{"id":"https://openalex.org/W7204864309","doi":"https://doi.org/10.18488/29.v13i3.5136","title":"Maturity mismatch, interest-bearing leverage, and short-term financial vulnerability: Evidence from Vietnam\u2019s listed electricity firms","display_name":"Maturity mismatch, interest-bearing leverage, and short-term financial vulnerability: Evidence from Vietnam\u2019s listed electricity firms","publication_year":2026,"publication_date":"2026-08-31","ids":{"openalex":"https://openalex.org/W7204864309","doi":"https://doi.org/10.18488/29.v13i3.5136"},"language":"en","primary_location":{"id":"doi:10.18488/29.v13i3.5136","doi":"https://doi.org/10.18488/29.v13i3.5136","is_oa":true,"landing_page_url":"https://doi.org/10.18488/29.v13i3.5136","pdf_url":"https://archive.conscientiabeam.com/index.php/29/article/download/5136/9422","source":{"id":"https://openalex.org/S4210189864","display_name":"The Economics and Finance Letters","issn_l":"2312-430X","issn":["2312-430X","2312-6310"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["poland-20","russia-white-list-4"],"host_organization":"https://openalex.org/P4361074916","host_organization_name":"Conscientia Beam","host_organization_lineage":["https://openalex.org/P4361074916"],"host_organization_lineage_names":["Conscientia Beam"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Economics and Finance Letters","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://archive.conscientiabeam.com/index.php/29/article/download/5136/9422","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5119133470","display_name":"Pham Thi Hong Nhung","orcid":"https://orcid.org/0009-0001-4720-7215","observed_orcids":["https://orcid.org/0009-0001-4720-7215"]},"institutions":[{"id":"https://openalex.org/I182526193","display_name":"Thuyloi University","ror":"https://ror.org/04afshy24","country_code":"VN","type":"education","lineage":["https://openalex.org/I182526193"]}],"countries":["VN"],"is_corresponding":false,"raw_author_name":"Pham Thi Hong Nhung","raw_affiliation_strings":["Thuyloi University, Vietnam"],"raw_orcid":"https://orcid.org/0009-0001-4720-7215","affiliations":[{"raw_affiliation_string":"Thuyloi University, Vietnam","institution_ids":["https://openalex.org/I182526193"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5108031052","display_name":"Anh-Tu Nguyen","orcid":"https://orcid.org/0000-0001-6702-7708","observed_orcids":["https://orcid.org/0000-0001-6702-7708","https://orcid.org/0009-0008-0265-9681"]},"institutions":[{"id":"https://openalex.org/I4210091958","display_name":"Hanoi Open University","ror":"https://ror.org/00gjkwr85","country_code":"VN","type":"education","lineage":["https://openalex.org/I4210091958"]}],"countries":["VN"],"is_corresponding":false,"raw_author_name":"Nguyen Anh Tu","raw_affiliation_strings":["Hanoi Open University, Vietnam"],"raw_orcid":"https://orcid.org/0009-0008-0265-9681","affiliations":[{"raw_affiliation_string":"Hanoi Open University, Vietnam","institution_ids":["https://openalex.org/I4210091958"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5039039779","display_name":"Bui Thi Ngoc","orcid":"https://orcid.org/0000-0001-6119-5671","observed_orcids":["https://orcid.org/0000-0001-6119-5671"]},"institutions":[{"id":"https://openalex.org/I182526193","display_name":"Thuyloi University","ror":"https://ror.org/04afshy24","country_code":"VN","type":"education","lineage":["https://openalex.org/I182526193"]}],"countries":["VN"],"is_corresponding":false,"raw_author_name":"Bui Thi Ngoc","raw_affiliation_strings":["Thuyloi University, Vietnam"],"raw_orcid":"https://orcid.org/0000-0001-6119-5671","affiliations":[{"raw_affiliation_string":"Thuyloi University, Vietnam","institution_ids":["https://openalex.org/I182526193"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5036437571","display_name":"Phuong Thanh Le","orcid":"https://orcid.org/0000-0002-1402-878X","observed_orcids":["https://orcid.org/0000-0002-1402-878X"]},"institutions":[{"id":"https://openalex.org/I182526193","display_name":"Thuyloi University","ror":"https://ror.org/04afshy24","country_code":"VN","type":"education","lineage":["https://openalex.org/I182526193"]}],"countries":["VN"],"is_corresponding":false,"raw_author_name":"Le Thanh Phuong","raw_affiliation_strings":["Thuyloi University, Vietnam"],"raw_orcid":"https://orcid.org/0000-0002-1402-878X","affiliations":[{"raw_affiliation_string":"Thuyloi University, Vietnam","institution_ids":["https://openalex.org/I182526193"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5148905246","display_name":"Mai Tuan Anh","orcid":"https://orcid.org/0009-0006-2191-986X","observed_orcids":["https://orcid.org/0009-0006-2191-986X"]},"institutions":[{"id":"https://openalex.org/I4210091958","display_name":"Hanoi Open University","ror":"https://ror.org/00gjkwr85","country_code":"VN","type":"education","lineage":["https://openalex.org/I4210091958"]}],"countries":["VN"],"is_corresponding":false,"raw_author_name":"Mai Tuan Anh","raw_affiliation_strings":["Hanoi Open University, Vietnam"],"raw_orcid":"https://orcid.org/0009-0006-2191-986X","affiliations":[{"raw_affiliation_string":"Hanoi Open University, Vietnam","institution_ids":["https://openalex.org/I4210091958"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"13","issue":"3","first_page":"147","last_page":"164"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.5360999703407288,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.5360999703407288,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.31349998712539673,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11653","display_name":"Financial Distress and Bankruptcy Prediction","score":0.0414000004529953,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/maturity-mismatch","display_name":"maturity mismatch","score":0.9919999837875366},{"id":"https://openalex.org/keywords/current-ratio","display_name":"current ratio","score":0.8790000081062317},{"id":"https://openalex.org/keywords/operating-cash-flow","display_name":"operating cash flow","score":0.9869999885559082},{"id":"https://openalex.org/keywords/z-score","display_name":"Z-score","score":0.5590000152587891}],"concepts":[{"id":"https://openalex.org/C63479239","wikidata":"https://www.wikidata.org/wiki/Q7353546","display_name":"Robustness (evolution)","level":3,"score":0.6177999973297119},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.5950000286102295},{"id":"https://openalex.org/C101433766","wikidata":"https://www.wikidata.org/wiki/Q3543263","display_name":"Maturity (psychological)","level":2,"score":0.588699996471405},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.5835000276565552},{"id":"https://openalex.org/C206658404","wikidata":"https://www.wikidata.org/wiki/Q12725","display_name":"Electricity","level":2,"score":0.5644999742507935},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5202999711036682},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4853000044822693},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.44600000977516174},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4426000118255615},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.44110000133514404},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.4343999922275543},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4291999936103821},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.38280001282691956},{"id":"https://openalex.org/C2777764128","wikidata":"https://www.wikidata.org/wiki/Q189539","display_name":"Loan","level":2,"score":0.37599998712539673},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.35530000925064087},{"id":"https://openalex.org/C135665773","wikidata":"https://www.wikidata.org/wiki/Q2234049","display_name":"Debt ratio","level":3,"score":0.3488999903202057},{"id":"https://openalex.org/C610760","wikidata":"https://www.wikidata.org/wiki/Q1340706","display_name":"Endogeneity","level":2,"score":0.3221000134944916},{"id":"https://openalex.org/C27574286","wikidata":"https://www.wikidata.org/wiki/Q320723","display_name":"Variables","level":2,"score":0.28299999237060547},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.2824999988079071},{"id":"https://openalex.org/C95713431","wikidata":"https://www.wikidata.org/wiki/Q631425","display_name":"Vulnerability (computing)","level":2,"score":0.28110000491142273},{"id":"https://openalex.org/C52272595","wikidata":"https://www.wikidata.org/wiki/Q2210989","display_name":"Current ratio","level":3,"score":0.2736000120639801},{"id":"https://openalex.org/C166819830","wikidata":"https://www.wikidata.org/wiki/Q2025903","display_name":"Operating cash flow","level":3,"score":0.2734000086784363},{"id":"https://openalex.org/C182365436","wikidata":"https://www.wikidata.org/wiki/Q50701","display_name":"Variable (mathematics)","level":2,"score":0.27230000495910645},{"id":"https://openalex.org/C60679458","wikidata":"https://www.wikidata.org/wiki/Q823288","display_name":"Working capital","level":2,"score":0.26919999718666077},{"id":"https://openalex.org/C2778776786","wikidata":"https://www.wikidata.org/wiki/Q1455109","display_name":"External financing","level":3,"score":0.260699987411499},{"id":"https://openalex.org/C74370782","wikidata":"https://www.wikidata.org/wiki/Q722249","display_name":"Operating margin","level":4,"score":0.25600001215934753},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.2556999921798706},{"id":"https://openalex.org/C2780334105","wikidata":"https://www.wikidata.org/wiki/Q9297784","display_name":"Free cash flow","level":3,"score":0.2502000033855438}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.18488/29.v13i3.5136","doi":"https://doi.org/10.18488/29.v13i3.5136","is_oa":true,"landing_page_url":"https://doi.org/10.18488/29.v13i3.5136","pdf_url":"https://archive.conscientiabeam.com/index.php/29/article/download/5136/9422","source":{"id":"https://openalex.org/S4210189864","display_name":"The Economics and Finance Letters","issn_l":"2312-430X","issn":["2312-430X","2312-6310"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["poland-20","russia-white-list-4"],"host_organization":"https://openalex.org/P4361074916","host_organization_name":"Conscientia Beam","host_organization_lineage":["https://openalex.org/P4361074916"],"host_organization_lineage_names":["Conscientia Beam"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Economics and Finance Letters","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.18488/29.v13i3.5136","doi":"https://doi.org/10.18488/29.v13i3.5136","is_oa":true,"landing_page_url":"https://doi.org/10.18488/29.v13i3.5136","pdf_url":"https://archive.conscientiabeam.com/index.php/29/article/download/5136/9422","source":{"id":"https://openalex.org/S4210189864","display_name":"The Economics and Finance Letters","issn_l":"2312-430X","issn":["2312-430X","2312-6310"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["poland-20","russia-white-list-4"],"host_organization":"https://openalex.org/P4361074916","host_organization_name":"Conscientia Beam","host_organization_lineage":["https://openalex.org/P4361074916"],"host_organization_lineage_names":["Conscientia Beam"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Economics and Finance Letters","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Industry, innovation and infrastructure","id":"https://metadata.un.org/sdg/9","score":0.428600013256073},{"display_name":"Affordable and clean energy","id":"https://metadata.un.org/sdg/7","score":0.4000000059604645}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7204864309.pdf","grobid_xml":"https://content.openalex.org/works/W7204864309.grobid-xml"},"referenced_works_count":24,"referenced_works":["https://openalex.org/W1570396618","https://openalex.org/W1975703787","https://openalex.org/W2022220920","https://openalex.org/W2059752150","https://openalex.org/W2069271085","https://openalex.org/W2084310832","https://openalex.org/W2087178224","https://openalex.org/W2099304543","https://openalex.org/W2112352537","https://openalex.org/W2118836230","https://openalex.org/W2118859991","https://openalex.org/W2124532504","https://openalex.org/W2170433190","https://openalex.org/W2318977435","https://openalex.org/W2885297645","https://openalex.org/W2890573938","https://openalex.org/W3021500571","https://openalex.org/W3123115626","https://openalex.org/W3125140669","https://openalex.org/W3137717932","https://openalex.org/W3151550358","https://openalex.org/W4205837033","https://openalex.org/W4295193531","https://openalex.org/W4313406263"],"related_works":["https://openalex.org/W7169780783","https://openalex.org/W2895376335","https://openalex.org/W7216499617","https://openalex.org/W4242066071","https://openalex.org/W4313893273","https://openalex.org/W4238986781","https://openalex.org/W3213674475","https://openalex.org/W3210738822","https://openalex.org/W4391506976","https://openalex.org/W4283801751"],"abstract_inverted_index":{"Listed":[0],"electricity":[1,60,178],"firms":[2,61],"in":[3,10,146,154,176],"Vietnam":[4],"often":[5],"face":[6],"a":[7,101,127],"timing":[8,186],"problem":[9],"financing.":[11],"The":[12,56,90,117,131,158],"assets":[13],"they":[14],"build":[15],"and":[16,46,65,86,109],"operate":[17],"last":[18],"for":[19,93,114],"many":[20],"years,":[21],"but":[22],"part":[23],"of":[24,73,183],"the":[25,97,147,155,169,177,188],"debt":[26,184,190],"used":[27],"to":[28],"finance":[29],"them":[30],"may":[31],"mature":[32],"much":[33],"earlier.":[34],"This":[35],"study":[36],"examines":[37],"whether":[38],"that":[39,120,164],"maturity":[40,122,185],"gap,":[41],"together":[42],"with":[43,52,126,133],"interest-bearing":[44],"leverage":[45,142],"operating":[47,134],"cash":[48,135],"flow,":[49],"is":[50,96,124,137],"associated":[51,125],"short-term":[53,94],"financial":[54,174],"vulnerability.":[55,107],"analysis":[57],"uses":[58],"31":[59],"listed":[62],"on":[63,80],"HOSE":[64],"HNX":[66],"during":[67],"2016\u20132025,":[68],"giving":[69],"an":[70],"unbalanced":[71],"panel":[72],"295":[74],"firm-year":[75],"observations.":[76],"Model":[77],"estimation":[78],"relies":[79],"firm":[81],"fixed":[82],"effects,":[83],"year":[84],"controls,":[85],"clustered":[87],"standard":[88],"errors.":[89],"dependent":[91],"variable":[92],"vulnerability":[95,175],"current":[98,129,170],"ratio;":[99],"accordingly,":[100],"lower":[102,128],"ratio":[103],"explicitly":[104],"indicates":[105],"greater":[106],"Market-based":[108],"book-based":[110],"Z-scores":[111],"are":[112],"applied":[113],"robustness":[115,150],"checks.":[116],"estimates":[118],"show":[119,163],"higher":[121],"mismatch":[123],"ratio.":[130],"interaction":[132],"flow":[136],"not":[138,162],"statistically":[139],"supported.":[140],"Interest-bearing":[141],"appears":[143],"more":[144],"clearly":[145],"two":[148],"Z-score":[149],"models,":[151],"rather":[152],"than":[153],"current-ratio":[156],"models.":[157],"lagged":[159],"specification":[160],"does":[161],"these":[165],"effects":[166],"persist":[167],"beyond":[168],"period.":[171],"Therefore,":[172],"assessing":[173],"sector":[179],"requires":[180],"analytical":[181],"separation":[182],"from":[187],"aggregate":[189],"stock.":[191]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2026-09-02T00:00:00"}
