Does COVID-19 affect small and medium enterprises’ capital structure in vietnam?

Figures & data

Table 1. Fisher-type unit-root test for variables

Variable	Inverse chi-squared(150) P	Inverse normal Z	Inverse logit t(379) L*	Modified inv. chi-squared Pm
lev	0.0000	0.0000	0.0000	0.0000
covid	0.0000	0.0183	0.0005	0.0000
size	0.0000	0.0000	0.0009	0.0000
age	0.0000	0.0183	0.0011	0.0000
tang	0.0000	0.0000	0.0000	0.0000
roa	0.0000	0.0000	0.0000	0.0000
tax	0.0000	0.0000	0.0000	0.0000
gro	0.0000	0.0000	0.0008	0.0000
indus	0.0002	0.0000	0.0000	0.0000
gdp	0.0000	0.0000	0.0000	0.0000
inf	0.0000	0.0000	0.0000	0.0000

Table 2. Descriptive statistics

Variable	Obs	Mean	Std. Dev.	Min	Max
lev	825	0.529	0.363	0.001	0.995
covid	825	0.182	0.386	0.000	1.000
size	825	27.375	3.457	11.227	30.282
age	825	9.252	3.485	5.000	23.000
tang	825	0.726	0.179	0.035	0.995
roa	825	0.290	0.151	0.025	0.589
tax	825	0.148	0.168	0.0001	0.652
gro	825	0.969	0.422	0.014	2.870
indus	825	1.907	0.836	1.000	3.000
gdp	825	0.060	0.011	0.029	0.071
inf	825	0.058	0.048	0.006	0.187

Table 3. Correlation matrix

	lev	size	tang	roa	tax	gro	age	indus	gdp	inf	covid	VIF
lev	1.000
size	−0.218	1.000										1.19
tang	−0.663	0.334	1.000									1.13
roa	0.130	0.035	−0.069	1.000								1.03
tax	0.361	−0.166	−0.393	0.113	1.000							1.09
gro	−0.485	0.229	0.424	0.048	−0.357	1.000						1.04
age	−0.058	−0.047	0.153	−0.072	−0.632	0.068	1.000					1.01
indus	−0.311	0.655	0.218	0.160	−0.094	0.431	−0.130	1.000				1.13
gdp	0.587	−0.022	−0.741	0.046	0.231	−0.162	−0.179	−0.013	1.000			1.28
inf	0.063	0.090	0.031	−0.023	−0.017	−0.077	0.050	−0.034	−0.003	1.000		1.63
covid	0.122	−0.002	−0.161	−0.050	0.054	−0.107	−0.073	0.007	0.159	0.030	1.000	1.51

Table 4. Test of autocorrelation and heteroskedasticity

No.	Test	F-statistic	p-values	H0
1	Wooldridge test for autocorrelation in panel data	311.321	0.000	Reject
2	Breusch-Pagan/Cook-Weisberg test for heteroskedasticity	49.62	0.000	Reject

Table 5. OLS & GMM results

Factor	OLS		GMM
lev	Coef.	P>z	Coef.	P>z
llev			0.469	0.035*
covid	−0.119	0.049*	−0.328	0.036*
size	−0.001	0.693	−0.035	0.117
tang	0.148	0.000***	0.063	0.004**
roa	−0.011	0.004**	−0.127	0.000***
tax	0.318	0.000***	0.864	0.014*
gro	−0.318	0.000***	−0.601	0.001***
age	0.028	0.000***	0.125	0.016*
indus	0.173	0.078	0.551	0.147
gdp	0.707	0.000***	0.621	0.000***
inf	−0.001	0.018*	−0.003	0.015*

Number of instruments = 51

Number of groups = 75

legend: * p<.05; ** p<.01; *** p<.001

Arellano–Bond test for AR(1) in first differences: z = −2.18 Pr > z = 0.029

Arellano–Bond test for AR(2) in first differences: z = −1.08 Pr > z = 0.330

Sargan test of overid. restrictions: chi2(36) = 43.55 Prob > chi2 = 0.181

Hansen test of overid. restrictions: chi2(36) = 39.74 Prob > chi2 = 0.307

Table

	Microenterprise	Small-sized enterprise	Medium-sized enterprise
Agriculture, forestry, aquaculture, industry and construction
Annual average number of employees contributing Social Insurance	No more than 10 employees	No more than 100 employees (compared to no more than 200 employees under Decree 56)	No more than 200 employees (compared to no more than 300 employees under Decree 56)
Total capital Or Total revenue	No more than VND3 billion	No more than VND20 billion	No more than VND100 million
	No more than VND3 billion/year	No more than VND50 billion/year	No more than VND200 billion/year
Trading and Services
Annual average number of employees contributing Social Insurance	No more than 10 employees	No more than 50 employees	No more than 100 employees
Total capital Or Total revenue	No more than VND3 billion	No more than VND50 billion (compared to no more than VND10 billion under Decree 56)	No more than VND100 billion (compared to no more than VND50 billion under Decree 56)
	No more than VND10 billion/year	No more than VND100 billion/year	Not more than 300 billion/year