Issue: Số 26 - Tháng 9 - 2026Tài chính - Ngân hàng - Bảo hiểm
The impact of financial factors on the profitability of listed companies: Empirical evidence from Vietnam during 2021 - 2025
Published: October 16, 2026
Abstract
This study examines the effects of firm-specific financial factors on the profitability of 610 listed non-financial companies in Vietnam during the 2021 - 2025 period, comprising 3,032 observations. Panel-Corrected Standard Errors (PCSE) regression is employed to address heteroskedasticity and autocorrelation. The results show that firm size and working capital management have significant positive effects on profitability, as measured by ROE and EPS, at the 1% significance level. In contrast, financial leverage and liquidity have significant negative effects at the 1% level. Asset utilization efficiency has a positive but statistically insignificant relationship with profitability. Based on these findings, the study proposes measures to help firms optimize capital structure, improve working capital management, and control financial risks.
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