Issue: Số 18 - Tháng 6 - 2026Tài chính - Ngân hàng - Bảo hiểm
Capital structure and the value of Vietnamese real estate firms: The moderating role of agency costs
Published: July 20, 2026
doi:10.62831/nckh.2026.609.v1
Abstract
This study examines the effect of capital structure on the value of Vietnamese real estate firms and investigates the moderating role of agency costs in this relationship. Based on data from firms listed on the Ho Chi Minh Stock Exchange during the 2015–2024 period and using the system generalized method of moments regression technique, the empirical results show that both capital structure and agency costs have direct negative effects on firm value. However, the study finds important evidence that agency costs play a moderating role by reducing the negative effects of leverage on firm value. The findings suggest that real estate managers should optimize capital structure while improving governance quality and transparency to enhance firm value under volatile market conditions.
Keywords
capital structureagency costsfirm valuereal estate
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