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

Katsuyuki Kubo, Huu Viet Phan

Research output: Contribution to journalArticlepeer-review

Abstract

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.

Original languageEnglish
Article number101220
JournalPacific Basin Finance Journal
Volume58
DOIs
Publication statusPublished - 2019 Dec

Keywords

  • Controlling shareholders
  • Corporate governance
  • Firm performance
  • Ownership structure
  • State ownership
  • Vietnam

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

Fingerprint Dive into the research topics of 'State ownership, sovereign wealth fund and their effects on firm performance: Empirical evidence from Vietnam'. Together they form a unique fingerprint.

Cite this