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

See all articles by Duc Nam Phung

Duc Nam Phung

Ho Chi Minh City University of Economics and Finance - School of Finance

Thi Phuong Thao Hoang

Ho Chi Minh City University of Economics and Finance - School of Finance

Date Written: September 28, 2013

Abstract

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

Phung, Duc Nam and Hoang, Thi Phuong Thao, Corporate Ownership and Firm Performance in Emerging Market: A Study of Vietnamese Listed Firms (September 28, 2013). World Business and Social Science Research Conference, Bangkok October 2013 , Available at SSRN: https://ssrn.com/abstract=2332622 or http://dx.doi.org/10.2139/ssrn.2332622

Duc Nam Phung (Contact Author)

Ho Chi Minh City University of Economics and Finance - School of Finance ( email )

279 Nguyen Tri Phuong, District 10
Ho Chi Minh
Vietnam

Thi Phuong Thao Hoang

Ho Chi Minh City University of Economics and Finance - School of Finance ( email )

279 Nguyen Tri Phuong, District 10
Ho Chi Minh
Vietnam

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