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Ownership Structure and Firm Performance: Evidence from Vietnamese Listed Firms

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  • Duc Nam Phung
  • Anil V. Mishra

Abstract

type="main"> We examine the effect of ownership structure on firm performance, for firms listed on Vietnamese stock exchanges, using 2744 firm-year observations over the period from 2007 to 2012. We find a non-linear relationship between ownership structure and firm performance. State ownership has a convex relationship with firm performance. This paper finds that firm performance increases beyond 28.67 percent level of state ownership. Foreign ownership has a concave relationship with firm performance. We find that firm performance increases with an increase of foreign ownership up to a level of 43 percent and then decreases. Policy makers should encourage foreign ownership and widely dispersed state ownership in firms, which can help improve firm performance.

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  • Duc Nam Phung & Anil V. Mishra, 2016. "Ownership Structure and Firm Performance: Evidence from Vietnamese Listed Firms," Australian Economic Papers, Wiley Blackwell, vol. 55(1), pages 63-98, March.
  • Handle: RePEc:bla:ausecp:v:55:y:2016:i:1:p:63-98
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    File URL: http://hdl.handle.net/10.1111/1467-8454.12056
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