Ownership structure and firm performance : evidence from Vietnamese listed firms

Duc Nam Phung, Anil V. Mishra

    Research output: Contribution to journalArticlepeer-review

    65 Citations (Scopus)

    Abstract

    We examine the effect of ownership structure on firm performance, for firms listed on Vietnamese stock exchanges, using 2744 firm-year observations over the period from 2007 to 2012. We find a non-linear relationship between ownership structure and firm performance. State ownership has a convex relationship with firm performance. This paper finds that firm performance increases beyond 28.67 percent level of state ownership. Foreign ownership has a concave relationship with firm performance. We find that firm performance increases with an increase of foreign ownership up to a level of 43 percent and then decreases. Policy makers should encourage foreign ownership and widely dispersed state ownership in firms, which can help improve firm performance.
    Original languageEnglish
    Pages (from-to)63-98
    Number of pages36
    JournalAustralian Economic Papers
    Volume55
    Issue number1
    DOIs
    Publication statusPublished - 2016

    Keywords

    • Vietnam
    • business enterprises
    • business enterprises, foreign
    • government ownership
    • organizational effectiveness
    • stock exchanges

    Fingerprint

    Dive into the research topics of 'Ownership structure and firm performance : evidence from Vietnamese listed firms'. Together they form a unique fingerprint.

    Cite this