The purpose of the study is to find the factors that influence the financial leverage of Vietnam firms. The dependent variable is the financial leverage and the independent variables are firm size, asset structure, liquidity, growth opportunities, profitability, and firm age. The data are collected from Vietnam firms’ annual financial reports in the period from 2010 to 2019. The study uses a sample of 448 Vietnam listed firms in the period. We also employ a panel regression model with pooled OLS and fixed effect to analyze the firms’ financial data. The results of the model showed that financial leverage (FL) has a negative relationship with some factors such as asset structure (AS), liquidity (LQ), growth opportunities (GRW), profitability (ROA), and firm age (AGE) in the fixed effect regression. It means that when liquidity, profitability, and firm age increase, firms’ financial leverage will decrease. While firms’ financial leverage has still a positive relationship with the firm size (SIZE) in the model. As a result, when firm size increases, financial leverage will increase, too. The results showed that models are fit for the research and can be used to predict future findings. It is also useful for enterprises, financial advisors, investors, as well as the financial managers.

Abstract
1. Introduction
2. Literature Review
    2.1. Fundamental Theories of Firm Financing
    2.2. Empirical Review
3. Research Methodology
    3.1. Research Data
    3.2. Variables and Hypotheses
    3.3. Model Specification
4. Empirical Results and Discussion
5. Conclusions
References

• Chi Dieu Thi NGUYEN(School of Banking and Finance, National Economics University, Vietnam) Corresponding Author
• Hong Thuy Thi DANG(School of Trade and International Economics, National Economics University, Vietnam.)
• Nghi Huu PHAN(School of Banking and Finance, National Economics University, Vietnam.)
• Trang Thuy Thi NGUYEN(Faculty of Mathematics Economics, National Economics University, Vietnam.)