文章基本信息

标题：The Impact of Foreign Ownership on Firm Performance: An Empirical Study of Listed Firms in Vietnam
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作者：DUONG, Quynh Nga ; VU, Thanh Binh ; VO, Thi-Phuong 等
期刊名称：Journal of Asian Finance, Economics and Business
印刷版ISSN：2288-4637
电子版ISSN：2288-4645
出版年度：2021
卷号：8
期号：6
页码：879-888
DOI：10.13106/jafeb.2021.vol8.no6.0879
语种：English
出版社：Korean Distribution Science Association
摘要：The purpose of the research examines the relationship between foreign ownership and listed firms' performance in Vietnam. This study employs an extensive set of panel data comprising 288 non-financial listed Vietnamese firms, over a period from 2015 to 2019 taken for analysis. The results show that the higher the foreign ownership ratio, the higher the performance, however, the relationship between foreign ownership and firm's performance is U-shaped. In contrast, when the foreign ownership ratio is becoming too high, it will reduce the firm's performance and firm size, liquidity, financial leverage, capital intensity, and growth opportunities. Furthermore, we find that foreign ownership and performance are linked by an inverted U-shaped relationship. A firm's performance increases with greater foreign ownership up to the range of 36.26%, and declines thereafter. The paper also found positive effects of firm size and growth opportunities, and an inverse relationship between liquidity, financial leverage and capital intensity, and firm's performance. This study has several implications for the enhancement of information and understanding of the foreign ownership as it sheds light on the foreign ownershipfirm's performance relationship. Moreover, the study findings contribute to the literature concerning the ownership structure in the context of developing countries.
关键词：Foreign Ownership;Firm's Performance;PCSE Model;Vietnamese Listed Companies;Financial Leverage