Table 3 shows results or regression analysis between studied variables and financial performance (ROE). Measurements of capital structure (such as TDA. LDA. SDA) are inversely correlated with statistical significance with ROE for both cares (total simples and SOEs) Firms with higher debt level will have lower profits, because high debt will contribute to increase possibilities or financial exhaustion and bankruptcy of firms. High debt means high agency costs of debt and increased finansial exhaustion expense. statistically negative relationship between managerial ownership (MaOW) and RoE in this study have not been found. Particularly for case of SOEs with TDA model. MaOW is in a significantly negative relationship with ROE. This result indicates that the level or martagerial entrenchment in SoEs is higher than that in enterprises of other types. The managerial entrenchment will increase the conservativeness and the lack flexibility of for firms, and at the same time cause hesitition of investors when making decisions to invest in firms with high level of managerial entrenchment. State ownership (STATE) has a significantly positive relationship with ROE, the level of impoet is not yet high which means that firms with high level of state ownenship will have high Return on Equity ratio. This reflects Vietnamese context in which firms with state ownenhip still receive protection and incentives from the goverment, especially SOEs.