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TABLE 1: SUMMARY OF DEPENDENT AND INDEPENDENT VARIABLES The collected data underwent rigorous analysis
Variable Name Symbol Definition to identify key factors influencing corporate bond
Dependent Variable issuance by listed securities firms in Viet Nam.
Assuming the value of the variable Various statistical techniques were employed,
Corporate bond BONS is 1 if the company issues corporate including descriptive statistics, correlation analysis,
issuance bonds in the year. Otherwise, the and logistic regression, to examine the relationships
value of the variable is 0
Independent Variables between independent variables and the likelihood
of bond issuance. By integrating Python into the
Financial leverage LEV Total Assets/Shareholders' Equity data analysis process, the research team enhanced

Return on equity ROE Net Income after taxes/ workflow efficiency, performed complex analyses,
Shareholders' equity and produced valuable visualizations demonstrating
Scale of assets ASSET Total Assets of the company the study’s methodological rigor and analytical depth.
Cash and cash
equivalent MONEY Cash and cash equivalents Research Model
Annual cash DIVI Annual cash dividend paid Based on previous research models combined
dividend by the company with the business characteristics of listed securities
Control Variable companies in the Viet Nam stock market, and data
GDP growth GDP difference between years collected by the research team, we selected several
in Viet Nam GDP in Viet Nam factors that impact corporate bond issuance. The
Source: Proposed by other independent variables used in our research model
are detailed specifically in Table 1.
affecting bond issuance by securities companies listed on
the Vietnamese stock market from 2015 to 2023. Based on Results
prior analysis, the following hypotheses are proposed: Descriptive statistics
H1: Financial leverage affects corporate bond issuance.
H2: Return on equity (ROE) affects corporate The study uses BONS as the dependent variable,
bond issuance. indicating whether a firm issued bonds. Only 25.3% of firms
H3: Asset size affects corporate bond issuance. did so, showing low issuance activity. Key independent
H4: Cash and cash equivalents affect corporate variables include LEV (avg. 25.6%), ROE (avg. 4.8%,
bond issuance. high variability), ASSET and MONEY (log-transformed,
H5: Annual cash dividend value affects corporate showing wide size and liquidity differences). Most firms
bond issuance. paid no DIVI, though a few paid high amounts. GDP was
H6: Viet Nam’s GDP growth affects corporate stable across the years, used as macroeconomic control.
bond issuance. Overall, the data reflects diverse financial structures and
behaviors among listed securities firms.
Methodology
Logistic Regression
Data for this study were carefully collected from
publicly available financial statements and annual reports The logistic regression model in Table 4 reveals that
of 69 listed securities companies in Viet Nam, covering the intercept is statistically significant (coefficient =
the period from 2015 to 2023. Most securities firms in -14.5595, p < 0.001), indicating a low base probability of
Viet Nam were included, with a few excluded due to bond issuance without other influencing factors. Among
their recent establishment or insufficient data availability. the explanatory variables, GDP, DIVI, and MONEY

FIGURE 1: CONFUSION MATRIX FIGURE 2: ROC CURVE

Source: Author's synthesis and from PYTHON software Source: Author's synthesis and from PYTHON software

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