Số No. 03 June (34)-2025 Journal of Finance & Accounting Research - Trang 122

Tóm tắt tiếng Việt:

English Summary:

This study aims to assess the impact of financial leverage and financial distress on the enterprise value of Vietnamese listed firms from 2014 to 2023. The data source for this study is financial statements from 525 Vietnamese-listed firms. The study utilizes Stata 17 data analysis software, the regression is estimated using the ordinary least squares model (OLS), fixed effects model (FEM), and random effects model (REM). The Hausman test is used to select the most appropriate model, and tests for autocorrelation and heteroscedasticity are conducted. If these phenomena are present, they are corrected using the generalized least squares model (GLS). The study results indicate that financial leverage, enterprise size, and profitability positively impact enterprise value (measured by Tobin's Q). However, the financial distress factor (measured by Altman's Z-score (1968)) has a negative impact on firm value. These findings are important for managers, shareholders, and creditors when making decisions related to management, capital structure, funding sources, and future investments and credit decisions.

Từ khóa: financial leverage, firm value, financial distress, z-score, Vietnamese-listed firms.

Số lượt đọc: 39 - Số lượt tải về: 18

DOI Code: https://doi.org/10.71374/jfar.v25.i3.27