The paper analyzes the effects of privatization on the performance of firms switching their ownership from state-owned to private-owned ownership. By using difference-indifference with control variables and propensity score matching techniques, this study overcomes some shortcomings in previous studies on the effect of privatization on performance in transition economies such as no control of selection bias and the inadequateness to single out the privatization effect from the concurrent effects of other economic factors. We find that a shift from state or collective ownership to private ownership can consistently enhance the performance of switchers in terms of profitability. This suggests that privatization is an efficient way to improve the financial performance of Vietnamese state-owned enterprises.
This study investigated the impact of board diversity on the financial performance of listed firms on the Vietnamese stock exchange. Four demographic characteristics of board members (gender, nationality, level of education and level of age) were used as the proxies for diversity. The data were analyzed by different methods including Pooled OLS regression, Fixed Effect Model (FEM), Random Effect Model (REM) and Generalized Method of Moments (GMM) using a sample of 482 companies listed in the period from 2015 to 2017. The results showed that the percentages of female members, foreign members and members with post-graduate degrees on the board, were statistically associated with improvement in financial performance. However, there was no evidence that the percentage of members under 45 years old on the board affected the performance of listed firms on the Vietnamese stock exchange.Contribution/ Originality: This study is one of very few to investigate board diversity in Vietnamese listed firms. The results could add to the empirical evidence on board diversity literature and be a useful reference for structuring board composition for listed firms in Vietnam.
Manuscript Type: EmpiricalResearch Question: Using agency and resource dependency insights this paper examines first which type of firm-level antecedents trigger the adoption of OECD-type governance principles by Vietnamese listed firms at IPO. Subsequently this paper investigates whether the adoption of these governance principles leads to higher firm values at IPO and whether stricter governance is related to transparency after IPO.Research Findings: With respect to the antecedents of OECD-type governance in Vietnam this study finds that firms with foreign shareholders and younger firms adopt these governance principles. The adoption of stricter governance principles, especially in terms of strict supervisory board independence, as well as the appointment of directors with multiple director seats are beneficial for firm value at IPO. Governance transparency after IPO is unrelated to a firm's governance characteristics but positively associated with increasing firm size. Theoretical/Academic Implications:The results show that agency insights are applicable in a context of concentrated ownership, low investor protection and weak enforcement, since stricter board independence leads to higher firm value. In addition resource dependence theory explains the choice of directors and provides evidence that boards with better network potential lead to higher firm value in this relationship-based emerging market.Practitioner/Policy Implications: Vietnamese firms benefit from higher value at IPO when they adopt stricter internal governance mechanisms and appoint directors holding multiple board seats. However, to ensure compliance with governance and transparency principles, formal institutional changes related to stricter enforcement of the regulation are of utmost importance.
This study is conducted to assess the impact of using E-learning on students’ learning outcomes through combining models of technology acceptance model (TAM) and an information system success model (D&M model) basing on surveyed data from 294 students using E-learning system in Can Tho university. The main method used to evaluate this impact is structural equation model analysis method (SEM). The empirical results showed that perceived learning outcome is statistically influenced by three factors including learning assistance, community building assistance and perceived motivation. Of which, the community building assistance factor was found to play a strong role of students’ perceived learning outcome. Therefore, building solutions to develop of perceived motivation and community building assistance of the system in order to improve E-learning usage in Can Tho university should be paid attention in the coming time.
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