| Autor: |
Hoang, Lai Trung, Nguyen, Cuong Cao, Hu, Baiding |
| Předmět: |
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| Zdroj: |
Economic Papers; Dec2017, Vol. 36 Issue 4, p416-428, 13p |
| Abstrakt: |
This study examines the effects of ownership structure on firm performance of manufacturing companies listed on the Ho Chi Minh Stock Exchange using the system- GMM estimator. The empirical results show a cubic relationship between managerial ownership and Tobin's Q, that is, positive, negative and positive, meanwhile block ownership has no impact on firm performance. This implies that internal managerial incentives play a more important role than shareholders' external monitoring in improving corporate governance quality. We also found an inverted U-shaped relationship between state ownership and Tobin's Q, indicating that partial privatisation possibly is an efficient way to improve firm performance. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
| Externí odkaz: |
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