Factors Affecting Debt Maturity Structure: Evidence from Listed Enterprises in Vietnam

This paper analyzes factors affecting the debt maturity structure of enterprises listed on the Vietnam stock market. The panel data of research sample includes 549 non-financial listed enterprises on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) tool is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, debt maturity structure is the dependent variable. Capital structures, fixed assets, liquidity, firm size, asset maturity, profitability, corporate income tax, gross domestic product, inflation rate, credit growth scale are independent variables in the study. The model results show, that among the factors affecting the structure of debt maturity, the capital structure, asset structure, and firm size have the highest estimation coefficients, which shows that capital structure, asset structure, and firm size plays an important role in the decision-making process of debt maturity structure. The empirical results show that there are differences in the impact of these factors on the debt maturity structures in state-owned enterprises and non-state enterprises listed on the Vietnam stock market. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to determine the target debt maturity structure in enterprises.