Tác động của cổ phần hóa đến hiệu quả hoạt động sau cổ phần hóa của các doanh nghiệp nhà nước tại Việt Nam
DOI:
https://doi.org/10.24311/jabes/2018.29.9.1332Keywords:
Equitization, Privatization, Firm performance, Propensity score matching method, PSM, State-owned enterprisesAbstract
This research aims to provide empirical evidence on the impact of equitization policy on firm performance of equitized state-owned enterprises (SOEs) after equitization in Vietnam. With the selection of 47 equitized SOEs in Vietnam in 2013 and 146 non-equitized SOEs over the same period based on survey data of Vietnamese General Statistics Office, the authors conclude that equitization generally does not help equitized SOEs perform better when considered in relation to non-equitized SOEs over the same period. This study is the first one combining the pre-post comparison method (through propensity score matching technique) and the weighted regression method to examine the impact of equitization on firm performance of equitized SOEs after equitization in Vietnam.
References
Alchian, A. A., & Demsetz, H. (1973). The property right paradigm. The Journal of Economic History, 33(1), 16–27.
Ban Chỉ đạo Đổi mới và Phát triển Doanh nghiệp. (2017). Báo cáo tình hình thực hiện tái cơ cấu doanh nghiệp nhà nước. Truy cập ngày 15/7/2017, từ http://doimoidoanhnghiep.chinhphu.vn/bao-cao
Boubakri, N., Cosset, J.–C., & Guedhami, O. (2004). Privatization, corporate governance and economic environment: Firm-level evidence from Asia. Pacific-Basin Finance Journal, 12(1), 65–90.
Boubakri, N., Cosset, J.–C., & Guedhami, O. (2005). Postprivatization corporate governance: The role of ownership structure and investor protection. Journal of Financial Economics, 76(2), 369–399.
Boubakri, N., & Cosset, J.–C. (1998). The financial and operating performance of newly privatized firms: Evidence from developing countries. The Journal of Finance, 53(3), 1081–1110.
Carlin, T. M., & Pham, D. C. (2009). From public to private: Evidence from a transitional economy setting. Australian Accounting Review, 19(3), 207–216.
Chen, S., Mu, R., & Ravallion, M. (2009). Are there lasting impacts of aid to poor areas?. Journal of Public Economics, 93(3–4), 512–528.
Claessens, S., & Djankov, S. (2002). Privatization benefits in Eastern Europe. Journal of Public Economics, 83(3), 307–324.
Cuervo, A., & Villalonga, B. (2000). Explaining the variance in the performance effects of privatization. Academy of Management Review, 25(3), 581–590.
D'Souza, J., Megginson, W., & Nash, R. (2005). Effect of institutional and firm-specific characteristics on post-privatization performance: Evidence from developed countries. Journal of Corporate Finance, 11(5), 747–766.
D'Souza, J., & Megginson, W. L. (1999). The financial and operating performance of privatized firms during the 1990s. The Journal of Finance, 54(4), 1397–1438.
de Alessi, L. (1983). Property rights, transaction costs, and X-efficiency: An essay in economic theory. The American Economic Review, 73(1), 64–81.
Demsetz, H. (1983). The structure of ownership and the theory of the firm. The Journal of Law And Economics, 26(2), 375–390.
Dewenter, K. L., & Malatesta, P. H. (2001). State-owned and privately owned firms: An empirical analysis of profitability, leverage, and labor intensity. American Economic Review, 91(1), 320–334.
Duong Nhu Hung, Nguyen Dinh Thien, & Nguyen Thanh Liem. (2017). The impact of equitization on firm performance: The case of Vietnam. International Research Journal of Finance and Economics, 12(164), 68–74.
Estrin, S., & Perotin, V. (1991). Does ownership always matter?. International Journal of Industrial Organization, 9(1), 55–72.
Frydman, R., Gray, C., Hessel, M., & Rapaczynski, A. (1999). When does privatization work? The impact of private ownership on corporate performance in the transition economies. The Quarterly Journal of Economics, 114(4), 1153–1191.
Haskel, J., & Szymanski, S. (1992). A bargaining theory of privatisation. Annals of Public and Cooperative Economics, 63(2), 207–227.
Hirano, K., Imbens, G. W., & Ridder, G. (2003). Efficient estimation of average treatment effects using the estimated propensity score. Econometrica, 71(4), 1161–1189.
Hair Jr., J. F., Anderson, R. E., Tatham, R. L., & Black, W. C. (1998). Multivariate Data Analysis (5th ed.). Upper Saddle River, NJ: Prentice Hall.
Khandker, S. R., Koolwal, G. B., & Samad, H. A. (2009). Handbook on Impact Evaluation: Quantitative Methods and Practices (English). Washington, D.C.: World Bank.
La Porta, R., & Lopez-de-Silanes, F. (1999). The benefits of privatization: Evidence from Mexico. The Quarterly Journal of Economics, 114(4), 1193–1242.
Ngo My Tran, Nonneman, W., & Jorissen, A. (2015). Privatization of Vietnamese firms and its effects on firm performance. Asian Economic and Financial Review, 5(2), 202–217.
Nguyen Ton Nhan, & Tran Hung Son. (2017). Equitization and operating and financial performance: Empirical evidence from Vietnamese companies. International Research Journal of Finance and Economics, 12(164), 75–84.
Megginson, W. L., Nash, R. C., & Van Randenborgh, M. (1994). The financial and operating performance of newly privatized firms: An international empirical analysis. The Journal of Finance, 49(2), 403–452.
Pham, D. C. (2017). The effects of privatization on the financial position and performance of firms in emerging markets: Evidence from Vietnam. International Journal of Business, Economics and Law, 13(1), 38–46.
Pohl, G., Anderson, R. E., Claessens, S., & Djankov, S. (1997). Privatization and Restructuring in Central and Eastern Europe: Evidence and policy options. Washington, D.C.: World Bank.
Porter, M. E. (1990). The competitive advantage of nations. Harvard Business Review, 68(2), 73–93.
Sheshinski, E., & López-Calva, L. F. (2003). Privatization and its benefits: Theory and evidence. CESifo Economic Studies, 49(3), 429–459.
Shleifer, A., & Vishny, R. W. (1994). Politicians and firms. The Quarterly Journal of Economics, 109(4), 995–1025.
Truong Dong Loc, Lanjouw, G., & Lensink, R. (2006). The impact of privatization on firm performance in a transition economy: The case of Vietnam. Economics of Transition, 14(2), 349–389.
Truong Dong Loc, & Ngo My Tran. (2016). Impact of equitization on performance of enterprises in Vietnam. Journal of Economic Development, 23(3), 36–56.
Tullock, G., & Buchanan, J. M. (1972). Reviews. Public Choice, 12(1), 119–126.
Wei, Z., Varela, O., D'Souza, J., & Hassan, M. K. (2003). The financial and operating performance of China's newly privatized firms. Financial Management, 32(2), 107–126.
White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica: Journal of The Econometric Society, 48(4), 817–838.
Zhang, X., Tang, Z., & He, J. (2012). Impact of macro and firm-specific characteristics on postprivatization performance: Evidence from China. Chinese Economy, 45(5), 50–91.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 JOURNAL OF ASIAN BUSINESS AND ECONOMIC STUDIES
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
