Determinants of Efficiency of Food and Beverage Companies: The Case of Vietnam in the Period of 2009 – 2018

Based on data from 36 listed Vietnamese food and beverage companies in the period of 2009-2018, the authors aim at studying determinants of the efficiency of Vietnamese food and beverage industry. By using regression results and Hausman testing result, the authors found that debt-to-total asset ratio and tangible fixed asset ratio are negatively correlated to return on asset (ROA), while, inventory turnover has a positive impact. Accordingly, the growth rate and receivable turnover's have no impacts on ROA. From the empirical research findings, recommendations were proposed to improve the efficiency of firms in the food and beverage industry in transitional countries such as Vietnam.