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Do Vietnamese state-dominated listed firms face finance constraints?

Author

Listed:
  • Le Long Hau

    (Cantho University, Vietnam)

  • De Ceuster Marc J.K.

    (Universiteit Antwerpen, Prinsstraat 13, 2000 Antwerpen)

  • Plasmans Joseph

    (Universiteit Antwerpen, Prinsstraat 13, 2000 Antwerpen)

  • Le Tan Nghiem

    (Cantho University, Vietnam)

  • Ha Minh Tri

    (Ho Chi Minh City Open University, Vietnam)

Abstract

Using accounting data of listed firms on the Vietnamese stock market this study documents that listed Vietnamese firms still face finance constraints, even after the introduction and rapid growth of the equity markets and the privatization wave that started since 1992. Contrary to most of the existing literature, especially large state-dominated firms were documented to be significantly more financially constrained.The cash flow sensitivity differences between the statedominated and private firms are economically large but statistically not significant.These findings are still consistent for both stock exchanges of Vietnam (HOSE and HNX).

Suggested Citation

  • Le Long Hau & De Ceuster Marc J.K. & Plasmans Joseph & Le Tan Nghiem & Ha Minh Tri, 2016. "Do Vietnamese state-dominated listed firms face finance constraints?," HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - ECONOMICS AND BUSINESS ADMINISTRATION, HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE, HO CHI MINH CITY OPEN UNIVERSITY, vol. 6(1), pages 76-88.
    • Handle: RePEc:bjw:econen:v:6:y:2016:i:1:p:76-88
    DOI: 10.46223/HCMCOUJS.econ.en.6.1.114.2016
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    Cited by:

    1. Le Long Hau, 2017. "What sources of finance constrain Vietnamese listed firms?," HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - ECONOMICS AND BUSINESS ADMINISTRATION, HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE, HO CHI MINH CITY OPEN UNIVERSITY, vol. 7(1), pages 3-11.

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