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The Relationship Between Foreign Ownership Corporate Governance And Firm Performance In Vietnamese Manufacturing Firms
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Book Synopsis The Relationship Between Foreign Ownership, Corporate Governance and Firm Performance in Vietnamese Manufacturing Firms by : Nguyen Thi Dieu Hien
Download or read book The Relationship Between Foreign Ownership, Corporate Governance and Firm Performance in Vietnamese Manufacturing Firms written by Nguyen Thi Dieu Hien and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foreign Ownership, Capital Structure and Firm Performance by : Duc Nam Phung
Download or read book Foreign Ownership, Capital Structure and Firm Performance written by Duc Nam Phung and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data of firms listed on Ho Chi Minh Stock Exchange during the period 2008-2011, the paper finds empirical evidence of foreign ownership having a negative impact on firm performance and positive impact on capital structure, while previous literature indicates the opposite. The results reveal that in an emerging market like Vietnam, foreign ownership cannot play a monitoring role in corporate governance mechanism because it is not concentrated. The outcome also shows that foreign investors suffer from asymmetric information, and then tend to increase debt for mitigating agency problem. For controlling simultaneity and endogenous issues, fixed effect method and simultaneous equation model are employed.
Book Synopsis Stakeholders Approach on Corporate Governance and Performance of Vietnamese Manufacturing Firms by : Binh Dao
Download or read book Stakeholders Approach on Corporate Governance and Performance of Vietnamese Manufacturing Firms written by Binh Dao and published by . This book was released on 2014 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance is one of the most vital issues in this compound environment at present, which is indicated by the fact that the success or failure of firms strongly depends on performance of the control that Board of Directors and Executive board, take on corporations' activities. This issues has attracted a variety of researches worldwide, and become a popular buzz lately, however there is still limited researches on this topic in Vietnam. In this paper, we focus on manufacturing sector, one of the most important industries in Vietnam economy. By using stakeholder theory and Kitamura's paper as a corner stone, a model showing the relationship between some external factors and internal factors including corporate governance is built. From the result of the research, it has been found out that internal factors (corporate governance) significantly affect the firm's performance, whereas external factors (market share) do not really show any influence. In term of production function, this manufacturing sector still benefits from an increase of capital but not that of labor.
Book Synopsis An Empirical Study of SOE Corporate Governance Attributes for Emerging Markets by : Giang Hoang
Download or read book An Empirical Study of SOE Corporate Governance Attributes for Emerging Markets written by Giang Hoang and published by Springer Nature. This book was released on 2023-04-29 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the institutional characteristics of state-linked firms in Vietnam to draw lessons for investors/MNCs targeting Vietnam and other emerging markets in the region. Vietnam and many other ASEAN countries have gone through a period of privatization and equitization of wholly controlled SOEs, with the State retaining partial ownership in many privatized businesses. This book explains the dynamic relationships between the State, BODs, shareholders, and regulators and their influence on corporate governance and SOE performance. This book differs from other publications in that it extrapolates the findings from our study to a broader context on how the defined internal mechanisms implicate the local economy and global supply chains/markets. This book investigates robust theoretical foundations, and rigorous applied empirical research underpin the role of the State in SOEs. It differs from other studies in terms of qualitative and empirical research to provide the contextual setting to elucidate how to successfully navigate emerging market business with the State as an "owner-participant." This book explains the theoretical constructs of corporate governance in SOEs, applies empirical research methodologies, and draws results to validate inferences to (1) investigate the link between the board of directors and ownership attributes and agency cost levels using Vietnamese listed firms for the period from 2006 to 2013, (2) evaluate the effectiveness of State's corporate initiatives and monitoring through its sovereign wealth fund known as the State Capital Investment Corporation (SCIC), and (3) infer and explain the motivation of the State as a shareholder. This book takes cognizance of Vietnam's idiosyncratic institutional (using its sovereign wealth fund as an investment vehicle and management proxy), economic, regulatory, and corporate environments and the realities for developing an effective and sustainable business model, vis-à-vis the ownership structure, board of directors' composition and corporate governance, for better business performance. While the focus is on Vietnam, the content is also relevant to the role of the State in other emerging markets as a player in shaping the business strategy, model, and direction of SOEs.
Book Synopsis Corporate Ownership and Firm Performance in Emerging Market by : Duc Nam Phung
Download or read book Corporate Ownership and Firm Performance in Emerging Market written by Duc Nam Phung and published by . This book was released on 2013 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data from Ho Chi Minh Stock Exchange and Hanoi Stock Exchange during the period of 2007 and 2012, this study examines the effect of corporate ownership (state ownership and foreign ownership) on firm performance. The empirical findings from fixed effect models show that while state ownership has an inverted U-shaped relationship with firm performance, foreign ownership has a U-shaped relationship with firm performance. These results imply that when ownership is concentrated, while state ownership lower firm performance, foreign ownership enhance firm performance.
Book Synopsis Ownership Structure and Firm Performance Improvement by : Lai T. Hoang
Download or read book Ownership Structure and Firm Performance Improvement written by Lai T. Hoang and published by . This book was released on 2018 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effect of ownership structure on firm performance of Vietnamese manufacturing companies listed on Ho Chi Minh Stock Exchange (HOSE) during 2007-2015. Ownership structure is examined in three disparate aspects: managerial ownership, block ownership and state ownership. System-GMM is employed to address the endogeneity of ownership structure, as well as dynamic nature of its relationship with firm performance. The empirical results show a cubic relationship between managerial ownership and Tobin's Q, i.e. positive at low and high level of managerial ownership, and negative at the middle. Meanwhile, block ownership has no impact on firm performance, implying the more important role of building internal incentives comparing to external monitoring in corporate governance. On the other hand, we also found an inverted U-shaped relationship between state ownership and Tobin's Q, indicating that partial privatization could be an efficient way to improve firm performance.
Download or read book VN30 Index written by Binh Dao and published by . This book was released on 2014 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The issue of corporate governance has been increasingly popular in recent years. Corporate governance is considered as one of the most critical factors influencing firm performance, especially listed firms that belong to an Index. This paper is aimed at filling the gap by presenting the issue of corporate governance in terms of both theoretical framework and empirical study. In the theoretical framework, the research provides readers with the fundamental aspects of corporate governance with various popular frameworks. The empirical study presents a selection of 30 firms in VN30 Index for the sample and uses econometric models to test the effect of several corporate governance variables on firm performance. From the result of the reseach, it has been found out that the number of members in Board of Director, independent CEO and the number of Major Shareholders have positive influence on the performance of the Vietnamese non-manufacturing firms.
Book Synopsis The Relationship Between Corporate Governance, Earnings Management and Stock Price Informativeness by : Phuong Thuy Vuong
Download or read book The Relationship Between Corporate Governance, Earnings Management and Stock Price Informativeness written by Phuong Thuy Vuong and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis develops four empirical studies conducted in the Vietnamese context and related to corporate governance, earnings management (EM), insider trading and stock price informativeness (SPI). We measure EM through both accruals based earnings management (AEM) - with modified Jones and Kothari models - and real earnings manipulations (REM) through abnormal cash-flow from operations (REMCFO), overproduction (REMPROD), and discretionary expenses (REMDIS). In the first chapter related to “Ownership structure and earnings management”, we find that State ownership mitigates both AEM and REM through REMCFO. The results also show that foreign-owned firms are less engaged in AEM, whereas more foreign investors lead to more real manipulation through REMPROD and REMDIS. The second chapter focuses on the relation between board gender diversity and earnings management. Concerning AEM and with Kothari model, the results show that the presence of chairwomen reduces AEM but that more women on board of executives (measured both by their number and by the Shannon index) leads to more AEM. In terms of REM, more women measured by the Shannon index lead to more REMPROD. The third chapter investigates the role of insider trading as a mediator between corporate governance and EM. It proves this mediation effect only for State or foreign ownership and only when EM is measured by REMDIS. The last chapter contemplates the link between those corporate governance dimensions and SPI and the mediation effect on EM. It shows that women on boards, State and foreign ownership all increase SPI. Analyzing the mediating role of EM in these relationships gives mixed results. Our results have potential implications for Vietnamese policymakers to increase transparency and accountability to investors by improving corporate governance.
Book Synopsis Impact of Corporate Governance on Firm Performance and Earnings Management a Study on Vietnamese Non-financial Companies by : Hoàng Anh Ngô
Download or read book Impact of Corporate Governance on Firm Performance and Earnings Management a Study on Vietnamese Non-financial Companies written by Hoàng Anh Ngô and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Contests for Corporate Control by : Mary O'Sullivan
Download or read book Contests for Corporate Control written by Mary O'Sullivan and published by OUP Oxford. This book was released on 2000-04-20 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the 1990s, corporate governance became a hot issue in all of the advanced economies. For decades, major business corporations had reinvested earnings and developed long-term relations with their labour forces as they expanded the scale and scope of their operations. As a result, these corporations had made themselves central to resource allocation and economic performance in the national economies in which they had evolved. Then, beginning in the 1980s and picking up momentum in the 1990s, came the contests for corporate control. Previously silent stockholders, now empowered by institutional investors, demanded that corporations be run to 'maximize shareholder value'. In this highly original book, Mary O'Sullivan provides a critical analysis of the theoretical foundations for this principle of corporate governance and for the alternative perspective that corporations should be run in the interests of 'stakeholders'. She embeds her arguments on the relation between corporate governance and economic performance in historical accounts of the dynamics of corporate growth in the United States and Germany over the course of the twentieth century. O'Sullivan explains the emergence–and consequences–of 'maximizing shareholder value' as a principle of corporate governance in the United States over the past two decades, and provides unique insights into the contests for corporate control that have unfolded in Germany over the past few years.
Book Synopsis Recent Developments In Vietnamese Business And Finance by : Dong Phong Nguyen
Download or read book Recent Developments In Vietnamese Business And Finance written by Dong Phong Nguyen and published by World Scientific. This book was released on 2021-02-10 with total page 808 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent Developments in Vietnamese Business and Finance, is the first volume in the series titled Vietnam and the Global Economy. This edited volume is a collection of papers presented at the International Conference on Business and Finance (ICBF) 2019, organized by the Institute of Business Research (IBR), University of Economics Ho Chi Minh City, Vietnam, and focuses on recent issues in business and finance with Vietnam as the main focus of study. The book covers various issues from innovation to gender equality and the banking sector, with analyses on the policies and managerial implications.
Book Synopsis An Assessment of the Environmental Performance of the Foreign Firms in Vietnam by : Phongpob Methakullawat
Download or read book An Assessment of the Environmental Performance of the Foreign Firms in Vietnam written by Phongpob Methakullawat and published by . This book was released on 2011 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ernpirical evidence on the environmental performance of foreign-owned firms has been mixed at best. Recent studies by Eskeland and Harrison (2003) and Elliott and Cole (2008) argue that foreign ownership is associated with superior environmental outcomes relative to the domestic counterparts. In contrast, others such as Pargal and Wheeler (1996) and Dasgupta et al (2000) indicate that no such positive relationship between foreign firms and the environmental outcomes exist in their studies. As a result, this thesis attempts to contribute to the existing literature and the FDI-environment debate.
Book Synopsis Corporate Governance and Performance in Vietnamese Commercial Banks by : Binh Dao
Download or read book Corporate Governance and Performance in Vietnamese Commercial Banks written by Binh Dao and published by . This book was released on 2014 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The issue of corporate governance has been increasingly popular in recent years. Corporate governance is considered to be one of the most critical factors influencing firm performance and in banking sector it is particularly important as banks play a specific role in the economic system through the way it facilitates capital allocation and help minimize risk for businesses. This paper is aimed at filling the gap by presenting the issue of bank corporate governance in terms of both theoretical framework and empirical study. In the theoretical framework, the research provides readers with the fundamental aspects of corporate governance in general and bank corporate governance in particular with two popular frameworks. The empirical study presents a selection of banks for the sample and uses econometric models to test the effect of several corporate governance variables on bank performance. From the result of the research, it has been found out that the number of members in Board of Director and the ratio of Capital Adequacy have great influence on the performance of the Vietnamese commercial banks.
Book Synopsis Corporate Governance by : Kevin Keasey
Download or read book Corporate Governance written by Kevin Keasey and published by John Wiley & Sons. This book was released on 2005-05-05 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: The decade since the publication of the Cadbury Report in1992 has seen growing interest in corporate governance. This growth has recently become an explosion with major corporate scandals such as WorldCom and Enron in the US, the international diffusion of corporate governance codes and wider interest in researching corporate governance in different institutional contexts and through different subject lenses. In view of these developments, this book will be a rigorous update and development of the editor’s earlier work, Corporate Governance: Economic, Management and Financial Issues. Each chapter, written by an expert in the subject offers a high level review of the topic, embracing material from financial accounting, strategy and economic perspectives.
Book Synopsis Networks and Firm Performance by : Hung D. Pham
Download or read book Networks and Firm Performance written by Hung D. Pham and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Small and medium enterprises play an important role in developing and transition economies. Recently, more attention has been paid to the role of networks in improving firm performance. By using data from the DANIDA project on SME survey with more than 2,500 manufacturing firms in Vietnam, we examine the relationship between networks and firm performance, particularly focusing on small and medium businesses. Network data covers four dimensions of networking including within-sector- network, across-sector-network, informal and formal creditors, and politicians and civil servants. Multivariate panel regressions have been applied. The results suggest that firm performance is positively related to the existence and the size of networks with individuals in a different sector and networks connecting to politicians and civil servants.
Book Synopsis Analysis of Corporate Governance Index Using Asean Balanced Score Card and Firm Performance by : Binh Dao
Download or read book Analysis of Corporate Governance Index Using Asean Balanced Score Card and Firm Performance written by Binh Dao and published by . This book was released on 2020 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governance plays a crucial role in most activities of socio-economic life. For any organizations, units, businesses or higher, a country, a community, the role of governance becomes more important than ever. For businesses, with globalization taking place and market becoming more competitive than ever, good Corporate Governance is now considered as a factor of success. Good corporate governance will help the company improve its ability to access to various sources of capital and operate more efficiently. However, in Vietnam particularly, Corporate Governance system still need to enhance and improve. Therefore, with the aim of surveying the current situation of Corporate Governance practices in Vietnam and giving the analysis of its impacts on businesses' performance, this research is conducted from a sample of 60 listed-companies in both Construction and Food & Beverage industry for the time 2015, 2017 and 2018. By using the tool of ASEAN balanced scorecard to evaluate Vietnam Corporate Governance practices on 05 aspects: Rights of shareholders, Equitable treatment of shareholders, Roles of stakeholders, Disclosure and transparency and Board duties and responsibilities, the paper came to the low results of companies' Corporate Governance practices in Vietnam. Based on this method, different relationships were found, one of which is the positive relationship between Corporate Governance Index and Tobin's Q.
Book Synopsis Foreign Ownership and Stock Market Liquidity - Evidence from Vietnam by : Xuan Vinh Vo
Download or read book Foreign Ownership and Stock Market Liquidity - Evidence from Vietnam written by Xuan Vinh Vo and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the relationship between level of foreign ownership in a firm and the liquidity of the firm stock in the Vietnam stock markets. We employ a rich and detailed data set representing foreign portfolio investment, liquidity and other firm attributes in the Vietnamese context. Our data set ranges from 2006 to 2012 covering most of non-financial firms listed on Ho Chi Minh City stock exchange. Using a wide number of econometric techniques for panel data analysis, the results from our analysis indicate that increased foreign investment in firms does not associated with higher liquidity. The results also confirm the long term buy and hold strategy of foreign investors in Vietnam stock market.
