Corporate Ownership and Firm Performance in Emerging Market: A Study of Vietnamese Listed Firms

Phung, Duc Nam; Hoang, Thi Phuong Thao

doi:10.2139/ssrn.2332622

Cited by 20 publications

(30 citation statements)

References 30 publications

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“…Regarding SO, our findings show an inverted U‐shaped relationship between SO and firm performance in the Vietnamese stock market, which is consistent with Phung and Hoang (). It implies that partial privatisation could be an efficient way to improve firm performance in Vietnam.…”

Section: Resultssupporting

confidence: 91%

“…Similarly, in a cross-sectional comparison of more than 2000 firms during 2004-2012, Tran et al (2014) discovered the negative impact of SO on firms' profitability (return on asset (ROA)) and labour productivity (value added per employee). Meanwhile, Phung and Hoang (2013) found that the SO has an inverted U-shaped impact on Tobin's Q and ROA in listed companies on the Vietnamese stock market during 2007-2012.…”

Section: Literature Reviewmentioning

confidence: 99%

“…First, this is among very limited number of studies investigating in detail ownership concentration of Vietnamese companies and its impacts on firm performance. Second, the relationship between SO on firm performance in the context of Vietnam, which was found to be negative by Tran et al (2014) and an inverted U shaped by Phung and Hoang (2013), is re-examined using an updated data set and a more advanced estimation technique. Third, instead of the traditional OLS, Fixed Effects or Instrumental Variables (IV) estimators, this study employs the well-developed system-GMM to control for endogeneity of ownership structure, as well as the dynamic nature of the relationship between ownership structure and firm performance.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Ownership Structure and Firm Performance Improvement: Does it Matter in the Vietnamese Stock Market?

Hoang

Nguyen

2017

J of App Econs and Policy

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This study examines the effects of ownership structure on firm performance of manufacturing companies listed on the Ho Chi Minh Stock Exchange using the system‐GMM estimator. The empirical results show a cubic relationship between managerial ownership and Tobin's Q, that is, positive, negative and positive, meanwhile block ownership has no impact on firm performance. This implies that internal managerial incentives play a more important role than shareholders' external monitoring in improving corporate governance quality. We also found an inverted U‐shaped relationship between state ownership and Tobin's Q, indicating that partial privatisation possibly is an efficient way to improve firm performance.

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Section: Resultssupporting

confidence: 91%

Section: Literature Reviewmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Ownership Structure and Firm Performance Improvement: Does it Matter in the Vietnamese Stock Market?

Hoang

Nguyen

2017

J of App Econs and Policy

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“…Huang et al (2011) also conclude in the context of emerging countries, state‐controlled firms often lack proper monitoring, and their managers are heavily affected by the respective local government; in many cases, managers' decisions are largely controlled by state entities including the party regime, and promotions are based on the loyalty of managers to the government instead of their abilities. However, a few other papers (e.g.,Phung & Hoang, 2013; Sun, Tong, & Tong, 2002) indicate an inverted U‐shaped relation between state ownership and firm performance. State ownership may first contribute to increase the performance of SMEs by its advantages; this means neither a high nor a low government ownership provide a benefit for firm performance (Sun et al, 2002).…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Economic uncertainty, ownership structure and small and medium enterprises performance

Doan

Tran

2020

Australian Economic Papers

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This paper investigates the effect of economic uncertainty on the performance of small and medium enterprises (SMEs) over the period 2007-2016. This paper also examines the effects of ownership structure on the relation between Economic Uncertainty and firm performance. We find that an increase in economic uncertainty is negatively associated with the performance of SMEs. Our results also reveal that increased economic uncertainty is associated with a lower performance level for state-owned SMEs, whereas foreign-owned SMEs can better mitigate the negative impact of on their performance than domestic-owned firms.

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“…Tran et al (2014) found that there is a negative effect of state ownership on firm profitability and labor productivity. Phung and Hoang (2013) stated that ownership has an inverted U-shaped relationship with firm performance, whereas foreign ownership has a U-shaped relationship with firm performance.…”

Section: Introductionmentioning

confidence: 99%

Corporate Restructuring in Vietnam: An Analysis of Asset Restructuring

NGUYEN¹,

TRUNG²,

THANH³

2016

JED-UEH

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Corporate restructuring is likely to be approached from various aspects. In this paper and in the context of Vietnam, it is inspected via asset restructuring. Using both financial and non-financial indicators of 226 listed firms on Hochiminh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) over the 2007-2014 period, this paper investigates: (i) the determinants of corporate restructuring in Vietnam; and (ii) the effects of corporate restructuring on corporate performance. Empirical findings show that: (i) the fact that an enterprise conducts its restructuring plans primarily depends on its performance, and ownership concentration has a negative impact on the process of restructuring; (ii) a board with the presence of outside directors has positive and statistically significant effects on the performance of the firm, and foreign holdings lead to subsequent performance improvement.

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Corporate Ownership and Firm Performance in Emerging Market: A Study of Vietnamese Listed Firms

Cited by 20 publications

References 30 publications

Ownership Structure and Firm Performance Improvement: Does it Matter in the Vietnamese Stock Market?

Ownership Structure and Firm Performance Improvement: Does it Matter in the Vietnamese Stock Market?

Economic uncertainty, ownership structure and small and medium enterprises performance

Corporate Restructuring in Vietnam: An Analysis of Asset Restructuring

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