A tale of two cities: Economic development, corporate governance and firm value in Vietnam

J. Thomas Connelly, Piman Limpaphayom, Hien T. Nguyen and Thanh D. Tran

Research in International Business and Finance, 2017, vol. 42, issue C, 102-123

Abstract: This study examines the moderating effect of financial and economic development on the relation between corporate governance and firm value in Vietnam, which has two exchanges, one located in the business center in the South, and the other located in the center of government in the North. This unique setting allows an investigation of corporate governance dynamics controlling for legal jurisdiction. The results show a positive relation between corporate governance and firm value in Ho Chi Minh City but not in Hanoi. The finding suggests that financial and economic development play critical roles in enhancing the benefits of corporate governance in emerging markets.

Keywords: Corporate governance; Financial and economic development; Firm value; Vietnam (search for similar items in EconPapers)
JEL-codes: G32 G34 O16 O53 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:42:y:2017:i:c:p:102-123

DOI: 10.1016/j.ribaf.2017.04.002

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