| dc.description.abstract | The theories of the agency problem and the soft-budget constraints suggest different theoretical associations between state ownership and cash holdings. Empirical results from prior studies are also mixed. This thesis provides an additional empirical evidence about the relationship between state ownership and cash holdings based on a sample of 218 non-financial firms listed on Hochiminh Stock Exchange, Vietnam for the period 2008-2015. The empirical results from this thesis strongly propose a negative relationship between the two variables, which supports the soft budget constraint theory.
Keyword: state ownership, cash holdings, soft budget constraints | en_US |
