Capital Structure, Financial Risk, and Operational Efficiency: Evidence of Firms in the Food and Beverage Industry Listed on the Vietnam Stock Market

The study analyzes the impact of capital structure, financial risk, and other factors on the performance of food and beverage firms listed on the Vietnam stock market in 2011 and 2020. We use data in the financial statements of 41 food and beverage firms listed on the Ho Chi Minh Stock Exchange and the Hanoi Stock Exchange from 2011 to 2020 in the FiinPro Database. The S-GMM regression method was used to analyze the influence of capital period structure, financial risk, and other factors on the performance of listed food and beverage firms. The results show that the lagged variables of operational efficiency and capital structure have a positive impact, but financial risks have a negative impact on the performance of listed food and beverage firms. Furthermore, the study proposes some policy implications on building capital structure and building financial risk management processes, contributing to improving the performance of Vietnamese food and beverage enterprises.