Ownership structure and firm performance improvement: does it matter in the Vietnamese stock market?

Lai Trung Hoang, Cuong Cao Nguyen, Baiding Hu

Research output: Contribution to journalArticleResearchpeer-review

20 Citations (Scopus)


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.

Original languageEnglish
Pages (from-to)416-428
Number of pages13
JournalEconomic Papers
Issue number4
Publication statusPublished - Dec 2017
Externally publishedYes


  • block ownership
  • firm performance
  • managerial ownership
  • ownership structure
  • state ownership

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