State ownership and the relationship between investment and cash flow: the case of Vietnamese listed firms
The article examines the effect of state ownership on the relationship between investment and cash flow in Vietnam, a small transitional economy. Using a sample of companies listed on Vietnam’s stock exchanges, we find that the investment–cash flow relation for both state-owned and non-state-owned f...
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| Định dạng: | Journal Article |
| Ngôn ngữ: | English |
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Taylor and Francis Group
2019
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| Truy cập trực tuyến: | http://digital.lib.ueh.edu.vn/handle/UEH/59280 https://doi.org/10.1080/1540496X.2019.1610874 |
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oai:localhost:UEH-592802021-08-19T03:02:47Z State ownership and the relationship between investment and cash flow: the case of Vietnamese listed firms Thoa T. K. Tu Uyen T. U. Nguyen Relationship between investment and cash flow State ownership Vietnam JEL: G30 G31 G32 The article examines the effect of state ownership on the relationship between investment and cash flow in Vietnam, a small transitional economy. Using a sample of companies listed on Vietnam’s stock exchanges, we find that the investment–cash flow relation for both state-owned and non-state-owned firms is U-shaped. In addition, state-owned companies have higher cash flow sensitivity of investment, which perhaps is due to their socioeconomic and political responsibilities, poor corporate governance, and agency problem. Moreover, the investment of high-growth companies, both with and without state ownership, has lower dependence on internal cash flow. Additionally, low-growth state-owned companies have higher cash flow sensitivity of investment than those without state ownership, suggesting inefficient investment by the former. 2019-09-10T04:14:22Z 2019-09-10T04:14:22Z 2019 Journal Article 1540-496X (Print), 1558-0938 (Online) http://digital.lib.ueh.edu.vn/handle/UEH/59280 https://doi.org/10.1080/1540496X.2019.1610874 en Emerging Markets Finance and Trade Vol. 57, Issue 1 none Portable Document Format (PDF) 175 197 Taylor and Francis Group |
| institution |
Đại học Kinh tế Thành phố Hồ Chí Minh |
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DSpaceUEH |
| language |
English |
| topic |
Relationship between investment and cash flow State ownership Vietnam JEL: G30 G31 G32 |
| spellingShingle |
Relationship between investment and cash flow State ownership Vietnam JEL: G30 G31 G32 Thoa T. K. Tu State ownership and the relationship between investment and cash flow: the case of Vietnamese listed firms |
| description |
The article examines the effect of state ownership on the relationship between investment and cash flow in Vietnam, a small transitional economy. Using a sample of companies listed on Vietnam’s stock exchanges, we find that the investment–cash flow relation for both state-owned and non-state-owned firms is U-shaped. In addition, state-owned companies have higher cash flow sensitivity of investment, which perhaps is due to their socioeconomic and political responsibilities, poor corporate governance, and agency problem. Moreover, the investment of high-growth companies, both with and without state ownership, has lower dependence on internal cash flow. Additionally, low-growth state-owned companies have higher cash flow sensitivity of investment than those without state ownership, suggesting inefficient investment by the former. |
| author2 |
Uyen T. U. Nguyen |
| author_facet |
Uyen T. U. Nguyen Thoa T. K. Tu |
| format |
Journal Article |
| author |
Thoa T. K. Tu |
| author_sort |
Thoa T. K. Tu |
| title |
State ownership and the relationship between investment and cash flow: the case of Vietnamese listed firms |
| title_short |
State ownership and the relationship between investment and cash flow: the case of Vietnamese listed firms |
| title_full |
State ownership and the relationship between investment and cash flow: the case of Vietnamese listed firms |
| title_fullStr |
State ownership and the relationship between investment and cash flow: the case of Vietnamese listed firms |
| title_full_unstemmed |
State ownership and the relationship between investment and cash flow: the case of Vietnamese listed firms |
| title_sort |
state ownership and the relationship between investment and cash flow: the case of vietnamese listed firms |
| publisher |
Taylor and Francis Group |
| publishDate |
2019 |
| url |
http://digital.lib.ueh.edu.vn/handle/UEH/59280 https://doi.org/10.1080/1540496X.2019.1610874 |
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AT thoatktu stateownershipandtherelationshipbetweeninvestmentandcashflowthecaseofvietnameselistedfirms |
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