Ownership structure and firm performance: evidence from Vietnamese listed firms
We examine the effect of ownership structure on firm performance, for firms listed on Vietnamese stock exchanges, using 2744 firm-year observations over the period from 2007 to 2012. We find a non-linear relationship between ownership structure and firm performance. State ownership has a convex rela...
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| Định dạng: | Journal Article |
| Ngôn ngữ: | English |
| Thông tin xuất bản: |
John Wiley & Sons, Inc.
2017
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| Truy cập trực tuyến: | http://digital.lib.ueh.edu.vn/handle/UEH/56249 https://doi.org/10.1111/1467-8454.12056 |
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| Tóm tắt: | We examine the effect of ownership structure on firm performance, for firms listed on Vietnamese stock exchanges, using 2744 firm-year observations over the period from 2007 to 2012. We find a non-linear relationship between ownership structure and firm performance. State ownership has a convex relationship with firm performance. This paper finds that firm performance increases beyond 28.67 percent level of state ownership. Foreign ownership has a concave relationship with firm performance. We find that firm performance increases with an increase of foreign ownership up to a level of 43 percent and then decreases. Policy makers should encourage foreign ownership and widely dispersed state ownership in firms, which can help improve firm performance. |
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