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Factors Affecting Corporate Investment Decision: Evidence from Vietnamese Economic Groups KCI 등재 SCOPUS
This paper analyzes factors affecting corporate investment decisions in economic groups listed on the Vietnam stock market. The panel data of the research sample includes 39 economic groups listed on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, the investment rate is a dependent variable. Cash-flow (CF), Investment opportunities (ROA), Fixed capital intensity (FCI), Leverage (LEV), Sales growth (GR), Size (SZ), Business risk (RISK) are independent variables in the study. The model results show that cash flow and sales growth have the same impact on investment decisions of economic groups in Vietnam. In addition, investment opportunities have a negative impact on the capital investment decisions of economic groups. The remaining factors include fixed capital intensity, leverage, firm size, and business risks that have a weak and insignificant impact on capital investment decisions of economic groups in Vietnam. The findings of this article are useful for business administrators, and helping business managers make the right financial decisions. Besides, the research results are also meaningful to money management agencies. The authors recommend that the State Bank of Vietnam should maintain a sustainable monetary policy.
1. Introduction
2. Literature Review and ResearchHypotheses
2.1. Literature Review
2.2. Research Hypotheses
3. Model and Research Method
3.1. Research Data
3.2. Research Model
3.3. Research Method
4. Empirical Results
4.1. Descriptive Statistics
4.2. Correlation Analysis
4.3. Regression Results
5. Discussion and Recommendations
5.1. Discussion
5.2. Recommendations
6. Conclusion
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