LAUSR

This paper aims to not only investigate the nature o f financial security and its measurement, but also to compare financial security level in 629 listed companies divided into four different industries (materials, industrials, health care, and consumer goods) before building a theoretical framework and regression models to examine the determi nants of financial security. By gathering 2,167 financ i l statements published in Vietnamese Stock Exchange during eight years from 20 12 to 2019, with the support of STATA, the research re sults indicate that six different internal factors, which are liquidity, profitability, firm size, debt management ratios, asset management r atios, and cash flows, explain 77.7% the change of financial security ratio and 3.4% the chang e in sustainable growth ratio. Specifically, while fi rm size has a positive impact on sustainable growth ratio but a negative impact on fin ancial security ratio, deb management and profitabilit y have an insignificant influence on the financial security level. Furthermore, an increase in asset management ratios would result positively in b oth two dependent variables whereas a rise in sustainable growth and a decline in financia l security ratio are expected to witness if there is an increase in cash flows.