The impact of debt structure on financial performance: evidence from listed transportation firms
Email:
yendth_ph@utc.edu.vn
Từ khóa:
Debt structure, capital structure, financial performance, transportation firms.
Tóm tắt
The transportation sector is a key pillar of economic activity, both supporting broader development and remaining highly responsive to shifts in the macroeconomic environment and the pressures associated with deeper international integration. Examining the relationship between debt structure and financial performance in transportation firms is essential in understanding the challenges and guiding financial management in the context of an emerging economy. This study focuses on analyzing the impact of key indicators related to debt structure, including the ratio of short-term debt to total debt (SDR), the ratio of long-term debt to total debt (LDR), and the total debt to total assets ratio (TDR), on financial performance metrics such as earnings per share (EPS), return on equity, and return on assets. The research data was collected from 99 listed transportation firms between 2019 and 2023 and analyzed using fuzzy-set Qualitative Comparative Analysis. The findings indicate that higher levels of SDR are associated with configurations linked to stronger financial performance, suggesting that the use of short-term debt may be conducive to improved performance in the short run. However, the simultaneous presence of LDR and TDR shows varying impacts, indicating that when the ratio of long-term debt or total debt exceeds a reasonable threshold, it can lead to increased financial costs and risks, ultimately degrading financial performance. Therefore, this study offers practical implications for developing appropriate debt management strategies to ensure sustainable growth and financial stability for Vietnamese listed transportation firms.Tài liệu tham khảo
[1] J. P. H. Fan, S. Titman, G. Twite, An International Comparison of Capital Structure and Debt Maturity Choices, Journal of Financial and Quantitative Analysis, 47 (2012) 23-56. https://doi.org/10.1017/S0022109011000597
[2] L. Hedges, I. Olkin, Statistical Methods for Meta-Analysis. Academic Press, FL, 1985.
[3] L. Hedges, J. Vevea, Fixed- and random-effects models in meta-analysis, Psychological Methods, 3 (1998) 486-504. https://doi.org/10.1037/1082-989X.3.4.486
[4] Binh Thi Thanh Dao, Tram Dieu Ngoc Ta, A meta-analysis: capital structure and firm performance, Journal of Economics and Development, 22 (2020) 111-129. https://doi.org/10.1108/JED-12-2019-0072
[5] M. Riaz, S. Jinghong, M. N. Akhtar, Antecedents of capital structure and firm performance: evidence from G-7 countries, Journal of Money and Business, 2 (2022) 29-42. https://doi.org/10.1108/JMB-09-2021-0034
[6] F. Ahmed, M. U. RahmanRehman, M. Imran, A. Dunay, M. B. Hossain, Corporate capital structure effects on corporate performance pursuing a strategy of innovation in manufacturing companies, Heliyon, 10 (2024) e24677. https://doi.org/10.1016/j.heliyon.2024.e24677
[7] Dao Van Thi, Pham Thi Hong Mai, Financial structure and its effects on the financial performance of transport enterprises. https://tapchikinhtetaichinh.vn/cau-truc-tai-chinh-va-nhung-anh-huong-den-hieu-qua-tai-chinh-cua-cac-doanh-nghiep-van-tai-51956.html, 2022, (accessed December 25, 2025).
[8] Nguyen Minh Sang, Nguyen Thi Thien Nga, The Impact of Capital Structure on the Performance of Joint-Stock Commercial Banks in Vietnam. https://thitruongtaichinhtiente.vn/tac-dong-cua-cau-truc-von-den-hieu-qua-hoat-dong-cua-cac-ngan-hang-thuong-mai-co-phan-tai-viet-nam-59320.html, 2023 (accessed December 16, 2025).
[9] Pham Thi Phuong Loan, Phung Thi Cam Tu, The Impact of Capital Structure on the Business Performance of Steel Enterprises. https://tapchikinhtetaichinh.vn/tac-dong-cua-cau-truc-von-den-hieu-qua-hoat-dong-kinh-doanh-cac-doanh-nghiep-thep-52540.html, 2022 (accessed December 22, 2025).
[10] M. C. Jensen, W. H. Meckling, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 3 (1976) 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
[11] A. N. Berger, E. Di Patti, Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and an Application to the Banking Industry, Journal of Banking & Finance, 30 (2006) 1065-1102. https://doi.org/10.1016/j.jbankfin.2005.05.015
[12] A. Kraus,, R. H. Litzenberger, A State-Reference Model of Optimal Financial Leverage, The Journal of Finance, 28 (1973) 911-922. https://doi.org/10.1111/j.1540-6261.1973.tb01415.x
[13] M. Z. Frank, V. K. Goyal, Capital Structure Decisions: Which Factors Are Reliably Important? Financial Management, 38 (2009) 1-37. http://dx.doi.org/10.1111/j.1755-053X.2009.01026.x
[14] S. C. Myers, N. S Majluf, Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have, Journal of Financial Economics, 13 (1984) 187-221. https://doi.org/10.1016/0304-405X(84)90023-0
[15] S. Vătavu, S (2015). The Impact of Capital Structure on Financial Performance in Romanian Listed Companies, Procedia Economics and Finance, 32 (2015) 1314-1322. https://doi.org/10.1016/S2212-5671(15)01508-7
[16] Le Thi Phuong Vy, Phan Thi Bich Nguyet, Capital structure and firm performance: Empirical evidence from a small transition country, Research in International Business and Finance, 42 (2017) 710-726. https://doi.org/10.1016/j.ribaf.2017.07.012
[17] Hung The Dinh, Cuong Duc Pham, The Effect of Capital Structure on Financial Performance of Vietnamese Listing Pharmaceutical Enterprises, The Journal of Asian Finance, Economics and Business, 7 (2020), 329-340. https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.329
[18] R. S. K. Dabi, Nugraha, Disman, M. Sari, Capital structure, financial performance and sustainability of Microfinance Institutions (MFIs) in Ghana, Cogent Economics & Finance, 11 (2023). https://doi.org/10.1080/23322039.2023.2230013
[19] T. N. Tesema, The effect of capital structure on performance: empirical evidence from manufacturing companies in Ethiopia, Cogent Economics & Finance, 12(2024). https://doi.org/10.1080/23322039.2023.2300926
[20] C. C. Ragin, Redesigning social inquiry: Fuzzy sets and beyond, University of Chicago Press, 2008. https://doi.org/10.7208/chicago/9780226702797.001.0001
[21] A. Dakhli, The impact of corporate social responsibility on firm financial performance: does audit quality matter? Journal of Applied Accounting Research, 23 (2022) 950-976. https://doi.org/10.1108/JAAR-06-2021-0150
[22] B. Canbaloglu, O. S. Alp, G. Gurgun, Debt maturity structure and stock price crash risk: The case of Turkiye, Borsa Istanbul Review, 22 (2022) 985-991. https://doi.org/10.1016/j.bir.2022.07.005
[23] N. A. Ramli, H. Latan, G. T. Solovida, Determinants of capital structure and firm financial performance - A PLS-SEM approach: Evidence from Malaysia and Indonesia, The Quarterly Review of Economics and Finance, 71 (2019) 148-160. https://doi.org/10.1016/j.qref.2018.07.001
[24] S. Choi, Climate change exposure and the use of short-term debt, Finance Research Letters, 65 (2024) 105579. https://doi.org/10.1016/j.frl.2024.105579.
[25] Pham Thi Lan Anh, Do Thi Hai Yen, Unpacking the moderating role of corporate governance in the foreign ownership and corporate risk-taking relationship: insights from fsQCA, Cogent Business & Management, 12 (2025). https://doi.org/10.1080/23311975.2025.2468370
[26] H. Karadag, The impact of industry, firm age and education level on financial management performance in small and medium-sized enterprises (SMEs): Evidence from Turkey, Journal of Entrepreneurship in Emerging Economies, 9 (2017) 300-314. https://doi.org/10.1108/JEEE-09-2016-0037
[27] D. Margaritis, M. Psillaki, Capital structure, equity ownership and firm performance, Journal of Banking & Finance, 34 (2010) 621-632. https://doi.org/10.1016/j.jbankfin.2009.08.023
[28] Do Thi Hai Yen, Nguyen Lan Huong, Nguyen Thi Thom, Luu My Linh, Vu Ngoc Anh Thu, Tran Thi Minh Tam, The Impact of Debt Maturity Structure on Financial Performance: Evidence from Listed Industrial Firms in Vietnam. https://tapchi.tueba.edu.vn/wp-content/uploads/2025/04/Do-Thi-Hai-Yen-bai-1.pdf, 2025 (accessed December 14, 2025).
[29] C. Q. Schneider, C. Wagemann, Set-Theoretic Methods for the Social Sciences: A Guide to Qualitative Comparative Analysis, Cambridge University Press, 2012. https://doi.org/10.1017/CBO9781139004244
[2] L. Hedges, I. Olkin, Statistical Methods for Meta-Analysis. Academic Press, FL, 1985.
[3] L. Hedges, J. Vevea, Fixed- and random-effects models in meta-analysis, Psychological Methods, 3 (1998) 486-504. https://doi.org/10.1037/1082-989X.3.4.486
[4] Binh Thi Thanh Dao, Tram Dieu Ngoc Ta, A meta-analysis: capital structure and firm performance, Journal of Economics and Development, 22 (2020) 111-129. https://doi.org/10.1108/JED-12-2019-0072
[5] M. Riaz, S. Jinghong, M. N. Akhtar, Antecedents of capital structure and firm performance: evidence from G-7 countries, Journal of Money and Business, 2 (2022) 29-42. https://doi.org/10.1108/JMB-09-2021-0034
[6] F. Ahmed, M. U. RahmanRehman, M. Imran, A. Dunay, M. B. Hossain, Corporate capital structure effects on corporate performance pursuing a strategy of innovation in manufacturing companies, Heliyon, 10 (2024) e24677. https://doi.org/10.1016/j.heliyon.2024.e24677
[7] Dao Van Thi, Pham Thi Hong Mai, Financial structure and its effects on the financial performance of transport enterprises. https://tapchikinhtetaichinh.vn/cau-truc-tai-chinh-va-nhung-anh-huong-den-hieu-qua-tai-chinh-cua-cac-doanh-nghiep-van-tai-51956.html, 2022, (accessed December 25, 2025).
[8] Nguyen Minh Sang, Nguyen Thi Thien Nga, The Impact of Capital Structure on the Performance of Joint-Stock Commercial Banks in Vietnam. https://thitruongtaichinhtiente.vn/tac-dong-cua-cau-truc-von-den-hieu-qua-hoat-dong-cua-cac-ngan-hang-thuong-mai-co-phan-tai-viet-nam-59320.html, 2023 (accessed December 16, 2025).
[9] Pham Thi Phuong Loan, Phung Thi Cam Tu, The Impact of Capital Structure on the Business Performance of Steel Enterprises. https://tapchikinhtetaichinh.vn/tac-dong-cua-cau-truc-von-den-hieu-qua-hoat-dong-kinh-doanh-cac-doanh-nghiep-thep-52540.html, 2022 (accessed December 22, 2025).
[10] M. C. Jensen, W. H. Meckling, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 3 (1976) 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
[11] A. N. Berger, E. Di Patti, Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and an Application to the Banking Industry, Journal of Banking & Finance, 30 (2006) 1065-1102. https://doi.org/10.1016/j.jbankfin.2005.05.015
[12] A. Kraus,, R. H. Litzenberger, A State-Reference Model of Optimal Financial Leverage, The Journal of Finance, 28 (1973) 911-922. https://doi.org/10.1111/j.1540-6261.1973.tb01415.x
[13] M. Z. Frank, V. K. Goyal, Capital Structure Decisions: Which Factors Are Reliably Important? Financial Management, 38 (2009) 1-37. http://dx.doi.org/10.1111/j.1755-053X.2009.01026.x
[14] S. C. Myers, N. S Majluf, Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have, Journal of Financial Economics, 13 (1984) 187-221. https://doi.org/10.1016/0304-405X(84)90023-0
[15] S. Vătavu, S (2015). The Impact of Capital Structure on Financial Performance in Romanian Listed Companies, Procedia Economics and Finance, 32 (2015) 1314-1322. https://doi.org/10.1016/S2212-5671(15)01508-7
[16] Le Thi Phuong Vy, Phan Thi Bich Nguyet, Capital structure and firm performance: Empirical evidence from a small transition country, Research in International Business and Finance, 42 (2017) 710-726. https://doi.org/10.1016/j.ribaf.2017.07.012
[17] Hung The Dinh, Cuong Duc Pham, The Effect of Capital Structure on Financial Performance of Vietnamese Listing Pharmaceutical Enterprises, The Journal of Asian Finance, Economics and Business, 7 (2020), 329-340. https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.329
[18] R. S. K. Dabi, Nugraha, Disman, M. Sari, Capital structure, financial performance and sustainability of Microfinance Institutions (MFIs) in Ghana, Cogent Economics & Finance, 11 (2023). https://doi.org/10.1080/23322039.2023.2230013
[19] T. N. Tesema, The effect of capital structure on performance: empirical evidence from manufacturing companies in Ethiopia, Cogent Economics & Finance, 12(2024). https://doi.org/10.1080/23322039.2023.2300926
[20] C. C. Ragin, Redesigning social inquiry: Fuzzy sets and beyond, University of Chicago Press, 2008. https://doi.org/10.7208/chicago/9780226702797.001.0001
[21] A. Dakhli, The impact of corporate social responsibility on firm financial performance: does audit quality matter? Journal of Applied Accounting Research, 23 (2022) 950-976. https://doi.org/10.1108/JAAR-06-2021-0150
[22] B. Canbaloglu, O. S. Alp, G. Gurgun, Debt maturity structure and stock price crash risk: The case of Turkiye, Borsa Istanbul Review, 22 (2022) 985-991. https://doi.org/10.1016/j.bir.2022.07.005
[23] N. A. Ramli, H. Latan, G. T. Solovida, Determinants of capital structure and firm financial performance - A PLS-SEM approach: Evidence from Malaysia and Indonesia, The Quarterly Review of Economics and Finance, 71 (2019) 148-160. https://doi.org/10.1016/j.qref.2018.07.001
[24] S. Choi, Climate change exposure and the use of short-term debt, Finance Research Letters, 65 (2024) 105579. https://doi.org/10.1016/j.frl.2024.105579.
[25] Pham Thi Lan Anh, Do Thi Hai Yen, Unpacking the moderating role of corporate governance in the foreign ownership and corporate risk-taking relationship: insights from fsQCA, Cogent Business & Management, 12 (2025). https://doi.org/10.1080/23311975.2025.2468370
[26] H. Karadag, The impact of industry, firm age and education level on financial management performance in small and medium-sized enterprises (SMEs): Evidence from Turkey, Journal of Entrepreneurship in Emerging Economies, 9 (2017) 300-314. https://doi.org/10.1108/JEEE-09-2016-0037
[27] D. Margaritis, M. Psillaki, Capital structure, equity ownership and firm performance, Journal of Banking & Finance, 34 (2010) 621-632. https://doi.org/10.1016/j.jbankfin.2009.08.023
[28] Do Thi Hai Yen, Nguyen Lan Huong, Nguyen Thi Thom, Luu My Linh, Vu Ngoc Anh Thu, Tran Thi Minh Tam, The Impact of Debt Maturity Structure on Financial Performance: Evidence from Listed Industrial Firms in Vietnam. https://tapchi.tueba.edu.vn/wp-content/uploads/2025/04/Do-Thi-Hai-Yen-bai-1.pdf, 2025 (accessed December 14, 2025).
[29] C. Q. Schneider, C. Wagemann, Set-Theoretic Methods for the Social Sciences: A Guide to Qualitative Comparative Analysis, Cambridge University Press, 2012. https://doi.org/10.1017/CBO9781139004244
Tải xuống
Chưa có dữ liệu thống kê
Nhận bài
17/01/2026
Nhận bài sửa
16/03/2026
Chấp nhận đăng
17/03/2026
Xuất bản
15/05/2026
Chuyên mục
Công trình khoa học
Kiểu trích dẫn
Do Thi Hai, Y. (1778778000). The impact of debt structure on financial performance: evidence from listed transportation firms. Tạp Chí Khoa Học Giao Thông Vận Tải, 77(4), 542-555. https://doi.org/10.47869/tcsj.77.4.15
