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Determinants of firm’s capital expenditure: Empirical evidence from Vietnam

Article history: Received: September 30, 2019 Received in revised format: November 12 2019 Accepted: November 12, 2019 Available online: November 12, 2019 This research was conducted to investigate the factors affecting the company’s capital expenditure. Data were collected from the firms listed on Ho Chi Minh Stock Exchange (HOSE) over the period of nine years from 2010 to 2018, including the sample of 192 non-financial listed companies. Three statistical approaches were employed to address econometrics issues and to improve the accuracy of the regression coefficients: Random Effects Model (REM), Fixed Effects Model (FEM) and Generalized Method of Moments (GMM). The results show that free cash flows and firm size influenced positively on capital expenditure. By contrast, other factors such as dividend, interest expenses, depreciation and working capital had negative effects on capital expenditure. Based on the research results, some key intuitive recommendations were proposed for managers and investors in order to help them in making decisions. © 2020 by the authors; licensee Growing Science, Canada