{"id":4383,"date":"2025-03-28T04:37:38","date_gmt":"2025-03-27T20:37:38","guid":{"rendered":"http:\/\/www.gssinst.org\/irer\/?p=4383"},"modified":"2025-11-29T02:37:31","modified_gmt":"2025-11-28T18:37:31","slug":"tax-shields-and-capital-structure-of-real-estate-firms-in-emerging-markets-evidence-from-vietnam","status":"publish","type":"post","link":"https:\/\/www.gssinst.org\/irer\/2025\/03\/28\/tax-shields-and-capital-structure-of-real-estate-firms-in-emerging-markets-evidence-from-vietnam\/","title":{"rendered":"Tax Shields and Capital Structure of Real Estate Firms in Emerging Markets: Evidence from Vietnam"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4383\" class=\"elementor elementor-4383\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6b084dbc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b084dbc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-47d15be8\" data-id=\"47d15be8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-73767d13 elementor-widget elementor-widget-text-editor\" data-id=\"73767d13\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><div class=\"article_label\">Article<\/div><p class=\"article_title\">Tax Shields and Capital Structure of Real Estate Firms in Emerging Markets: Evidence from Vietnam<\/p><div><p class=\"title_label_large\">Author<\/p><p class=\"title_label_large\">Start Page \/ End Page<\/p><p class=\"title_label\">Volume<\/p><p class=\"title_label\">Issue Number<\/p><p class=\"title_label\">Year<\/p><p class=\"title_label_large\">Publication<\/p><\/div><div><p><!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p><p class=\"title_text_large\">Thi Lam Anh Nguyen, Ngoc Anh Bui<\/p><p class=\"title_text_large\">91 \/ 115<\/p><p class=\"title_text\">28<\/p><p class=\"title_text\">1<\/p><p class=\"title_text\">2025<\/p><p class=\"title_text_large\">International Real Estate Review<\/p><\/div><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Abstract<\/p><p>This study examines the impacts of tax shields on the capital structure of real estate companies in an emerging country \u2013 the case of Vietnam. The research data includes 58 real estate enterprises listed on the Ho Chi Minh Stock Exchange (HOSE) from 2019 to 2023. The impact is estimated by using the feasible generalized least squares model. The results show that a non-debt tax shield is negatively correlated with capital structure, while the debt tax shield has no significant impact. In other words, the non-debt tax shield dominates the debt tax shield in shaping capital structure decisions for real estate companies. Additionally, we find the intensifying impact of the COVID-19 pandemic on the relationship between non-debt tax shield and capital structure.<\/p><p>\u00a0<\/p><p><!-- PDF DownloadLink --><\/p><p class=\"download\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2025\/03\/5-MS24072901-Tax-shields-and-capital-structure-Nguyen.pdf\" target=\"_blank\"><strong>View PDF -https:\/\/doi.org\/10.53383\/100399<\/strong><\/a><\/p><div class=\"empty\">\u00a0<\/div><div>\u00a0<\/div><div><p class=\"abstract_label\">Keywords<\/p><p>Tax shield, Capital structure, Real estate firms, COVID-19, Vietnam<\/p><\/div><div>\u00a0<\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Article Tax Shields and Capital Structure of Real Estate Firms in Emerging Markets: Evidence from Vietnam Author Start Page \/&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"article-template.php","format":"standard","meta":[],"categories":[276,275],"tags":[],"_links":{"self":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/4383"}],"collection":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/comments?post=4383"}],"version-history":[{"count":4,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/4383\/revisions"}],"predecessor-version":[{"id":4609,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/4383\/revisions\/4609"}],"wp:attachment":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/media?parent=4383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/categories?post=4383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/tags?post=4383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}