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THE MINISTRY OF EDUCATION AND TRAINING BANKING UNIVERSITY OF HO CHI MINH STATE BANK OF VIETNAM CITY NGUYEN VIET PHUONG LINH THE IMPACT OF LEVERAGE ON FIRM INVESTMENT: EMPIRICAL EVIDENCE FROM VIETNAM GRADUATION THESIS MAJOR: FINANCE – BANKING CODE: 72340201 STATE BANK OFHO VIETNAM CHI MINH CITY, 2020 THE MINISTRY OF EDUCATION AND TRAINING BANKING UNIVERSITY OF HO CHI MINH CITY NGUYEN VIET PHUONG LINH THE IMPACT OF LEVERAGE ON FIRM INVESTMENT: EMPIRICAL EVIDENCE FROM VIETNAM GRADUATION THESIS MAJOR: FINANCE – BANKING CODE: 72340201 ADVISOR by M.Sc TRAN MINH TAM HO CHI MINH CITY, 2020 v ABSTRACT This essay examines the impact of leverage on firm investment by using the information of corporate listed on Ho Chi Minh City Stock Exchanges in Vietnam The author proposes hypotheses to estimate the relationship between leverage and investment First, there is a negative impact of leverage on firm investment Second, the negative relationship between leverage and firm investment is weaker in firm with higher growth opportunities than low growth opportunities Third, the negative impact of leverage on firm investment is weaker in firm with poor performing firm The last one is the negative impact of leverage will be weakened in highly state-ownership corporate By using the quantitative methods to estimate models: Pooled OLS, REM and FEM Overall, the results of the thesis provide a supportive to prior theories where leverage have a negative impact on firm investment and this negative relation is stronger in firm with lower growth opportunities Moreover, the state-ownership have an effect on the negative relationship of leverage and firm investment Firm which have state-ownership finds it easier to borrowing from external than other counterparts And firm with poor performing have less restriction on capital expenditure than other JEL classification: G32 Keywords: Leverage, investment, Vietnamese, Stata DECLARATION The author ensures that the research paper "The impact of leverage on firm investment: Empirical Evidence from Vietnam" is completed by the author and guidance of Master Tran Minh Tam References and data are cited completely, clearly, and uniformly in the Reference List The content and results of this study have not been published in any other articles or projects up until now The author is responsible for all assurances Ho Chi Minh city, Author, Nguyen Viet Phuong Linh APPRECIATION This thesis will not be completed without the dedicated help of my teacher and friends As an author of this thesis, I would like to express my deep gratitude to my advising instructor – Mr Tran Minh Tam who has always follow closely and provide sincere comments so that I can finish this thesis I would like to express my special thanks to Mr Nguyen Tran Minh Tri and Mr Nguyen Thai Bao – friends at my training course at Ho Chi Minh joint stock company, he has encouraged me, while helping me find documents In addition, I would like to express my thanks to the lecturer at Banking University of Ho Chi Minh City for creating such favorable conditions in the process of study and as well as doing thesis Finally, I have an appreciation to my family supporting throughout my study process Ho Chi Minh city, Author, Nguyen Viet Phuong Linh CONTENT ABSTRACT i DECLARATION ii APPRECIATION iii LIST OF TABLES vii LIST OF ACRONYMS viii CHAPTER INTRODUCTION 1.1 Research Issue 1.2 Research Purpose 1.3 Object and Scope of the Study and Research question 1.3.1 Object and scope of the study 1.3.2 Research question 1.4 Method of the research 1.5 Significant of the research 1.6 Thesis Structure CHAPTER LITERATURE REVIEWS 2.1 Theory of leverage and investment 2.2 Theory of Investment 2.2.1 Pecking Order theory 2.2.2 Investment theory of Tobin 10 2.3 The link between leverage and investment 11 2.4 Growth and the impact of leverage on firm investment 12 2.5 Leverage, firm investment, and State ownership 13 2.6 Studies in the world 15 2.6.1 Studies of the impact of leverage on investment 15 2.6.2 Previous studies about leverage, firm investment, and state ownership in corporate 17 2.7 Studies in Vietnam 19 CHAPTER 3.1 METHODOLOGY AND RESEARCH METHOD 22 Research design and research model 22 3.1.1 Research design 22 3.1.2 Data Research 22 3.2 Research model and hypotheses 23 3.2.1 The impact of leverage on firm investment 23 3.2.2 Test the impact of leverage on two groups of firms 24 3.2.3 The impact of leverage on firm investment and state ownership of enterprise 27 3.2.4 Data Description 29 3.3 Samples and Sampling method 31 3.4 Methods of data analysis 31 CHAPTER RESULTS OF RESEARCH 35 4.1 Summary statistic result 35 4.2 Correlation matrix analyze 36 4.3 Regression Analysis 39 4.3.1 First hypothesis 39 4.3.2 Second hypothesis 47 4.3.2.1 Using Tobin’s Q as growth opportunities 47 4.3.2.2 Testing the sample with Sales proxy growth opportunities 50 4.3.3 The third hypothesis 53 4.3.4 The last hypothesis 55 CHAPTER CONCLUSION AND RECOMMENDATION 59 5.1 Summarize the result 59 5.2 Suggestion and Recommendations 61 5.3 Contribution 62 5.4 Limitations of the topic 62 5.5 Recommended next research 63 CONCLUSION 65 REFERENCE 66 APPENDIX 71 ... BANK OFHO VIETNAM CHI MINH CITY, 2020 THE MINISTRY OF EDUCATION AND TRAINING BANKING UNIVERSITY OF HO CHI MINH CITY NGUYEN VIET PHUONG LINH THE IMPACT OF LEVERAGE ON FIRM INVESTMENT: EMPIRICAL EVIDENCE. .. chosen the topic "The impact of Leverage on firm investment: Empirical Evidence from Vietnam" 1.2 Research Purpose The research objective of the thesis is to evaluate the impact of leverage on investment. .. and hypotheses 23 3.2.1 The impact of leverage on firm investment 23 3.2.2 Test the impact of leverage on two groups of firms 24 3.2.3 The impact of leverage on firm investment
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