Bank ties, institutional pressures, and capital structure of Vietnamese SMEs
研究制度压力如何调节银行关系对越南中小企业资本结构的影响，发现正式和非正式制度压力会削弱银行关系的正向作用，且在制度质量较低地区更显著。
Purpose This article studies the moderating effect of institutional pressures on the impact of bank ties on the capital structure of small and medium-size enterprises (SMEs). Design/methodology/approach The study uses an unbalanced longitudinal dataset covering three years—2011, 2013 and 2015—from a project on small manufacturing enterprises in Vietnam. The sample consists of 7,680 firm-year observations. Findings Pressures from formal and informal institutions lessen the positive effect of bank ties on the capital structure of SMEs. These moderating effects are more salient in regions having lower institutional quality. Originality/value Empirically showing how institutional factors can be investigated together with relational factors to explain the capital structure of SMEs in a developing economy. Distinguishing between formal and informal institutional pressures and revealing their indirect effect on SMEs' capital structure through impacting the effect of bank ties.