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The heterogeneity in adjustment speeds toward corporate target leverage: the case of Vietnam

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  • An Thai
  • Radu Burlacu

    (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes)

Abstract

The paper explores the heterogeneity in the adjustment speed toward the optimal capital structure of Vietnamese listed firms on the period from 2005 to 2017. We test the existence of the target leverage and estimate the speed of adjustment by using a partial adjustment model. The study finds that under-leveraged firms move to the target leverage faster than those that are over-leveraged. The speed of off-target firms is higher than that of near-target firms, and firms with financial surplus move more quickly to the optimal level of debt than those with a deficit.
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Suggested Citation

  • An Thai & Radu Burlacu, 2021. "The heterogeneity in adjustment speeds toward corporate target leverage: the case of Vietnam," Post-Print hal-03981369, HAL.
    • Handle: RePEc:hal:journl:hal-03981369
    DOI: 10.1504/IJMEF.2021.114026
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    Cited by:

    1. An Thai & Radu Burlacu, 2022. "Adjustment Speed toward Target Leverage Throughout the Vietnamese Corporate Life Cycle: Under-Versus Over-the-Target Firms," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 18(3), pages 315-341, November.

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