The Nexus between Corporate Performance and State Ownership in Vietnam: Evidence of State Ownership’s Inverted U-Shape and Provincial Business Environment Influences
Abstract
:1. Introduction
2. Literature Review
3. Data, Model, and Method
3.1. Data
3.2. Model
3.3. Estimating Method
4. Findings and Discussions
4.1. Empirical Findings
4.2. Discussions
5. Conclusions
6. Limitations
Author Contributions
Funding
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Variable | Observations | Mean | Std. Dev. | Min | Max |
---|---|---|---|---|---|
ROA | 4308 | 0.060 | 0.074 | −0.646 | 0.784 |
ROE | 4308 | 0.111 | 0.158 | −3.674 | 0.982 |
SOE | 4308 | 0.235 | 0.241 | 0.000 | 0.844 |
PCI | 4308 | 0.623 | 0.041 | 0.493 | 0.751 |
SIZE | 4308 | 27.294 | 1.584 | 23.330 | 33.691 |
AGE | 4308 | 8.759 | 3.838 | 1.000 | 17.000 |
PPE | 4308 | 0.189 | 0.191 | 0.000 | 0.962 |
LEV | 4308 | 0.245 | 0.208 | 0.000 | 1.476 |
NCFOTA | 4308 | 0.056 | 0.134 | −0.696 | 1.903 |
CFP | CFP (ROA) | CFP (ROE) |
---|---|---|
Lag of CFP | 0.337 *** | 0.085 *** |
(70.70) | (52.51) | |
SOE | 0.010 *** | 0.047 *** |
(3.03) | (8.18) | |
SIZE | 0.008 *** | 0.030 *** |
(10.72) | (24.41) | |
AGE | −0.001 *** | −0.002 *** |
(−5.59) | (−11.66) | |
PPE | 0.015 ** | 0.079 *** |
(2.00) | (9.47) | |
LEV | −0.025 *** | −0.086 *** |
(−8.21) | (−18.47) | |
NCFOTA | 0.038 *** | 0.147 *** |
(17.94) | (25.47) | |
Const. | −0.181 *** | −0.713 *** |
(−8.73) | (−21.43) | |
Group | 359 | 359 |
Obs | 3949 | 3949 |
Number of IVs | 252 | 281 |
Hansen test (p-value) | 0.250 | 0.179 |
AR (1) (p-value) | 0.000 | 0.019 |
AR (2) (p-value) | 0.195 | 0.856 |
CFP | CFP (ROA) | CFP (ROE) |
---|---|---|
Lag of CFP | 0.335 *** | 0.077 *** |
(70.86) | (44.97) | |
SOE | 0.072 *** | 0.408 *** |
(4.72) | (13.63) | |
SOE2 | −0.110 *** | −0.632 *** |
(−4.00) | (−12.50) | |
SIZE | 0.009 *** | 0.034 *** |
(12.21) | (25.86) | |
AGE | −0.001 *** | −0.002 *** |
(−4.02) | (−7.60) | |
PPE | 0.138 * | 0.075 *** |
(1.83) | (8.36) | |
LEV | −0.028 *** | −0.099 *** |
(−9.01) | (−19.58) | |
NCFOTA | 0.037 *** | 0.111 *** |
(16.79) | (18.90) | |
Const. | −0.206 *** | −0.846 *** |
(−10.24) | (−22.87) | |
Group | 359 | 359 |
Obs | 3949 | 3949 |
Number of IVs | 252 | 281 |
Hansen test (p-value) | 0.277 | 0.163 |
AR (1) (p-value) | 0.000 | 0.021 |
AR (2) (p-value) | 0.200 | 0.895 |
Threshold | 32.72 | 32.27 |
CFP | CFP (ROA) | CFP (ROE) |
---|---|---|
Lag of CFP | 0.349 *** | 0.083 *** |
(221.80) | (78.79) | |
PCI | 0.021 *** | 0.245 *** |
(4.54) | (16.66) | |
SOE∗PCI | 0.020 *** | 0.071 *** |
(10.35) | (13.45) | |
SIZE | 0.001 *** | 0.031 *** |
(28.81) | (40.73) | |
AGE | −0.001 *** | −0.004 |
(−10.09) | (−25.97) | |
PPE | 0.004 * | 0.072 |
(1.83) | (14.27) | |
LEV | −0.029 *** | −0.098 *** |
(−27.65) | (−35.85) | |
NCFOTA | 0.045 *** | 0.158 *** |
(44.05) | (41.58) | |
Const. | −0.186 *** | −0.870 *** |
(−23.93) | (−40.19) | |
Group | 359 | 359 |
Obs | 3949 | 3949 |
Number of IVs | 336 | 326 |
Hansen test | 0.385 | 0.241 |
AR (1) | 0.000 | 0.020 |
AR (2) | 0.183 | 0.858 |
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Nguyen, T.T.H.; Darsono, S.N.A.C.; Phan, G.Q.; Pham, T.H.V.; Bach Thi, H.; Johari, S.M. The Nexus between Corporate Performance and State Ownership in Vietnam: Evidence of State Ownership’s Inverted U-Shape and Provincial Business Environment Influences. J. Risk Financial Manag. 2023, 16, 499. https://doi.org/10.3390/jrfm16120499
Nguyen TTH, Darsono SNAC, Phan GQ, Pham THV, Bach Thi H, Johari SM. The Nexus between Corporate Performance and State Ownership in Vietnam: Evidence of State Ownership’s Inverted U-Shape and Provincial Business Environment Influences. Journal of Risk and Financial Management. 2023; 16(12):499. https://doi.org/10.3390/jrfm16120499
Chicago/Turabian StyleNguyen, Tran Thai Ha, Susilo Nur Aji Cokro Darsono, Gia Quyen Phan, Thi Hong Van Pham, Huyen Bach Thi, and Sobar M. Johari. 2023. "The Nexus between Corporate Performance and State Ownership in Vietnam: Evidence of State Ownership’s Inverted U-Shape and Provincial Business Environment Influences" Journal of Risk and Financial Management 16, no. 12: 499. https://doi.org/10.3390/jrfm16120499
APA StyleNguyen, T. T. H., Darsono, S. N. A. C., Phan, G. Q., Pham, T. H. V., Bach Thi, H., & Johari, S. M. (2023). The Nexus between Corporate Performance and State Ownership in Vietnam: Evidence of State Ownership’s Inverted U-Shape and Provincial Business Environment Influences. Journal of Risk and Financial Management, 16(12), 499. https://doi.org/10.3390/jrfm16120499