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

Katsuyuki Kubo and Huu Viet Phan

Pacific-Basin Finance Journal, 2019, vol. 58, issue C

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.

Keywords: State ownership; Controlling shareholders; Ownership structure; Firm performance; Corporate governance; Vietnam (search for similar items in EconPapers)
JEL-codes: G28 G34 G38 L32 L33 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:58:y:2019:i:c:s0927538x18303342

DOI: 10.1016/j.pacfin.2019.101220

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