Tái cấu trúc doanh nghiệp Việt Nam: Phân tích về tái cấu trúc tài sản
DOI:
https://doi.org/10.24311/jabes/2016.27.5.952Keywords:
Corporate restructuring, performance, GMM, logit and probit modelAbstract
Corporate restructuring is likely to be approached to various aspects. This paper studies corporate restructuring in Vietnam via asset restructuring. Using both financial and non-financial indicators of 226 listed firms on HOSE (Ho Chi Minh Stock Exchange) and HNX (Hanoi Stock Exchange) over the period 2007–2014, the paper investigates: (i) the determinants of corporate restructuring in Vietnam and (ii) the effects of corporate restructuring on corporate performance. Empirical findings show: (i) An enterprise conducts restructuring primarily depends on its performance, and ownership concentration has negative impacts on the process of restructuring; (ii) A board with the presence of outside directors has positive and statistically significant effect on the performance of firm, foreign holdings lead to subsequent performance improvement.
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