Ấn phẩm:
The impact of equitization on firm performance: evidence from Vietnam
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Tóm tắt
Privatization topics have attracted research interest from several researchers all over the world. With inconsistent results due to different privatization policies and estimation methods, the study of privatization on firm performance has been voluminous, especially in transition economies. Based on equitization characteristics in Vietnam and five research gaps existing, the author has chosen the research topic to examine how equitization impacts firm performance in Vietnam. This dissertation has employed a combination of difference-in-difference, with-without comparison and regression methods to analyze how equitization impacts firm performance in Vietnam. Research results show that equitization only helps enterprises improve profitability if considering return on assets (ROA) compared with non-equitized enterprises in the same periods. Also, equitization only helps firms improve profitability compared with non-participating firms (change in ROA) when firms are no longer under state control after equitization (average rate of state ownership after four years of equitization is less than 50%). Tax incentive policy has no impact on profitability improvement (change in ROA) and operating efficiency change (change in total asset turnover). Finally, listing status has a positive impact on ROA improvement after equitization in Vietnam. This result shows that listed firms have greater ROA improvement than unlisted firms after equitization. Besides, research results show that there is an underpricing phenomenon in the short run but overpricing in the long run.
Mô tả
240 tr.
Tác giả
Nguyen, Van Tan
Người hướng dẫn
Trịnh, Quốc Trung
Nơi xuất bản
Nhà xuất bản
Trường Đại học Kinh tế - Luật
Năm xuất bản
2022
ISSN tạp chí
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Từ khóa chủ đề
Vietnam -- Economic conditions. , Vietnam -- Economic policy. , Việt Nam -- Điều kiện kinh tế. , Việt Nam -- Chính sách kinh tế.