| dc.description.abstract | Most previous studies on investment efficiency failed to distinguish between several distinct ownership types of the State, namely central government ownership, local government ownership and State Investment Corporation (SCIC) ownership in the case of Vietnam. This paper examines how State ownership and its different types relate to investment efficiency in Vietnamese listing firms on the Hochiminh Stock Exchange from 2010 to 2016, since these distinct types may have different influences on State-owned firms. We find that the level of investment efficiency decreases as state ownership increases and for the presence of central government ownership (CGO). We are, however, unable to find any significant relationship between investment efficiency and the ownership from the SCIC. The result is in line with the information asymmetry, as well as the agency problem. | en_US |
