Abstract

This study investigates the determinants of capital structure in digital technology enterprises listed on the Vietnamese stock market. Drawing on capital structure theories, including the pecking order theory and trade-off theory, the research examines the effects of profitability, liquidity, firm size, asset structure, and growth opportunities on firms’ debt ratios. The empirical analysis is based on a balanced panel dataset of 26 listed digital technology firms over the period 2021–2025, comprising 130 firm-year observations. Using regression analysis conducted with SPSS, the results reveal that profitability and liquidity exert negative and statistically significant effects on the debt ratio, while firm size has a positive and significant impact. In contrast, tangible asset proportion and growth opportunities do not demonstrate statistically significant relationships with capital structure in the sample. The findings provide strong support for the pecking order theory, suggesting that digital technology firms with stronger internal financial capacity tend to rely less on external debt financing. At the same time, the positive effect of firm size indicates that larger firms benefit from improved access to credit markets, consistent with the trade-off framework. These results highlight the distinctive financing behavior of digital technology enterprises, whose asset structures are predominantly intangible. The study contributes empirical evidence from an emerging digital economy context and offers managerial implications for achieving financial sustainability and strategic capital structure decisions.