Bài báo khoa học

Distinguishing the signifcance of business environments for technical small and medium-sized enterprises (SMEs), this study examines the connection between business environments, GDP growth, and SMEs’ fnancing choices in Vietnam. The study considered the agency theory as a theoretical base to explain how information asymmetry between SMEs and lenders infuences SMEs’ fnancing choices and encompasses the efects on business environment and GDP growth of Vietnam. For this binary logistic regression, text is applied. Global Entrepreneurship Monitor and World Bank data were analyzed. The fndings of the study are robust and showed that SME fnancing (e.g., formal and informal) under the fnancial infrastructure and tax regulation may enhance formal credit choice and reduce informal credit choice. This enhances the depth in the business environment of technical SMEs and found signifcant efects on GDP growth. For the frst time, this research examines the impact of information asymmetry and agency theory on restaurant fnancing choices. The research has signifcance for industry practitioners and governments interested in SMEs’ fnancial viability. On the recent topicality, study also presents policy implications for key stakeholders.