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The Impact of Ownership Structure on Listed Firms’ Performance in Vietnam
Dut Van VO,Truc Viet Thanh TRAN,Nga Thi Phuong DANG 한국유통과학회 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.11
The aim of this study is to estimate the impact of ownership structure on the performance of listed firms in transition economy. Buiding upon agency theory, hypotheses on such relationship are proposed. A detailed panel data of 502 non-financial companies listed on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange over the period from 2013 to 2018, and the system generalized method of moment estimation are employed to test the proposed hypotheses. To ensure the reliability of data, this study excludes companies that violate information disclosure regulations or that are subject to special supervision by the State Securities Commission of Vietnam. Some firms with inadequate information, firms that lack the financial data required for creating variable or firms that have inconsistent construction are also re-screened. We only collect the data of enterprises that have ownership structure of two or more components. Estimation results reveal that state ownership has an U-shaped relationship with the performance of Vietnamese listed firms, while foreign ownership and the degree of ownership concentration have an inverted U-shaped relationship with listed firms’ performance. The article provides governance implications that Vietnamese listed firms should decrease state ownership and foreign ownership to improve firm performance in order to boost investors’ confidence.
Determinants of Liquidity of Commercial Banks: Empirical Evidence from the Vietnamese Stock Exchange
Hanh Thi Van NGUYEN,Dut Van VO 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.4
The objective of this study is to examine the determinants of the liquidity of 17 commercial banks listed on the Vietnamese Stock Exchanges, HOSE, HNX and UPCoM. The study uses the quarterly audited financial statements from the first quarter of 2006 to first quarter of 2020; it includes 496 observations. Data on GDP and inflation are compiled from the International Monetary Fund and the General Statistics Office of Vietnam. Once collected, the data were organized along the line of unbalanced panel data. The results show that total asset size, return on total assets, and credit growth are positively associated with the liquidity of the listed banks; whereas the interaction between the bank size and the return on total assets has a negative impact on the liquidity of commercial banks listed on the HNX, HOSE, UPCoM. In order to maintain good liquidity, commercial banks need to focus on effective credit growth, ensure a high rate of profit over total assets, and at the same time focus on developing the scale of total assets. However, the development of the size of the total assets should be noted in the balance between the total assets and the rate of return on the total assets.