Determinants of capital structure evidence from listed companies on Hochiminh stock exchange

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY o0o - VĂNG NGUYỄN PHƯƠNG THẢO DETERMINANTS OF CAPITAL STRUCTURE EVIDENCE FROM LISTED COMPANIES ON HOCHIMINH STOCK EXCHANGE MASTER THESIS Ho Chi Minh City - 2011 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY o0o - VĂNG NGUYỄN PHƯƠNG THẢO DETERMINANTS OF CAPITAL STRUCTURE EVIDENCE FROM LISTED COMPANIES ON HOCHIMINH STOCK EXCHANGE MAJOR: BANKING AND FINANCE MAJOR CODE : 60.31.12 MASTER THESIS INSTRUCTOR : ASSOC PROF – DR PHẠM VĂN NĂNG Ho Chi Minh City - 2011 ACKNOWLEDGEMENT I would like to express my deepest gratitude to my research Instructor, Associate Professor – Doctor Pham Van Nang for his intensive support, valuable suggestions, guidance and encouragement during the course of my study My sincere gratitude are also due to Doctor Vo Xuan Vinh for his valuable feedback on the problems of the study I would like to express my thanks to all of my lecturers at Banking and Finance Faculty, University of Economics Hochiminh City for their teaching and guidance during my Master of Banking and Finance course Moreover, I would like to specially express my thanks to all of my classmates, my friends for their support and encouragement My final and greatest thanks are sent to my family including my parents, my brothers, my husband and my baby who are the greatest encouragement for me to overcome all difficulties in my life i ABSTRACT This thesis research the explanatory power of some of the literary theories that have been propounded to explain variations in capital structures across firms In specific, this thesis investigates capital structure determinants of firms listed on Hochiminh Stock Exchange based on a panel data set from 2006 to 2010 comprising 77 companies Main characteristic of Vietnamese firms, including firms listed on Hochiminh Stock Exchange, is short-term debt comprises a considerable part of firms’ total debt An analysis of determinants of leverage based on total debt ratios may hide significant differences in the determinants of long and short-term forms of debt Therefore, this thesis studies determinants of total debt ratios as well as determinants of short-term and long-term debt ratios The thesis consider the impact of those ratios on capital structure during period 2006-2010 to consider whether there was any different from before, in and after the financial crisis The thesis also tests the different choice of capital structure of eleven groups of industries And the last answer should be find out is the difference of capital structure of firms with different size Keywords: Capital structure, Vietnam, HOSE ii CONTENTS Acknowledgement i Abstract ii Contents .iii List of Tables vi Abbreviations vii CHAPTER 1: INTRODUCTION 1.1 Introduction 1.2 Research objectives 1.3 Research methodology 1.4 The structure of the research CHAPTER 2: LITERATURE REVIEW 2.1 Introduction 2.2 Theoretical and Empirical Findings 2.3 Potential determinants of capital structure 2.3.1 Profitability (PROF) 2.3.2 Firm size (SIZE) 2.3.3 Assets tangibility (TANG) 10 2.3.4 Growth opportunities (GRO) 10 2.3.5 Non-debt tax shield (NDTS) 11 iii 2.3.6 Income variability (INVAR) 12 2.3.7 Time dummies 12 2.3.8 Industry Dummies 13 2.4 Measures of capital structure/financial leverage 13 2.4.1 Financial leverage of firms 13 2.4.2 Decomposition of total debt into short-term and long-term debt ratios 16 2.5 Conclusion 19 CHAPTER 3: RESEARCH METHODOLOGY 21 3.1 Introduction 21 3.2 Data specifications 21 3.2.1 Research sample description 21 3.2.2 Explanatory variables 22 3.2.3 Dependent variables 22 3.3 Empirical model specifications 22 3.3.1 Model 23 3.3.2 Model 24 3.3.3 Model 24 CHAPTER 4: DATA ANALYSIS AND FINDINGS 26 iv 4.1 Introduction 26 4.2 Descriptive statistics 26 4.3 Correlation matrix of explanatory variables 29 4.4 Results of Model 30 4.5 Results of Model 33 4.6 Results of Model 35 4.7 Robustness tests 38 CHAPTER 5: CONCLUSION 42 5.1 Introduction 42 5.2 Conclusion 42 5.3 Limitations 44 5.4 Recommendations 45 References 47 Appendix A – Regression results of models 52 Appendix B – Research data set (2006 – 2010) 76 v LIST OF TABLES Table 2.1 Short-term vs long-term debt 17 Table 2.2 Short-term debt ratios and firm sizes 19 Table 2.3 Long-term debt ratios and firm sizes .19 Table 3.1 Potential determinants of capital structure, corresponding measures, and expected effect on financial leverage .23 Table 4.1 Summary of the industry structure 27 Table 4.2 Descriptive statistics of the variables used in the study for the nonfinancial firms listed on HOSE for the period 2006 to 2010 28 Table 4.3 Comparative means for different size of firms 28 Table 4.4 Correlation coefficients among the explanatory variables 29 Table 4.5 The reported results of Model 31 Table 4.6 The reported results of Model 34 Table 4.7 The reported results of Model 36 Table 4.8 Results of Model : Fixed Effects versus Random Effects 39 Table 4.9 Results of Model : Fixed Effects versus Random Effects 41 vi ABBREVIATIONS HOSE Hochiminh Stock Exchange PROF Profitability SIZE Firm size TANG Asset tangibility GRO Growth opportunities NDTS Non-debt tax shield INVAR Income variability TDTA Total debt to total assets SDTA Short-term debt to total assets LDTA Long-term debt to total assets vii Determinants of Capital Structure CHAPTER 1: INTRODUCTION 1.1 Introduction One of the tough challenges that firms face is the choice of capital structure Capital structure decision is important because it affects the financial performance of the firm The capital structure of a firm is defined by Abor J (2005, p.438-45) as specific mix of debt and equity that a firm uses to finance its operations The modern theory of capital structure was firstly established by Modigliani and Miller (1958) Thirty-seven years later, Rajan and Zingales (1995, p 1421) stated: “Theory has clearly made some progress on the subject We now understand the most important departures from the Modigliani and Miller assumptions that make capital structure relevant to a firm’s value However, very little is known about the empirical relevance of the different theories” Similarly, Harris and Raviv (1991, p 299) in their survey of capital structure theories claimed: “The models surveyed have identified a large number of potential determinants of capital structure The empirical work so far has not, however, sorted out which of these are important in various contexts.” Thus, several conditional theories of capital structure exist (none is universal), but very little is known about their empirical relevance Moreover, the existing empirical evidence is based mainly on data from developed countries (G7 countries) Findings based on data from developing countries have not appeared until recently – for example Booth et al (2001) or Huang and Song (2002) So far, no study has been published based on data from Vietnam (especially the Hochiminh Stock Exchange (HOSE)), at least to the extent of this author’s knowledge The main goal of this thesis is to fill this gap, exploring the case of the listed firms in HOSE The remainder of this chapter provides general introduction about the research objectives, research methodology and the structure of the research Determinants of Capital Structure Ticker Company Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR 25 HAS Ha Noi Post Construction & Installation Co Construction & Materials 0.4830 0.0135 0.4695 0.0923 11.1819 0.1060 1.6399 0.0273 0.1380 26 HAX Hang Xanh Motors Service JSC Transportation 0.6866 0.0000 0.6866 0.2159 11.6838 0.2022 2.0810 0.1085 0.4638 27 HBC Hoa Binh Construction & Real Estate Corp Construction & Materials 0.4346 0.0679 0.3666 0.0464 11.6584 0.3204 2.1291 0.0150 0.0437 28 HMC Hochiminh City Metal Corp Basis Materials 0.5778 0.0105 0.5673 0.0983 12.4474 0.3345 2.0461 0.0157 0.0888 29 HRC Hoa Binh Rubber JSC Basis Materials 0.1651 0.0090 0.1561 0.4244 11.4713 0.2024 7.2896 0.0979 0.1010 30 HTV Ha Tien Transport JSC Transportation 0.0585 0.0005 0.0580 0.2424 10.8813 0.1299 2.0909 0.1550 0.1997 31 IFS Interfood Shareholdings Co Consumer Staples 0.5457 0.0017 0.5440 0.2192 11.8797 0.2426 1.7915 0.1368 0.0469 32 IMP Imexpharm Pharmaceutical JSC Consumer Staples 0.1247 0.0012 0.1235 0.2359 11.6575 0.0780 3.9605 0.1246 0.0723 33 ITA Tan Tao Industrial Park Corp Real Estate 0.2908 0.0691 0.2217 0.1015 11.9806 0.1469 2.8975 0.0032 0.0087 34 KDC Kinh Do Corp Consumer Staples 0.1935 0.0410 0.1525 0.1198 12.0928 0.1426 3.1659 0.0473 0.0134 35 KHA Khanh Hoi Import - Export JSC Consumer Discretionary 0.3441 0.0996 0.2445 0.0828 10.8740 0.0576 1.4463 0.0365 0.1147 36 KHP Khanh Hoa Power JSC Utilities 0.5423 0.1622 0.3801 0.7958 11.8802 0.4316 2.0242 0.6968 0.0877 37 LAF Long An Food Processing & Export JSC Consumer Staples 0.4455 0.0033 0.4422 0.2555 11.7970 0.1200 2.3343 0.1032 0.2526 38 LBM Lam Dong Building Materials JSC Construction & Materials 0.4474 0.1480 0.2994 2.5280 10.7604 0.2782 1.9550 0.2461 0.3793 39 LGC Lu Gia Mechanical Electric JSC Industrials 0.6940 0.2020 0.4920 0.0364 10.7703 0.6189 1.8689 0.0200 0.1521 40 MCP My Chau Printing & Packaging Holdings Co Basis Materials 0.7153 0.2245 0.4908 0.4039 11.2202 0.3614 1.2932 0.3515 0.1812 41 MCV Cavico Vietnam Mining & Contrucstion JSC Industrials 0.7048 0.1239 0.5809 0.2862 11.1056 0.2873 1.2287 0.2427 0.1491 42 MHC Hanoi Maritime Holding Co Transportation 0.4905 0.1636 0.3269 0.5796 11.3844 0.4928 2.2223 0.4372 0.1516 43 NAV Nam Viet JSC Construction & Materials 0.3724 0.0008 0.3716 0.3429 11.3273 0.1397 5.1867 0.1423 0.2868 44 NSC National Seed JSC Consumer Staples 0.3987 0.0102 0.3885 0.1720 11.1699 0.0981 1.9555 0.0586 0.3451 45 PAC Dry Cell & Storage Battery JSC Industrials 0.5576 0.0043 0.5533 0.4394 11.9956 0.1495 2.4023 0.3213 0.0929 46 PGC Gas Petrolimex JSC Utilities 0.3509 0.0748 0.2760 0.2189 12.1751 0.2213 1.8335 0.1547 0.0488 47 PJT Petrolimex JS Tanker Co Oil/Gas 0.5757 0.0016 0.5741 0.2059 11.8650 0.2156 2.4529 0.1022 0.3172 48 PNC Phuong Nam Cultural JSC Consumer Discretionary 0.4214 0.0121 0.4093 0.1806 11.3348 0.1576 1.5304 0.1313 0.1885 49 PVD Petrovietnam Drilling & Well Services JSC Oil/Gas 0.4547 0.2994 0.1552 0.1851 12.4375 0.5854 4.3211 0.0512 0.0095 81 Determinants of Capital Structure Ticker Company 50 RAL Rang Dong Light Sources & Vacuum Flask JSC 51 REE 52 53 Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR 0.5155 0.0676 0.4479 0.2627 11.8968 0.1861 1.9196 0.1957 0.0512 Refrigeration & Electrical Engineering Corp Industrials Multi-Scope Business and Group 0.2198 0.0361 0.1837 0.1416 11.9980 0.0186 2.9452 0.0060 0.0142 SAM Saigon Cables & Telecommunications Material JSC Industrials 0.2096 0.0020 0.2077 0.1435 12.2313 0.0413 2.6355 0.0714 0.0134 SAV Savimex Economic Cooperation and Imp.-Exp JSC Consumer Discretionary 0.4625 0.0122 0.4503 0.1174 11.6642 0.1068 1.4027 0.0773 0.0768 54 SCD Chuong Duong Beverages Co Consumer Staples 0.2182 0.0095 0.2087 0.3566 11.3810 0.1738 2.3980 0.1874 0.2637 55 SFC Saigon Fuel JSC Oil/Gas 0.4756 0.0002 0.4753 0.2177 11.9037 0.4060 1.9111 0.1508 0.2868 56 SFI Sea & Air Freight International Transportation 0.7665 0.1108 0.6557 0.1550 10.9930 0.3243 1.2607 0.0450 0.1512 57 SJD Can Don Hydroelectric JSC Utilities 0.7206 0.5965 0.1241 0.3985 11.3834 0.9382 1.5567 0.1908 0.0339 58 SJS Song Da Urban & Industrial Zone Inv & Dev JSC Real Estate 0.1786 0.0207 0.1579 0.2547 11.8501 0.5158 6.6417 0.0225 0.0266 59 SMC SMC Trading Investment JSC Basis Materials 0.6547 0.0291 0.6256 0.0797 12.4771 0.0693 1.7089 0.0088 0.0722 60 SSC Southern Seed JSC Consumer Staples 0.1981 0.0442 0.1538 0.2682 11.2261 0.3252 4.2297 0.1117 0.2630 61 TAC Tuong An Vegetable Oil JSC Consumer Staples 0.5682 0.1236 0.4446 0.2956 12.4075 0.2694 3.3572 0.1466 0.0491 62 TCR Taicera Enterprise Co Construction & Materials 0.4937 0.2270 0.2666 0.3769 12.0606 0.4455 1.3218 0.3079 0.0354 63 TDH Thu Duc Housing Development Corp Construction & Materials 0.3050 0.1317 0.1733 0.1826 11.2770 0.0436 2.4188 0.0141 0.0370 64 TMS Transforwarding & Warehousing JSC Transportation 0.1531 0.0474 0.1057 0.3599 11.1310 0.5112 2.5945 0.2522 0.1928 65 TNA Thien Nam Import & Export JSC Consumer Discretionary 0.4744 0.0075 0.4670 0.0986 11.6725 0.0259 1.4885 0.0115 0.2383 66 TRI Saigon Food & Beverage JSC Consumer Staples 0.7429 0.2937 0.4492 0.0463 11.5996 0.4121 1.2546 0.0148 0.0612 67 TS4 Seafood Import Export JSC No Consumer Staples 0.2196 0.0610 0.1585 0.1224 11.2391 0.5274 1.8231 0.0694 0.2853 68 TTP Tan Tien Plastic Packaging JSC Basis Materials 0.1980 0.0006 0.1974 0.5959 11.9338 0.2724 3.3787 0.4728 0.0839 69 TYA Taya Vietnam Electric Wire & Cable JSC Industrials 0.6939 0.0384 0.6555 0.1664 12.1391 0.2565 1.5691 0.1591 0.0410 70 VFC Vinafico JS Corp Transportation 0.5685 0.1178 0.4507 0.3339 11.7752 0.3777 2.1619 0.2716 0.1443 71 VID Vien Dong Paper JSC Basis Materials 0.4269 0.0905 0.3363 0.1663 11.6441 0.2837 1.9373 0.1055 0.0953 72 VIP Vietnam Petrolium Transport JSC Oil/Gas 0.4925 0.4183 0.0742 0.3551 12.0216 0.6441 2.5704 0.2601 0.0264 73 VIS Vietnam - Italy Steel JSC Basis Materials 0.7798 0.1566 0.6232 0.1835 12.1703 0.2799 1.9767 0.1511 0.0521 74 VNM Vietnam Dairy Corp Consumer Staples 0.1978 0.0258 0.1720 0.3529 12.8245 0.3036 5.5610 0.1768 0.0076 82 Determinants of Capital Structure Ticker Company Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR 75 VPK Vegetable Oil Packing JSC Basis Materials 0.4838 0.2286 0.2552 0.1517 11.2161 0.5391 1.4870 0.0859 0.2260 76 VSH Vinh Son Song Hinh Hydropower JSC Utilities 0.1777 0.1277 0.0501 0.6427 11.5684 0.6565 2.7885 0.5385 0.0167 77 VTB Viettronics Tan Binh JSC Industrials 0.3528 0.0037 0.3491 0.1871 11.7138 0.0149 1.7044 0.0981 0.1231 83 Determinants of Capital Structure 3/ Year 2008 Ticker Company Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR ABT Ben Tre Aquaproduct Import & Export JSC Consumer Staples 0.1115 0.0000 0.1115 0.1304 11.6753 0.1281 0.5708 0.0679 0.1064 AGF An Giang Fisheries Import & Export JSC Consumer Staples 0.5260 0.0349 0.4911 0.0912 12.0956 0.3909 0.6691 0.0592 0.0305 BBC Bien Hoa Confectionary Corp Consumer Staples 0.1950 0.0173 0.1778 0.2490 11.7366 0.2828 0.5515 0.2132 0.0669 BHS Bien Hoa Sugar JSC Consumer Staples 0.4466 0.2613 0.1853 0.4286 11.8989 0.4711 0.9637 0.3566 0.0687 BMC Binh Dinh Minerals JSC Basis Materials 0.0579 0.0016 0.0563 0.5204 11.1145 0.5014 4.3892 0.1311 0.3123 BMP Binh Minh Plastics JSC Basis Materials 0.1372 0.0013 0.1359 0.5524 11.9199 0.3844 1.0479 0.3508 0.0726 BT6 620 Chau Thoi Concrete JSC Construction & Materials 0.4943 0.1282 0.3660 0.2020 11.9265 0.1344 1.4921 0.1294 0.0632 CII Hochiminh City Infrastructure Investment JSC Real Estate 0.5705 0.4559 0.1146 0.3718 11.3599 0.3143 1.1075 0.2991 0.0204 CLC Cat Loi JSC Industrials 0.5742 0.0004 0.5737 0.9022 11.9655 0.1850 1.1035 0.7608 0.1107 10 COM Materials - Petrolium JSC Oil/Gas 0.1193 0.0196 0.0997 0.1693 12.4874 0.2986 1.0666 0.0901 0.1245 11 CYC Chang Yih Ceramic JSC Construction & Materials 0.6304 0.3191 0.3113 0.3849 11.4364 0.4295 0.8904 0.3339 0.1243 12 DCT Dong Nai Roofsheet & Construction Matarial JSC Construction & Materials 0.1495 0.0415 0.1080 0.3602 11.2945 0.1892 0.5652 0.2345 0.1162 13 DHA Hoa An Stone Exploitation JSC Construction & Materials 0.0711 0.0057 0.0654 0.2627 11.2007 0.3880 0.7034 0.1001 0.1377 14 DHG Hau Giang Pharmaceutical JSC Consumer Staples 0.3537 0.0140 0.3397 0.2129 12.1814 0.2089 2.5538 0.0788 0.0380 15 DIC DIC Investment & Trading JSC Construction & Materials 0.6705 0.0322 0.6383 0.0912 11.8245 0.2122 0.9062 0.0427 0.1272 16 DMC Domesco Medical Import - Export JSC Consumer Staples 0.2237 0.0027 0.2210 0.2148 11.9737 0.3041 1.3417 0.0932 0.0671 17 DRC Da Nang Rubber JSC Consumer Discretionary 0.6485 0.1551 0.4933 0.7210 12.1196 0.2916 1.0691 0.6367 0.0669 18 DTT Do Thanh Technology Corp Basis Materials 0.0494 0.0002 0.0492 0.1418 11.0503 0.3995 0.5383 0.0786 0.3903 19 FMC Sao Ta Foods JSC Consumer Staples 0.5411 0.0016 0.5395 0.4662 12.0075 0.2414 0.8131 0.4295 0.1226 20 FPT The Corp for Financing & Promoting Technology Information Technology 0.5168 0.0008 0.5160 0.2926 13.2156 0.1569 1.6677 0.0901 0.0067 21 GIL Binh Thanh Trading JSC Consumer Discretionary 0.1605 0.0035 0.1570 0.1467 11.6603 0.2515 0.5454 0.0432 0.1097 22 GMC Saigon Garment Manufacturing Trade JSC Consumer Discretionary 0.3938 0.0023 0.3915 0.4333 11.6281 0.4223 0.7501 0.3145 0.2210 23 GMD General Forwarding & Agency Corp Transportation 0.4191 0.2247 0.1944 0.0881 12.2817 0.4689 0.8211 0.1291 0.0116 24 HAP Hai Phong Paper JSC Basis Materials 0.3547 0.1120 0.2427 0.0018 11.5065 0.3726 0.6841 0.0971 0.0610 84 Determinants of Capital Structure Ticker Company Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR 25 HAS Ha Noi Post Construction & Installation Co Construction & Materials 0.4047 0.0034 0.4013 0.0983 11.0537 0.0789 0.6437 0.0351 0.1545 26 HAX Hang Xanh Motors Service JSC Transportation 0.4114 0.0034 0.4080 0.1654 11.7519 0.2347 0.7466 0.0713 0.2356 27 HBC Hoa Binh Construction & Real Estate Corp Construction & Materials 0.4927 0.0948 0.3978 0.0326 11.8426 0.2174 0.7032 0.0234 0.0353 28 HMC Hochiminh City Metal Corp Basis Materials 0.6466 0.0008 0.6457 0.0730 12.6322 0.2436 0.9561 0.0120 0.0505 29 HRC Hoa Binh Rubber JSC Basis Materials 0.1693 0.0093 0.1600 0.3523 11.4624 0.2271 1.2495 0.1253 0.1060 30 HTV Ha Tien Transport JSC Transportation 0.0402 0.0010 0.0392 0.2213 10.9354 0.1681 0.5138 0.1917 0.2146 31 IFS Interfood Shareholdings Co Consumer Staples 0.8419 0.0243 0.8176 (0.0383) 11.9624 0.7525 1.0230 0.1420 0.0332 32 IMP Imexpharm Pharmaceutical JSC Consumer Staples 0.1351 0.0032 0.1319 0.2567 11.7551 0.2213 1.6012 0.1380 0.0689 33 ITA Tan Tao Industrial Park Corp Real Estate 0.1901 0.0674 0.1227 0.0701 12.1332 0.0301 0.8141 0.0029 0.0072 34 KDC Kinh Do Corp Consumer Staples 0.2802 0.0577 0.2225 0.0524 12.1662 0.2511 0.8460 0.0731 0.0138 35 KHA Khanh Hoi Import - Export JSC Consumer Discretionary 0.3540 0.0123 0.3417 0.1899 11.3598 0.0808 0.7877 0.0438 0.1185 36 KHP Khanh Hoa Power JSC Utilities 0.7051 0.5346 0.1706 0.7506 11.9257 0.6259 0.9341 0.6848 0.0515 37 LAF Long An Food Processing & Export JSC Consumer Staples 0.5850 0.0016 0.5834 0.1169 11.7537 0.1313 0.8440 0.0941 0.1893 38 LBM Lam Dong Building Materials JSC Construction & Materials 0.5565 0.2627 0.2938 0.4077 11.1185 0.4433 0.8938 0.3259 0.2449 39 LGC Lu Gia Mechanical Electric JSC Industrials 0.5913 0.3534 0.2379 0.0770 10.9527 0.7142 1.0992 0.0125 0.1210 40 MCP My Chau Printing & Packaging Holdings Co Basis Materials 0.3969 0.2240 0.1729 0.5445 11.3182 0.4313 0.7809 0.4413 0.2007 41 MCV Cavico Vietnam Mining & Contrucstion JSC Industrials 0.5996 0.0803 0.5193 0.2927 11.1687 0.2378 0.8102 0.2580 0.1269 42 MHC Hanoi Maritime Holding Co Transportation 0.5614 0.2058 0.3556 0.3789 11.3615 0.5324 0.7961 0.3784 0.1049 43 NAV Nam Viet JSC Construction & Materials 0.3537 0.0000 0.3537 0.2958 11.2478 0.1504 0.8912 0.1709 0.2847 44 NSC National Seed JSC Consumer Staples 0.2878 0.0031 0.2847 0.1762 11.3492 0.0781 0.9260 0.0363 0.2022 45 PAC Dry Cell & Storage Battery JSC Industrials 0.3865 0.0029 0.3836 0.4893 12.0940 0.1501 1.4920 0.3102 0.0812 46 PGC Gas Petrolimex JSC Utilities 0.3162 0.1240 0.1922 0.2051 12.2279 0.3233 0.6501 0.2008 0.0549 47 PJT Petrolimex JS Tanker Co Oil/Gas 0.5021 0.0014 0.5008 0.1316 11.9035 0.3841 0.9707 0.0926 0.2274 48 PNC Phuong Nam Cultural JSC Consumer Discretionary 0.5822 0.0450 0.5372 0.1277 11.4410 0.1778 0.7860 0.1075 0.1416 49 PVD Petrovietnam Drilling & Well Services JSC Oil/Gas 0.6960 0.2452 0.4508 0.1538 12.5716 0.7266 1.9973 0.0462 0.0048 85 Determinants of Capital Structure Ticker Company Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR 0.5340 0.0000 0.5340 0.2531 11.9233 0.2292 0.7858 0.1985 0.0459 0.1951 0.0404 0.1547 (0.0462) 12.0698 0.0174 0.8414 0.0081 0.0158 50 RAL Rang Dong Light Sources & Vacuum Flask JSC 51 REE Refrigeration & Electrical Engineering Corp Industrials Multi-Scope Business and Group 52 SAM Saigon Cables & Telecommunications Material JSC Industrials 0.0309 0.0002 0.0308 0.0701 12.1128 0.0828 0.4176 0.1034 0.0180 53 SAV Savimex Economic Cooperation and Import-Export JSC Consumer Discretionary 0.4953 0.0215 0.4738 0.1184 11.7503 0.1143 0.7350 0.0840 0.0714 54 SCD Chuong Duong Beverages Co Consumer Staples 0.2592 0.0023 0.2569 0.3891 11.4385 0.1924 1.0525 0.2106 0.2404 55 SFC Saigon Fuel JSC Oil/Gas 0.3717 0.0013 0.3704 0.3546 12.0808 0.6714 1.5696 0.1887 0.3042 56 SFI Sea & Air Freight International Transportation 0.5123 0.0006 0.5116 0.1909 11.0838 0.3534 0.8528 0.0499 0.1415 57 SJD Can Don Hydroelectric JSC Utilities 0.6738 0.4519 0.2219 0.2939 11.3810 0.9381 1.0488 0.2628 0.0360 58 SJS Song Da Urban & Industrial Zone Inv & Dev JSC Real Estate 0.2782 0.0819 0.1963 0.1323 11.4971 0.6485 1.6357 0.0234 0.0258 59 SMC SMC Trading Investment JSC Basis Materials 0.6523 0.0383 0.6140 0.1373 12.6248 0.1629 0.9565 0.0269 0.0547 60 SSC Southern Seed JSC Consumer Staples 0.1790 0.0279 0.1511 0.3242 11.3270 0.2946 1.2298 0.1252 0.2424 61 TAC Tuong An Vegetable Oil JSC Consumer Staples 0.5498 0.1142 0.4356 0.2266 12.4761 0.4013 1.2019 0.2057 0.0598 62 TCR Taicera Enterprise Co Construction & Materials 0.4787 0.1517 0.3271 0.4073 12.0364 0.4933 0.7189 0.3731 0.0356 63 TDH Thu Duc Housing Development Corp Construction & Materials 0.2873 0.1471 0.1402 0.2115 11.7841 0.0535 0.7667 0.0146 0.0287 64 TMS Transforwarding & Warehousing JSC Transportation 0.1357 0.0287 0.1070 0.4636 11.2428 0.7180 1.2523 0.3066 0.1816 65 TNA Thien Nam Import & Export JSC Consumer Discretionary 0.5240 0.0141 0.5099 0.1037 11.8501 0.0619 0.7862 0.0082 0.2016 66 TRI Saigon Food & Beverage JSC Consumer Staples 0.9894 0.2467 0.7427 (0.4138) 11.7790 0.2190 1.1678 0.0312 0.1261 67 TS4 Seafood Import Export JSC No Consumer Staples 0.3564 0.1948 0.1616 0.0911 11.2635 0.6192 0.6749 0.0486 0.1680 68 TTP Tan Tien Plastic Packaging JSC Basis Materials 0.1368 0.0004 0.1364 0.7038 12.0219 0.2338 0.6663 0.5429 0.0849 69 TYA Taya Vietnam Electric Wire & Cable JSC Industrials 0.6994 0.0315 0.6680 0.4568 12.0742 0.3494 1.1470 0.2858 0.0622 70 VFC Vinafico JS Corp Transportation 0.1921 0.0431 0.1490 0.2803 11.6511 0.1927 0.6169 0.2411 0.1213 71 VID Vien Dong Paper JSC Basis Materials 0.4593 0.1023 0.3570 0.1684 11.7447 0.2516 0.8566 0.1110 0.0819 72 VIP Vietnam Petrolium Transport JSC Oil/Gas 0.4547 0.4060 0.0488 0.3932 12.0970 0.6461 0.8721 0.3410 0.0284 73 VIS Vietnam - Italy Steel JSC Basis Materials 0.6493 0.3145 0.3347 0.2950 12.2346 0.3153 1.0014 0.1468 0.0402 74 VNM Vietnam Dairy Corp Consumer Staples 0.1935 0.0305 0.1630 0.4172 12.9233 0.3246 2.6315 0.1874 0.0069 86 Determinants of Capital Structure Ticker Company Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR 75 VPK Vegetable Oil Packing JSC Basis Materials 0.5351 0.1686 0.3664 0.1434 11.2796 0.5532 0.8749 0.1225 0.2162 76 VSH Vinh Son Song Hinh Hydropower JSC Utilities 0.1373 0.0906 0.0466 0.7432 11.6846 0.5952 1.6876 0.5941 0.0166 77 VTB Viettronics Tan Binh JSC Industrials 0.2360 0.0289 0.2071 0.2271 11.3406 0.1297 0.8739 0.1295 0.1563 87 Determinants of Capital Structure 4/ Year 2009 Ticker Company Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR ABT Ben Tre Aquaproduct Import & Export JSC Consumer Staples 0.1798 0.0000 0.1798 0.2507 11.7357 0.0977 1.2778 0.0603 0.0765 AGF An Giang Fisheries Import & Export JSC Consumer Staples 0.4818 0.0068 0.4750 0.1278 12.1291 0.3298 0.8347 0.1129 0.0340 BBC Bien Hoa Confectionary Corp Consumer Staples 0.2898 0.0765 0.2134 0.2912 11.8007 0.0497 0.8863 0.2040 0.0558 BHS Bien Hoa Sugar JSC Consumer Staples 0.5156 0.1406 0.3751 0.4216 12.0760 0.2981 1.1231 0.2767 0.0465 BMC Binh Dinh Minerals JSC Basis Materials 0.2075 0.0722 0.1353 0.3350 11.0084 0.3754 3.8780 0.1657 0.2705 BMP Binh Minh Plastics JSC Basis Materials 0.1781 0.0013 0.1769 0.6410 12.0630 0.3222 1.5596 0.2950 0.0499 BT6 620 Chau Thoi Concrete JSC Construction & Materials 0.4768 0.0606 0.4162 0.2895 11.8966 0.2072 1.2973 0.1659 0.0495 CII Hochiminh City Infrastructure Investment JSC Real Estate 0.5116 0.4257 0.0860 0.4194 11.3066 0.2617 1.6909 0.2770 0.0164 CLC Cat Loi JSC Industrials 0.5910 0.0004 0.5906 0.7704 12.0607 0.0945 1.2941 0.6540 0.0875 10 COM Materials - Petrolium JSC Oil/Gas 0.2641 0.0115 0.2526 0.2515 12.4504 0.2607 1.3934 0.0723 0.0873 11 CYC Chang Yih Ceramic JSC Construction & Materials 0.6573 0.0875 0.5697 0.3890 11.4160 0.3723 0.8885 0.3802 0.1180 12 DCT Dong Nai Roofsheet & Construction Matarial JSC Construction & Materials 0.5606 0.3288 0.2318 0.1860 11.4963 0.6794 0.9360 0.1236 0.0571 13 DHA Hoa An Stone Exploitation JSC Construction & Materials 0.0821 0.0051 0.0769 0.3275 11.2847 0.4401 1.3506 0.0926 0.1180 14 DHG Hau Giang Pharmaceutical JSC Consumer Staples 0.3260 0.0094 0.3166 0.3439 12.2481 0.1557 2.3231 0.0748 0.0270 15 DIC DIC Investment & Trading JSC Construction & Materials 0.6858 0.0006 0.6851 0.0908 11.8662 0.0733 1.1201 0.0391 0.1008 16 DMC Domesco Medical Import - Export JSC Consumer Staples 0.2931 0.0213 0.2717 0.2636 12.0302 0.3128 1.7723 0.1056 0.0579 17 DRC Da Nang Rubber JSC Consumer Discretionary 0.2886 0.0552 0.2334 1.0423 12.2684 0.2973 2.6794 0.5398 0.0524 18 DTT Do Thanh Technology Corp Basis Materials 0.0802 0.0000 0.0802 0.0996 10.9029 0.4854 0.8224 0.0874 0.3282 19 FMC Sao Ta Foods JSC Consumer Staples 0.7561 0.0009 0.7552 0.2790 11.9732 0.1380 0.9409 0.2538 0.0659 20 FPT The Corp for Financing & Promoting Technology Information Technology 0.6423 0.1839 0.4585 0.2366 13.2653 0.1576 1.7333 0.0733 0.0040 21 GIL Binh Thanh Trading JSC Consumer Discretionary 0.2243 0.0030 0.2213 0.2053 11.7502 0.2841 1.0118 0.0459 0.0934 22 GMC Saigon Garment Manufacturing Trade JSC Consumer Discretionary 0.4206 0.0021 0.4185 0.5196 11.5493 0.3383 1.6100 0.3188 0.1949 23 GMD General Forwarding & Agency Corp Transportation 0.4100 0.2324 0.1776 0.2166 12.2491 0.3956 1.2312 0.1368 0.0091 24 HAP Hai Phong Paper JSC Basis Materials 0.2940 0.0838 0.2102 0.1973 11.4601 0.3717 0.8126 0.1194 0.0594 88 Determinants of Capital Structure Ticker Company Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR 25 HAS Ha Noi Post Construction & Installation Co Construction & Materials 0.3594 0.0034 0.3559 0.0765 10.9278 0.0918 0.8008 0.0422 0.1705 26 HAX Hang Xanh Motors Service JSC Transportation 0.4977 0.0030 0.4947 0.1690 12.1185 0.2050 1.0803 0.0789 0.1759 27 HBC Hoa Binh Construction & Real Estate Corp Construction & Materials 0.5271 0.0310 0.4960 0.0826 12.2464 0.2679 0.9110 0.0360 0.0308 28 HMC Hochiminh City Metal Corp Basis Materials 0.6694 0.0528 0.6166 0.0467 12.4489 0.2755 1.1147 0.0140 0.0445 29 HRC Hoa Binh Rubber JSC Basis Materials 0.1550 0.0247 0.1303 0.2887 11.3067 0.2254 1.6245 0.1249 0.0941 30 HTV Ha Tien Transport JSC Transportation 0.0846 0.0003 0.0843 0.3282 10.9875 0.1447 1.0952 0.1975 0.1881 31 IFS Interfood Shareholdings Co Consumer Staples 0.8395 0.2180 0.6216 0.2402 12.0182 0.5809 1.2226 0.2785 0.0575 32 IMP Imexpharm Pharmaceutical JSC Consumer Staples 0.2573 0.0148 0.2425 0.2359 11.8219 0.2083 1.6042 0.1258 0.0562 33 ITA Tan Tao Industrial Park Corp Real Estate 0.3017 0.1654 0.1363 0.0743 12.1313 0.0272 1.2989 0.0034 0.0057 34 KDC Kinh Do Corp Consumer Staples 0.4161 0.0317 0.3844 0.1994 12.1873 0.1545 1.5344 0.0647 0.0097 35 KHA Khanh Hoi Import - Export JSC Consumer Discretionary 0.2457 0.0088 0.2369 0.1868 11.2619 0.0628 1.1482 0.0274 0.1072 36 KHP Khanh Hoa Power JSC Utilities 0.6940 0.3502 0.3437 0.8301 12.0112 0.5051 1.0632 0.7581 0.0484 37 LAF Long An Food Processing & Export JSC Consumer Staples 0.5101 0.0022 0.5079 0.2406 11.7230 0.1370 1.1849 0.1138 0.1908 38 LBM Lam Dong Building Materials JSC Construction & Materials 0.3441 0.1210 0.2232 0.4021 11.1824 0.4915 1.0190 0.3397 0.2076 39 LGC Lu Gia Mechanical Electric JSC Industrials 0.6295 0.3815 0.2480 0.0915 11.1840 0.8030 2.1582 0.0175 0.0991 40 MCP My Chau Printing & Packaging Holdings Co Basis Materials 0.3931 0.1794 0.2137 0.5956 11.2963 0.3796 0.9721 0.5153 0.2035 41 MCV Cavico Vietnam Mining & Contrucstion JSC Industrials 0.6694 0.2051 0.4643 0.2829 11.1858 0.1544 1.0359 0.2574 0.1027 42 MHC Hanoi Maritime Holding Co Transportation 0.6799 0.1855 0.4944 0.2764 11.2394 0.5623 0.9960 0.3536 0.0978 43 NAV Nam Viet JSC Construction & Materials 0.4163 0.0000 0.4163 0.2603 11.1557 0.2159 1.1293 0.1662 0.2544 44 NSC National Seed JSC Consumer Staples 0.3009 0.0025 0.2983 0.2042 11.4624 0.1608 1.5179 0.0405 0.1664 45 PAC Dry Cell & Storage Battery JSC Industrials 0.3793 0.0358 0.3435 0.5269 12.1157 0.2051 2.6078 0.2619 0.0614 46 PGC Gas Petrolimex JSC Utilities 0.4421 0.1172 0.3249 0.2454 12.2194 0.2719 0.9990 0.1693 0.0409 47 PJT Petrolimex JS Tanker Co Oil/Gas 0.3050 0.0944 0.2106 0.2526 11.5291 0.4586 1.0120 0.1841 0.2931 48 PNC Phuong Nam Cultural JSC Consumer Discretionary 0.5479 0.0552 0.4927 0.1312 11.4793 0.1885 0.8581 0.1161 0.1321 49 PVD Petrovietnam Drilling & Well Services JSC Oil/Gas 0.6568 0.4550 0.2017 0.1283 12.6124 0.7616 1.8056 0.0534 0.0033 89 Determinants of Capital Structure Ticker Company Industry TDTA LDTA SDTA 0.5896 0.0427 0.5470 0.2643 0.0304 PROF SIZE TANG GRO NDTS INVAR 0.2453 12.0218 0.2495 0.9031 0.1990 0.0392 0.2339 0.1436 12.0726 0.0265 1.3307 0.0004 0.0122 50 RAL Rang Dong Light Sources & Vacuum Flask JSC 51 REE Refrigeration & Electrical Engineering Corp Industrials Multi-Scope Business and Group 52 SAM Saigon Cables & Telecommunications Material JSC Industrials 0.0684 0.0001 0.0683 0.1927 11.6298 0.1530 0.7567 0.0951 0.0154 53 SAV Savimex Economic Cooperation and Import-Export JSC Consumer Discretionary 0.4909 0.0133 0.4775 0.1294 11.6139 0.1034 1.1551 0.0956 0.0702 54 SCD Chuong Duong Beverages Co Consumer Staples 0.2645 0.0030 0.2615 0.4075 11.5048 0.1689 1.4300 0.1939 0.2101 55 SFC Saigon Fuel JSC Oil/Gas 0.4511 0.0037 0.4474 0.3364 12.0447 0.2659 2.0388 0.1148 0.1694 56 SFI Sea & Air Freight International Transportation 0.4666 0.0005 0.4661 0.1765 11.0948 0.3186 1.3429 0.0559 0.1259 57 SJD Can Don Hydroelectric JSC Utilities 0.5711 0.3087 0.2624 0.4639 11.4493 0.9275 1.1186 0.3590 0.0386 58 SJS Song Da Urban & Industrial Zone Inv & Dev JSC Real Estate 0.4100 0.1669 0.2431 0.3020 12.0472 0.5699 2.5444 0.0131 0.0137 59 SMC SMC Trading Investment JSC Basis Materials 0.7990 0.0222 0.7768 0.0753 12.7217 0.1310 1.0850 0.0216 0.0263 60 SSC Southern Seed JSC Consumer Staples 0.2501 0.0162 0.2339 0.3502 11.4501 0.2260 2.5900 0.1086 0.1765 61 TAC Tuong An Vegetable Oil JSC Consumer Staples 0.5432 0.1195 0.4237 0.3065 12.4225 0.4143 1.2535 0.2552 0.0630 62 TCR Taicera Enterprise Co Construction & Materials 0.4941 0.0938 0.4003 0.4368 11.9695 0.4424 0.7693 0.4322 0.0351 63 TDH Thu Duc Housing Development Corp Construction & Materials 0.2920 0.1364 0.1556 0.2097 11.6883 0.1094 1.6761 0.0149 0.0224 64 TMS Transforwarding & Warehousing JSC Transportation 0.2570 0.1769 0.0801 0.2796 11.2311 0.3816 1.2064 0.1838 0.0895 65 TNA Thien Nam Import & Export JSC Consumer Discretionary 0.6390 0.0065 0.6325 0.0708 11.7482 0.0917 0.9916 0.0042 0.0884 66 TRI Saigon Food & Beverage JSC Consumer Staples 0.8222 0.1166 0.7056 (0.1825) 11.7696 0.1715 1.4964 0.0443 0.1082 67 TS4 Seafood Import Export JSC No Consumer Staples 0.5297 0.3888 0.1410 0.1182 11.4636 0.6175 1.4420 0.0369 0.1121 68 TTP Tan Tien Plastic Packaging JSC Basis Materials 0.1463 0.0000 0.1463 0.7313 12.0222 0.2316 1.3188 0.5502 0.0765 69 TYA Taya Vietnam Electric Wire & Cable JSC Industrials 0.6895 0.0096 0.6799 0.3797 11.8772 0.3293 1.1003 0.3627 0.0672 70 VFC Vinafico JS Corp Transportation 0.2283 0.0236 0.2048 0.3220 11.5606 0.1432 0.8783 0.2555 0.1114 71 VID Vien Dong Paper JSC Basis Materials 0.4955 0.1354 0.3601 0.1794 11.8105 0.2599 0.9929 0.1228 0.0745 72 VIP Vietnam Petrolium Transport JSC Oil/Gas 0.6313 0.4833 0.1480 0.3149 12.0839 0.8051 1.3301 0.2869 0.0184 73 VIS Vietnam - Italy Steel JSC Basis Materials 0.7069 0.3625 0.3444 0.2956 12.3191 0.0928 1.5332 0.1218 0.0274 74 VNM Vietnam Dairy Corp Consumer Staples 0.2348 0.0302 0.2045 0.4804 13.0342 0.2977 3.3406 0.1583 0.0048 90 Determinants of Capital Structure Ticker Company Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR 75 VPK Vegetable Oil Packing JSC Basis Materials 0.5726 0.0484 0.5241 0.2771 11.2322 0.6679 1.0213 0.2110 0.2745 76 VSH Vinh Son Song Hinh Hydropower JSC Utilities 0.1226 0.0966 0.0260 0.7801 11.7140 0.5448 1.4570 0.6301 0.0159 77 VTB Viettronics Tan Binh JSC Industrials 0.3277 0.0325 0.2952 0.2072 11.4851 0.2567 0.8915 0.1166 0.1298 91 Determinants of Capital Structure 5/ Year 2010 Ticker Company Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR ABT Ben Tre Aquaproduct Import & Export JSC Consumer Staples 0.2619 0.0000 0.2619 0.2419 11.8361 0.0837 1.2340 0.0644 0.0683 AGF An Giang Fisheries Import & Export JSC Consumer Staples 0.5396 0.0079 0.5317 0.1669 12.2337 0.3628 0.7627 0.1290 0.0303 BBC Bien Hoa Confectionary Corp Consumer Staples 0.2824 0.0403 0.2421 0.3045 11.8631 0.5290 0.7233 0.2450 0.0542 BHS Bien Hoa Sugar JSC Consumer Staples 0.5108 0.1134 0.3973 0.4378 12.3027 0.2733 1.1004 0.2746 0.0405 BMC Binh Dinh Minerals JSC Basis Materials 0.2870 0.0629 0.2241 0.3783 11.0932 0.3113 1.5146 0.2023 0.2423 BMP Binh Minh Plastics JSC Basis Materials 0.1310 0.0014 0.1296 0.6202 12.1589 0.2703 1.8125 0.3008 0.0418 BT6 620 Chau Thoi Concrete JSC Construction & Materials 0.5888 0.0397 0.5491 0.2417 12.0465 0.1617 1.2049 0.1323 0.0331 CII Hochiminh City Infrastructure Investment JSC Real Estate 0.5868 0.4325 0.1543 0.3544 11.2967 0.3550 1.3507 0.2241 0.0116 CLC Cat Loi JSC Industrials 0.6656 0.0004 0.6652 0.6279 12.0848 0.0500 1.0873 0.5507 0.0682 10 COM Materials - Petrolium JSC Oil/Gas 0.2307 0.0122 0.2184 0.1879 12.5583 0.4193 1.4015 0.0831 0.0885 11 CYC Chang Yih Ceramic JSC Construction & Materials 0.6806 0.3362 0.3443 0.4922 11.4470 0.3843 0.8646 0.4870 0.1267 12 DCT Dong Nai Roofsheet & Construction Matarial JSC Construction & Materials 0.5847 0.3894 0.1953 0.1392 11.5306 0.8130 0.8616 0.1005 0.0435 13 DHA Hoa An Stone Exploitation JSC Construction & Materials 0.1549 0.0049 0.1500 0.2817 11.3735 0.4807 1.0097 0.0948 0.1090 14 DHG Hau Giang Pharmaceutical JSC Consumer Staples 0.2916 0.0325 0.2591 0.3190 12.3122 0.1667 2.0664 0.0804 0.0226 15 DIC DIC Investment & Trading JSC Construction & Materials 0.6555 0.0386 0.6169 0.1089 12.0512 0.0483 1.1221 0.0505 0.0748 16 DMC Domesco Medical Import - Export JSC Consumer Staples 0.2873 0.0330 0.2544 0.2736 12.0465 0.3168 1.0041 0.1257 0.0536 17 DRC Da Nang Rubber JSC Consumer Discretionary 0.3125 0.0399 0.2725 0.6902 12.3460 0.2510 1.4690 0.4449 0.0386 18 DTT Do Thanh Technology Corp Basis Materials 0.1741 0.0333 0.1408 0.1105 11.1424 0.6033 0.7083 0.1025 0.2928 19 FMC Sao Ta Foods JSC Consumer Staples 0.6689 0.0011 0.6679 0.3764 12.1695 0.1872 0.8544 0.3255 0.0819 20 FPT The Corp for Financing & Promoting Technology Information Technology 0.5897 0.1476 0.4420 0.2494 13.3019 0.1626 1.6035 0.0850 0.0033 21 GIL Binh Thanh Trading JSC Consumer Discretionary 0.3347 0.0024 0.3323 0.1357 11.6191 0.2313 0.8909 0.0441 0.0749 22 GMC Saigon Garment Manufacturing Trade JSC Consumer Discretionary 0.5668 0.0019 0.5649 0.3761 11.7881 0.2391 1.1014 0.2470 0.1325 23 GMD General Forwarding & Agency Corp Transportation 0.3666 0.2097 0.1569 0.1568 12.3322 0.3066 0.8740 0.1211 0.0063 24 HAP Hai Phong Paper JSC Basis Materials 0.1749 0.0016 0.1733 0.2054 11.5602 0.3142 0.5775 0.1194 0.0639 92 Determinants of Capital Structure Ticker Company Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR 25 HAS Ha Noi Post Construction & Installation Co Construction & Materials 0.3636 0.0116 0.3520 0.0711 10.9126 0.0850 0.6879 0.0423 0.1736 26 HAX Hang Xanh Motors Service JSC Transportation 0.6075 0.0099 0.5976 0.1329 12.0403 0.1984 0.9687 0.0771 0.1326 27 HBC Hoa Binh Construction & Real Estate Corp Construction & Materials 0.6377 0.0213 0.6164 0.1411 12.2475 0.2503 0.9941 0.0442 0.0215 28 HMC Hochiminh City Metal Corp Basis Materials 0.7215 0.0657 0.6558 0.0528 12.6399 0.1451 1.0193 0.0157 0.0378 29 HRC Hoa Binh Rubber JSC Basis Materials 0.1826 0.0182 0.1644 0.3271 11.6147 0.2484 2.2400 0.1150 0.0819 30 HTV Ha Tien Transport JSC Transportation 0.1027 0.0010 0.1017 0.2781 11.0600 0.1082 0.7221 0.1890 0.1662 31 IFS Interfood Shareholdings Co Consumer Staples 0.8021 0.1528 0.6494 0.4039 12.0224 0.6219 1.2245 0.3859 0.0634 32 IMP Imexpharm Pharmaceutical JSC Consumer Staples 0.2146 0.0023 0.2124 0.2564 11.8845 0.2727 1.1651 0.1257 0.0547 33 ITA Tan Tao Industrial Park Corp Real Estate 0.3563 0.1796 0.1767 0.0910 12.4294 0.0280 0.9856 0.0041 0.0046 34 KDC Kinh Do Corp Consumer Staples 0.2352 0.0301 0.2052 0.2474 12.2884 0.1861 1.4460 0.1137 0.0082 35 KHA Khanh Hoi Import - Export JSC Consumer Discretionary 0.2899 0.0327 0.2572 0.1574 11.1158 0.0480 0.8663 0.0145 0.0953 36 KHP Khanh Hoa Power JSC Utilities 0.5316 0.2920 0.2396 0.7867 12.0820 0.4696 0.9300 0.6868 0.0386 37 LAF Long An Food Processing & Export JSC Consumer Staples 0.2947 0.0016 0.2931 0.3940 11.9604 0.0900 1.1486 0.0832 0.1160 38 LBM Lam Dong Building Materials JSC Construction & Materials 0.3335 0.0988 0.2347 0.4906 11.2327 0.4829 0.8178 0.4099 0.2059 39 LGC Lu Gia Mechanical Electric JSC Industrials 0.5966 0.3138 0.2828 0.1520 11.3415 0.7615 1.3350 0.0311 0.1068 40 MCP My Chau Printing & Packaging Holdings Co Basis Materials 0.4286 0.1127 0.3158 0.6228 11.4250 0.3568 0.8051 0.5147 0.1802 41 MCV Cavico Vietnam Mining & Contrucstion JSC Industrials 0.5662 0.0227 0.5435 0.2797 11.2106 0.1173 0.9384 0.2592 0.0863 42 MHC Hanoi Maritime Holding Co Transportation 0.6199 0.2125 0.4074 (0.0119) 11.1162 0.2412 1.0393 0.1564 0.1589 43 NAV Nam Viet JSC Construction & Materials 0.3674 0.0012 0.3662 0.2907 11.2185 0.2224 1.0669 0.1908 0.2722 44 NSC National Seed JSC Consumer Staples 0.3219 0.0019 0.3200 0.2386 11.6099 0.1699 1.2588 0.0484 0.1357 45 PAC Dry Cell & Storage Battery JSC Industrials 0.5643 0.0416 0.5227 0.3161 12.2216 0.2749 1.6502 0.1810 0.0372 46 PGC Gas Petrolimex JSC Utilities 0.5368 0.1127 0.4241 0.2050 12.3829 0.2417 0.8622 0.1589 0.0337 47 PJT Petrolimex JS Tanker Co Oil/Gas 0.3213 0.0714 0.2499 0.3245 11.5015 0.4636 0.8219 0.2254 0.2752 48 PNC Phuong Nam Cultural JSC Consumer Discretionary 0.6102 0.0432 0.5669 0.1505 11.4875 0.1555 0.8553 0.1229 0.1153 49 PVD Petrovietnam Drilling & Well Services JSC Oil/Gas 0.6419 0.3692 0.2727 0.1587 12.8792 0.7502 1.4040 0.0891 0.0028 93 Determinants of Capital Structure Ticker Company Industry TDTA LDTA SDTA 0.6294 0.0576 0.5718 0.4097 0.0173 PROF SIZE TANG GRO NDTS INVAR 0.2565 12.1367 0.2386 0.8407 0.2145 0.0351 0.3924 0.1002 12.2573 0.0319 1.0742 0.0059 0.0083 50 RAL Rang Dong Light Sources & Vacuum Flask JSC 51 REE Refrigeration & Electrical Engineering Corp Industrials Multi-Scope Business and Group 52 SAM Saigon Cables & Telecommunications Material JSC Industrials 0.0648 0.0002 0.0646 0.1569 11.9050 0.1938 0.5246 0.1036 0.0157 53 SAV Savimex Economic Cooperation and Import-Export JSC Consumer Discretionary 0.4529 0.0507 0.4022 0.1461 11.6310 0.1122 1.0939 0.1217 0.0766 54 SCD Chuong Duong Beverages Co Consumer Staples 0.2490 0.0008 0.2482 0.3501 11.5780 0.1588 1.4161 0.1964 0.2021 55 SFC Saigon Fuel JSC Oil/Gas 0.2917 0.0043 0.2874 0.4419 12.1646 0.2894 1.5412 0.1252 0.1786 56 SFI Sea & Air Freight International Transportation 0.4871 0.0007 0.4865 0.1510 11.2618 0.2713 0.9124 0.0531 0.1034 57 SJD Can Don Hydroelectric JSC Utilities 0.4962 0.2128 0.2834 0.4919 11.3282 0.9095 0.9471 0.4158 0.0397 58 SJS Song Da Urban & Industrial Zone Inv & Dev JSC Real Estate 0.5106 0.1432 0.3675 0.1458 12.0072 0.7024 1.8741 0.0090 0.0092 59 SMC SMC Trading Investment JSC Basis Materials 0.7783 0.0285 0.7499 0.0618 12.8383 0.1161 0.9999 0.0227 0.0167 60 SSC Southern Seed JSC Consumer Staples 0.2011 0.0086 0.1926 0.3636 11.5295 0.2179 1.6806 0.1228 0.1580 61 TAC Tuong An Vegetable Oil JSC Consumer Staples 0.6084 0.0574 0.5510 0.3202 12.5133 0.2771 1.1472 0.2099 0.0435 62 TCR Taicera Enterprise Co Construction & Materials 0.4270 0.0310 0.3960 0.5771 12.0827 0.4144 0.7354 0.5105 0.0370 63 TDH Thu Duc Housing Development Corp Construction & Materials 0.3631 0.1537 0.2094 0.1534 11.7799 0.1056 0.9220 0.0133 0.0176 64 TMS Transforwarding & Warehousing JSC Transportation 0.3177 0.2647 0.0530 0.2663 11.3807 0.4195 1.1361 0.1721 0.0683 65 TNA Thien Nam Import & Export JSC Consumer Discretionary 0.6304 0.0078 0.6227 0.1611 11.9331 0.0132 1.0117 0.0046 0.0692 66 TRI Saigon Food & Beverage JSC Consumer Staples 0.6657 0.0014 0.6643 0.0607 11.8424 0.0722 1.5107 0.0512 0.2067 67 TS4 Seafood Import Export JSC No Consumer Staples 0.5588 0.2284 0.3304 0.1193 11.5803 0.5235 1.0215 0.0457 0.0748 68 TTP Tan Tien Plastic Packaging JSC Basis Materials 0.2375 0.0000 0.2375 0.6607 12.1280 0.2017 1.0065 0.5097 0.0627 69 TYA Taya Vietnam Electric Wire & Cable JSC Industrials 0.7290 0.0004 0.7285 0.3478 12.0401 0.2259 0.9421 0.3189 0.0524 70 VFC Vinafico JS Corp Transportation 0.4673 0.1434 0.3239 0.2227 11.6248 0.1860 1.2186 0.1807 0.0736 71 VID Vien Dong Paper JSC Basis Materials 0.6285 0.1621 0.4663 0.1220 11.9617 0.3148 0.9671 0.1032 0.0524 72 VIP Vietnam Petrolium Transport JSC Oil/Gas 0.6020 0.4623 0.1397 0.3289 12.1512 0.8044 0.8950 0.2842 0.0190 73 VIS Vietnam - Italy Steel JSC Basis Materials 0.6493 0.0032 0.6461 0.2198 12.4920 0.0732 1.2211 0.1321 0.0248 74 VNM Vietnam Dairy Corp Consumer Staples 0.2607 0.0152 0.2455 0.5444 13.2063 0.3183 3.0792 0.1497 0.0038 94 Determinants of Capital Structure Ticker Company Industry TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR 75 VPK Vegetable Oil Packing JSC Basis Materials 0.5168 0.0214 0.4954 0.3362 11.3244 0.6003 0.9799 0.2588 0.2644 76 VSH Vinh Son Song Hinh Hydropower JSC Utilities 0.1977 0.1106 0.0871 0.6916 11.6279 0.4476 1.0421 0.5844 0.0136 77 VTB Viettronics Tan Binh JSC Industrials 0.2374 0.0066 0.2308 0.2289 11.4070 0.2594 0.7568 0.1438 0.1400 95