Operational Scales, Sources of Finance, and Firms’ Performance: Evidence from Vietnamese Longitudinal Data
Working Papers CEB, N° 14/017, Solvay Brussels School of Economics & Management, Université Libre de Bruxelles.
19 Pages Posted: 8 Aug 2019
Date Written: July 23, 2014
This study investigates a longitudinal dataset consisting of financial and operational data from 37 listed companies listed on Vietnamese stock market, covering the period 2004-13. By performing three main types of regression analysis - pooled OLS, fixed-effect and random-effect regressions - the investigation finds mixed results on the relationships between operational scales, sources of finance and firms' performance, depending on the choice of analytical model and use of independent/dependent variables. In most situation, fixed-effect models appear to be preferable, providing for reasonably consistent results. Toward the end, the paper offers some further explanation about the obtained insights, which reflect the nature of a business environment of a transition economy and an emerging market.
Keywords: Longitudinal data analysis, firm performance, operational scales, sources of finance, transition economy, emerging markets, Vietnam
JEL Classification: G32, L25, M10, P27
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