Do Vietnamese state-dominated listed firms face finance constraints?

Le Long Hau, J.K. De Ceuster Marc, Plasmans Joseph, Le Tan Nghiem and Ha Minh Tri ()
Additional contact information
Le Long Hau: Cantho University, Vietnam
J.K. De Ceuster Marc: 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

HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - ECONOMICS AND BUSINESS ADMINISTRATION, 2016, vol. 6, issue 1, 76-88

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).

Keywords: Vietnam; finance constraints; state-dominated (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/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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