Impact of Residual State Ownership on Privatised Firm Performance: Evidence from Vietnamese Listed Firms

Nhat Chi Mai

No j78fy, OSF Preprints from Center for Open Science

Abstract: The rise of state capitalism in the 21st century has reignited research on the impact of state ownership. Current literature indicates that the effect of state ownership onto firm performance may be beneficial in some cases and detrimental in other cases. There are also factors which could potentially moderate the relationship between state ownership and firm performance. In this thesis, we investigate the net impact of residual state ownership on Vietnamese privatised firms listed on the Hanoi and Ho Chi Minh City stock exchanges over the period of 2007–2017. We first employ semiparametric regression and stochastic frontier analysis (SFA) to investigate the relationship between residual state ownership and the performance and efficiency of privatised firms, respectively. Second, we utilise quadratic regression to investigate the moderating role of two governmental mechanisms, an independent specialised monitoring body (SMB) which supervises state-owned enterprises (SOEs) and hardening of soft budget constraint (HSBC), on the relationship between residual state ownership and privatised firm performance. Furthermore, we use a propensity score matching technique to quantify the marginal effects of the SMB and HSBC on the performance of privatised firms.

Date: 2020-05-03
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Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:j78fy

DOI: 10.31219/osf.io/j78fy

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