RESIDUAL GOVERNMENT OWNERSHIP AND FIRM VALUE IN A TRANSITIONAL ECONOMY

Xuan Vinh Vo
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Xuan Vinh Vo: Institute of Business Research, University of Economics Ho Chi Minh City, Vietnam, 59C Nguyen Dinh Chieu Street, District 3, Ho Chi Minh City, Vietnam2CFVG Ho Chi Minh City, University of Economics Ho Chi Minh City, Ho Chi Minh City, Vietnam, 91 Ba Thang Hai Street, District 10, Ho Chi Minh City, Vietnam

The Singapore Economic Review (SER), 2023, vol. 68, issue 03, 671-684

Abstract: There is a high level of residual government ownership after privatization processes of state-owned firms in many transitional economies. Accordingly, the role of residual government ownership in firms in these economies draws strong attention from researchers resulting in a huge volume of papers in the literature. This naturally motivates us to examine whether state ownership affects the firm value in Vietnam, a successful transitional economy. More specifically, this paper aims to provide further insights into the impact of residual government ownership on the value of privatized firms listed on the Ho Chi Minh City stock exchange covering the period from 2009 to 2014. Using panel data techniques of fixed effects estimator, our empirical results indicate that residual government ownership has a negative effect on value of Vietnamese firms. This finding provides important implications for different stakeholders in transitional countries.

Keywords: Firm value; government ownership; Tobin’s Q; Vietnam stock market (search for similar items in EconPapers)
JEL-codes: G10 G18 G30 G38 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1142/S0217590819500334

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