firm performance: Evidence from Nigeria. European Journal of Economics, Finance and Administrative Sciences, 25, 70-82.
Phillips, P. A., & Sipahioglu, M. A. (2004). Performance implications of capital structure: evidence from quoted UK organisations with hotel interests. The Service Industries Journal, 24(5), 31-51. doi:
Rechner, P. L., & Dalton, D. R. (1991). CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12(2), 155-160. d
Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review, 15(2), 404-413.
Ruan, W., Tian, G., & Ma, S. (2011). Managerial ownership, capital structure and firm value: Evidence from China’s civilian-run firms. Australasian Accounting, Business Finance Journal, 5(3), 73-92.
Shrader, C., Blackburn, V. B., & Iles, P. (1997). Women in management and firm financial performance: An exploratory study. Journal of Managerial Issues, 9(3), 355-373.
Talberg, M., Winge, C., Frydenberg, S., & Westgaard, S. J. I. J. o. t. E. o. B. (2008). Capital structure across industries. International Journal of the Economics of Business, 15(2), 181-200.
Tongkong, S. (2012). Key factors influencing capital structure decision and its speed of adjustment of Thai listed real estate companies. Procedia-Social Behavioral Sciences, 40, 716-720.
Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of financial economics, 53(1), 113-142.
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185-211.
Zabri, S. M., Ahmad, K., & Wah, K. K. (2016). Corporate governance practices and firm performance: Evidence from top 100 public listed companies in Malaysia. Procedia Economics and Finance, 35(1), 287-296.
Zeitun, R., & Tian, G. G. (2007). Capital structure and corporate performance: evidence from Jordan. Australasian Accounting, Business and Finance Journal, 1(4), 40-61.
Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328. doi: https://doi.org/10.1111/1540-6261.00567
Arora, A., & Sharma, C. (2016). Corporate governance and firm performance in developing countries: evidence from India. Corporate Governance, 16(2), 420-436. doi: https://doi.org/10.1108/CG-01-2016-0018
Bhagat, S., & Black, B. (2002). The non-correlation between board independence and long-term firm performance. Journal of Corporation Law, 27(1), 231-273.
Black, B. S., Jang, H., & Kim, W. (2006). Does corporate governance predict firms' market values? Evidence from Korea. The Journal of Law, Economics, and Organization, 22(2), 366-413. doi: https://doi.org/10.1093/jleo/ewj018
Booth, L., Aivazian, V., Demirguc‐Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. doi: https://doi.org/10.1111/0022-1082.00320
Boyd, B. K. (1995). CEO duality and firm performance: A contingency model. Strategic Management Journal, 16(4), 301-312. doi: https://doi.org/10.1002/smj.4250160404
Brickley, J. A., Coles, J. L., & Terry, R. L. (1994). Outside directors and the adoption of poison pills. Journal of Financial Economics, 35(3), 371-390. doi: https://doi.org/10.1016/0304-405X(94)90038-8
Brown, L. D., & Caylor, M. L. (2004). Corporate governance and firm performance. Available at SSRN 586423, 1-52.
Catalyst. (2004). The bottom line: Connecting corporate performance and gender diversity: Catalyst.
Coles, J. L., Daniel, N. D., & Naveen, L. (2008). Boards: Does one size fit all? Journal of financial economics, 87(2), 329-356.
Conger, J. A., Finegold, D., & Lawler, E. E. (1998). Appraising boardroom performance. Harvard business review, 76, 136-164.
Core, J. E., Guay, W. R., & Rusticus, T. O. (2006). Does weak governance cause weak stock returns? An examination of firm operating performance and investors' expectations. The Journal of Finance, 61(2), 655-687.
Cuong, N. T. (2014). Threshold effect of capital structure on firm value: Evidence from seafood processing enterprises in the South Central region of Vietnam. International Journal of Finance & Banking Studies, 3(3), 14-29.
Cheng, Y.-S., Liu, Y.-P., & Chien, C.-Y. (2010). Capital structure and firm value in China: A panel threshold regression analysis. African Journal of Business Management, 4(12), 2500-2507.
Chowdhury, A., & Chowdhury, S. P. (2010). Impact of capital structure on firm’s value: Evidence from Bangladesh. Business and Economic Horizons, 3(3), 111-122.
Daily, C. M., & Dalton, D. R. (1997). CEO and board chair roles held jointly or separately: much ado about nothing? Academy of Management Perspectives, 11(3), 11-20.
Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2019). Study the Impact of Growth, Firm Size, Capital Structure, and Profitability on Enterprise Value: Evidence of Enterprises in Vietnam. Journal of Corporate Accounting & Finance, 30(1), 144-160.
Dang, N. H., Pham, D. C., & Vu, T. B. H. (2018). Effects of financial statements information on firms’ value: evidence from Vietnamese listed firms. Investment Management and Financial Innovations, 15(4), 210-218.
Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: evidence from Thailand. Research in International Business and Finance, 42(1), 689-709.
Durand, D. (1952). Costs of debt and equity funds for business: trends and problems of measurement. Paper presented at the Conference on research in business finance.
Ehikioya, B. I. (2009). Corporate governance structure and firm performance in developing economies: evidence from Nigeria. Corporate Governance: The International Journal of Business in Society, 9(3), 231-243.
El-Sayed Ebaid, I. (2009). The impact of capital-structure choice on firm performance: empirical evidence from Egypt. The Journal of Risk Finance, 10(5), 477-487.
ElKelish, W. W., & Marshall, A. P. (2007). Financial structure and firm value: empirical evidence from the emerging market of the United Arab Emirates. International Journal of Business Research, 7(1), 69-76.
Elsayed, K. (2007). Does CEO duality really affect corporate performance? Corporate Governance: An International Review, 15(6), 1203-1214.
Fosberg, R. H. (1989). Outside directors and managerial monitoring. Akron Business and Economic Review, 20(2), 24-32.
Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-156.
Ha, T. V., Dang, N. H., Tran, M. D., Van Vu, T. T., & Trung, Q. (2019). Determinants Influencing Financial Performance of Listed Firms: Quantile Regression Approach. Asian Economic and Financial Review, 9(1), 78-90.
Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795-822.
Hung, D. N., Pham, C. D., & Ha, V. T. B. (2018). Effects of Financial Statements Information on Firms’ Value: Evidence From Vietnamese Listed Firms. Investment Management and Financial Innovations, 15(4), 210-218.
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831-880.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jiraporn, P., & Liu, Y. (2008). Capital structure, staggered boards, and firm value. Financial Analysts Journal, 64(1), 49-60.
John, K., & Senbet, L. W. (1998). Corporate governance and board effectiveness. Journal of Banking & Finance, 22(4), 371-403.
Khan, A. G. (2012). The relationship of capital structure decisions with firm performance: A study of the engineering sector of Pakistan. International Journal of Accounting Financial Reporting, 2(1), 245-262.
Lipton, M., & Lorsch, J. W. (1992). A modest proposal for improved corporate governance. The Business Lawyer, 48(1), 59-77.
Margaritis, D., & Psillaki, M. (2007). Capital structure and firm efficiency. Journal of Business Finance & Accounting, 34(9‐10), 1447-1469.
Mashayekhi, B., & Bazaz, M. S. (2008). Corporate governance and firm performance in Iran. Journal of Contemporary Accounting & Economics, 4(2), 156-172.
Mitani, H. J. I. R. o. E., & Finance. (2014). Capital structure and competitive position in product market. 29, 358-371.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 433-443.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Nieh, C.-C., Yau, H.-Y., & Liu, W.-C. (2008). Investigation of target capital structure for electronic listed firms in Taiwan. Emerging Markets Finance and Trade, 44(4), 75-87.
Nirajini, A., & Priya, K. (2013). Impact of capital structure on financial performance of the listed trading companies in Sri Lanka. International Journal of Scientific Research Publications, 3(5), 1-9.
Ogbulu, O. M., & Emeni, F. K. (2012). Capital structure and firm value: Empirical evidence from Nigeria. International Journal of Business and Social Science, 3(19), 252-261.
Onaolapo, A. A., & Kajola, S. O. (2010). Capital structure and firm performance: Evidence from Nigeria. European Journal of Economics, Finance and Administrative Sciences, 25, 70-82.
Phillips, P. A., & Sipahioglu, M. A. (2004). Performance implications of capital structure: evidence from quoted UK organisations with hotel interests. The Service Industries Journal, 24(5), 31-51. doi:
Rechner, P. L., & Dalton, D. R. (1991). CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12(2), 155-160. d
Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review, 15(2), 404-413.
Ruan, W., Tian, G., & Ma, S. (2011). Managerial ownership, capital structure and firm value: Evidence from China’s civilian-run firms. Australasian Accounting, Business Finance Journal, 5(3), 73-92.
Shrader, C., Blackburn, V. B., & Iles, P. (1997). Women in management and firm financial performance: An exploratory study. Journal of Managerial Issues, 9(3), 355-373.
Talberg, M., Winge, C., Frydenberg, S., & Westgaard, S. J. I. J. o. t. E. o. B. (2008). Capital structure across industries. International Journal of the Economics of Business, 15(2), 181-200.
Tongkong, S. (2012). Key factors influencing capital structure decision and its speed of adjustment of Thai listed real estate companies. Procedia-Social Behavioral Sciences, 40, 716-720.
Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of financial economics, 53(1), 113-142.
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185-211.
Zabri, S. M., Ahmad, K., & Wah, K. K. (2016). Corporate governance practices and firm performance: Evidence from top 100 public listed companies in Malaysia. Procedia Economics and Finance, 35(1), 287-296.
Zeitun, R., & Tian, G. G. (2007). Capital structure and corporate performance: evidence from Jordan. Australasian Accounting, Business and Finance Journal, 1(4), 40-61.