State ownership, sovereign wealth fund and their effects on firm performance: Empirical evidence from Vietnam

被引：14
|
作者：
Kubo, Katsuyuki [1 ]
Huu Viet Phan [1 ,2 ]
机构：
[1] Waseda Univ, Sch Commerce, Tokyo, Japan
[2] State Bank Vietnam, Banking Inspect & Supervis Agcy, Hanoi, Vietnam
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2019年 / 58卷
关键词：
State ownership; Controlling shareholders; Ownership structure; Firm performance; Corporate governance; Vietnam; PRIVATIZATION; TRANSITION; MARKET; PRIVATE; IMPACT;
D O I：
10.1016/j.pacfin.2019.101220
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the effects of state ownership on firm performance using data on listed firms in Vietnam. We find that state ownership of listed firms is positively related to firm performance. In addition, we find that the effects of state ownership vary depending on the type of state ownership. Firms perform best when controlled by a state owner in the form of a sovereign wealth fund. We also find that the relationship between state ownership and firm performance is nonlinear. Overall, the study contributes significantly to the growing body of evidence on the effects of state ownership, the impact of the type of state owner, and the role of controlling shareholders in corporate governance frameworks.
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页数：21
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