The impact of capital structure and financial constraints on the financial performance of listed F&B enterprises in Vietnam
Published: October 23, 2026
Abstract
This study examines the effects of capital structure and financial constraints on the financial performance of listed food and beverage (F&B) companies in Vietnam during the 2020 - 2024 period, while also investigating the moderating role of board independence. Panel data from 33 listed Vietnamese F&B enterprises are analyzed using fixed effects and random effects models (FEM and REM). The results indicate that capital structure is the most influential factor, although the direction of its effect varies depending on the analytical perspective. Meanwhile, financial constraints do not exhibit a direct effect, while the moderating effect of board independence remains weak and unstable. The study provides empirical evidence supporting the optimization of capital structure and the mitigation of financial constraints through corporate governance mechanisms.
Keywords
capital structurefinancial constraintsfinancial performancecorporate governance mechanismsboard independence
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