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Investment Efficiency, State-Owned Enterprises and Privatisation: Evidence from Vietnam in Transition

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  • O'Toole, Conor
  • Morgenroth, Edgar
  • Ha, Thi Thu Thuy

Abstract

Our research tests the difference in investment efficiency between state-owned enterprises (SOEs) and private firms and then evaluates the effect of privatisation and equitisation policies on the investment efficiency of former state owned enterprises (SOEs). We use a novel dataset from Viet Nam which covers large and non-listed SMEs across the construction, manufacturing, and services sectors. Our methodology uses a structural model to test the relationship between Tobin's Q and capital spending. We find no evidence of investment spending being linked to marginal returns by SOEs across all sectors and size classes. However, former SOEs which have been privatised and equitized with a minority state shareholding display positive links between Q and investment. In fact, the link is stronger for these firms than for private firms.

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  • O'Toole, Conor & Morgenroth, Edgar & Ha, Thi Thu Thuy, 2015. "Investment Efficiency, State-Owned Enterprises and Privatisation: Evidence from Vietnam in Transition," Papers WP498, Economic and Social Research Institute (ESRI).
    • Handle: RePEc:esr:wpaper:wp498
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    Keywords

    investment/manufacturing/Policy/Services;

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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