Debt financing and firm performance: The moderating role of board independence

PHAM, Hanh and NGUYEN, Duy Thanh (2020). Debt financing and firm performance: The moderating role of board independence. Journal of General Management, 45 (3), 141-151.

Pham_DebtFinancingAnd(AM).pdf - Accepted Version
All rights reserved.

Download (418kB) | Preview
Official URL:
Link to published version::


This article investigates the moderating role of board independence in the relationship between debt financing and performance of emerging market firms. We have used an empirical model in which the firm’s accounting profitability is a dependent variable and the independent variables are debt financing, board independence, the interaction variable made of debt financing and board independence as well as various control variables. Our analysis is based on a panel data set of 300 listed firms in Vietnam between 2013 and 2017. Our study finds that debt financing has a significantly negative effect and that board independence reduces the adverse impact of debt financing on accounting profitability. Our results are consistent across different estimation models and methods.

Item Type: Article
Uncontrolled Keywords: Business & Management; 1503 Business and Management
Identification Number:
Page Range: 141-151
SWORD Depositor: Symplectic Elements
Depositing User: Symplectic Elements
Date Deposited: 27 Apr 2020 13:53
Last Modified: 18 Mar 2021 01:07

Actions (login required)

View Item View Item


Downloads per month over past year

View more statistics