How to cite this paper
Nguyen, V., Nguyen, T., Tran, T & Nghiem, T. (2019). The impact of financial leverage on the profitability of real estate companies: A study from Vietnam stock exchange.Management Science Letters , 9(13), 2315-2326.
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.
Ardalan, K. (2017). Capital structure theory: Reconsidered. Research in International Business and Finance, 39, 696-710.
Bernstein, L. A., & Wild, J. J. (1989). Financial statement analysis: theory, application, and interpretation (Vol. 212, pp. 213-573). Homewood, IE: Irwin.
Bērzkalne, I. (2014). The relationship between capital structure and profitability: Causality and char-acteristics. The Business Review Cambridge, 22(1), 159-166.
Bhaduri, S. N. (2002). Determinants of corporate borrowing: some evidence from the Indian corporate structure. Journal of Economics and Finance, 26(2), 200-215.
CafeF. (2019, 3 01). Retrieved from real estate: http://cafef.vn/bat-dong-san.chn
Cophieu68.vn. (2019). List of Vietnam listed companies. https://www.cophieu68.vn/companylist.php?keyword=&category=%5Ebds&stcid=0&search=T%C3%ACm+Ki%E1%BA%BFm
Donaldson, G. (1961). Corporate Debt Capacity. Cambridge, MA: Harvard University Press.
Fama, E. F., & French, K. R. (1998). Value versus growth: The international evidence. The Journal of Finance, 53(6), 1975-1999.
Frank, M. Z., & Goyal, V. K. (2008). Trade-off and pecking order theories of debt. In Handbook of empirical corporate finance (pp. 135-202). Elsevier.
Ghosh, A., & Jain, P. C. (2000). Financial leverage changes associated with corporate mergers. Journal of Corporate Finance, 6(4), 377-402.
Gill, A., Biger, N., & Mathur, N. (2011). The effect of capital structure on profitability: Evidence from the United States. International Journal of Management, 28(4), 3.
Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217-248.
Hadlock, C. J., & James, C. M. (2002). Do banks provide financial slack?. the Journal of Finance, 57(3), 1383-1419.
Huang, S.G.H., & Song, F. M. (2002), The determinants of capital structure: Evidence from China, School of Economics and Finance and Center for China Financial Research, The University of HongKong, Press for SSRN.
Javed, T., Younas, W., & Imran, M. (2014). Impact of capital structure on firm performance: Evi-dence from Pakistani firms. International Journal of Academic Research in Economics and Man-agement Sciences, 3(5), 28.
Josette Peyrard (2005). Corporate finance analysis, Ho Chi Minh City General Publishing House.
Kester, W. C. (1986). Financial Management in Japan Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations. Financial Management (1986), 15(1), 5.
Kraus, A., & Litzenberger, R. H. (1973). A state‐preference model of optimal financial leverage. The journal of finance, 28(4), 911-922.
Le N.T. (2017). Analysing the relationship between financial structure and profitability in construction companies listed on the Vietnamese stock exchange’, PhD. thesis on economics. National Economic University, Vietnam.
Long, M. S., & Malitz, I. B. (1985). Investment patterns and financial leverage. In Corporate capital structures in the United States (pp. 325-352). University of Chicago Press.
Modigliani, F., & Miller, M. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261 - 280.
Muritala, T. A. (2012). An empirical analysis of capital structure on firms’ performance in Nigeria. International Journal of Advances in Management and Economics, 5(1), 116 - 124.
Shyam-Sunder, L., & Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219-244.
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.
Nguyen, N. (2019, 4 12). Vietstock.vn. Retrieved from https://vietstock.vn/2019/02/doanh-nghiep-bat-dong-san-niem-yet-da-tao-ra-bao-nhieu-loi-nhuan-trong-nam-2018-737-655003.htm
Nguyen, C. V. (2017). Analysis of financial statements. Hanoi: National Economics Publishing House.
Palepu, K.G, Healy, P.M, & Bernard, V.L (1999). Business analysis valuation using financial statements. USA South-Wester Educational Publishing.
Pandy, I.M. (2001). Capital structure and the firm characteristics: Evidence from an Emerging Market. Indian In-stitute of Management Ahmedabad, IIMA Working Paper, Press for SSRN.
Pouraghajan, A., Malekian, E., Emamgholipour, M., Lotfollahpour, V., & Bagheri, M. M. (2012). The relationship between capital structure and firm performance evaluation measures: Evidence from the Tehran Stock Exchange. International journal of Business and Commerce, 1(9), 166-181.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The journal of Finance, 50(5), 1421-1460.
Riggo, H.R. (2007). Understanding the Financial score, Morgan & Claypool Publishing House.
Hochiminh Stock Exchange. (2019, 4 11). Retrieved from AnnualReport: https://www.hsx.vn/Areas/Desktop/Web/AnnualReportView?fid=53b3300db569458d93ae9899e2c87d08
Schwartz, E., & Aronson, J. R. (1967). Some surrogate evidence in support of the concept of optimal financial structure. The Journal of Finance, 22(1), 10-18.
Sheikh, A. N., & Wang, Z. (2013). The impact of capital structure on performance: An empirical study of non-financial listed firms in Pakistan. International Journal of commerce and Management, 23(4), 354-368.
Singh, A. J., & Schmidgall, R. S. (2002). Analysis of financial ratios commonly used by US lodging financial executives. Journal of Retail & Leisure Property, 2(3), 201-213.
Simerly, L., & Li, M. (2000). Capital Structure, Environmental Dynamism, Innovation Strategy, and Strategic Risk Management, Retrieved from https://doi.org/10.1002/(SICI)1097-0266(200001)21:13.0.CO;2-T.
Smith Jr, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of financial Economics, 32(3), 263-292.
Subramanyam, K.R., & Wild, J.J. (2009), Financial statement analysis, McGraw Hill
Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. Retrieved from .
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.
Vietstock, (2019, 07 12), How much profit listed real estate companies made in 2018. Retrieved from https://vietstock.vn/2019/02/doanh-nghiep-bat-dong-san-niem-yet-da-tao-ra-bao-nhieu-loi-nhuan-trong-nam-2018 -737-655003.html.
Zeitun, R., Tian, G., & Keen, S. (2007). Macroeconomic determinants of corporate performance and failure: evidence from an emerging market the case of Jordan.
Zeidan, R., Galil, K., & Shapir, O. M. (2018). Do ultimate owners follow the pecking order theory?. The Quarterly Review of Economics and Finance, 67, 45-50.
Ardalan, K. (2017). Capital structure theory: Reconsidered. Research in International Business and Finance, 39, 696-710.
Bernstein, L. A., & Wild, J. J. (1989). Financial statement analysis: theory, application, and interpretation (Vol. 212, pp. 213-573). Homewood, IE: Irwin.
Bērzkalne, I. (2014). The relationship between capital structure and profitability: Causality and char-acteristics. The Business Review Cambridge, 22(1), 159-166.
Bhaduri, S. N. (2002). Determinants of corporate borrowing: some evidence from the Indian corporate structure. Journal of Economics and Finance, 26(2), 200-215.
CafeF. (2019, 3 01). Retrieved from real estate: http://cafef.vn/bat-dong-san.chn
Cophieu68.vn. (2019). List of Vietnam listed companies. https://www.cophieu68.vn/companylist.php?keyword=&category=%5Ebds&stcid=0&search=T%C3%ACm+Ki%E1%BA%BFm
Donaldson, G. (1961). Corporate Debt Capacity. Cambridge, MA: Harvard University Press.
Fama, E. F., & French, K. R. (1998). Value versus growth: The international evidence. The Journal of Finance, 53(6), 1975-1999.
Frank, M. Z., & Goyal, V. K. (2008). Trade-off and pecking order theories of debt. In Handbook of empirical corporate finance (pp. 135-202). Elsevier.
Ghosh, A., & Jain, P. C. (2000). Financial leverage changes associated with corporate mergers. Journal of Corporate Finance, 6(4), 377-402.
Gill, A., Biger, N., & Mathur, N. (2011). The effect of capital structure on profitability: Evidence from the United States. International Journal of Management, 28(4), 3.
Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217-248.
Hadlock, C. J., & James, C. M. (2002). Do banks provide financial slack?. the Journal of Finance, 57(3), 1383-1419.
Huang, S.G.H., & Song, F. M. (2002), The determinants of capital structure: Evidence from China, School of Economics and Finance and Center for China Financial Research, The University of HongKong, Press for SSRN.
Javed, T., Younas, W., & Imran, M. (2014). Impact of capital structure on firm performance: Evi-dence from Pakistani firms. International Journal of Academic Research in Economics and Man-agement Sciences, 3(5), 28.
Josette Peyrard (2005). Corporate finance analysis, Ho Chi Minh City General Publishing House.
Kester, W. C. (1986). Financial Management in Japan Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations. Financial Management (1986), 15(1), 5.
Kraus, A., & Litzenberger, R. H. (1973). A state‐preference model of optimal financial leverage. The journal of finance, 28(4), 911-922.
Le N.T. (2017). Analysing the relationship between financial structure and profitability in construction companies listed on the Vietnamese stock exchange’, PhD. thesis on economics. National Economic University, Vietnam.
Long, M. S., & Malitz, I. B. (1985). Investment patterns and financial leverage. In Corporate capital structures in the United States (pp. 325-352). University of Chicago Press.
Modigliani, F., & Miller, M. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261 - 280.
Muritala, T. A. (2012). An empirical analysis of capital structure on firms’ performance in Nigeria. International Journal of Advances in Management and Economics, 5(1), 116 - 124.
Shyam-Sunder, L., & Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219-244.
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.
Nguyen, N. (2019, 4 12). Vietstock.vn. Retrieved from https://vietstock.vn/2019/02/doanh-nghiep-bat-dong-san-niem-yet-da-tao-ra-bao-nhieu-loi-nhuan-trong-nam-2018-737-655003.htm
Nguyen, C. V. (2017). Analysis of financial statements. Hanoi: National Economics Publishing House.
Palepu, K.G, Healy, P.M, & Bernard, V.L (1999). Business analysis valuation using financial statements. USA South-Wester Educational Publishing.
Pandy, I.M. (2001). Capital structure and the firm characteristics: Evidence from an Emerging Market. Indian In-stitute of Management Ahmedabad, IIMA Working Paper, Press for SSRN.
Pouraghajan, A., Malekian, E., Emamgholipour, M., Lotfollahpour, V., & Bagheri, M. M. (2012). The relationship between capital structure and firm performance evaluation measures: Evidence from the Tehran Stock Exchange. International journal of Business and Commerce, 1(9), 166-181.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The journal of Finance, 50(5), 1421-1460.
Riggo, H.R. (2007). Understanding the Financial score, Morgan & Claypool Publishing House.
Hochiminh Stock Exchange. (2019, 4 11). Retrieved from AnnualReport: https://www.hsx.vn/Areas/Desktop/Web/AnnualReportView?fid=53b3300db569458d93ae9899e2c87d08
Schwartz, E., & Aronson, J. R. (1967). Some surrogate evidence in support of the concept of optimal financial structure. The Journal of Finance, 22(1), 10-18.
Sheikh, A. N., & Wang, Z. (2013). The impact of capital structure on performance: An empirical study of non-financial listed firms in Pakistan. International Journal of commerce and Management, 23(4), 354-368.
Singh, A. J., & Schmidgall, R. S. (2002). Analysis of financial ratios commonly used by US lodging financial executives. Journal of Retail & Leisure Property, 2(3), 201-213.
Simerly, L., & Li, M. (2000). Capital Structure, Environmental Dynamism, Innovation Strategy, and Strategic Risk Management, Retrieved from https://doi.org/10.1002/(SICI)1097-0266(200001)21:13.0.CO;2-T.
Smith Jr, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of financial Economics, 32(3), 263-292.
Subramanyam, K.R., & Wild, J.J. (2009), Financial statement analysis, McGraw Hill
Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. Retrieved from .
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.
Vietstock, (2019, 07 12), How much profit listed real estate companies made in 2018. Retrieved from https://vietstock.vn/2019/02/doanh-nghiep-bat-dong-san-niem-yet-da-tao-ra-bao-nhieu-loi-nhuan-trong-nam-2018 -737-655003.html.
Zeitun, R., Tian, G., & Keen, S. (2007). Macroeconomic determinants of corporate performance and failure: evidence from an emerging market the case of Jordan.
Zeidan, R., Galil, K., & Shapir, O. M. (2018). Do ultimate owners follow the pecking order theory?. The Quarterly Review of Economics and Finance, 67, 45-50.