In addition to universally observed

In addition to universally observed factors, these studies also research some Vietnam-specific factors. For instance, they consistently prove that state-owned firms (SOEs)have more debt than their private counterparts due to their good relationship with state-owned banks. More interestingly, when “networking” and “social relationship with banks” are included into regression model, rofitability becomes insignificant (Nguyen and Ramachandran 2006). This might imply that some factors are far more important than profitability in helping firms access to bank loans in Vietnam.
Some limitations in these prior studies on Vietnamese capital structure highlight the need for further research. Firstly, most prior work focused on unlisted companies and SMEs. Second, as acknowledged by Nguyen and Ramachandran (2006), the reliability of data employed in previous studies is questionable as financial information was drawn from unaudited statements. Finally, with datasets dating back to 1998-2001 and 2002-2003 for Nguyen and Ramachandran (2006) and Biger et al. (2008) respectively, their findings reflect an outdated context. For instance, during 1998-2003, Vietnam was in the early stages of transition from command to a market economy; it is therefore understandable that distortions in financing activities (i.e social relationships with banks) should have still been dominant. Similarly, as state-owned firms dominated the economy, so close relationships between SOEs and leverage was understandable. However, the question remains whether the subsequent development of stock and bond markets, coupled with the continuing restructuring and equitization of SOEs has altered the nature capital structure in Vietnam enterprises (See 1. Introductionand Table 1 for an overview of how the Vietnamese financial system has developed in recent years).

Results (Vietnamese) 1:

Ngoài các yếu tố quan sát phổ, các nghiên cứu cũng nghiên cứu một số yếu tố đặc trưng cho Việt Nam. Ví dụ, họ luôn chứng minh rằng các công ty thuộc sở hữu nhà nước (nhà) có nhiều khoản nợ hơn của riêng do của mối quan hệ tốt với các ngân hàng nhà nước. Thêm thú vị, khi "mạng" và "mối quan hệ xã hội với các ngân hàng" được đưa vào mô hình hồi quy, rofitability trở nên không đáng kể (Nguyễn và Long năm 2006). Điều này có thể ngụ ý rằng một số yếu tố thêm rất nhiều quan trọng hơn lợi nhuận trong việc giúp đỡ công ty truy cập để vay vốn ngân hàng tại Việt Nam. Some limitations in these prior studies on Vietnamese capital structure highlight the need for further research. Firstly, most prior work focused on unlisted companies and SMEs. Second, as acknowledged by Nguyen and Ramachandran (2006), the reliability of data employed in previous studies is questionable as financial information was drawn from unaudited statements. Finally, with datasets dating back to 1998-2001 and 2002-2003 for Nguyen and Ramachandran (2006) and Biger et al. (2008) respectively, their findings reflect an outdated context. For instance, during 1998-2003, Vietnam was in the early stages of transition from command to a market economy; it is therefore understandable that distortions in financing activities (i.e social relationships with banks) should have still been dominant. Similarly, as state-owned firms dominated the economy, so close relationships between SOEs and leverage was understandable. However, the question remains whether the subsequent development of stock and bond markets, coupled with the continuing restructuring and equitization of SOEs has altered the nature capital structure in Vietnam enterprises (See 1. Introductionand Table 1 for an overview of how the Vietnamese financial system has developed in recent years).