Financial Capacity for Sustainable Growth of Listed Agricultural Enterprises in Vietnam

  • Authors

    • Tran Thi Lan Academy of Finance, Vietnam
    https://doi.org/10.14419/j0zcv545

    Received date: July 13, 2025

    Accepted date: October 9, 2025

    Published date: January 11, 2026

  • Sustainable Growth; Agricultural Enterprises; Enterprise Size; Profitability; Operating Efficiency; Financial Leverage

  • Abstract

    In the context of Vietnam facing common challenges in both global and domestic economies, achieving sustainable development for businesses has become a pressing concern for managers and investors. This article selects listed companies in the ‎agricultural sector for analysis and evaluation. Agricultural companies are an indispensable part of the farm modernization process, ‎playing the role of a bridge between farmers and the consumer market. However, agrarian companies show low sustainable growth. The ‎difficulty is basically financial problems, especially financial capacity. Based on the sustainable growth models proposed by scientists ‎Higgin (1977) [1] and Van Horne (1987) [2], the article evaluates the impact of financial capacity on the sustainable growth of 23 agricultural ‎companies listed on the Vietnam Stock Exchange, secondary data collection period from 2017 - 2024. By using quantitative modeling ‎research methods of OLS, FEM, REM, and GLS models. There is evidence that financial capacity has a strong impact on the growth of ‎agricultural companies, with a coefficient of determination (R2) of 0.528 in the entire sample. Profitability is an important factor that ‎positively affects the sustainable growth of listed agricultural companies. Meanwhile, the factor of operating efficiency, measured by ‎operating expenses over total sales and service revenue, has a negative impact. The new findings show that the factors of enterprise size, ‎level of financial leverage, investment project portfolio, and payment capacity are not statistically significant for the model. Finally, the paper ‎gives some recommendations for improving the financial capacity associated with the sustainable growth of agricultural companies‎.

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  • How to Cite

    Lan , T. T. . (2026). Financial Capacity for Sustainable Growth of Listed Agricultural Enterprises in Vietnam. International Journal of Accounting and Economics Studies, 13(1), 112-119. https://doi.org/10.14419/j0zcv545