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研究生:武宏心
研究生(外文):VO HONG TAM
論文名稱:THE RELATIONSHIP BETWEEN CORPORATE STRATEGY, CAPITAL STRUCTURE AND FIRM PERFORMANCE: An Empirical study of the listed companies in Vietnam
論文名稱(外文):THE RELATIONSHIP BETWEEN CORPORATE STRATEGY, CAPITAL STRUCTURE AND FIRM PERFORMANCE: An Empirical study of the listed companies in Vietnam
指導教授:蘇吉祥蘇吉祥引用關係
指導教授(外文):Gi-Shian Su
學位類別:碩士
校院名稱:南台科技大學
系所名稱:企業管理系
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2010
畢業學年度:98
語文別:英文
論文頁數:71
中文關鍵詞:Corporate strategyCapital structureFirm performanceCorporate strategyCapital structureFirm performance
外文關鍵詞:Corporate strategyCapital structureFirm performanceCorporate strategyCapital structureFirm performanceCorporate strategyCapital structureFirm performance
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The relationship impairs between corporate strategy and firm performance or capital structure and firm performance have been presenting so deeply in the literature of finance. However, all most studies have ever carry out the co-affect of corporate strategy and capital structure on firm performance. In this research, using a sample from the listed companies in Vietnam and multiple linear regression technique, the author tests the relationship between corporate strategy and firm performance and the relationship between capital structure and firm performance. Moreover, the co-affect of corporate strategy and capital structure on firm performance is examined in this study. Results indicate that a significant variance in firm performance is explained by these variables. The finding of this research provides managers a basis to evaluate their firms’ strategic orientation in relation to its impact on firm performance
The relationship impairs between corporate strategy and firm performance or capital structure and firm performance have been presenting so deeply in the literature of finance. However, all most studies have ever carry out the co-affect of corporate strategy and capital structure on firm performance. In this research, using a sample from the listed companies in Vietnam and multiple linear regression technique, the author tests the relationship between corporate strategy and firm performance and the relationship between capital structure and firm performance. Moreover, the co-affect of corporate strategy and capital structure on firm performance is examined in this study. Results indicate that a significant variance in firm performance is explained by these variables. The finding of this research provides managers a basis to evaluate their firms’ strategic orientation in relation to its impact on firm performance
Acknowledgements I
Abstract II
Table of contents III
Tables and figures VI
CHAPTER 1: INTRODUCTION 1
1.1 Background 1
1.2 Purpose of the study 4
1.3 Research questions 5
1.4 Structure of the study 5
CHAPTER 2: LITERATURE REVIEW 7
2.1 Corporate strategy 7
2.1.1 Strategy - Definitional Issues 9
2.1.2 Sub-domains of Strategy 9
2.1.3 Hierarchical Levels of Strategy 10
2.2 Definition of Variables 11
2.2.1 The Corporate Strategy variable 12
2.2.2 The Capital Structure Variable 16
2.2.3 The Firm Performance variable 20
2.2.4 The Relationships among the three variables 22
Summary 23
CHAPTER 3: RESEARCH DESIGN AND METHODOLOGY 24
3.1 Measuring variables 24
3.1.1 Measuring Corporate Strategy 24
3.1.2 Measuring the Capital Structure 25
3.1.3 Measuring Firm Performance 25
3.1.4 Measuring Control Variable 25
3.2 Developing Hypotheses 25
3.2.1 Interaction between Dimensions of Corporate Strategy 25
3.2.2 Corporate Strategy and Firm Performance (Return on Equity) 27
3.2.3 Corporate Strategy and Firm Performance (Free cash flow per share) 27
3.2.4 Capital Structure and Firm Performance 28
3.2.5 Corporate strategy, Capital structure and firm performance 29
3.2.6 Control Variable Hypotheses 30
3.3 Research Design 31
3.4 Testing the Assumptions of the regression models 32
Summary 32
CHAPTER 4: ANALYSES AND FINDING 34
Introduction 34
4.1 Sample Selection Criteria and Data Collection 34
4.2 Measuring the Variables 34
4.3 Statistical Analyses 35
4.3.1 Correlation Analysis: 35
4.3.2 Hypotheses Testing: Results of Regression Analysis 37
4.4 The summary Empirical Model 45
Summary 46
CHAPTER 5: DISCUSSION AND IMPLICATIONS 47
Introduction 47
5.1 Summary of the results 47
5.2 Discussion 48
5.3 Implications on Firm Management: Conceptual Issues 50
5.4 Limitations 51
5.5 Conclusion 51
Summary 52
References 53
APPENDIX 58

Tables and figures
Table 4.1: Correlations p36
Table 4.2: Anova for equation 3.2 p38
Table 4.3: Model Summary for equation 3.2 p38
Table 4.4: Coefficients for equation 3.2 p38
Table 4.5: Anova for equation 3.3 p39
Table 4.6: Model Summary for equation 3.3 p39
Table 4.7: Coefficients for equation 3.3 p40
Table 4.8: Anova for equation 3.4 p41
Table 4.9: Model Summary for equation3.4 p41
Table 4.10: Coefficients for equation 3.4 p41
Table 4.11: Anova for equation 3.5 p42
Table 4.12: Model Summary for equation 3.5 p43
Table 4.13: Coefficients for equation 3.5 p43
Table 4.14: Anova for equation 3.6 p44
Table 4.15: Model Summary for equation 3.6 p44
Table 4.16: Coefficients for equation 3.6 p44
Figure 3.1: The hypothesized empirical model p30
Figure 4.1: The proposed empirical model p46
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