Government Ownership and Firm Performance: The Case of Vietnam

Ngo My Tran · Walter Nonneman · Ann Jorissen

34 citations0/0 files storedInternational Journal of Economics and Financial Issues

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Corporate Finance and Governance Political Influence and Corporate Strategies State Capitalism and Financial Governance

Abstract

ABSTRACT: This study extends some predictions from a game theoretical model which evaluates the net effect of government ownership on firm performance and empirically tests these predictions using a panel dataset of Vietnamese firms in the period 2004-2012. The empirical results estimated from static and dynamic models confirm our propositions of a negative effect of state ownership on firm profitability and labor productivity. Furthermore, this study documents a moderating role of firm size in the relationship between state shareholding and the performance of firms with higher state ownership in larger firms enhancing profitability and labor productivity.

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References

1994Politicians and Firms 2007How to do Xtabond2: An Introduction to Difference and System GMM in Stata 1999Ownership structure and corporate governance in Chinese stock companies 2005Ownership Structure and Firm Value in China's Privatized Firms: 1991–2001 2010Corporate governance and firm value: International evidence 2002How Does Government Ownership Affect Firm Performance? Evidence from China’s Privatization Experience 2000Shareholding structure and corporate performance of partially privatized firms: Evidence from listed Chinese companies 2008Retained state shareholding in Chinese PLCs: Does government ownership always reduce corporate value?

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