STATE BANK OF VIETNAM MINISTRY OF EDUCATION & TRAINING HO CHI MINH UNIVERSITY OF BANKING ********************* Vo Minh Tin THE IMPACT OF CAPITAL STRUCTURE ON FIRM PERFORMANCE: EVIDENCE FROM RETAIL COMPANIES ON THE VIETNAM STOCK MARKET GRADUATION THESIS Major: BANKING AND FINANCE CODE: 7 34 02 01 HO CHI MINH CITY- 2023 STATE BANK OF VIETNAM MINISTRY OF EDUCATION & TRAINING HO CHI MINH UNIVERSITY OF BANKING ********************* GRADUATION THESIS MAJOR: BANKING AND FINANCE CODE: 73 4 02 01 THE IMPACT OF CAPITAL STRUCTURE ON FIRM PERFORMANCE: EVIDENCE FROM RETAIL COMPANIES ON THE VIETNAM STOCK MARKET VO MINH TIN STUDENT CODE:050606180340 HQ6-GE04 Supervisor: Dr NGUYEN THI NHU QUYNH HO CHI MINH CITY- 2023 iii ABSTRACT The thesis titled "The impact of capital structure on firm performance: Evidence from retail companies on the Vietnam stock market" is based on previous research related to capital structure and other factors affecting firm performance. The scope of the study is 25 Vietnamese retail companies in the period 2015-2022. The research aims to examine the relationship between capital structure and firm performance in the retail industry in Vietnam and provide evidence on the impact of capital structure on the development and success of companies in this sector. The research topic utilizes multivariate regression models to analyze the impact of various independent variables on the efficiency of business operations. The dependent variable in the models is the return on assets (ROA), and the independent variables include capital structure (CS), liquidity (LIQ), firm size (Size), tangible assets (Tang), business growth (GROW), economic growth (GDP), and inflation rate (INF). The regression models used in the study include Pooled-OLS, Fixed Effects Model (FEM), Random Effects Model (REM), Feasible Generalized Least Squares (FGLS), and System Generalized Method of Moments (S-GMM). Along with the models already mentioned, statistical tests were used to determine a comprehensive and statistically significant model.The estimation results of the models indicate that the variables CS, SIZE, LIQ, and GDP positively impact business efficiency. In contrast, the variables Tang and INF have a negative impact. Furthermore, the variable GROW does not show statistical significance in the study. Based on the research results, the study contributes to providing suggestions and policy implications for retail companies to enhance business efficiency. Keywords: Capital structure, Firm performance, S-GMM, Retail companies, Vietnam Stock market.