EXAMINING THE MEDIATORY ROLE OF CAPITAL STRUCTURE IN THE RELATIONSHIP BETWEEN PROFIT AND COMPANY VALUE IN THE VIETNAMESE CAPITAL MARKET, 2018 – 2024

Abstract

This study analyzes the relationship between ROA, PER, DER, and PBV of non-financial listed companies on the HOSE from 2018 to 2024, in the context of a capital market experiencing numerous macroeconomic shocks. Using panel data with a model selection based on Hausman, yearly effects, cluster standard errors, endogeneity testing, reverse causality, and bootstrap, the results show that highly profitable or high-growth valued listed companies tend to reduce their debt use. Company value increases with ROA and reasonable leverage levels, while PER does not maintain a stable explanatory role. Notably, the bootstrap test found no evidence of a mediating impact of capital structure, and the results remained consistent after endogeneity treatment. This suggests that the Vietnamese market, during periods of volatility, primarily values ​​fundamental factors directly rather than through leverage transmission mechanisms.