Corporate Governance of State-Invested Enterprises

Nga Pham () and Kok-Boon Oh ()
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Nga Pham: Monash University
Kok-Boon Oh: eGalaxy Solutions

Chapter Chapter 4 in State on Board!, 2021, pp 65-96 from Springer

Abstract: Abstract This chapter starts with a review of the literature on state ownership and state control and its implications for corporate governance and business performance in emerging markets. Next, the chapter discusses the practical corporate governance challenges arising from having the state shareholder in equitised businesses—state-invested enterprises (SIEs) in Vietnam. The government owner has different ownership motivations, limited monitoring and oversight capacity over company management and restricted use of exit mechanism. Besides, the management of state capital is typically delegated through various layers of management agencies. Mixed ownership between the government owner and private investors calls for a new theoretical paradigm to understand the different motivations of SIEs in business. This chapter proposes a theoretical framework, which integrates agency and political-economic theories to explain state-invested firms’ corporate governance and performance.

Keywords: State-owned enterprises; State-invested enterprises; Corporate governance; Emerging markets; Vietnam; China; Agency theory; State capital management agency (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-3525-0_4

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DOI: 10.1007/978-981-16-3525-0_4

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