Corporate Ownership and Firm Performance in Emerging Market: A Study of Vietnamese Listed Firms
World Business and Social Science Research Conference, Bangkok October 2013
15 Pages Posted: 29 Sep 2013 Last revised: 28 Oct 2013
Date Written: September 28, 2013
Using data from Ho Chi Minh Stock Exchange and Hanoi Stock Exchange during the period of 2007 and 2012, this study examines the effect of corporate ownership (state ownership and foreign ownership) on firm performance. The empirical findings from fixed effect models show that while state ownership has an inverted U-shaped relationship with firm performance, foreign ownership has a U-shaped relationship with firm performance. These results imply that when ownership is concentrated, while state ownership lower firm performance, foreign ownership enhance firm performance.
Keywords: state ownership, foreign ownership, firm performance, Vietnam, emerging market
JEL Classification: G32
Suggested Citation: Suggested Citation