The impact of COVID-19 pandemic on the performance of listed companies: An experimental study about listed companies operating in the Mekong Delta
Published: July 22, 2026
Abstract
This study analyzes the changes in the performance of listed companies operating in the Mekong Delta. The study tests theories of capital structure by examining the impact of the COVID-19 pandemic. Data of companies listed on the Hanoi Stock Exchange and Ho Chi Minh City Stock Exchange from 2017 to 2021 is used to test the hypotheses. The study finds out that the leverage has a negative and significant impact on the performance of studied companies. This finding is consistent with trade-off theory and pecking order theory. Although the COVID-19 pandemic negatively affected trade and investment activities in the Mekong Delta, it did not seriously affect the business activities of listed companies in this region. In addition, listed companies in the Mekong Delta tend to use earnings management to reduce the impact of the COVID-19 pandemic and this finding is consistent with agency theory.
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