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Determinants Influencing Financial Performance of Listed Firms: Quantile Regression Approach

Author

Listed:
  • Thi Viet Ha Hoang
  • Ngoc Hung Dang
  • Manh Dung Tran
  • Thi Thuy Van Vu
  • Quang Trung Pham

Abstract

This research is conducted to assess the factors influencing financial performance of listed firms on Vietnam Stock Exchange. The factors include capital structure, firm size, short-term liquidity, fixed asset investment, growth rate and receivable management. Data were collected from audited financial statements of 269 large listed firms for the period from 2010 to 2016. Quantile regression and Ordinary Least Square regression (OLS) have been used for processing the multi-year dataset. The results show that firm size has a positive relationship with financial performance. In contrast, capital structure, short-term liquidity and fixed asset investment have negative relationship with financial performance. Meanwhile growth rate and receivable management has no impact on financial performance at the low level but different effects at different quantiles. In case of measuring ROS, ROA and ROE as proxies of financial performance, the results are heterogeneous.

Suggested Citation

  • Thi Viet Ha Hoang & Ngoc Hung Dang & Manh Dung Tran & Thi Thuy Van Vu & Quang Trung Pham, 2019. "Determinants Influencing Financial Performance of Listed Firms: Quantile Regression Approach," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(1), pages 78-90.
    • Handle: RePEc:asi:aeafrj:v:9:y:2019:i:1:p:78-90:id:1788
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    Citations

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    Cited by:

    1. Putri, Indah Ayu Johanda, 2023. "Growth, Intellectual Capital, Financial Performance And Firm Value : Evidence From Indonesia Automotive Firms," OSF Preprints z53mf, Center for Open Science.
    2. Ha Thi Thuy Van & Dang Ngoc Hung & Vu Thi Thuy Van & Ngo Thanh Xuan, 2019. "Managing Optimal Working Capital and Corporate Performance: Evidence from Vietnam," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(9), pages 977-993, September.
    3. Imani Mokhtar & Ismah Osman & Fatimah Setapa & Nur Afizah Muhamad Arifin & Roslina Mohamad Shafi & Ruhaini Muda, 2023. "Capital Structure–Firm Performance Nexus: The Moderating Effect of Board Independence," Information Management and Business Review, AMH International, vol. 15(4), pages 38-47.
    4. Nguyen Van Linh & Dang Ngoc Hung & Dang Thai Binh & Vu Thi Thuy Van & Nguyen Thi Mai Anh, 2019. "The Effects of Business Efficiency to Disclose Information of Sustainable Development: The Case of Vietnam," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(4), pages 547-558, April.
    5. Nguyen Thi Thanh Phuong & Dang Ngoc Hung, 2020. "Board of Directors and Financial Reporting Quality in Vietnam Listed Companies," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(4), pages 296-305, July.
    6. Vo Thi Van Khanh & Dang Ngoc Hung, 2020. "Impact of Earnings Quality on the Debt Maturity: The Case of Vietnam," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 10(1), pages 1-12, January.
    7. Hung, Dang Ngoc, 2022. "Impact of Debt Structure, State Ownership on Business Performance in Energy Enterprises: A Case Study in Vietnam," OSF Preprints nhp8v, Center for Open Science.
    8. Danhong Zhu & Zitong Qiu & Junwei Wang, 2023. "Factors affecting the capital structure of listed Chinese media companies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 2998-3007, July.
    9. Hung, Dang Ngoc, 2022. "The Impact Of Capital Structure On The Enterprise Value: Approaching By Threshold Regression," OSF Preprints rf2mc, Center for Open Science.

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