University of Twente Student Theses


Market timing, taxes and capital structure: evidence from Vietnam

Nguyen, Thanh Van (2012) Market timing, taxes and capital structure: evidence from Vietnam.

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Abstract:This study examines the impact of market timing and tax reform on capital structure of Vietnamese firms by using a sample of 297 non-financial initial public offerings over the period from 2006 to 2010. Models of leverage and change in leverage are applied within which hot market dummy variable is used to capture market timing and effective tax rate is used to capture corporate income tax rate change, controlling for the influence of firm-level factors and industry fixed effects. There is no evidence that market timing affects firms' capital structure. The results also indicate that tax changes do not have a strong and statistically significant effect on debt levels.
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:Business Administration MSc (60644)
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