Ownership structure and performance of professional service firms in a declining industry: Evidence from Vietnamese securities firms

Business and Economic Horizons Pub Date : 2017-01-01 DOI:10.15208/BEH.2017.11

Thien Hoang Nguyen, Xuan Minh Nguyen, Thien Hai Nguyen, Quoc Trung Tran

引用次数: 5

Abstract

This study posits that the declining industry is a good institutional environment to examine the relationship between ownership structure and firm performance of Vietnamese securities firms. This downturn decreases the return on investment of the industry and creates incentives for managers to expropriate shareholders more severely. In addition, different groups of shareholders recognizing the status of the industry may have their own reactions which are likely to affect firm performance. Using pooled OLS regression with a sample of 240 observations from 56 Vietnamese securities firms over the period from 2009 to 2016, we find supporting evidence of convergence-of-interest with a significantly negative relationship between insider ownership and profitability. In addition, foreign ownership is also positively related to firm performance. Firm size affects positively firm performance while number of employees has a negative impact on profitability.

查看原文本刊更多论文

衰退行业中专业服务公司的股权结构与绩效:来自越南证券公司的证据

本研究认为，衰退的行业是检验越南证券公司股权结构与公司绩效关系的良好制度环境。这种低迷降低了该行业的投资回报率，并促使管理者更严厉地剥夺股东的利益。此外，认识到行业地位的不同股东群体可能会有自己的反应，这可能会影响公司的业绩。利用2009年至2016年期间来自56家越南证券公司的240个观察样本的汇总OLS回归，我们发现了利益趋同的支持证据，内部人所有权与盈利能力之间存在显著的负相关关系。此外，外资持股也与公司绩效呈正相关。企业规模对企业绩效有正向影响，员工数量对盈利能力有负向影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Business and Economic Horizons ECONOMICS-

自引率

0.00%

发文量

期刊介绍： The Business and Economic Horizons (BEH) is an international peer-reviewed journal that publishes high quality theoretical, empirical, and review papers covering the broad spectrum of research in areas of economics, business, management, and finance. The journal aim is to bridge the gap between the theory and the observed data in these constantly developing domains. BEH Editorial Board welcomes the high-quality original research articles and review papers that verify the well-grounded and the emerging theories by employing the econometric, statistical methods or other relevant empirical methods in theoretical and applied economic analysis. BEH does not discriminate articles utilizing the non-mainstream approaches such as experimental research, institutional analysis, other variations of heterodox and developmental economic studies. Therefore, the submissions in any field of micro- and macroeconomics, business ethics, economic policy or finance are appropriate for this journal. We hope, the provided contributions will help to understand the contemporary challenges faced by the private and public sector and will establish an international forum of empirical research.