List of Managers and Consultants Who Participated in the Survey

Table 6: Regression coefficient results of capital structure on business efficiency on quantiles

Percentile

Variable

Dependent variable ROE

Dependent variable Tobin's Q

q10

Lev

-0.000

(-0.00)

0.800*** (22.54)

q20

Lev

0.013

(0.46)

0.690*** (13.25)

q30

Lev

0.13

(0.54)

0.635*** (13.16)

q40

Lev

0.016

(0.50)

0.597***

(10.62)

q50

Lev

0.035

(0.81)

0.484***

(8.13)

q60

Lev

0.043

(0.94)

0.375***

(5.49)

q70

Lev

0.046

(1.15)

0.300** (4.28)

q80

Lev

0.040

(0.71)

0.129* (1.69)

q90

Lev

-0.035

(-0.58)

-0.180**

(-2.32)

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Note: *; **; *** represent statistical significance levels of 10%, 5% and 1%, respectively. The coefficients in parentheses represent t-statistical values.

Source: Synthesized from results on Stata software

Similar to the panel regression model, the results from the quantile regression model do not show a statistically significant relationship between capital structure and return on equity ROE during the crisis period. However, the regression coefficient of the LEV Tobin's Q variable in Table 6 shows that the impact of capital structure on the market price index Tobin's Q is different across quantiles. The results show that debt has a positive impact on the market value of enterprises at most quantiles from q10 to q80 and only shows an opposite impact at the highest quantile, q90. Thus, during the economic crisis period, for the majority of listed joint stock companies, the use of debt will create a better signal to the market. Only a small portion of enterprises with higher market values will have debt showing a negative impact trend.

APPENDIX 2: LIST OF MANAGERS AND CONSULTANTS PARTICIPATING IN THE SURVEY

STT

Company/organization name	Name of respondent
1	Viet Nhat Medical Equipment Joint Stock Company	Dang Thi Ha Giang
2	Amaccao Group Joint Stock Company	Do Thanh Binh
3	Face Advertising and Service Joint Stock Company yellow sky	Nguyen Thi Thanh Huyen
4	An Sinh Joint Stock Company	Vu Minh Duc
5	National Production and Trading Joint Stock Company Le Hung Economic	Le Nguyen Tai
6	Trading and Transport Joint Stock Company Oriental Sea	Tran Quang Toan
7	Industrial Development Investment Joint Stock Company Electronics and Telecommunications Technology	Nguyen Hoang Minh
8	OES Online Training Joint Stock Company	Nguyen Duc Binh
9	Hai Phat Construction Joint Stock Company	Nguyen Minh Chau
10	VSK Energy Joint Stock Company	Do Hong Lien
11	Vung Tau Clean House Joint Stock Company	Pham Thi Hao
12	Global Express Vietnam Joint Stock Company	Chu Van Anh
13	Industrial group Trung joint stock company Vietnamese	Nguyen Van Minh
14	Son La Pharmaceutical Joint Stock Company 2	Tran Thi Lan
15	Vicem Hai Phong Packaging Joint Stock Company	Pham Thi Thuy
16	VIPCO Petroleum Transport Joint Stock Company	Le Duc Binh
17	Construction Investment Development Joint Stock Company Vietnam	Ngo Thi Phuong
18	Amaccao Joint Stock Company – Ha Nam	Nguyen Thi Nghia
19	Postal Consulting Joint Stock Company	Le Thi Luu
20	Vietnam Airlines Corporation	Tran Thi Binh Minh
21	Suntex Vietnam Paint Joint Stock Company	Nguyen Thi Hao
22	Moji Vietnam Joint Stock Company	Le Quang Huy

Moji Vietnam Joint Stock Company	Nguyen Ngoc Huyen
24	Moji Vietnam Joint Stock Company	Dinh Hoai Thu
25	Dai Tran Gia Joint Stock Company	Nguyen Quang Thang
26	Smart Traffic Joint Stock Company Vietnamese	Hoang Dinh Dai
27	Software Solutions Joint Stock Company Xtel Integrated Solutions	Nguyen Quang Hung
28	Tan Investment and Technology Joint Stock Company Hoang Minh Phat	Vo Ngoc Khanh
29	Tan Investment and Technology Joint Stock Company Hoang Minh Phat	Nguyen Duc Binh
30	ICP Investment and Technology Joint Stock Company Vietnam	Bui Kien
31	ICP Investment and Technology Joint Stock Company Vietnam	Nguyen Thuy Anh
32	NORRED Project funded by the World Bank	Trinh Thi Hang
33	University of Commerce	Dr. Nguyen Thi Minh Hanh
34	University of Commerce	Dr. Pham Tuan Anh
35	University of Commerce	Dr. Nguyen Thanh Huyen
36	General Department of Taxation	Toan Thi Na
37	Ministry of Finance	Nguyen Thi Ngoc Ha
38	AFC Thang Long Company Limited	Le Thi Hien
39	Foreign Trade University	Dr. Bui Thu Hien
40	Foreign Trade University	Dr. Nguyen Thuy Anh
41	Foreign Trade University	Assoc.Prof.Dr. Tran Thi Kim Anh
42	Foreign Trade University	Dr. Tran Tu Uyen
43	Banking Academy	Dr. Truong Thi Thuy Duong
44	Academy of Finance	Dr. Nguyen Thu Thuy
45	An Viet Auditing Company Limited	Doan Thu Hang
46	Institute of International Economics and Trade	Nguyen Thi Hoa
47	State Audit	Nguyen Dang Khoa
48	Institute of Financial Strategy and Policy	To Kim Hue

APPENDIX 3: SURVEY FORM ON CAPITAL STRUCTURE IN JOINT STOCK COMPANIES

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF COMMERCE

---------

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

--------o0o--------

SURVEY FORM

ON CAPITAL STRUCTURE IN ENTERPRISES

Belongs to the research topic " The impact of capital structure on business performance of joint stock companies listed on the Vietnamese stock market"

Introduction

My name is Tran Thi Phuong Thao, currently a PhD student of course 27B - majoring in Business Administration, University of Commerce.

I am conducting a research project with the topic " The impact of capital structure on business performance of joint stock companies listed on the Vietnamese stock market ". In order for the research to be objective and accurate, the research results can be useful for proposing solutions to improve and enhance business performance in joint stock companies listed on the Vietnamese stock market, I respectfully request that you, the leaders and managers in enterprises, the leaders and managers working in state management agencies and experts from academies and universities, participate in the research by answering the questions in this survey.

I pledge that the information will only be used for research purposes and will not disclose my identity, internal business information, or use the results for commercial purposes.

For any questions related to this research topic, please contact:

Tran Thi Phuong Thao – Email: thaottp@ftu.edu.vn Phone: 0936447452 Sincerely thank you!

GENERAL INFORMATION

Unit name:……………… …………………………………………………. Address:…………………………… ………………………………….......... Name of respondent to the survey:……………… …………………………… Current position:……………………………….……………………………. SURVEY CONTENT

Group 1: General issues on capital structure in enterprises

1. According to you, which department in the enterprise is responsible for capital structure decisions?

Board of Directors

1
Board of Directors	2
Chief Financial Officer	3
Accounting Department	4
Other department (specify):	5

2. From which of the following channels do you get your knowledge about capital structure? (You can choose multiple options)

Self-study and research

1
Studied in undergraduate/graduate training program	2
Participate in training and seminars	3
Through the media	4
Other information channels (please specify):	5

3. What factors affect the capital structure decision in a business (you can choose more than one factor) and rate the importance of each factor. (1- Very little important, 5- Very important)

STT

Influencing factors	Importance (Score)
	Internal factors of the business
1	Business size	1	2	3	4	5
2	Business profitability	1	2	3	4	5
3	Ability to pay	1	2	3	4	5
4	Dividend Payout Ratio	1	2	3	4	5
5	Business leaders' perspective	1	2	3	4	5
6	Industry characteristics	1	2	3	4	5
	Factors outside the business
7	State economic policy	1	2	3	4	5
8	Development of capital markets	1	2	3	4	5
9	Loan interest rate	1	2	3	4	5

4. What is your general assessment of the effectiveness of capital structure decisions in enterprises? (1-Very ineffective, 5- Very effective)

Very ineffective

1
Inefficient	2
Normal	3
Effective	4
Very effective	5

5. Please indicate the priority level in using the following capital sources in the enterprise? (1- Very unprioritized, 5- Very prioritized)

STT

Sources of capital	Priority level (Score)
1	Retained earnings	1	2	3	4	5
2	Additional capital contributed by existing shareholders	1	2	3	4	5
3	Issuing shares to outside shareholders	1	2	3	4	5
4	Long-term loans	1	2	3	4	5
5	Short term loans	1	2	3	4	5
6	Loans from informal sources	1	2	3	4	5
7	Liabilities in Payment	1	2	3	4	5
8	Bond issuance	1	2	3	4	5
9	Issuance of convertible bonds	1	2	3	4	5
10	Finance lease	1	2	3	4	5
11	Other sources (specify):	1	2	3	4	5