Determinants of capital structure of listed real estate companies in vietnam

UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM INSTITUTE OF SOCIAL STUDIES THE HAGUE THE NETHERLANDS VIETNAM - NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS DETERMINANTS OF CAPITAL STRUCTURE OF LISTED REAL ESTATE COMPANIES IN VIETNAM BY DO QUANG THAI MASTER OF ARTS IN DEVELOPMENT ECONOMICS HO CHI MINH CITY, DECEMBER 2014 UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM INSTITUTE OF SOCIAL STUDIES THE HAGUE THE NETHERLANDS VIETNAM - NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS DETERMINANTS OF CAPITAL STRUCTURE OF LISTED REAL ESTATE COMPANIES IN VIETNAM A thesis submitted in partial fulfilment of the requirements for the degree of MASTER OF ARTS IN DEVELOPMENT ECONOMICS By DO QUANG THAI Academic Supervisor: NGUYEN HOANG BAO HO CHI MINH CITY, DECEMBER 2014 ABSTRACT This research focuses on the impact of determinants to capital structure with respect to 56 listed real estate companies in Vietnam from 2010 to 2013 Basing on two theories of trade-off and pecking order, capital structure, which is defined by debt ratio, is expected to provide the current prospect of Vietnamese real estate sector The tradeoff theory mentioned about the establishment of optimal capital structure for enterprises, while theory of pecking order implied the financing decisions by board of managements For the methodology, Fixed Effect Model is used to test the results of regression model Non-random statistics of Fixed Effect Model would be more efficient and consistent in order to reduce the level of bias The data set will be arranged by panel data, which combined both cross section and time series, helped to improve the significant results of regression model Policy implications carefully mentioned about the limitation of both Pecking order and Trade-off theories in Vietnam evidence For Pecking order, board of management prefers to use external financing budgets by issuing new bonds or stocks rather than internal financing capital The abuse of debt financing is also pointed out the hard pressures on banking system, securities markets, and the corporate governance structure of the listed firms Besides that, Trade-off theory has limited its effect in Vietnam due to centrally planned economy The government needs to change its administration in some listed real estate companies to create fair environment for the whole market TABLE OF CONTENTS CHAPTER I: PRESENTATION OF THESIS RESEARCH…………… 1.1 Problem Statement…………………………………………………….1 1.2 Research Objectives……………………………………………… 1.3 Research Questions……………………………………………………4 1.4 Scope of study……………………………………………………… 1.5 Structure of thesis research…………………………………………… CHAPTER II: LITERATURE REVIEW……………………………… 2.1 Review of Empirical Studies………………………………………… 2.2 Hypothesis of Variables…………………………………………… 11 2.2.1 Dependent Variable: Debt Ratio………………………………… 11 2.2.2 Independent Variables……………………………………………11 CHAPTER III: RESEARCH METHODOLOGY…………………… 12 3.1 Analytical Framework……………………………………………… 12 3.2 Regression Model…………………………………………………… 16 3.2.1 Assumptions of Regression Model……………………………… 16 3.2.2 Limitations of Regression Model……………………………… 17 3.2.3 Equation of Regression Model………………………………… 17 3.2.4 Data……………………………………………………………… 18 3.2.5 Research Method…………………………………………………19 CHAPTER IV: RESULTS AND EXPLANATIONS…………………… 20 4.1 Overview of Real Estate Companies in Vietnam…………………… 20 4.2 Impacts of Vietnamese Real Estate Market………………………… 22 4.2.1 Inflow Capital to Real Estate Market…………………………… 22 4.2.2 Land and Property Law………………………………………… 24 4.2.3 Urbanization in Vietnam………………………………………… 24 4.2.4 Economic growth rate (GDP’s Growth rate)…………………… 25 4.3 Descriptive Statistics………………………………………………… 26 4.4 Leverage Testing…………………………………………………… 32 4.5 Results of Regression Model………………………………………… 34 4.5.1 Multicollinearity Test by Correlation Matrix…………………….35 4.5.2 Using Wald-Test to Adjust Core Regression Model…………… 36 4.5.3 Regression Model……………………………………………… 36 4.5.4 Jarque-Bera Test for Normality (in Residuals)………………… 37 4.6 Result Explanations………………………………………………… 38 CHAPTER V: CONCLUSIONS………………………………………… 40 5.1 Summary of Research Methodology………………………………… 40 5.2 Major Findings……………………………………………………… 41 5.3 Policy Implications…………………………………………………… 41 5.4 Limitations…………………………………………………………… 42 5.5 Further Researches…………………………………………………… 43 REFERENCES……………………………………………………………….44 APPENDIX………………………………………………………………… 49 LIST OF TABLES Table 2.1: Expected signs of five related determinants…………………… 14 Table 4.1: Correlation matrix of debt ratio and five related determinants… 31 Table 4.2: T-statistic of debt ratio and each of determinants……………… 31 Table 4.3: Leverage test of debt ratios……………………………………… 32 Table 4.4: Results of regression model by FEM…………………………… 34 Table 4.5: Regression model without DEBT_INTEREST………………… 37 LIST OF FIGURES Figure 2.1: The Trade-off Model…………………………………………… Figure 2.2: The Pecking Order……………………………………………….9 Figure 3.1: Analytical framework of capital structure’s determinants……… 12 Figure 4.1: VN Index and Real Estate Index from the period 2010-2013… 21 Figure 4.2: FDI flows to Vietnam from 20062013………………………….23 Figure 4.3: Number of Urban Cities in Vietnam from 1985-2012………… 24 Figure 4.4: Vietnam GDP’s Growth Rate from 2004-2013………………….25 Figure 4.5: Descriptive Statistic of debt interest and debt ratio…………… 26 Figure 4.6: Descriptive Statistic of depreciation ratio and debt ratio……… 27 Figure 4.7: Descriptive Statistic of size and debt ratio……………………… 28 Figure 4.8: Descriptive Statistic of profitability and debt ratio…………… 29 Figure 4.9: Descriptive Statistic of volatility and debt ratio………………… 30 ABBREVATION EBITDA Earnings before interest, taxes, depreciation, and amortization EV Enterprise Value FDI Foreign Direct Investment FEM Fixed Effect Model GDP Gross Domestic Products HNX Hanoi Stock Exchange HSX Ho Chi Minh Stock Exchange REM Random Effect Model SMEs Small and Medium Enterprises SSC State Securities Commission of Vietnam WTO World Trade Organization CHAPTER I: PRESENTATION OF THESIS RESEARCH In 2014, the Vietnamese real estate market eventually has lighted up positive signs of recovery, which followed the gains of the stock market, benefits of interest rate cuts, and expansionary changes in land and property ownership laws, stimulated the market’s liquidity The first chapter involves in five parts to present the overview of thesis research They consist of problem statement, research objectives, research questions, scope of study, and general structure of the study 1.1 PROBLEM STATEMENT The financial crisis from 2007 to 2009 in the United States were mentioned the worst crash of economic system in Wall Street since the Great Depression happened in 1930s by research of Lee, Rabanal and Sandri (January, 2010) This trauma highly contributed to the failure of key businesses, reduced the living standards, and also resulted in a slowdown of whole national production activities It initially started with the U.S mortgage market and spread out its impact over the world as “domino effect” Vietnamese economy now is integrated its domestic market towards worldwide Therefore, the industrial real estate market in Vietnam could not avoid to be influenced in this twisting curse According to the study of Jehan and Luong (2008), they provided the problems of Vietnam real estate market in front of global financial crisis Their priority is given by lack of capital resources which came from credit agencies or financial institutions The function of many credit markets seriously stopped to function at all and impacted on other industries Most of local credit institutions admitted that the process took extreme constrains to provide lending credits to Small and Medium Enterprises (SMEs) The problem is described as a downside bottleneck effect in the credit system because the tight monetary policies of governments Basing on research paper of Pham et al (August, 2013), they clarified transparently the important contribution of SMEs to Vietnamese economy They also pointed out the policy implications to reduce the stress of bottle neck effect which may help government to restore economic growth In fact, the industrial real estate in Vietnam has experienced with the hardest landing since the last booming period of the housing marketing in 2001 Do, Zhang and Zheng (2014) demonstrated his argument of frozen liquidity in Vietnam real estate market Due to low turnover, low disbursement, and sharp fall of housing prices, there is calculated approximate $3.1 billion USD of inventories for listed real estate companies in 2012 Their statistics announced that 10,077 of local real estate enterprises had to close their business due to low trading liquidity in 2013 Ho Chi Minh and Hanoi are two largest areas which flooded in huge volume of inventories In details, Hanoi had inventories of over 6,580 apartments and Ho Chi Minh had inventories of 7,830 apartments, which were worth of 12,900 billion VND and 17,480 billion VND respectively When the total demand unexpectedly dropped to a lower level, the companies did not know how to settle down their current debts Most of Vietnamese enterprises still are vulnerable due to not only volatility of financial market but also different economic scenarios One more reason is that most of Vietnamese enterprises are developing and limited experiences, so they may receive the prospect of default when the crisis suddenly come into them (Jehan and Luong, 2008) The main specification of the real estate market is to require a huge amount of capital to accomplish the housing projects To evaluate the effectiveness of capital structure in real estate sector, time lags in different economic scenarios are the most struggling obstacles which somehow lead to wrong final financial decisions The market may be immediately impacted by changes of the equity market, but it takes time to reflect on business activities Companies will fall deeper to the bottom if they not resolve immediately the current issues by adjusting their capital structure to lower level Vicol (2010) successfully demonstrated in his thesis research that real estate companies in the crisis scenarios would face a lot of issues relating to their own business activities such as financial cash flow, general operations, inventories, and depreciation methodology affecting their adjustments of capital structure The author realizes that there is an abnormal phenomenon in Vietnamese enterprises related to real estate sector The high debt ratio in their financial statement alerted the risk-on to business activities when the market crashed Although facing with high interest expenses and low level of market demand, most of real estate enterprises are willing to borrow more short-term debts in order to maintain their current business activities This strange phenomenon will be explained by hypotheses and assumptions in this study are basing on two primary theories of corporate capital structure decisions which are ranked as theories of trade-off and pecking order However, not only all of the problems came from the internal business operations, but also these potential externalities may impact on the consequences, such as monetary policies and management levels By applying theories of the trade-off and pecking order, we expect to find down the determinants which will make any significant effect on capital structure in real estate corporations towards a specific optimal financial decision in the future 1.2 RESEARCH OBJECTIVES First of all, this research paper tries to verify clearly the concepts and priorities of defining corporate capital structure By Trade-off and Pecking Order theories, the author wants to test the impact of both theories on each of determinants Secondly, the author would like to start with analyzing the debt ratio during the crisis Kantor and Holdsworth (2010) showed that the leverage of firm gradually Zhang, H & Li, S (2008) The Impact of Capital Structure on Agency Costs: Evidence from UK Public Companies Retrieved November 29, 2014 From the website: http://www.pbfeam2008.bus.qut.edu.au/papers/documents/HeZhang_Final.pdf APPENDIX APPENDIX 1: LIST OF 56 REAL ESTATE CORPORATIONS LISTED ON VIETNAMESE STOCK MARKET Order Ticker Company Exchange ASM Sao Mai Group Corporation HSX BCI Binh Chanh Construction Investment Company HSX C21 Century 21 Joint Stock Company HSX CCL Cuu Long Development & Investment Corp HSX CLG Cotec Invesment & Land-House Development HSX D2D Industrial Urban Development JSC No HSX DIG Development Investment Construction JSC HSX DLG Duc Long Gia Lai Group Joint Stock Company HSX DRH Dream House Investment Corporation HSX 10 DTA De Tam Joint Stock Company HSX 11 DXG Dat Xanh Real Estate Service & Construction HSX 12 FLC FLC Group JSC HSX 13 HAG HAGL Joint Stock Company HSX 14 HAR An Duong Thao Dien JSC HSX 15 HDC Ba Ria - Vung Tau House Development JSC HSX 16 HDG Ha Do Group Joint Stock Company HSX 17 HQC Hoang Quan Consulting-Trading- Real Estate HSX 18 IDJ IDJ Investment & Enterprise Development JSC HNX 19 IDV Vinh Phuc Infrastructure Development JSC HNX 20 IJC Becamex Infrastructure Development JSC HSX 21 ITA Tan Tao Investment Industrial JSC HSX 22 ITC Investment and Trading Of Real Estate JSC HSX 23 KAC Khang An Investment Real Estate JSC HSX 24 KBC Kinh Bac City Development Share Holding HSX 25 KDH Khang Dien Investment & Trading House JSC HSX 26 KHA Khanh Hoi Export - Import Joint Stock Company HSX 27 LGL Long Giang Investment & Urban Development HSX 28 LHG Long Hau Corporation HSX 29 NBB NBB Investment Corporation HSX 30 NDN Danang Housing Investment Development JSC HNX 31 NLG Nam Long Investment Corporation HSX 32 NTL Tu Liem Urban Development JSC HSX 33 NVN House Vietnam Joint Stock Company HSX 34 NVT Ninh Van Bay Travel Real Estate JSC HSX 35 OCH Ocean Hospitality & Service JSC HNX 36 PDR Phat Dat Corporation Real Estate Development HSX 37 PFL Petroleum Dong Do Joint Stock Company HNX 38 PPI Pacific Property& Infrastructure Development HSX 39 PTL PVC Petro Capital & Infrastructure Investment HSX 40 PXL Petroleum Trading Construction Investment HSX 41 PV2 PV2 Investment JSC HNX 42 PVL Petroleum Real Estate JSC HNX 43 PVR PetroVietnam Premier Recreation JSC HNX 44 QCG Quoc Cuong Gia Lai Joint Stock Company HSX 45 RCL Cho Lon Real Estate JSC HNX 46 SCR Sai Gon Thuong Tin Real Estate JSC HSX 47 SJS Song Da Investment & Development HSX 48 SZL Sonadezi Long Thanh HSX 49 TDH Thu Duc Housing Development Corporation HSX 50 TIG Thang Long Investment Group JSC HNX 51 TIX Tan Binh Import Export Joint Stock Corporation HSX 52 VCR Vinaconex Investment & Tourism Development HNX 53 VIC Vingroup Joint Stock Company HSX 54 VNI Viet Nam Land Investment Corporation HSX 55 VPH Van Phat Hung Corporation HSX 56 VRC Vung Tau Construction & Real Estate JSC HSX APPENDIX 2: RESULTS OF T-STATISTIC BETWEEN DEBT RATIO AND DEPRECIATION RATIO Dependent Variable: DEBT_RATIO Method: Panel Least Squares Date: 12/13/14 Time: 11:10 Sample: 2010 2013 Periods included: Cross-sections included: 56 Total panel (balanced) observations: 224 Variable Coefficient Std Error t-Statistic Prob DEPRECIATION_RA TIO C -1.033449 0.533234 0.500160 0.016569 -2.066236 32.18279 0.0404 0.0000 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.846924 0.795593 0.079459 1.054395 282.3299 16.49934 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.500804 0.175750 -2.011874 -1.143732 -1.661449 2.047952 APPENDIX 3: RESULTS OF T-STATISTIC BETWEEN DEBT RATIO AND PROFITABILITY Dependent Variable: DEBT_RATIO Method: Panel Least Squares Date: 12/13/14 Time: 11:19 Sample: 2010 2013 Periods included: Cross-sections included: 56 Total panel (balanced) observations: 224 Variable PROFITABILITY C Coefficient Std Error t-Statistic Prob 0.045054 0.495435 0.015012 0.005534 3.001199 89.52139 0.0031 0.0000 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.851045 0.801096 0.078382 1.026012 285.3861 17.03826 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.500804 0.175750 -2.039161 -1.171019 -1.688737 2.043619 APPENDIX 4: RESULTS OF T-STATISTIC BETWEEN DEBT RATIO AND SIZE Dependent Variable: DEBT_RATIO Method: Panel Least Squares Date: 12/13/14 Time: 11:20 Sample: 2010 2013 Periods included: Cross-sections included: 56 Total panel (balanced) observations: 224 Variable SIZE C Coefficient Std Error t-Statistic Prob 0.150452 0.030213 0.042128 0.131871 3.571323 0.229110 0.0005 0.8191 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.854150 0.805242 0.077561 1.004624 287.7455 17.46449 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.500804 0.175750 -2.060228 -1.192085 -1.709803 2.096837 APPENDIX 5: RESULTS OF T-STATISTIC BETWEEN DEBT RATIO AND VOLATILITY Dependent Variable: DEBT_RATIO Method: Panel Least Squares Date: 12/13/14 Time: 11:22 Sample: 2010 2013 Periods included: Cross-sections included: 56 Total panel (balanced) observations: 224 Variable VOLATILITY C Coefficient Std Error t-Statistic Prob 0.033185 0.454695 0.020648 0.029182 1.607150 15.58148 0.1099 0.0000 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.845402 0.793561 0.079853 1.064880 281.2216 16.30751 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.500804 0.175750 -2.001978 -1.133836 -1.651554 2.040452 APPENDIX 6: RESULTS OF T-STATISTIC BETWEEN DEBT RATIO AND DEBT INTEREST Dependent Variable: DEBT_RATIO Method: Panel Least Squares Date: 12/13/14 Time: 11:24 Sample: 2010 2013 Periods included: Cross-sections included: 53 Total panel (unbalanced) observations: 198 Variable DEBT_INTEREST C Coefficient Std Error t-Statistic Prob 0.028324 0.478615 0.011935 0.013412 2.373154 35.68500 0.0190 0.0000 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.865540 0.816051 0.074229 0.793435 265.4955 17.48965 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.507879 0.173072 -2.136319 -1.239519 -1.773324 2.183558 APPENDIX 7: RESULTS OF REGRESSION MODEL TO CAPITAL STRUCTURE FROM 2010 TO 2013 (RANDOM EFFECT MODEL) Dependent Variable: DEBT_RATIO Method: Panel EGLS (Cross-section random effects) Date: 12/13/14 Time: 11:28 Sample: 2010 2013 Periods included: Cross-sections included: 56 Total panel (balanced) observations: 224 Swamy and Arora estimator of component variances Variable DEBT_INTEREST DEPRECIATION_RA TIO PROFITABILITY SIZE VOLATILITY C Coefficient Std Error t-Statistic Prob 0.003943 0.005763 0.684190 0.4946 -0.340732 0.032932 0.095015 -0.007185 0.218084 0.259998 0.014981 0.031270 0.007538 0.101302 -1.310519 2.198318 3.038573 -0.953120 2.152797 0.1914 0.0290 0.0027 0.3416 0.0324 Effects Specification Cross-section random Idiosyncratic random S.D 0.148488 0.075970 Rho 0.7925 0.2075 Weighted Statistics R-squared Adjusted R-squared S.E of regression F-statistic Prob(F-statistic) 0.103598 0.083039 0.076896 5.038905 0.000217 Mean dependent var S.D dependent var Sum squared resid Durbin-Watson stat 0.124115 0.080302 1.289027 1.637193 Unweighted Statistics R-squared Sum squared resid 0.135564 5.954284 Mean dependent var Durbin-Watson stat 0.500804 0.734407 APPENDIX 8: RESULTS OF REGRESSION MODEL TO CAPITAL STRUCTURE FROM 2010 TO 2013 (FIXED EFFECT MODEL) Dependent Variable: DEBT_RATIO Method: Panel Least Squares Date: 11/06/14 Time: 13:59 Sample: 2010 2013 Periods included: Cross-sections included: 56 Total panel (balanced) observations: 224 Variable C DEPRECIATION_RA TIO SIZE DEBT_INTEREST PROFITABILITY VOLATILITY Coefficient Std Error t-Statistic Prob 0.112470 0.146716 0.766586 0.4444 -0.960861 0.114339 0.002958 0.028145 0.040149 0.483712 0.046010 0.006088 0.016215 0.019916 -1.986433 2.485086 0.485865 1.735735 2.015935 0.0487 0.0140 0.6277 0.0845 0.0454 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.863423 0.813149 0.075970 0.940750 295.1028 17.17442 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.500804 0.175750 -2.090204 -1.161139 -1.715188 1.961037 APPENDIX 9: RESULTS OF REGRESSION MODEL TO CAPITAL STRUCTURE FROM 2010 TO 2013 WITHOUT DEBT INTEREST (FIXED EFFECT MODEL) Dependent Variable: DEBT_RATIO Method: Panel Least Squares Date: 11/06/14 Time: 14:05 Sample: 2010 2013 Periods included: Cross-sections included: 56 Total panel (balanced) observations: 224 Variable C DEPRECIATION_RA TIO SIZE PROFITABILITY VOLATILITY Coefficient Std Error t-Statistic Prob 0.102432 0.144915 0.706843 0.4807 -0.933771 0.117305 0.028132 0.041317 0.479367 0.045497 0.016177 0.019724 -1.947924 2.578292 1.738984 2.094741 0.0531 0.0108 0.0839 0.0377 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.863225 0.814020 0.075793 0.942113 294.9407 17.54323 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.500804 0.175750 -2.097685 -1.183851 -1.728817 1.970964 APPENDIX 10: WALD-TEST TO VERIFY THE PRESENCE DETERMINANTS Wald Test: Equation: Untitled Test Statistic t-statistic F-statistic Chi-square Value df Probability 0.485865 0.236065 0.236065 163 (1, 163) 0.6277 0.6277 0.6271 Value Std Err 0.002958 0.006088 Null Hypothesis: C(4)=0 Null Hypothesis Summary: Normalized Restriction (= 0) C(4) Restrictions are linear in coefficients OF APPENDIX 11: HAUSMAN TO DIFFERENTIATE BETWEEN FIXED EFFECT MODEL AND RANDOM EFFECT MODEL Correlated Random Effects - Hausman Test Equation: Untitled Test cross-section random effects Test Summary Cross-section random Chi-Sq Statistic Chi-Sq d.f Prob 10.344548 0.0660 Cross-section random effects test comparisons: Variable DEPRECIATION_RA TIO DEBT_INTEREST PROFITABILITY SIZE VOLATILITY Fixed -0.960861 0.002958 0.028145 0.114339 0.040149 Random -0.340732 0.003943 0.032932 0.095015 -0.007185 Var(Diff.) 0.166378 0.000004 0.000039 0.001139 0.000340 Prob 0.1284 0.6161 0.4404 0.5669 0.0102 APPENDIX 12: JARQUE-BERA TEST FOR NORMALITY (IN RESIDUALS) 50 Series: Standardized Residuals Sample 2010 2013 Observations 224 40 30 20 10 -0.2 -0.1 -0.0 0.1 0.2 0.3 Mean Median Maximum Minimum Std Dev Skewness Kurtosis 2.66e-18 -0.001609 0.359268 -0.202827 0.064547 0.739361 7.446684 Jarque-Bera Probability 204.9564 0.000000 ... OF REAL ESTATE COMPANIES IN VIETNAM Vietnamese real estate market shows a quite discrete density in terms of quality and quantity In 2013, there are around 60 real estate companies listing on Vietnamese... industrial real estate market in Vietnam could not avoid to be influenced in this twisting curse According to the study of Jehan and Luong (2008), they provided the problems of Vietnam real estate. .. keep maintaining some versions of other special things by interpreting the relative use of internal and external funds In details, their findings suggest that the more profitable the companies