Study on macroeconomic factors affecting capital structure of listed enterprises on Vietnam’s stock market

Firstly, research results on the impact direction of general institutional environment (overall PCI) on capital structure were completely in agreement with the research hypotheses for all 3 dependent variables. Specifically, the research results coincided with Mahmud and Rajar (2009) and Chen (2010) in the context of the developing economy when supporting the positive impact of institutions on debt ratio. Secondly, for total debt and short-term debt, the impact direction of all macroeconomic factors did not change compared with the case of model 1 (without studying the impact of the institutional and scientific environment). This result is consistent with the case study of Chen (2010). Thirdly, science and technology had a positive relationship with total debt and short-term debt (different from the research hypothesis), in contrast, had a negative impact on longterm debt (in consent with the research hypothesis). This result supports the research of Wong (2001); Wang (2005) and Raghavan (2008). Fourthly, except for the lagged impact of economic growth, there is not enough evidence to suggest that debt size is affected by the lag of inflation. Fifthly, factors of market access and stability in land use are the two most important institutional components related to the decision to mobilize loans from listed companies.