The role of corporate governance in a transitional economy

Vietnam started significant transition policy since 1986 with the introduction of extensive policy of Doi Moi process. The transition from a centrally planned economy toward market-oriented economy has brought some significant results; however Vietnam has until recently stood out as a success story...

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Tác giả chính:	Xuan Vinh Vo
Định dạng:	Journal Article
Ngôn ngữ:	English
Thông tin xuất bản:	Emerald Group Publishing Limited 2017
Chủ đề:	Corporate governance Firm value Shareholder concentration CEO duality Board size, Tobin’s Q
Truy cập trực tuyến:	http://www.emeraldinsight.com/doi/abs/10.1108/S1569-376720150000016007 http://digital.lib.ueh.edu.vn/handle/UEH/56315
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spelling	oai:localhost:UEH-563152017-11-07T01:54:17Z The role of corporate governance in a transitional economy Xuan Vinh Vo Corporate governance Firm value Shareholder concentration CEO duality Board size, Tobin’s Q Vietnam started significant transition policy since 1986 with the introduction of extensive policy of Doi Moi process. The transition from a centrally planned economy toward market-oriented economy has brought some significant results; however Vietnam has until recently stood out as a success story among the transitional economies from a developmental perspective. This requires further investigation of other factors relating to the viability assumption of neoclassical economics. This paper aims to investigate the relationship between corporate governance and firm value in Vietnam, a small and open neo-transitional economy. The result suggests a positive relationship of board size and the value of a firm, but it is not significant. The result also shows a lack of significant negative relationship of other two independent corporate governance variables (shareholder concentration and CEO duality) and the value of a firm. However, to some extent, too high shareholder concentration and CEO duality tend to have negative impacts to the firm value. Other control variables such as price-to-book value ratio and return on total assets have significant and positive impacts on the value of a firm, while the market capitalization has a negative relationship with the value of a firm. 2017-11-03T10:13:51Z 2017-11-03T10:13:51Z 2015 Journal Article 1569-3767 http://www.emeraldinsight.com/doi/abs/10.1108/S1569-376720150000016007 http://digital.lib.ueh.edu.vn/handle/UEH/56315 en International Finance Review Vol. 16 none Portable Document Format (PDF) 149 165 Emerald Group Publishing Limited
institution	Đại học Kinh tế Thành phố Hồ Chí Minh
collection	DSpaceUEH
language	English
topic	Corporate governance Firm value Shareholder concentration CEO duality Board size, Tobin’s Q
spellingShingle	Corporate governance Firm value Shareholder concentration CEO duality Board size, Tobin’s Q Xuan Vinh Vo The role of corporate governance in a transitional economy
description	Vietnam started significant transition policy since 1986 with the introduction of extensive policy of Doi Moi process. The transition from a centrally planned economy toward market-oriented economy has brought some significant results; however Vietnam has until recently stood out as a success story among the transitional economies from a developmental perspective. This requires further investigation of other factors relating to the viability assumption of neoclassical economics. This paper aims to investigate the relationship between corporate governance and firm value in Vietnam, a small and open neo-transitional economy. The result suggests a positive relationship of board size and the value of a firm, but it is not significant. The result also shows a lack of significant negative relationship of other two independent corporate governance variables (shareholder concentration and CEO duality) and the value of a firm. However, to some extent, too high shareholder concentration and CEO duality tend to have negative impacts to the firm value. Other control variables such as price-to-book value ratio and return on total assets have significant and positive impacts on the value of a firm, while the market capitalization has a negative relationship with the value of a firm.
format	Journal Article
author	Xuan Vinh Vo
author_facet	Xuan Vinh Vo
author_sort	Xuan Vinh Vo
title	The role of corporate governance in a transitional economy
title_short	The role of corporate governance in a transitional economy
title_full	The role of corporate governance in a transitional economy
title_fullStr	The role of corporate governance in a transitional economy
title_full_unstemmed	The role of corporate governance in a transitional economy
title_sort	role of corporate governance in a transitional economy
publisher	Emerald Group Publishing Limited
publishDate	2017
url	http://www.emeraldinsight.com/doi/abs/10.1108/S1569-376720150000016007 http://digital.lib.ueh.edu.vn/handle/UEH/56315
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The role of corporate governance in a transitional economy

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